BitMEX, which was established in 2014 by HDR Global Trading Limited, has since grown to become one of the most well-known bitcoin trading platforms globally. Samuel Reid, Arthur Hayes, and Ben Delo, three former financial professionals, created the business. Ben Delo, one of the founders, is said to be the first billionaire in the UK to have made his money from bitcoin.
The company began by diversifying into derivatives and margin trading. It is registered in Seychelles and is active internationally.
The broker provides a platform for trading derivatives. Investors purchase contracts for the underlying tokens and coins, which can be more volatile than traditional trading as opposed to transacting in digital currency directly.
The platform’s user interface is crowded and a little stale. Despite this, it is still useful and has a few widgets that may be customized to the viewing preferences of the investor. TradingView offers substantial market data that few platforms can match and includes charting as standard. Active Orders are viewable through Active Orders once they have been completed, making it simple and quick to monitor and cancel current orders.
Markets and assets
This exchange only specializes in derivatives related to cryptocurrency. The program enables you to invest in several cryptocurrencies versus fiat currencies, including the Japanese yen, US dollar, and Chinese yuan, even though all deposits must be made in bitcoin.
Upon deposit, Bitcoin can be used to purchase other cryptocurrencies.
Despite the constant addition of new coins, the broker is largely focused on important trading tokens. In light of this, there is a smaller selection of tokens than with rivals like Binance or Coinbase.
BMEX is the company’s cryptocurrency. Most users that want to benefit from decreased fees utilize this coin. A trading fee deduction is also available for individuals who wager on the BMEX. Early product access, VIP services for big token holders, event tickets, and SWAG are additional benefits.
Spreads and commissions
The broker’s fee structure is straightforward. For Bitcoin trading, a 0.35 percent maintenance fee is added to a 1 percent initial margin. Other than that, all cryptocurrencies have identical creation, receiving, and settlement fees of -0.01 percent, 0.075 percent, and 0 percent.
The utilization of leverage is the only variable that varies significantly from the generally typical rates offered.
The company offers an iOS and Android mobile app. Tablets can also be used to access the application. However, you could discover that it has less capability than the desktop terminal. The advanced graph views and intricacy of the web platform are to blame for this.
However, the app allows you to manage your cryptocurrency on the go:
- You can view your balance, transactions, and account history, and deposit and withdraw funds.
- The Fiat currency on the ramp gives you the ability to buy cryptocurrencies with more than 30 currencies.
- You can convert your cryptocurrency without paying fees.
Trading account replenishment methods
One advantage is that there are no fees associated with depositing or withdrawing bitcoin (BTC). You can also deposit using ETH, MATIC, USDT, and APE.
It’s vital to remember that the only expenses related to this are the network fees, which are determined by the load on the blockchain. The minimum deposit into a trading account is one bitcoin (0.001 BTC), and there are no limits on withdrawals of bitcoins.
With a quick and easy interface, getting money is a fairly simple process. Additionally, deposits may be made at any time of the day, and all withdrawals are handled personally at a predetermined hour, which boosts process security and enables you to thwart and lower the number of fraudulent requests.
TestNet trial account
The broker offers TestNet, a comprehensive demo version of its platform that needs a separate registration. Users can test out the service without taking on the additional dangers connected with live trading thanks to this demo account, which is an “isolated” version of the site.
For users to know which version they are currently using, TestNet has a green variation of the traditional logo. For these variations, the majority of the platform’s capabilities are identical, including the ability to virtually fund your account from a variety of sources and test investments before going live.
Regulation and licensing
The founders of HDR Global Trading Limited are the sole owners of this fully licensed business. The International Business Companies Act of 1994 governs the firm in the Republic of Seychelles. Their registration number is 148707.
Live accounts come in a single variety. Bonuses, advantages, or price breaks are not given to traders once they achieve a specific level. Contrary to other account-level focused brokers, this puts newcomers on an even playing field with current clients, resulting in fairer trading circumstances.
Standard email support is available from the broker. Support is also offered on social media platforms like Twitter, Telegram, and Discord. This enables a rather speedy reaction to difficulties, and the business concentrates on minimizing bugs and platform problems. For anyone looking for guidance and assistance from a larger audience, Reddit also has a reasonably active community.
Although the firm’s contact information is not publicly available online, there is a form for general questions and information.
The countries that the broker does and does not work with
The broker accepts traders from Australia, Thailand, Canada, UK, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders from the United States, Cuba, Syria, Seychelles, Bermuda, Hong Kong, and Japan are not permitted to participate.
This is a fantastic alternative for more seasoned cryptocurrency traders who have a solid grasp of leverage and the dangers associated with it. However, this broker might not be the best choice for beginners.