Best Bitmex Alternatives for Bitcoin Margin Trading [2020]

Jake.T
Jake.T
Nov 4 · 3 min read

Recently Bitmex has been hit with a number of serious controversies, and where once this trading platform was one of the largest and had widespread respect in the industry, today the reputation of Bitmex is damaged, and the trust that traders once had is all but gone.

We’re taking a look at a few alternatives for any traders looking for a new start.

Bitmex Controversies

2019 was a bad year for Bitmex. Long standing rumours that Bitmex was actively trading against their own clients and forcing liquidations using their knowledge and control of the platform were confirmed.

At the same time, an investigation was launched by the U.S CFTC into Bitmex illegally allowing traders from the U.S to use the platform.

Most recently, Bitmex has been hit again with one 24 hour period seeing thousands of its client’s email address being leaked to hackers and then its own Twitter account being hacked with a message from the hackers stating “take your BTC and run” to clients.

Best Bitmex Alternatives for Bitcoin Margin Trading

PrimeXBT

PrimeXBT is the world’s leading multi-asset margin trading platform, and like Bitmex, provides up to 100x leverage on Bitcoin, but unlike Bitmex, also provides 100x leverage on other cryptocurrencies like Ethereum, EOS, Litecoin and XRP.

The platform also provides a bridge between crypto-asset trading and traditional asset markets with listings for forex, stock indices and commodities available on PrimeXBT as well.


PrimeXBT’s trading engine is powerful, being able to execute trades within 7.12ms, while the platform also has advanced security measures in place to prevent hacks and to protect their clients’ funds.

Unlike other crypto trading platforms, PrimeXBT also provides a simple, low flat fee of just 0.05%, reducing trading costs and increasing profitability.

Kraken

Kraken was launched in September 2013, making it one of the oldest cryptocurrency exchanges still in operation today.

Impressively, throughout its long lifespan Kraken has never been hacked. This is no doubt as a result of the two founders of the platform both coming from a security background.


Kraken provides margin trading with leverage of between 1:2 and 1:5 on assets like BTC, ETH, LTC and EOS, and while this is on the low end it is better than platforms which do not provide any leveraging.

Kraken seems to have overcome issues they were having in 2016 and 2017, where their trading engine regularly would fail during peak transaction times. Today, Kraken has had a revamp and is one of the more modern looking exchanges on the market.

In Conclusion: Best Bitmex Alternatives

Importantly, cryptocurrency trading platforms have collectively gone from being largely insecure and mostly risky to use, to now being much improved in general as competition has forced better practices to be in place.

Bitmex seems to be stuck in the past however, and has not changed to improve their systems as other platforms have.

The alternative platforms in this list provide better systems and lower fees, and most importantly, much better security.

Jake.T

Written by

Jake.T

Covering Blockchain, Cryptocurrency, Investment Opportunities & Innovative Tech Projects

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