Bitmex is a peer-to-peer cryptocurrency trading platform founded in 2014 by a group of developers who have backgrounds in finance, trading, and web-development. The company is registered in the Seychelles but has offices in the US and Hong Kong.
Rather than traditional trading, Bitmex is focused on derivatives trading such as futures and margin trading.
Due its focused, Bitmex is not suitable for the novice trader, and is more focused on experienced traders.
Bitmex regularly changes and updates the contracts available so if there is a particular cryptocurrency that a trader is interested in it always makes sense to check the current contracts offering.
There are many cryptocurrency and fiat pairs to be found on Bitmex, but its base currency is Bitcoin. Profit or loss on trades, regardless of which fiat or cryptocurrencies make up the pair, are also always denominated in Bitcoin.
Leveraged margin trading is a huge draw for Bitmex users, and leverage of up to x100 is available on Bitcoin contracts. Ethereum contracts can access leverage of up to x50 and Monero x25. Futures and perpetual contracts are also available. Because Bitmex is a P2P exchange, the counterparty to contracts are always other traders on the platform or market makers. The platform itself is similar to trading platforms used by hedge funds and institutional investors.
Because trading is anonymous on Bitmex, the trader must always have enough funding in their account to cover their exposure. At the point the account’s value cannot cover a trade’s maintenance margin level, it is liquidated so the account can never end up in debt at the end of a trade.
Trading fees are low but vary between contracts. Because Bitmex is a P2P platform, fees are broken down into a ‘taker fee’ ‘ maker fee’ and a ‘settlement fee’.
The security on BitMex is high, and they take pride on their security measures.
Security measures on the exchange are broken down into four categories:
Wallets: all BitMEX wallet addresses are multisignature so even in the case of an extreme hack that compromised servers, the trading engine and database the attacker would not be able to access the keys necessary to steal funds. All withdrawals are also manually checked by staff and no private wallet keys are kept on cloud servers that could potentially be vulnerable.
System Security, Trading Engine Security, and Communications Security are also all based on highly sophisticated technology and multiple defense layers. Full security information can be found at BitMEX website.
Personal information doesn’t need to be provided on the website and there are no geographical restrictions.
Customer support is carried out through tickets, but there is no phone service available. There is also a chat function between users, so many support issues can be resolved between customers.
For advanced traders searching for a professional level futures and derivatives exchange-type platform for cryptocurrency markets, BitMex is the best choice. The platform offers a professional trading environment, and virtually no red-tape.
Protecting Your Cryptocurrency And Staying Safe on BitMex
Cryptocurrency and the blockchain stand to be a major driving factor in the technology of the future. However this popularity has attracted an element of cybercrime. There are several tools internet users should use to increase their online protection. One of these tools is SaferNet.
SaferNet is the perfect solution to the cybersecurity issues that individuals, families, and businesses face today. It not only connects every device using a secure, 24/7 always on, military grade VPN, but it also stops outside cyberthreats, malware and viruses as well. On SaferNet, all users are protected anywhere in the world, all the time, on any cellular or Wi-Fi network. In addition to SaferNet’s VPN and cyber protection, it also offers a range of employee or parental/family internet controls including internet filtering, monitoring, scheduling, and blocking access to websites or even entire website categories
Typically, a user would need 3 separate services for a VPN, Malware Protection, and Internet Controls; SaferNet offers all 3 features in one service. SaferNet truly is an endpoint security presence that can be implemented in minutes around the world, on phones, laptops, tablets, and computers at an economical price point that caters to all internet users. SaferNet guarantees a smooth setup and installation process that takes only minutes, and an easily accessible control hub for you to monitor all your employee’s or family members devices; including activity, time spent online, and threats blocked.