BitMex, short for Bitcoin Mercantile Exchange, is a powerful cryptocurrency exchange platform that allows investors access to a variety of global markets. The platform, founded in 2014 by CEO Arthur Hayes, Ben Delo, and Samuel Reed, is known for giving users direct access to the global cryptocurrency trading industry with the use of professionally developed and sophisticated financing tools that result in more gains and fewer losses.
In recent years, BitMex has been responsible for some of the most substantial trading volumes in the cryptocurrency arena. Just last year, a reported $11 billion USD of trading activity went thoughBitMex in a 24-hour period, putting it on everyone’s radar as a trading platform to watch. It is appealing because it acknowledges the state of the crypto market and does its best to limit losses, while also creating profitable trading opportunities. In terms of wealth, the platform has a daily trading volume of over 35,000 BTC and a trading history of over $34 billion USD BitCoin, making it one of the largest BitCoin trading platforms in operation. Explore the high-quality reviews of BitMex exchange on the Blockchain-based feedback platform.
Advantages of the BitMex Platform
Unique Capabilities
The most significant benefit to using BitMex is its large number of functions and additional features. These capabilities include its plethora of contract options, high leverage rates, and a lead in the number of derivatives. Additionally, BitMex is one of the few platforms to offer a sandbox testing exchange allowing new users to practice using the platform before making any investments. Their test market looks and feels exactly like the real thing, and is the perfect place to experiment with new trading strategies.
Security
Well known for taking its security very seriously and, given its long history, the platform has more experience than others with protecting the privacy of its users. As a platform, they have adopted many practices, such as their ‘one withdrawal per day’ model. These allow them to monitor suspicious activity carefully, thereby lowering the security risks associated with using a cryptocurrency platform. On top of that, BitMex also offers users the ability to take extra precautions with features such as two-factor authentication, email verification, and IP whitelisting.
Customer Support
In general, cryptocurrency exchanges are notorious for poor customer support. However, Bitmex has done a lot to make sure that they do their utmost to help its investors. Their site offers users a comprehensive FAQ page to help less experienced users navigate the platform, and they have a help centre with a “highly qualified support team” for quick resolutions. BitMex also offers research reports about the “crypto ecosystem,” which helps customers fully understand the risks and benefits of the various trading tools that they have access too.
High Work Speed
BitMex also benefits from having a fast trading engine that can work on older computers as well as mobile devices. In May of 2018, they made a focused effort to optimise their trading terminal, resulting in a huge performance boost. After a few months, the enhancements resulted in the elimination of overload and left them with a much faster platform.
Disadvantages of the BitMex Exchange
User Restrictions
One major criticism of BitMex is that it has a few user restrictions on various countries, including the U.S., Canada and Hong Kong. These restrictions are in place because it is based out of Seychelles, a small island nation that has quite lax financial laws compared to that of other countries. The platform itself has a lot of associated risk, as there are fewer regulations. In fact, in 2019 the U.S. Commodity Futures Trading Commission placed BitMex under investigation as they worked to decide whether or not it is doing enough to enforce these restrictions and stop misconduct.
Not For Beginners
Often criticised for its lack of a beginner-friendly interface, it can be challenging for amateur investors to get used to the platform and navigate the website. This confusion is not helped by the platform’s heavy reliance on BitCoin, despite working with several altcoin contracts.
Fear of it Being a Risky Scam
In October of 2019, Bitmex accidentally revealed all of their registered users’ emails and put user privacy at risk. BitMex did issue an explanation and an apology, but with the information already sent out, there wasn’t much that they could do. Additionally, many users complain that it trades against its users with “flash price spikes and crashes that erase shorts/longs.” Some compare its high leverage levels to a risky gambling platform that results in 100% losses for many.
The Future of BitMex
BitMex has a lot of positive reviews, but in the cryptocurrency world, there is always a good deal of instability and fluctuation. It has . It has had much success as a platform with predictions of growth in the future. However, recent events may put a stop to their running progress. Just this month, BitMex had many angry users when a flash crash caused many to lose vast amounts of money. Additionally, CEO Arthur Hayes found criticism for joking about the legitimacy of some of the new coins. Many labeled the comment as unprofessional and a negative reflection of BitMex stating that the company won’t have much of a future if “criminal acts” like this continue to happen.
