In recent times, BitMEX has gained massive support among advanced cryptocurrency traders. The exchange offers traders up to 100x leverage on trades. This means that you can increase your potential gains (or losses) on the platform by taking on more risk on your trades. The platform offers leverage contracts bought and sold in Bitcoin; if you trade in altcoins, your wins gains and losses will be in Bitcoin.
BitMEX, stands for Bitcoin Mercantile Exchange was launched in November 2014 in Hong Kong, and while all deposits and withdrawals are made in Bitcoin, the exchange also accepts altcoins and fiat currency; more on that later. BitMEX is meant for high volume traders as well as institutional investors, and it has become the best in its niche. Register today and be part of the biggest bitcoin exchanges today.
How It Works
The exchange’s interface can be overwhelming for first time users, but after a few tries it gets easier. The platform keeps a record of the order books and the executed trades up to date. You will find all the essential trading tools of a world class crypto exchange such as depth charts, candlestick, trading volume, and technical indicators and more.
Futures Contracts
Essentially, a Futures Contract allows you to trade your underlying digital assets at an agreed price sometime in the future. You can trade cryptocurrencies without having owned them previously.
Perpetual Contracts
Of all the exchanges, BitMEX is the only one offering a perpetual P2P swap, which trades like a Futures contract except that it does not expire. Here is an in-depth look at some of the popular contracts available on BitMEX
XMR
This is the world’s only Monero future that gives you up to 25x leverage, and you can go long or shot with this contract.
ETH
This contract allows you up to 33x leverage on Ethereum and its Classic futures.
XBT
This is a speculative bitcoin swap that offers up to 100x leverage. The contract has exceptionally low fees and does not expire.
Alt Coins and Fiat Currencies
BitMEX also offers a wide range of alt coins all of which have leverage between 5x and 100x. The options include Factom (FCT), Dash (DASH), Ripple (XRP), Gnosis (GNO), Augur (REP), Qtum (QTUM) Zcash (ZEC), Monero (XMR), and Litecoin (LTC). The platform also accepts fiat currencies which include the Yuan and the Yen, and you can trade them for bitcoin. However, the most popular trading pair is Bitcoin/USD
Transaction Fees
There are no fees levied on deposit and withdrawals. The minimum bitcoin network fee is set automatically based on the blockchain load. BitMEX however, have maker fees of -0.0250% and taker fees of 0.0750% for all bitcoin trades. The (-) symbol on the maker fees means that you will rebate on the fees. Of late, there has been confusion about the maker and taker fees, but you can get more insight on the fees on the website. With that said, trading on leverage significantly increases the fees.
Conclusion
There is no set limit as to how much bitcoin you can withdraw or deposit from your account. BitMEX also has one of the lowest deposits for trading between contracts although it is dependent on the Initial Margin. You can get more information about the BitMEX on Twitter or by joining the conversation on Reddit.