Go Big on BitMEX

BitMEX Overview

Founded in 2014 by HDR Global Trading Limited (CEO Arthur Hayes, CTO Samuel Reed and CSO Ben Delo), BitMEX (Bitcoin Mercantile Exchange) is a trading platform operating in Hong Kong and registered in Seychelles. 
 
BitMEX( 비트멕스) is the highest liquidity exchange offering margin leverage up to 100x which recently made a new record trading 1.000.000 BTC in one day. While waiting for the next Jesus candle you can always go and check out BitMEX’s research lab that is constantly updated with fresh analytical content.

What makes BitMEX stand out from numerous other exchanges is that you can only deposit and withdraw Bitcoin on the platform. Altough you can trade contracts for altcoins, such as Cardano, Bitcoin Cash, EOS, Ethereum, Litecon, Tron and Ripple, your profits will be in Bitcoin. Also, there are no additional fees on the deposits or withdrawals besides Bitcoin Network fee.

How to Register

Using this link you will recieve 10% discount on your trading fees for the next 6 months.

Keep in mind that BitMEX doesn’t serve US-based traders and checks your IP to verify that your location is not the US. Although one can always try to outsmart the system by using a VPN.

BitMEX does not require KYC documents from traders, which means that you can sign up anonymously. All you need is a valid email address to confirm your account, withdrawals and the like.

How it Works

BitMEX enables its users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Cardano, Ethereum, EOS, Litecoin, Ripple, and Tron. Perpetual contracts is also something that BitMex is offering, along with many various fixed-date expiries. The Perpetual Contract is similar to the Future Contract in how it trades, only it does not have an expiry, allowing you to hold your position for as long as you want. Perpetual Contracts trade like spot, closely tracking the underlying Index Price. This is made possible by the Funding component.

The BitMEX .BXBT Index (Index Price) pricing is currently derived from equal parts of Bitstamp and GDAX (Coinbase) prices.

Once you have signed up on the platform, click Trade, and all trading tools will be displayed below. The order book has three columns — the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.

You can change the widgets on the platform depending on your preferences, so you fully control what you want to see. There is also a built in feature that provides TradingView charting, in which you can find a wide range of charting tools.

Order Types

BitMEX provides a bunch of different order types to match unique trading and hedging strategies. You can place, buy and sell various order types in the Place Order tab in Trading Dashboard.

The key order types are:

· Market Orders
 The Market Order is an order to be executed immediately at current market prices.

· Limit Orders
Limit Orders are used to specify a maximum or minimum price you are willing to buy or sell at.

· Stop Limit Orders
The the trigger price will be met, a limit order will be placed in a order-book.

· Trailing Stop Orders 
The Trailing Value is set; if the price reverts by an amount equal to the Trailing Value, the Market Order is triggered.

· Take Profit Orders 
The Take Profit Order is somewhat similar to the Stop Order, however instead of getting executed when the price moves against the position, the order is executed when the price moves in a favorable direction.

Video Tutorial

A more detailed video guide on order execution you can find here. In this tutorial I go step by step explaining every order type, funding and fees.

Fees

The Hidden order will always cost you the taker fee.

Leverage

As it comes to margin trading, there are two types of margins you can make use of: Isolated and Cross-Margin.

When using Isolated, you can select the amount of money in your wallet that you want to use for the position after placing the order, whereas the Cross-Margin will consider all of the money in your account being up for leverage, so be really cautious with this one.

Although BitMEX opts to minimize liquidations, in volatile markets the highly-leveraged are more likely to get liquidated. For instance, a 50x position will be liquidated after a 2% move against you.

When using Isolated Margin, you can conveniently adjust your leverage via the leverage slider. The rule of thumb would be to never opt for leverage higher than 25x.

How Safe is BitMEX ?

BitMEX is a reliable platform that uses multi-signature deposits and withdrawal schemes exclusive to BitMEX partners. Moreover, the platform utilizes Amazon Web Services to protect the servers with text messages and two-factor authentication and hardware tokens. The BitMEX Trading Engine is written in kdb+, a database and toolset used frequently by major banks in high-frequency trading applications, so the engine is fast and solid. It does a full risk check after each order placement, trade, settlement, deposit, and withdrawal. After every check, all accounts in the system must sum to zero.
 
After recent events at OKEX you can be sure that loss socialization wouldn’t have happened in BitMEX because of the Auto-Deleveraging System. And on top of that BitMEX’s Insurance fund is currently counting 10,687.7737 XBT.

Conclusion

BitMEX is an unprecedented tool perfectly designed for traders. The platform is favoured by cryptocurrency addicts worldwide because of the leveraged trading that you can employ with various trade choices and possibilities to hedge yourself. Experienced traders will definitely appreciate the broad range of tools available. Mastering BitMEX takes time, but it is definitely worth it.