BitMEX Exchange Review

BitMEX Exchange Review

BitMEX Cryptocurrency Review

Trust Score: 9/10

BitMex, otherwise known as Bitcoin Mercantile Exchange, is a Bitcoin trading platform that was launched back in 2014 that has quickly grown to be one of the most popular cryptocurrency exchanges online.

It goes without saying that having a trading history of more than $34 billion since 2014, BitMEX is one of the largest and most successful trading platforms around. Owned by HDR Global Trading Limited and operated from Hong Kong, BitMEX averages a trading volume each day in BTC of more than 35,000.

BitMEX specializes in the more advanced forms of cryptocurrency trading through the likes of margin trading. Where they stand out with this particular form of trading is through the massive 100x leverage that will either make traders laugh or cry depending on their success.

Founded by HDR Global Trading Limited in 2014, BitMEX is registered in Seychelles and operates out of Hong Kong.

Their platform is aimed at the more advanced traders, so we strongly advise the less experienced among you to educate yourselves further on the advanced forms of trading offered here as it can be pretty unforgiving if you do not know what you are doing.

This is not a traditional cryptocurrency exchange and would actually be classed as a derivatives exchange. It offers leveraged trading using instruments that are cryptocurrency-based. If that has confused you, it would be better to stick to the basic trading options provided by other cryptocurrency exchanges.


Mobile Apps

Unfortunately, there is no official app for BitMEX which we find quite surprising considering many of their direct rivals have developed dedicated app versions of their exchange. We would certainly welcome an app and we expect that most users would too as the ability to check on investments on the go in an efficient manner from our mobile devices is certainly a benefit.

Of course, their website is mobile-friendly anyway so you can still access their exchange from your mobile devices, it’s just a bit of a pain having to go via the browser to do so when you could ideally just fire up an app.

*Note of caution, there is an Android app under the name of BitMEX but it is not an official app and should, therefore, be avoided.


Coins Offered

Trading at BitMEX is primarily centred around Bitcoin with that cryptocurrency being the only way to deposit and withdraw from the exchange. There is, however, a good selection of altcoins that can be traded on the exchange. Below is the full list of cryptocurrencies that is supported by BitMEX:

[vcw-table color=”white” currency=”USD” symbols=”ADA,BCH,BTC,BVOL,DASH,ETC,ETH,LTC,NEO,XBT,XLM,XMR,XRP,ZEC”]

It should be remembered that fiat currencies cannot be used for depositing or withdrawing on BitMEX. This is a crypto-only exchange and will, therefore, require Bitcoin if you wish to deposit or withdraw. These can be purchased elsewhere if you do not currently have any and then transferred from your wallet when you are ready to try out BitMEX.


Registering at BitMEX

If you feel you have the experience and know-how to use the advanced trading options that BitMEX provides, your first port of call will be to create an account. This is about as easy as you can get because there are no verification requirements at BitMEX due to no fiat currencies being supported on the exchange.

All you need to do to create an account is provide a username, password and a genuine email address. As standard, you will be sent an email with a verification link inside. This is to verify that the email account is genuine and is yours.


Depositing on BitMEX

When you have finished creating your account, the next step will be to fund your account. You can only use Bitcoin for deposits and withdrawals on BitMEX, so if you don’t own any, you will first have to buy some from another exchange and then bring them here.


Trading Options

There are a number of trading options and tools at the disposal of users that sign up to BitMEX. Most of these require a good knowledge of the particular option and are certainly not recommended for beginners.

  • Order Types

There are a number of different order types that users can place:

  • Limit Orders
  • Market Orders
  • Stop Limit Orders
  • Stop Market Orders
  • Trailing Stop Orders
  • Take Profit Limit Orders
  • Take Profit Market Orders


Perpetual Swaps

These work in a similar way to futures contracts except these do not have an expiry date.



Futures operate in the same way as you would expect as they work in the same way as traditional futures.



If you are a beginner, we strongly suggest that you do not use leverage. Margin trading is highly advanced and only suitable for the most experienced of traders out there. There is a big risk attached to this type of trading and there is a chance that your losses will be much higher than you anticipated.

Traders are able to leverage their position on BitMEX which essentially means that they can put orders out that are bigger than the balance that is in their wallets. The downside is that traders can lose their entire wallet, not just the money they used to place the order.

If you are unsure about margin trading, take the time to learn more about it and even then, do not try it unless you accept that you could lose a lot of money.


Accepted Payment Methods

BitMEX does not accept any fiat currencies as a form of payment on their platform and while you can trade in a number of cryptocurrencies, it is only Bitcoin that you can use to deposit and withdraw on BitMEX.

