The system is currently overloaded?! Ahhh the Bitmex order submission error. There are not enough pink Wojaks to describe how much butthurt this error has brought me.
The truth is Bitmex is damn popular with by far the most exchange volume of any of the bitcoin futures markets. They have a very real technical challenge which so far they’ve not been able to overcome: How to deal with a flood of users when the price of bitcoin becomes volatile. Their system essentially gets DDoS’ed by their own users. Crazy but true!
So what can you do?
On Bitmex the solution is rather simple but it requires some forethought and preparation. Basically you’ll need to setup your ENTIRE trade, including stop and take profit orders completely into the system. This way when the system becomes unusable during a price volley you’ll already have your orders in and they will execute. So to recap:
1. Make your position long or short
2. Choose a Stop Market order 1–2%, or whatever you’re comfy with away from the current price
3. Choose a Take Profit Limit order, or several of them, somewhere into the money
Do the 3 things above and you will not get REKT during a Bitmex overloaded error scenario.
A Bitmex Alternative?
An even better solution might be to change to a futures provider that doesn’t have this issue. There aren’t many I like but I will say that Deribit is a fantastic alternative to Bitmex. In fact I always have a trading stack there just in case. Here’s a review I did recently on Deribit below, and remember if you signup to use this link to save 10% on fees.
Save 10% on your fees at Bitmex: https://www.bitmex.com/register/0jwiAV
For charting definitely check out TradingView!
UPDATE June 12, 2019: Check out my article on the best Bitmex alternatives. There are some new players in this space.