BitMEX Review

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Bottom line:

BitMEX is a very advanced derivatives trading platform that focuses on a few popular coins, such as Bitcoin and Ethereum. The fees are some of the lowest in the industry, with rebates available for derivatives traders and access to 100x leverage. However, as leverage can increase the potential downside, BitMEX only supports 30 coins, and there is no propriety fiat support; it is only made for advanced crypto traders.

To summarize our BitMEX review, the exchange doesn’t offer many beginner-centric features but is a good margin platform for derivative crypto trading.

How We Rated BITMEX

Below, we've summarized our ratings for each section of the cryptocurrency exchange.

Review Criteria	HWC Score
Features	3.2 / 5
Supported Fiat and Deposit Methods	3 / 5
Supported Crypto & Trading Pairs	3.5 / 5
Fees	4.5 / 5
Ease of Use	3 / 5
Customer support	3.5 / 5
Security Measures	3.5 / 5
Mobile App	4 / 5

Pros Explained

• Low trading fees. A low-fee platform is crucial for traders looking to maximize their returns. At 0.1% for users in the basic tier, BitMEX offers some of the lowest fees in the industry. As BitMEX primarily targets experienced users likely to trade frequently, these lower fees are likely a big reason for the exchange's appeal.
• Up to 100x Leverage. Although previously common, many trading companies have reduced the leverage offered. However, BitMEX provides 1:100 leverage, meaning users can open huge positions with minimal collateral. As such, savvy traders can see great returns from small moves.
• Advanced charting capabilities. BitMEX makes it easy to plot detailed strategies. With many drawing tools and even more crypto indicators via TradingView, BitMEX is an excellent platform for technical traders wanting to trade leveraged contracts.

Cons Explained

• Founder controversy. BitMEX was originally a non-KYC exchange offering leveraged products. As a result of its past activities, BitMEX has been ordered to pay more than $100 million in damages. While not inherently a negative factor for the exchange, such controversy is something to be wary of.
• Limited features for beginner and spot traders. While BitMEX is a solid exchange for those looking to trade with leverage, its lack of spot options and complex interface means it's far from ideal for less experienced users.

BitMEX At A Glance

BitMEX is a highly focused derivatives trading platform with 30 coins listed. It offers a well-designed trading interface, access to advanced trading tools, and up to 100x leverage. BitMEX pioneered the perpetual futures trading contract for Bitcoin and was once the top derivatives platform on the market (since eclipsed by Binance, ByBit, and others).

BitMEX also offers spot trading, though its liquidity isn’t as good as other platforms. Users can also earn interest on crypto holdings through short-term staking, which supports both Bitcoin and USDT deposits.

Exchange Name	BitMEX
Markets	Spot, Derivatives
Features	Spot Trading, Derivatives Trading, Fiat Gateway, Instant Convert, BitMEX Earn, BMEX Token
Accepted Fiat Currency	None
Deposit Methods	Crypto only
Supported Cryptocurrency	10 (BTC, ETH, APE, UNI, MATIC, LINK, AXS and 3 others)
Number of Trading Pairs	30
Trading Fees	0.1% Spot and 0.075% Derivatives
Customer Support	Ticket System, Live Chat
Security Measures	Cold Storage, Multi-Sig, Encryption
Mobile App	Yes (IOS and Android)

BitMEX Overview

Founded in 2014, BitMEX is an unregulated crypto derivatives platform offering spot trading and high-leverage contracts. It is one of the more prominent market makers and a widely used margin trading exchange. For derivatives trading, advanced users can buy and sell contracts for cryptocurrencies (not the actual coins) combined with margin trading up to 100 times.

The HDR Global Trading Limited-owned BitMEX only supports ten cryptocurrencies for spot trading, although it offers a more extensive range of futures contracts. However, BitMEX is exclusively a crypto-only trading platform, with fiat currency only supported through third-party crypto-purchasing gateways.

BitMEX was also famously founded by U.S. fugitive Authur Hayes, who recently surrendered to authorities and received a 2-year probation sentence for a part in failing to implement anti-money laundering (AML) policies for BitMEX.

BitMEX Compared

This comparison table lists other top alternatives to BitMEX that offer similar features and products for crypto traders.

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Binance Futures	229+	0.02% (maker) / 0.04% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance Fu…	Binance Futures…
OKX	349	0.08% (maker) / 0.10% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.4 / 5	None available at this time	Visit OKX	OKX Review
MEXC Global Exchange	1521	Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.3 / 5	10% discount on trading fees	Visit MEXC Globa…	MEXC Global Exch…

Review of the Top Features of BitMEX

User Interface & Trading Platform

BitMEX offers a comprehensive exchange platform and intuitive user interface for advanced crypto traders. The website is well-appointed, with a quick-jump menu to navigate between the spot and derivatives platforms, access to crypto staking and interest-bearing products, and a quick “Buy Crypto” option through third-party gateways.

