BitMEX is this a scam? Review and Customers Reviews

BitMex cryptocurrency exchange (Bitcoin Mercantile Exchange) is a great success among traders offering its users comfortable service for trading virtual coins, margin trading futures on bitcoins along with immediate transactions in the system. The platform has been actively operating since 2013and joins the rank of anchor exchanges of the market, proved itself as a stable resource offering maximum options for beneficial trading virtual coins (how to cash out from cryptocurrency? find out here).

And however, is BitMEX a scam, shady resource or a reliable exchange for cryptocurrency trading, for which is crucial to provide the best trading conditions for its users, secure immediate transactions, stability and safety of trading? The answers to these questions you will get reading our latest exchange review.

BitMex Exchange have many charts with information about the latest sales, quotes, market depth; these information windows can be moved and adjusted in any convenient way to create a comfortable workspace. Trading of digital coins (full truth about the cryptocurrency here) go on the tab Trade, here you can select an asset from the offered options, open a deal, use stop limits, orders, adjust the margin leverage, calculate profit in a convenient calculator. Some traders choose the exchange due to the easy registration and easy operation, no need of verification, high liquidity of currency pairs and of course, and the opportunity to earn enough.

Advantage of the exchange is that there is no account verification; it is not needed for transactions, which makes trading completely anonymous. On the official website of the exchange bitmex.com there is the information about the platform, commissions, swaps, futures— all this will be useful to the trader, especially the beginner. There is also the access to the demo account to be acquainted with the capabilities of the system without loss of funds. Site bitmex.com supports several language versions (English, Chinese, Russian, etc.), which greatly facilitates work in the system. There is a convenient online chat as well. The issue of trading security is important for the platform. Funds are stored in cold wallets, by registration is used two-factor authentication, SMS-messages, for transactions implemented the wallets with multi-signature, communications via emails are encrypted using PGP encryption – all this allows securing your data from hacking. BitMex crypto exchange is registered in Hong Kong and is a part of HDR Global Trading Limited Company. In the creation of the resource the seasoned professionals are involved: analysts, programmers, etc., today it is one of the largest on the market in terms of trading volume. Users can profitably trade derivatives here (contracts that allow any action relating to the asset) or otherwise, futures for bitcoin.

How to trade on BitMex Exchange? The official website of the resource allows trading profitably here with the margin leverage up to 1:100. Margin trading on BitMex has its own characteristics, which users need to get used to: it is not a trading asset but the obligation to buy or sell a coin at a specified price; bitcoin futures are associated with the market price of a coin; possible trade on growth and at lowering of cost (i.e. long and short); you can open trades with value exceeding the account balance and earn; it’s higher profit than under standard currency exchange; there are high risks of losses in case of using a large leverage; low transaction fees. Here is a system of working with orders implemented, which coincides in many respects with the process of Forex trading, but on the BitMEX Exchange you need to choose the leverage for each order separately, and on Forex traders often have to specify from the word go the desired leverage size for trading.

There are great opportunities for earnings, dissimilarity with other exchanges trading cryptocurrencies — who will consider this resource convenient? It is not so difficult to answer this question, site bitmex.com will be especially interesting for traders, who would like to find opportunities to earn on the difference of assets, have extensive experience of speculation on forex. So to speak, this is the forex market, but with better liquidity: currency rates on crypto exchange are profitable, with the right approach to working with futures contracts, you can get a very high income.

Deposit and withdrawal

Dealing with exchange traders need to keep in mind that all transactions (deposit and withdrawal, too) are possible with bitcoin only (up 10 000 satoshi), in other words, if you have altcoins you have to exchange them for bitcoins before you deposit them. If you work on exchange with altcoin contracts, all incomes on them get exchanged for bitcoins.

There is no support for fiat money on the platform bitmex.com. The speed of adding funds on deposit depends the speed of bitcoin (make money on bitcoin’s) network – usually it’s up 1-2 to 24 hours. The withdrawal is possible once a day, commissions for that the user determines himself – the higher is the commission, the quicker happens the transaction.

Complaint against BitMEX

BitMex exchange, the feedback of which s various, operates in the market for quite a long time. In their messages users speak well about the safety and stability of the platform, its high positions in the market, anonymous trading, no need of verification, great choice of coins, opportunities for quick and good money in trading with margin trading, quick withdrawal, low commissions, functional interface, convenient chat for traders in Russian, plenty of useful information and analytics on the official website bitmex.com. Resource customers point more often than not that the exchange is a perfect discovery for a professional trader experienced in Forex trading.