  • BTC Only
  • No Fiat currencies


Transaction Fees

BitMEX is popular for a number of reasons but one of the main ones is that it has some very low fees. We will break all of these down for you into depositing, withdrawing and the many trading fees you will have to consider.

  • Deposit and Withdrawal Fees

Bitcoin and other cryptocurrencies are largely popular due to the reduction in fees involved when transferring compared to that of fiat currencies, so it’s understandable to expect some low fees with depositing or withdrawing Bitcoin on BitMEX.

However, there are actually no fees at all – well on the behalf of BitMEX anyway. It is completely free to deposit and withdraw although you will likely be charged a small amount by the Bitcoin Network which is nothing to do with BitMEX.

  • Trading Fees

There is a detailed list of the trading fees over at BitMEX but we have tried to simplify them as much as possible for you here.

  • Zcash – Trading ZCASH (ZEC) brings maker fees and taker fees of 0% and 0.25% respectively. This is the only currency that has different fees for the rest of them.
  • All remaining coins – All other coins on BitMEX have fees of 0.0750% for the take and 0.0250% for the maker.

As for the leverage, this certainly shakes things up a little bit and they are as follows:

  • 5x – ZEC
  • 10x – REP
  • 20x – ETC, FCT, XRP
  • 25x – XMR
  • 33x – ETH, LTC
  • 100x – BTC, XBJ, XBC

As you can see, with such low fees across the board, it is understandable why BitMEX has become such a popular exchange. Not all exchanges, even those the size of BitMEX offer such competitive fees.


Trading and Transfer Limits

There are no trading limits on BitMEX which means you can trade to your heart’s desire. We also could not find any information regarding any maximum limits on depositing or withdrawing your Bitcoin. This leads us to assume that there are none and that you send or withdraw as much as you like.

  • No limits


Countries Supported

BitMEX might be registered in the Seychelles and operated out of Hong Kong but to confuse things a little further they open the doors to practically anyone on a global scale. In fact, the only players that are not accepted at BitMEX are those based in the US. This does not sit pretty with users from that country and many try to get around this using VPNs.

We recommend that you don’t try that and just use another exchange instead, there are plenty of good ones around. The last thing you want to risk is having your account suspended or frozen when you currencies in there.

This wide global reach no doubt is a big reason why BitMEX has been able to create such a large volume of trades and is regularly found among the top 5 exchanges with regards to the trade volume of Bitcoin.

They have not mentioned any particular countries that are restricted from using this exchange but we would imagine there are probably some others on top of the US. North Korea and Iran springs to mind as these are normally restricted by other exchanges.

  • Accepts traders globally (apart from those from the US)


Customer Support

Getting in touch with customer service on BitMEX can be done in a number of ways. This is through submitting a ticket, sending an email or by contacting them through social media.

We would ideally like a live chat feature or telephone support as well but the level of customer service here is actually of a good standard. Usually, you will get an answer within an hour unless it is a particularly busy day.

The responses that you do get are usually very helpful too, especially compared to some of their competitors where users have complained of being given cookie-cutter responses. They will actually work at bringing a quick resolution to your issues rather than leaving you hanging.

Additionally, there is a detailed knowledge base on their exchange and they also have an in-depth F.A.Q page too. Both of these will give you access to plenty of questions or queries that you might have while you can also learn more about the advanced trading options that are provided on the BitMEX platform.

  • Ticket submission system
  • Fast responses



BitMEX has a very good reputation for their safety and security measures. The BitMEX platform makes use of multi-signature deposits and withdrawals while they also protect their servers by using Amazon Web Services.

They also make sure that users use two-factor authentication for their accounts on their platform. Additionally, they make sure that all withdrawals are manually checked by hand which while this will slow down the processing time, will help to protect users accounts.

These levels of security have ensured that BitMEX has never been hacked before while other exchanges of a similar age or newer have been targeted numerous times. This really is a large feather in the cap for BitMEX as with such a large trading volume, they would surely be a big target for hackers.

  • Never been hacked
  • Two-factor authentication



You do not become one of the largest cryptocurrency exchanges with regards to trade volume if you are not popular. It just does not happen. BitMEX has a massive reputation and thousands upon thousands of traders from all over the world that make use of their exchange to perform advanced trades for profit.

One downside for many of you will be the fact that you cannot use fiat currencies for deposits but at the end of the day, if you are an experienced trader, you should have plenty of coins that you can use instead. Beginners are warned about coming here anyway due to the more advanced nature that BitMEX has, so they are the ones that are less likely to be holding on to any coins.

If you have run out of patience with your current exchange and are looking for somewhere that you can rely on – BitMEX is the one that you should be trying out.

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