For traders, the Bitmex crypto exchange features Tradingview integration, providing users with various cryptocurrency indicators, time frames, and charting tools. Furthermore, Bitmex offers a range of order types, including market, limit, or stop orders. A screenshot of the default Bitmex trading platform is shown below.

Active positions are displayed at the bottom and can be easily monitored. The asset, position size, entry price, margin, and unrealized P&L are all shown and updated in real time. In addition, pending orders can be displayed by clicking on the ‘Active Orders’ tab, which provides the option to review, modify, or delete the order.

More experienced traders will benefit from the market depth chart and order book on the left. The BitMEX margin calculator feature is also great for risk management. For placing orders, the BitMEX system allows traders to set up their take profit and stop loss using limit orders such as limit order, market order, stop limit order, stop market order, trailing stop order, take profit limit order, and take profit market order.

In summary, BitMEX's trading experience is designed for intermediate—to professional-level crypto traders and boasts a good selection of trading tools. However, for newer leverage traders with less experience, the user interface may be too complicated.

Derivatives Trading (with Leverage)

BitMEX is a more established crypto margin trading platform with up to 100x leverage available on a traditional futures contract. Here are the types of markets available for derivatives trading:

• Perpetual contract – Both perpetual and traditional futures contracts with up to 100x leverage are available. Users can enter both LONG and SHORT positions.
• Forex (FX) trading – Perpetual foreign exchange swaps, with up to 50x leverage available on 12 trading pairs.

BitMEX processes almost $400 million in daily derivatives trading volume, making it one of the most popular platforms for traders. In addition, the high amount of leverage available is one of the reasons BitMEX is an excellent day trading platform for crypto.

The user interface is quite dated and does not offer the same modern look as the BitMEX spot platform. However, BitMEX does allow users to fully customize the interface, with the ability to rearrange trading windows and hide trading tools they no longer wish to see. Overall, BitMEX gives active traders the tools to build an advanced leveraged trading strategy.

Convert Crypto

BitMEX offers a simple crypto conversion order form that allows users to quickly convert one crypto to another with no additional fees (other than the spread). BitMEX lets users convert XBT (BitMEX BTC), USDT, and USDC with 23 supported cryptocurrencies, including ETH, LINK, and ADA. Transactions process instantly with funds deposited into a user’s BitMEX account immediately. While this is a valuable feature to swap cryptos fast, the lack of supported cryptocurrencies hinders its usefulness.

Buy Crypto

While BitMEX is a crypto-only trading platform, it does offer a way to buy crypto with fiat currencies through third-party gateways. Users can purchase hundreds of different cryptocurrencies using a selection of 30+ fiat currencies. There are a few gateways, including MoonPay, Transak, and Mercuryo. It should be noted these platforms charge processing fees, which can be very high. The costs can be compared side-by-side on the BitMEX “Buy Crypto” page to choose the best one. The purchased crypto will be deposited directly into a user’s BitMEX account and used for trading or earning interest.

BitMEX Token (BMEX)

BitMEX has a native exchange token (BMEX), which provides various benefits to BitMEX users. BitMEX offers BMEX airdrops to users who participate in promotions and utilize the spot trading platform. Currently available on the BitMEX exchange, the BMEX token comes with the following benefits:

• Trading Fee Discounts
• Fee Reimbursement on Withdrawals
• BitMEX Privileges, Experiences, Community Access, and Merchandise
• BitMEX EARN Benefits
• Exclusive Product Access & IEO Tickets
• Token Burn to Drive the Growth of the BMEX Ecosystem
• BMEX Token as Collateral

What Countries Are Supported?

BitMEX allows users to register and start trading worldwide. However, United States residents cannot use the platform due to regulatory requirements outside BitMEX's control.

There are reportedly ways around this for U.S. customers using a secure VPN. However, we must note utilizing a VPN is prohibited by BitMEX policy, and we do not recommend this option. Instead, US-based investors can check out our guide reviewing the best crypto exchanges USA.

Creating and Verifying a BitMEX Account

To create our BitMEX review, we completed the registration and verification process. Users must provide an email address and name and verify the email address, which will complete the initial registration process. However, users must pass KYC identity verification to begin using the exchange.

To access the BitMEX platform, a user must complete Know-Your-Customer (KYC) verification). Thankfully, the process is relatively quick. A user needs to provide a photo ID (passport, driving license), proof of address (bank statement, utility bill), and confirm the source of their funds.

Supported Fiat Currencies and Deposit Methods

Unfortunately, BitMEX does not offer the ability to make a direct deposit using fiat. While users can purchase crypto using fiat via a third party, there are typically high fees associated with this payment method. As such, users wishing to deposit using their local currency should check out our article discussing the best fiat-to-crypto platforms.

