Bitmex review

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BitMex is a P2P crypto-products trading platform that allows investors access to the global financial markets using only Bitcoin.

 

Background Information About BitMex

 

BitMex was established in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. It is wholly owned and operated by HDR Global Trading Limited, a Seychelles incorporated entity, or its relevant authorized affiliates. Unlike other cryptocurrency exchanges, BitMex is focused on leveraged trading, derivatives like perpetual contracts, and more, making it most suited for experienced traders. One of the biggest advantages of BitMex is that you can use leverage when buying contracts, allowing you to earn profits faster. BitMex is one of the largest players in the Singapore crypto space. 

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How to create an account at BitMex from Singapore?

 

Below is the step-by-step process for creating an account at BitMex:

Step 1: Visit the website of BitMex, and click on the “Register” button present on the home page. 

Step 2: Once you click on the “Register” button, you’ll be redirected to the login page, where you have to fill in your email address, country of residence and create a password.

Step 3: After entering all the details, read and accept the company terms of service and privacy policy by checking the box, and then click on the “Register” button.

Step 4: You will now receive a verification email from BitMex.  Now, you need to open your email inbox and click on the “Verify My Email” link in the email to verify your email address.

 

After successful verification of your account, you are ready to get started.

How to make deposits on BitMex from Singapore?

 

BitMex only accepts Bitcoin as a deposit currency, and if you send anything other than Bitcoin to your deposit address, it cannot be recovered. Here’s how you can deposit Bitcoin on BitMex.

 

  1. Log in to your BitMex account, and click on the “Account” tab available on the trading page.
  2. Next, click on the “Deposit” option that you see on the left-hand side of the screen.
  3. Once you click on the “Deposit” button, you will receive a deposit address. You have to copy the deposit address by clicking on the “Copy to Clipboard” button available in the middle of the screen. Alternatively, you can also scan the QR code if your wallet/exchange.

Note: Kindly note that all deposit addresses at BitMex will start with 3BMEX or bc1qmex.  If in case you get anything different, it is likely you may have malware on your device, and you should contact support immediately.

  1. After copying the address, you need to paste the address into the withdrawal field of the exchange or wallet software where you are currently storing your Bitcoin and submit the withdrawal.

 

At last, the deposit will be credited to your account after a single network confirmation. To check the status of your transaction, you can search the deposit address on any blockchain explorer.

Bonus

Bitmex

How do I buy and sell futures contracts on BitMex from Singapore?

 

  1. Log in to your BitMex account, and go to the Wallet page. Check your available balance. To buy and sell futures contracts, your balance should be greater than zero. In case you don’t have a sufficient balance, you have to deposit additional funds.
  2. Go to the trading page for the futures contract you’d like to trade. You’ll see a place order panel that allows you to buy or sell orders.
  3. Now enter the number of contracts you would like to buy or sell, and complete the other details and options you get based on your order type.
  4. After completing the order form, click on the “Buy” or “Sell” button. Your order will be sent to the matching engine for execution.

Free quently asked questions

1Is BitMex legit?

Yes, BitMex is a legit platform and is highly rated and one of the safest exchanges for margin trading cryptocurrencies. It is wholly owned and operated by HDR Global Trading Limited, a Republic of Seychelles incorporated entity or its relevant authorized affiliates.

2Is there any minimum deposit limit to trade on BitMex?

BitMex enforces a minimum trade limit, and it varies from product to product depending on the initial margin. For example, the minimum deposit limit for XBT/USD is $1 USD * 1% (Initial Margin) = $0.01, and at a XBT/USD price of $600 this equals 0.00001667.

3Are there any trading fees on BitMex?

Yes, BitMex charges a percentage-based trading fee for every completed trade. The taker fee on perpetual contracts and traditional futures is 0.0750%.