BitMEX, a prominent peer-to-peer cryptocurrency exchange under HDR Global Trading Limited, handles over $3 billion in daily transactions. The firm, headquartered in Seychelles, also operates globally.
Trades Union published a BitMEX review recently which showcases its expanding product line, with its XBTUSD Perpetual Contract being the most popular. Additionally, it offers traditional futures and cutting-edge quantum futures instruments.
BitMEX: pros and cons
Traders Union dives into an in-depth analysis of the prominent cryptocurrency exchange, BitMEX, highlighting its various advantages and drawbacks.
Pros:
- Exceptional trade volume and liquidity.
- Streamlined sign-up process.
- Margin trading with a leverage ratio as high as 1:100.
- Opportunity to implement short positions.
- Top-notch security framework powered by Amazon Web Services.
- Rapid funds transfer for both deposits and withdrawals.
- Robust analytics and reference system built into user accounts.
Cons:
- Transactions for deposits and withdrawals are exclusively in Bitcoin.
- Some trading terms, such as the ‘liquidation trigger’ based on index marking price, might be complex for new users.
- Potential for significant losses due to misuse of high leverage.
Expert review of BitMEX
TU experts present an analysis of BitMEX, a major player in the cryptocurrency exchange market. Here are the highlights of their review:
- BitMEX, established in 2013, now leads the global cryptocurrency market, underpinning its steady growth and popularity even before the digital currency boom.
- The platform sees a daily trading volume exceeding $3 billion in Bitcoin, indicating high demand and robust trading conditions. This trading volume is consistently on the rise.
- The exchange is continually innovating to improve its trading capabilities. In 2018, BitMEX integrated with Sierra Chart for enhanced charting and trading functionalities.
- Recently, BitMEX collaborated with NinjaTrader, resulting in the full support of BitMEX market data on the 8th version of the NinjaTrader trading terminal.
- BitMEX places a high emphasis on security. It is the only exchange that necessitates multiple digital signatures for transaction completion, storing all funds strictly in offline storage and ensuring no wallet or transfer data is stored in the cloud, reducing the potential for breaches.
Analysis of the main features of this crypto exchange
Analysts from TU have carried out a thorough evaluation of BitMEX, assigning quantifiable scores to various facets of the platform. The following elaborates on those respective ratings:
- Overall score: 6.85
- Execution of orders: 6.64/10
- Investment instruments: 7.06/10
- Withdrawal speed: 6.7/10
- Customer support: 7/10
- Variety of instruments: 6.48/10
- Trading platform: 7.22/10
Broker comparisons with BitMEX
Traders Union offers a detailed comparative analysis of this prominent broker, evaluating their offerings and distinct features to aid traders in making informed decisions.
- Bybit: Unlike BitMEX which offers high-leverage trading exclusively in Bitcoin, Bybit provides additional flexibility with multiple cryptocurrencies, although with similar high-leverage options.
- OKEx: BitMEX distinguishes itself with high leverage and robust security; OKEx, in contrast, offers a wider variety of cryptocurrencies and different trading products such as options and futures.
- Binance: While Binance boasts a wider range of cryptocurrencies and fiat trading pairs, BitMEX offers superior leverage trading and security measures for Bitcoin-centric trading.
- Huobi Global: Huobi provides a broader range of services including an exchange, trading platform, and digital wallet, while BitMEX focuses on high-leverage Bitcoin trading with an emphasis on security.
- KuCoin: KuCoin offers a more user-friendly platform and supports a wider range of cryptocurrencies, but BitMEX stands out with its high-volume, high-leverage Bitcoin trading, and advanced security features.
In the realm of cryptocurrency security, Wallet Ledger is often considered a key tool. As BitMEX and these other platforms focus on varying features, none directly incorporate Wallet Ledger’s hardware wallet solution, a tool acclaimed for its enhanced security. This omission highlights an area for potential improvement in these platforms’ offerings to ensure optimal asset safety for traders.
Conclusion
While each platform, including BitMEX, has its unique strengths and trading options, considerations like a range of cryptocurrencies, trading products, and security measures vary significantly. These differences highlight the importance of comprehensive research when choosing a platform. For detailed reviews and insights, consider visiting the Traders Union website.