Like most crypto exchanges, BitMEX supports crypto deposits. Thirty assets, including BTC, LINK, and USDT, are supported for depositing. There are no fees for depositing crypto, though users may need to pay network fees to transfer crypto from their wallet to BitMEX.

Supported Crypto and Trading Pairs

BitMEX supports 30 cryptocurrencies, including BTC, ETH, and other popular altcoins. However, the selection offered by BitMEX is minimal compared to other cryptocurrency exchanges, with popular assets like Bitcoin Cash missing.

As such, we can't recommend BitMEX to users aiming to trade multiple altcoins. That said, the cryptocurrency exchange is primarily a Bitcoin and derivatives trading platform, and BITMEX offers some of the most popular coins for trading with leverage.

Trading Fees

Spot fees

BitMEX offers some of the lowest trading fees in the industry, with maker and taker fees starting at just 0.1% and rebates available for high-volume traders. It also offers discounts to BMEX token holders, though those are still being offered to users. The trading fees on BitMEX are similar to those on platforms such as Binance. Moreover, BitMEX offers different fee schedules for spot trading and derivatives trading. Here are the trading fees for both.

30D Rolling ADV (USD)	Trading Fee (Maker / Taker)
< $100,000	0.10% / 0.10%
< $500,000	0.09% / 0.05%
< $1,000,000	0.08% / 0.03%
< $10,000,000	0.07% / 0.02%
< $25,000,000	0.05% / 0.00%
≥ $25,000,000	0.03% / 0.00%

Taker trading fee discounts are available for staking BMEX tokens on the platform.

BMEX Stake	Additional Taker Discount
0	0%
25	1%
200	2%
1,000	4%
10,000	6%
50,000	8%
500,000	10%
1,000,000	12%
3,500,000	15%

Derivatives fees

Derivatives trading offers a simplified fee schedule, with a BitMEX market Maker rebate of -0.01% available on all trades and a Taker fee of 0.075% for all transactions. Taker fee discounts are available to traders with over $1 million in 30-day trading volume, with a maximum fee discount of 66.67% for trading $50 million (or more).

Fees for Deposits and Withdrawals

There are no deposit fees for depositing crypto onto the platform. And while BitMEX does not charge a fee for withdrawing Bitcoin or other altcoins, there will be a small network fee determined by the blockchain, not BitMEX. However, USDT (ERC20) withdrawals incur a fee of $25.

BitMEX Fees Compared

Compared to other exchanges that offer perpetual swap contracts, BitMEX has very low fees. While the volume-based structure makes it difficult to attain the lowest costs, even the basic tier aligns with titans like Binance.

Exchange Name	Trading Fees (spot)
BitMEX	0.1%
Binance	0.1%
KuCoin	0.1%
ByBit	0.1%

BitMEX Ease of Use

While clearly signposted, BitMEX's interface leaves much to be desired. No centralized homepage exists, with the order book as the default page after logging in. Furthermore, this screen throws a lot of information at the user, making it difficult for beginners to get comfortable.

While slightly confusing, the interface contains all Bitmex services, making finding a specific area quick and simple. Placing a trade is simple for anyone familiar with the commonly-used order book-style screen, thanks to the green and red color scheme highlighting important areas.

While BitMEX will feel familiar for anyone used to advanced trading platforms, the interface isn't easy to get used to. As such, while BitMEX will likely be easy for experienced traders, those looking for a more simplistic platform will be better off using an exchange like Coinbase.

Mobile App

BitMEX recently launched a mobile app for iOS and Android devices. The app offers users a quick view of their accounts, including balances and trade history, and the ability to deposit or withdraw crypto directly in the app.

Users can trade spot and derivatives with access to advanced mobile charting and up to 100x BitMEX leverage. The BitMEX app is relatively new but has been downloaded over 10,000 times on the IOS store, with the BitMEX reviews having an average rating of 5 stars. To find out which apps are best for crypto, read this article.

In contrast to many trading mobile apps, BitMEX offers all of its desktop features to mobile users. The home screen features an overview of the user's wallet balance, quick links to buy/sell/convert, and basic information on the user's favorite assets.

The trade section allows users to access both the spot and derivative markets. The trading screen boasts a familiar order book-style interface that allows users to choose the assets or perpetual contracts they want to trade. Furthermore, the BitMEX app has built-in full charting capabilities, making it a great trading platform for mobile users.

Customer Support

BitMEX offers an extensive help center with helpful articles and videos to show users how to use the platform. Users can also submit a support ticket directly from the help center, allowing them to track the status and get updates on raised issues.

Recently, BitMEX launched live chat support, allowing users to chat with a customer support representative. Upon our initial testing, the chat response from the BitMEX team was slow, but overall, the support is much better than it used to be. While seeing a dedicated phone support line would be nice, a ticketing system and live chat support should be enough for most people.