It is not possible to hide the fact that the current fashion for investing in cryptocurrencies does not seem to be heading towards the end. For this reason, we have prepared a presentation of another significant cryptocurrencies stock exchange on the world market – BitMEX.
BitMEX who is behind the project
BitMEX, the P2P crypto trading platform owned by HDR Global Trading Limited, is based in Hong Kong. Although BitMEX has not yet been registered with any legislative committee, it is considered a trustworthy stock exchange. In addition, BitMEX takes a wide range of steps and uses a number of security measures to protect its customers’ digital content.
Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating worldwide and registered in Seychelles (with headquarters in Hong Kong). Bitcoin Mercantile Exchange, BitMEX is one of the largest currently operating Bitcoin trading platforms, with a daily trading volume of more than 35,000 BTC and more than 540,000 accesses per month and a Bitcoin trading history of more than $34 billion.
BitMEX advantages and disadvantages
Unlike many other trading exchanges, BitMEX only accepts deposits via Bitcoin, which you can then use to purchase a variety of other cryptocurrencies. BitMEX specializes in complex financial operations, such as margin trading, which relies on leverage. Like many stock exchanges that operate via crypto, BitMEX is currently not regulated in any jurisdiction.
BitMEX Exchange security
Yes, BitMEX is considered a reliable platform for crypto exchange. It protects the account of users using 2FA (two-component authentication), so that hackers do not have easy access to information. In addition, BitMEX provides an IP Assignment option so that users are notified when logging in from an unknown device. Users can also use PGP encryption to avoid spam.
BitMEX stores all Bitcoins in a wallet with multiple signatures in cold wallets to ensure maximum protection of customer funds. Each time a customer requests a payout, it is manually verified by two BitMEX employees for approval. Furthermore, BitMEX exchanges never store any private keys on their cloud servers.
In traditional trading BitMEX has a simple schedule of fees. As noted, in terms of leverage offered, BitMEX offers leverage up to 100%, with the amount of discount depending on the product. It should be noted, however, that trading at the highest leverage is intended for professional investors who are familiar with speculation. The whole chart of fees and commissions on the BitMEX exchange is quite complicated, so we recommend that you look at the table on the main page of the website.
BitMEX Deposits and withdrawals
BitMEX does not charge any fees for deposits or withdrawals. However, when withdrawing Bitcoin, the minimum network charge depends on the blockchain load. The only costs are therefore the costs of banks or cryptocurrencies networks.
As mentioned earlier, BitMEX only accepts Bitcoin deposits, so Bitcoin serves as a security for trading contracts, regardless of whether the transaction is Bitcoin or not. The minimum deposit is 0.001 BTC. There are no restrictions on withdrawals, but they can also be made only in Bitcoins. To make a withdrawal, users simply enter their withdrawal amount and wallet address to complete the transfer.\
Deposits at BitMex
Deposits can be made 24 hours a day, 7 days a week, but they are processed manually once a day. Manual Withdrawals are processed manually in order to increase the security level of users’ funds by providing additional time (and e-mail notifications) to cancel any false withdrawal requests as well as to avoid the use of automated systems.