The issues are usually pointed about the not user friendly website interface and complicated trading process, which fits not any user and is not available for market newcomers, no support for fiat money, transactions limited by bitcoin, heightened risks of margin lending, long responses from technical support.

BitMEX exchange regulation

HDR Global Trading Limited company (registration no. 148707), which BitMEX exchange belongs to, is legally registered in the Republic of Seychelles and effects its activity under the legislation o the state. For the time being the company doesn’t have a license for operations with cryptocurrencies (2018 cryptocurrency forecast), but does its best for securing the safe trading with the platform.

So the resource guarantees the safety and protection of user data, assumes an obligation not to pass it to the third parties. Besides the website fully meets the requirements of Data protection law of 2003, is obliged to check the information provided by users. The resource uses cookie files to enhance the cooperation with the exchange, traders can make them off any time. Working with the platform users automatically accept possible risks of trading, guarantee the safety of their information (user names, passwords), the company doesn’t bear the responsibility for lost bitcoins. Dealing with the exchange market payers take an obligation not to take actions contrary to law putting its operations and other users’ trading under risk. The company reserves the right to zap personal accounts of traders in case of violation of resource use conditions.

Check use conditions on BitMEX
Check Privacy policy on BitMEX

BitMEX – is it a scam?

BitMEX exchange is one of the anchor cryptocurrency trading resources in the market; it has large volumes of transactions with bitcoin, offers unique opportunities for high income. The platform has been operating successfully for quite a long time, providing a stable and profitable trading derivatives (that means to trade contracts on assets). Low commissions, user-friendly customizable interface, functional terminal, possibility of free demo trading of virtual coins to be acquainted with the system — all this makes the work on the resource convenient and comfortable.

Not any crypto exchange offers its users margin trading (leverage up to 1:100), which will allow to get a lot of money on speculations with coin rates. This attracts to the trading platform the market players with successful Forex practices. They are familiar with the system terminology, can deal with orders well, are able to set stop losses correctly, etc., can make good money on cryptocurrency, skillfully using the leverage. For newcomers and those, who have not faced Forex before (full truth about Forex is here), is more difficult to understand, how to use BitMex Exchange, at first they will  need to be acquainted with its opportunities. Not all beginners understand dangers and increased risks of margin trading, but with considerable experience, with the right attitude to leverage they will be able to make good money. However, the website of the exchange is used by the users of different levels and experience, trusting its reliability and stable operation.

BitMex Exchange has mostly positive reviews and attracts of the fact that there is no need to undergo verification, it will not be necessary for transactions too — this guarantees complete anonymity of the work. The developers of the resource took seriously the issue of security of the exchange, introducing such modern solutions (they are, for example, two-factor authentication, SMS messages, wallets with multi-signature, PGP-encryption, etc.) that allow users to protect their capital from the scam artists. Such serious level of security is confirmed by the fact that there were not recorded attacks and break-ins of the exchange, ensures that BitMEX fully meets its commitments to customers without being a scam artist or scam to deceive users.

Traders publish different reviews about the crypto exchange; among the positive aspects often indicated the reliability and safety of the site, functional interface that can be customized in own way, completely anonymous work, quick capital withdrawal, low fees, higher income from margin trade, etc. Many users appreciate the convenience of a platform for those traders who have experience of speculation in Forex market. Negative reviews often relate to the following problems: complexity of the interface, lack of support for fiat currencies, increased risks of margin lending, long answers of technical support, etc. There are less negative comments in the network, which only increases the rating of satisfaction with the resource by its customers.

The official website of the exchange bitmex.com should be noted separately; it has several language versions (including a convenient Russian language), a free demo account, ability to communicate in online chat, a lot of analytical and other useful information in order to get acquainted with the capabilities of the platform and comfortable to start working with it. However, is there any use to call BitMEX a scam? Having studied information and comments about the resource, we will answer in the negative, because this site has been represented long on the market, is among the leading exchanges, works steadily and allows significant increasing revenue.

Conclusion

BitMex cryptocurrency exchange is worthy of particular attention of active bears trading cryptocurrency. Today it’s one of the anchor platforms for trading virtual coins, which operates on the market effectively and stable, offering for its users low commissions, quick withdrawal, adjustable interface, maximum capabilities for getting nice incomes with credit leveraging.

Although crypto exchange  is mostly used by professionals experienced in Forex trading it shouldn’t be considered as its minus, as the newcomers always canget comfortable here, work n the system with a demo account здесь, choose a strategy and take maximum advantages from the cooperation with the resource. After we got to know about exchange’s unique capacities, we won’t consider it as a scam artist. And yet the relevant real feedback from traders may help to deal with the platform efficiently and significantly effect its rating in our project.