BitMEX (Bitcoin Mercantile Exchange) is the world's most advanced Bitcoin derivatives exchange and API. BitMEX offers up to 50x leverage, low fees, multiple futures type, and is the only exchange built by financial programmers with international banking experience.
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Md66 - February 27, 2017
I didn't have too much trouble using it but took me a few days to figure my way around their trading tools. It's somewhat confusing.
The fees are high and they're NOT included in the profit and loss that's shown on the dashboard. So even if it shows green you have to be somewhere above 20% or so for you to actually make money on a trade at 100x.
Also as another guy mentioned here, what's the deal with all the Americans in the trollbox? I'm Canadian and use a proxy but thought US people were not allowed.
Anyways, take this with a grain of salt since I'm new to trading.
Wat - February 27, 2017
DOCDC - February 25, 2017
Barry - February 24, 2017
Although they outline in their terms of service that U.S. residents are not allowed to use their product to trade, it's obvious by looking at their chat box and on public forums that almost every single trader on there is American.
Which means BitMEX is in severe violation of U.S federal law, in particular U.S. Commodity Futures law as defined in https://www.law.cornell.edu/uscode/text/7/chapter-1.
As a former compliance agent, I'd be surprised if BitMEX were not already being investigated by the CFTC and/or the SEC. If found guilty, the operators face not only a monetary penalty in addition to returning all U.S.-generated profits, but also up to 7 years in jail.
Batist - February 22, 2017
Jerry USA - February 22, 2017
Frodolent - February 20, 2017
polkadot - February 19, 2017
AF - February 18, 2017
Im out - February 16, 2017
very disappointed. very confusing user interface and fees are way too high compared to similar services like OkCOIN, Deribit, Cryptofacilities.
Homsi - February 12, 2017
joachim - February 11, 2017
Will Yunus - November 28, 2016
Bitmex is a complete scam. Please read this carefully if you're thinking of depositing money there, and especially if you're new to the bitcoin industry or to trading.
First off the fees drain your money: 0.075% at 100x is 7.5% on every open and close of every trade (they don't tell you that, they just show you 0.075% so you think it's small, but they charge you 7.5 fucking percent on your margin when you trade with leverage).
The "team" behind bitmex is just two guys in their twenties looking to get rich / scam uninformed/noob traders out of their money. It's an amateur operation. It's also completely *UNREGULATED*. There's no financial watchdog monitoring what these people are doing behind the scenes.
If bitmex were to be regulated, or should financial regulators catch on to them, *the owners would be behind bars*.
Especially because the owners have many times used pseudonyms in forums online to advocate for "US customers to use a VPN" (even in the bloody reviews on this page!) - not only are they encouraging illegal behavior but that's the only way their operation can survive because most of their volume is US-based.
They incorporated their operation in *Seychelles* to make it jurisdictionally hard to sue or pursue them. There are many stories online of people trying to do just that after losing their account balance on Bitmex.
The owners are also moderators of a semi-popular online bitcoin forum so they censor all kinds of criticism toward bitmex and use the forum to pump up and drive traffic to their operation.
There is not a single story, comment, or review online of anyone making money on Bitmex.
You get lost so easily in the trading interface. It's as if they make it complicated on purpose. Most of the volume on there is generated by the owners with their market making algorithms to make it seem like the site is popular.
You'll get liquidated pretty quickly, especially if you have a small account. They'll make the price feed wick instantly to hit your stops and liquidate you (it's simple to manipulate at 100x). That kind of liquidation is a straightforward transfer of money from your deposit to their coffers. Stay away, stay away, stay away.
Use Poloniex, Whaleclub.co, Okcoin, Bitstamp, or another reputable service. The owners of this operation only care about their own pockets.
John Wilkes Booth - November 3, 2016
Note to exchange owners: get serious about security.
Interface is a bit complex (takes some time) but I can't use anything else now. Try trading on Kraken for a while, where everything takes 10 seconds to refresh. Awful.
The comments below regarding fees are FUD. What's so hard to find about a giant page that says FEES on it? It's a misrepresentation to take the highest possible fee you can pay (ignoring maker rebates), then multiply it by the maximum leverage. Every crypto exchange in the world charges fees on the position size, not on the underlying equity. And other exchanges are 0.25%+, as much as 10x higher on average.
As for employees telling users how to work around US policies, that would be shady if true but there is no proof of that. And why would they put themselves at risk since it's really quite a simple thing to do? Crypto traders understand proxies.
Michael Woodson - November 3, 2016
They also keep all the BTC in cold storage and manually approve withdrawals once every 24 hrs. If you aren't in an hurry for a withdrawal, then it works fine and I would rather be patient and have my BTC safe and secure, rather than at Bitfinex where they lose/steal it.
It's true that they don't officially accept USA customers, but if you use a VPN, you can get around this. BitMEX says they don't approve of this but I'm hoping they won't aggressively enforce it too much either. They can always use more volume, so the more customers over there the better.
Eric Silverman - October 14, 2016
The fees are designed to rip off customers. Charging 0.075% at 100x leverage is just unheard of.
Example: You put up 1 BTC margin to open a 100BTC trade. If you open and close at market price, you are charged 15% (0.075% * 100 * 2) on your margin. Meaning you are down to 0.85BTC before even starting to count your P&L for the trade.
These fees are absolutely excessive. They're hidden and so hard to find on their site, which has a confusing/lackluster UI. This leads me to believe they are relying on one-time uninformed money to invest in their operation.
Everything about BitMex smells like scammy, unprofessional behavior. Too many red flags. I've seen many would-be brokers in my days like this, who fool less informed people and rely on 1-time deposits and not recurring traffic, and hope to get away with it.
Also, they want US customers because their trading volume is drying up but still want to abide by the law "by the book" - so they block US customers with a message on their site and use forums around the web under various pseudonyms to encourage US people to use a VPN to access their site and short-circuit the location blocker. Scandalous and illegal.
Bitmex offers nothing but sorrow. Stay away - 1 star.
Good Service - April 4, 2016
The review below me doesn't understand basic math. If Bitcoin is $400, you enter a 100x position, and it rises to $404, your profit is 1%, but 100% ROE.
Fees are not 0.5%, they are 0.075% taker / -0.025% maker, which averages to 0.025%. If you put orders in the book & wait you can do well. 0.5% is the maintenance margin requirement on 100x contracts.
Anti pump&dump - March 13, 2016
I must correct this!
$4 price move in the right direction will give you 50% more money (@Bitcoin $400)
- but $2 move in the wrong direction will make you lose ALL!
because you will pay 100*0.5% = 50% fees
So - up to leverage x100 for Bitcoin and especially x10 for Factom (tiny market as of now)
combined with a high fee of 0.5% - that is just gambling. Everything above 1.5% fees (3x leverage at Bitmex) means your chances are worst than playing roulette in casino.
The Factom market is still easy to pump&dump - if people fall for leverage 10, even easier.
FactomFan - March 11, 2016
Michael Drumas - March 11, 2016
you do not risk, you do not win!
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