BitMEX exchange review: How to start trading on the platform

With cryptocurrency on the rise, many investors are looking for a secure platform where they can buy and sell digital assets. Trusting an exchange platform with your funds is a decision that shouldn’t be taken lightly. Luckily, you have a platform like BitMEX. 

Also known as Bitcoin Mercantile Exchange, BitMEX is a cryptocurrency platform that was founded in 2014 in Seychelles, East Africa. Since then, it has risen above the ranks to become one of the most popular crypto exchange platforms around.

With optimized features and a trustworthy reputation, BitMEX has become one of the giants in the crypto industry. Thanks to various improvements in its security and services through the years, BitMEX is still the top choice for traders when it comes to buying and selling digital assets. 

To learn more about BitMEX and how you can start trading, read all about it in the coming sections: 

Key features available on BitMEX

One of the reasons why users love BitMEX exchange is because of the many key features available on the platform. These range from trading to security-related features that are meant to make your experience easier. To learn more about these, see the list below: 

A wide selection of cryptocurrencies

BitMEX offers a wide range of cryptocurrencies for traders to enjoy. Some of these include Bitcoin, Cardano, Ethereum, Ripple, Litecoin, and many more. You can access all of these cryptocurrencies at the drop-down button when you want to execute a buy order.

You can also check out the current market cap data of the cryptocurrency of your choice. Simply click on the digital asset and you should see all the information needed to help you decide whether to buy, sell, or hold onto your investments.

Increased security 

The safety and security of your digital assets should also be of the utmost importance. If you’re looking for a platform that prioritizes the security of your funds above all else, then BitMEX is the one you’re looking for.

Since the platform is one of the most popular crypto trading sites in the world, BitMEX offers several security measures for your account. You can take it one step further and link your account to a two-factor authenticator app.

Reasonable transaction fees 

Users generally look for platforms that have as little transaction fees as possible. This is important to frequent traders because they want to make the most of their profits or turnovers.

Luckily, the transaction fees in BitMEX are reasonable and relatively lower compared to other platforms. The taker fee is set at 0.0750% and the maker fee is at -0.0250%. You can trade with ease knowing that the fees are competitive and won’t break the bank.

Futures and Perpetual contracts 

One of the key features that people enjoy with BitMEX is that futures and perpetual contracts are made available. This is a feature where traders can choose to schedule their buy and sell orders at a specific time and market value.

All you have to do is specify a certain time that you want your order to be executed and it will be completed even if you’re not online. The same way goes for hitting the target price of a specific cryptocurrency.

Upside and Downside Profit contracts

This feature is another one that traders love about BitMEX. The upside and downside profit contracts allow you to participate in a buy or sell order of a currency if the prices either go up or down.

Buyers will have to pay an additional price to participate, but it could be worth it if your hunch is correct. So, if you’re positive that a certain cryptocurrency will rise or drop in value, then this feature will be especially helpful.

Advanced orders

To make things even better, BitMEX also has several advanced orders that traders can utilize. Some of these include limit orders, market orders, trailing orders and many more. These are designed to make your trading experience better and more streamlined. 

You will get the chance to choose these options when you execute a buy or sell order within a certain timeframe. You can learn more about this in the window upon executing the order form.

How to create an account on BitMEX

If you want to experience all of these amazing features and more, open a BitMEX account and start exploring! See the step-by-step guide below to learn more about how you can create an account: 

Step 1 – Visit the BitMEX website and create a new account

When you visit the BitMEX website to make your account for the first time, you will see a green ‘Register’ button on the upper right side of the screen. You will then be redirected to another page where you will be asked to input the necessary information. 

Step 2 – Answer the required fields

You will be asked to input personal information such as your email or mobile number for verification. The next step is creating your password, which should be a minimum of 8 characters with uppercase and lowercase letters, at least one number, and a special character. 

Step 3 – Fund your account 

After you successfully created and verified your account, the next step is placing the funds. You can convert your fiat money to cryptocurrencies or link your account to another crypto wallet. Once the funds have been transferred, you can now use them to buy or sell digital assets on the platform. 

Step 4 – Start trading 

Now that your account has been successfully funded, the last step is to explore the interface and start trading! It’s easy to navigate your way around the BitMEX platform, so browse through the different sections with ease and tailor the trading experience to your preferences. 

Step 5 – Download the BitMEX app

Available in over 140 countries, the BitMEX mobile app can be downloaded for free in the app store. This is your chance to carry your BitMEX account everywhere you go without the need to bring your laptop.