Welcome to my Honest BitMEX Review!!!
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What Is BitMEX? BitMEX is a peer-to-peer trading platform that offers leveraged contracts that are bought and sold in Bitcoin.It’s the Bitcoin Mercantile Exchange.
Not clear? Well, I have been there. But then I learned about leveraged contracts, margin trading, and derivatives.
Margin trading a.k.a. leverage trading is a term used in the trading markets. Derivative market is another form of trading market.
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BitMEX is a derivative market for crypto instruments. Here is what derivative means:
A derivative is an instrument the value of which is derived from the value of one or more underlying, which can be commodities, precious metals, currency, bonds, stocks, stocks indices, etc. Four most common examples of derivative instruments areForwards, Futures, Options, and Swaps. (Source-www.bseindia.com)
Here at BitMEX, crypto derivative instruments are bought and sold on margin trading. Margin trading is:
An act of borrowing additional money or cryptocurrency by leveraging the number of cryptocurrencies that you already own to buy additional cryptocurrencies.
Let me give you an example:
Assume, you want to make an investment of $2000 in BTC, but you only have $1000. Now to bring in the extra $1000, you borrow that through the margin of 2:1 (it means for every dollar you have, you will get extra one dollar to invest. This is leverage or extra margin).
Simply put, BitMEX is an exchange that combines margin trading and derivates of crypto assets for cryptocurrency traders.
Hope it makes sense now!
In short, you don’t trade actual BTC for USD or other cryptocurrencies but trade actual BTC for Bitcoin & altcoin contracts that derive its value from actual BTC & altcoin assets. These contracts are called derivatives. We will talk about the types of contracts further in this article.
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BitMEX is wholly owned by HDR Global Trading Limited. HDR Global Trading Limited (hereinafter referred to as BitMEX) was incorporated under the International Business Companies Act of 1994 of the Republic of Seychelles and operates from Hong Kong as of now.
Types Of Contracts Available On BitMEX
Traditional Contracts or Futures: Traditional futures contract is a derivative product and is an agreement to buy or sell a commodity, currency or other instruments at a predetermined price at a specified time in the future. This is available for BTC and other supported altcoins
Perpetual Contracts: A Perpetual Contract is a derivative product that is similar to a traditional Futures Contract, but there is no expiry or settlement like traditional futures. Perpetual contracts mimic a margin-based spot market and hence trade close to the underlying reference Index Price. This is available only for BTC.
BitMEX Upside Profit Contracts: It allows buyers of the contract to participate in the potential upside of the underlying instrument. This is available only for BTC.
Supported Cryptocurrencies on BitMEX
Currently, BitMEX only supports deposit of BTC cryptocurrencies though you may see different indices. But that doesn’t mean it accepts USD or other deposits.
And for derivative or futures contract trading perspective you can buy/sell cryptocurrency contracts of following currencies:
Bitcoin Cash (BCH)
EOS Token (EOS)
Leverage Available On BitMEX
BitMEX is the only exchange right now in the market that provides 100x leverage. It means for every BTC you have, you can leverage up to 100x and trade as if you have 100 BTC in your pocket.
BitMEX provides different leverages for different cryptocurrencies and different type of contracts. Here is their leverage break-up according to the type of contract you are playing with for various currencies:
Note: BitMEX does not charge fees on deposits or withdrawals. When withdrawing Bitcoin, the minimum Bitcoin network fee is set dynamically based on blockchain load.
BitMEX is open for all customers and traders worldwide, except the United States. However, some US customers have worked out their ways to BitMEX via VPN setups, which I should inform you, is prohibited by BitMEX. The company does take measures about the same but those are simply not enough for the impersonators to get in.
Bitmex Review, What is Bitmex, How to trade on Bitmex, Short and Long Bitcoin On Bitmex, Leverage Bitcoin On Bitmex, bitmex trading
Bitmex Review, What is Bitmex, How to trade on Bitmex, Short and Long Bitcoin On Bitmex, Leverage Bitcoin On Bitmex, bitmex trading, bitmex leverage
Original of the video here