{"id":2399,"date":"2018-07-11T09:49:35","date_gmt":"2018-07-11T09:49:35","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=2399"},"modified":"2018-07-11T09:49:35","modified_gmt":"2018-07-11T09:49:35","slug":"bitmex-bitcoin-mercantile-exchange-review","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/bitmex-bitcoin-mercantile-exchange-review\/","title":{"rendered":"BitMEX (Bitcoin Mercantile Exchange) Review"},"content":{"rendered":"

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BitMEX (Bitcoin Mercantile Exchange)<\/a>\u00a0has recently gained some popularity as an exchange for advanced cryptocurrency traders. Offering up to 100x leverage contracts and shorting, you can up your potential gains (or losses) on the platform by taking on additional risk for each trade.<\/p>\n

Unlike other exchanges, BitMEX only offers leveraged contracts that you buy and sell in\u00a0Bitcoin<\/a>. This means that, even if you\u2019re trading altcoins, your profit and loss will be in Bitcoin. This platform is meant for traders, not investors who are looking to actually own the coins.<\/p>\n

Note: BitMEX is currently unavailable for U.S. residents<\/b>.<\/p>\n

How It Works<\/h2>\n

At first glance, the BitMEX interface can be overwhelming. The platform constantly keeps the order books as well as executed trades up to date. You\u2019ll notice right away that the platform has all the standard analysis data: candlestick and depth charts, technical indicators, and trading volume.<\/p>\n

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BitMEX offers two types of contracts:\u00a0Futures Contracts<\/strong>\u00a0and\u00a0Perpetual Contracts<\/strong>. A Futures Contract is an agreement to buy or sell the underlying asset for an agreed price at a specific time in the future. It allows you to trade coins without having to ever actually own them.<\/p>\n

A Perpetual Contract is similar but doesn\u2019t have an expiration date. Trading these is similar to normal spot trading.<\/p>\n

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On BitMEX, you can make simple market and limit orders as well as set stop limits using Perpetual Contracts. If those terms confuse you, we recommend using an exchange more geared towards beginners, like\u00a0Coinbase.<\/p>\n

What makes BitMEX unique, though, are the advanced trading options it provides. Most notably, it supports leverage trading from as low as 2x all the way up to 100x your position. The amount of leverage varies from contract to contract, but the Daily Bitcoin \/ JPY Futures and Perpetual Bitcoin \/ USD have the highest leverage options available.<\/p>\n

Trading Fees<\/h2>\n

BitMEX trading fees range from -0.05% (a rebate) to 0.075%<\/strong>\u00a0depending on whether you\u2019re a maker or taker and which contracts you\u2019re trading. There\u2019s been some confusion in the community about these\u00a0fees<\/a>; however, it appears that trading on leverage increases these fees substantially.<\/p>\n

The BitMEX settlement fees are free for all futures trades except for Bitcoin. Additionally, you won\u2019t have to pay any fees to deposit or withdraw your funds. When withdrawing Bitcoin, though, BitMEX automatically sets a minimum network fee that may be higher than what you\u2019re used to.<\/p>\n

Available Cryptocurrencies<\/h2>\n

As mentioned earlier, BitMEX is a futures trading platform, not a cryptocurrency exchange. Therefore, you\u2019ll only ever deal in Bitcoin. However, you can trade contracts for:<\/p>\n