A Brief Overview of BitMEX
BitMEX is a Peer-to-Peer cryptocurrency trading platform that provides leveraged contracts, bought and sold solely in Bitcoin. BitMEX provides trading handles Bitcoin. All profit and loss are in Bitcoin, even if you’re buying and selling altcoin contracts. BitMEX does not handle fiat currency. Crypto users can easily sign up on BitMex and start trading.
BitMEX Margin Trading
BitMEX permits leverage-based trading with a sufficient amount of approximately 100x leverage on Bitcoins and high leverage on Altcoin.
Its crypto assets security system is based on a multi-factor protocol that assures the security of crypto assets and is better than most of the cryptocurrency exchanges, available in the market.
BitMEX API Service
The BitMex API system is regarded as one of the advanced API technology.
Under BitMex Perpetual contracts, the contract acquired in Bitcoin or BTC doesn’t have an expiration date.
BitMEX KYC Policy
BitMEX users have to submit KYC documents according to the exchange latest announcement.
BitMEX will launch the User Verification Programme at 00:00 UTC on 28 August 2020, where all users will be required to complete ID verification within the timeframe of the next 6 months.
FAQs about BitMEX
Some of the frequently asked questions about BitMex are,
What is the margin on BitMEX?
The margin widget offers information about the user total Bitcoin deposited on the BitMEX trading platform, the user’s entire unrealized profit and loss, and how much leverage the user is using. It is computed as the value/worth of all open orders divided by the chosen leverage. The net available Balance is the user margin for new positions. (Feb 19, 2018)
Is BitMEX safe?
The answer is Yes. BitMEX is one of the high rated, safest, and secure exchanges particularly used for margin trading of various cryptocurrencies. Regarding margin trading, BitMEX is considered to be the best choice in the area of crypto trading. Its daily turnover shows that BitMEX is a legit exchange.
Where is BitMEX located?
BitMEX, founded in 2014 is a peer-to-peer crypto trading platform based on the island of Mahé, headquartered in Seychelles.
Why is BitMEX banned in the USA?
US citizens are strictly prohibited to use BitMEX due to US laws – As the trading platform isn’t approved by the CFTC (Commodity Futures Trading Commission), the primary requirement for any crypto or fiat trading platform to provide services in the US. (Aug 4, 2019)
How does BitMEX make money?
BitMEX makes money by providing leverage as they charge a flat % fee on the value/amount of the trades. The order TAKERS pay about 0.025%. By provinding100x leverage, the value of the orders is raised and so the total amount of fees to be charged also increases. (Sep 14, 2018)
How much money does BitMEX make?
According to TokenAnalyst co-founder Sid Shekhar, BitMEX collects in about $700,000 in fees per 24 hours. (Oct 22, 2019)
How much is Arthur Hayes worth?
Arthur Hayes the co-founder of BitMEX resides in Hong Kong along with the other co-founders. Currently, BitMEX has a total worth of approximately $3.6 billion and is still raising. (Feb 13, 2020)
Where is BitMEX banned?
Bitmex is located in Seychelles with various offices in Hong Kong and Bermuda. The exchange is not providing its services to various nationals including American, Québec (Canada), Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan. (Aug 20, 2019)
Can Canadians use BitMEX?
Bitmex, operations in Canada are ban. (Jan 15, 2019)
Does BitMEX have KYC?
BitMEX will introduce the KYC program from 28th August 2020. BitMEX is one of the biggest crypto trading platforms and the matching engine permits users to deposit and withdraw crypto-assets in Bitcoin, and as an unregulated asset. (Apr 7, 2020)