BitMEX is a popular crypto derivatives trading platform that offers leveraged trading on various digital assets. Launched in 2014, it has grown to become one of the largest crypto derivatives exchanges by volume. Our comprehensive BitMex review covers everything you need to know about this platform’s fees, security, coins offered, and more.
BitMEX operates a complex insurance fund to prevent auto-deleveraging. The fund grows from liquidations and leverage fees and is used to shore up bankrupt accounts instead of socializing margin call losses. This prevents traders’ margins from being forcibly closed out.
BitMEX Review of Pros and Cons
| Pros | Cons |
| Up to 100x leverage trading | Not suitable for beginners |
| Low fees | Only accepts Bitcoin deposits |
| High liquidity | No mobile apps |
| Industry leading security | Limited customer support channels |
| Fast trading engine | Has faced regulatory issues |
Overall, BitMEX is best suited for advanced crypto traders who are comfortable with the risks of leverage and derivatives trading. The platform offers sophisticated options for speculation, but has limited onboarding for new users.
Key Metrics
- Global Alexa rank: 64,007
- 4.5 million monthly visits
- 891,600 total visits in past 3 months
- 48.7% bounce rate
- 4.99 pages per visit
- Average visit duration 04:15
- 79.59% male visitors
- Most visitors aged 25-34 years old
- Top visitor country is Korea (11.92% of traffic)
- Audience interests: Finance > Investing and Google
- Highest referral traffic from finance and tech sites
- 83.67% direct traffic, 9.73% organic search
BitMEX Fees
BitMEX uses a maker-taker fee schedule with fees ranging from 0.025% to 0.075% depending on trading volume and whether you add or remove liquidity. These fees are lower than most major crypto exchanges.
BitMEX Security
BitMEX employs industry-leading security measures including multi-signature wallets, 2-factor authentication, and automated DDoS protection. The team also carries insurance to cover losses from potential hacks.
BitMEX Verification Process
BitMEX does not require identity verification to trade. Users only need an email address to get started. This level of anonymity comes with some restrictions on leverage and withdrawal amounts for new accounts.
BitMEX Customer Service
BitMEX offers customer support through email ticketing and also maintains an active Telegram community channel. However, they do not provide phone support. According to users, response times can vary from 2 hours to over a day.
BitMEX User Experience
The BitMEX platform uses an advanced trading interface that is geared towards professional traders. This makes the learning curve quite steep for new users. A number of guides and tutorials are available, but the platform lacks beginner-friendly educational resources.
Available Tokens on BitMEX
As a derivatives only exchange, BitMEX does not support direct purchases of cryptocurrencies. It allows up to 100x leverage on derivatives contracts for coins like Bitcoin, Ethereum, Litecoin, Cardano, and EOS. It also offers futures contracts settled in Tether (USDT).
Regulatory Compliance and Legal Status
BitMEX is incorporated in the Seychelles and accepts customers worldwide except for the US, Syria, and Iran. However, the exchange has faced increasing scrutiny from global regulators leading to rumored investigations and founder Arthur Hayes resigning as CEO in 2021.
Liquidity and Volume
BitMEX leads crypto exchanges with over $3 billion in daily trading volume across its BTC perpetual swap and futures contracts. This deep liquidity makes it easy to enter and exit large trading positions.
Staking and Lending Options
BitMEX does not offer any staking or crypto savings accounts. It strictly focuses on derivatives trading. For lending, BitMEX allows traders to fund margin trading at lucrative interest rates.
App and Web Experience
BitMEX Web Experience
The BitMEX web interface provides full access to all platform features from an easy to navigate dashboard. It offers customizable layouts and advanced charting tools. The site is well-optimized for performance during high volatility.
BitMEX App Experience
Unfortunately, BitMEX does not offer any official mobile apps. The exchange recommends that mobile users access the mobile version of their site. While functional, it only provides limited trading capabilities compared to the full desktop experience.
Final Recommendation
For traders seeking sophisticated derivatives products and high leverage, BitMEX is likely the best platform available. However, new crypto investors may want to prove their skills on easier exchanges before taking on the risks involved with BitMEX.
BitMEX Alternatives
| Exchange | Pros |
| FTX | More regulatory certainty, beginner friendly interface |
| Bybit | Wider variety of perpetual swap products |
| Phemex | Native mobile apps and ETH/stablecoin deposits |
FAQs
Does BitMEX require KYC verification?
No, BitMEX does not require identity verification, only an email address is needed to trade. There are some limits placed on new accounts regarding leverage and withdrawals.
Can I trade spot crypto on BitMEX?
No. As a derivatives only platform, BitMEX does not support actual purchases or transfers of cryptocurrencies. All contracts are settled in Bitcoin.
Does BitMEX have an insurance fund?
Yes. BitMEX operates a sophisticated insurance fund to avoid auto-deleveraging. The fund grows from liquidations and leverage fees and is used to shore up accounts facing margin calls.
Can I use leverage on BitMEX?
Yes. BitMEX allows up to 100x leverage for Bitcoin contracts. Leverage varies across other cryptocurrency derivatives from 20x to 50x. Use leverage cautiously as it massively increases risk.
