BitMEX Review

Owned by HDR Global Trading Limited, HDR is run by three experts in the sector. Arthur Hayes, Samuel Reed and Ben Delo are graduates from the traditional financial system – but with the instincts to understand the potential future offered by Bitcoin. The company was set up in 2014 and is based in Hong Kong but registered in the Seychelles. BitMEX stands for Bitcoin Mercantile Exchange.

The stats behind the site are impressive. There is a daily trading volume of 35000 BTC and there are over 54000 people using the site per month. Since its beginnings, the site has a trading history of over $34 billion.

To register with the site, you need only authenticate an email address by clicking on a link. This email address can be anonymous, as long as you can access it to confirm the registration. Once registered you can trade with no limits – although all traders need to be over 18 years old.

The site allows you to trad cryptocurrencies against many fiat currencies – including the US dollar, Japanese Yen, and Chinese Yuan. The digital coins available are Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.

The site is known to be really only for professional traders. It is not the best site for beginners to try out trading. The mechanisms for trade are comprehensive but require a decent degree of expertise. With this in mind, the interface does not compromise. It is complex and difficult to read – but with all the detail needed for the advanced trader.


The site has widgets that means you can personalise your interface and create the view that most suits your needs. This also gives you full control of the features that you use – having them easily accessible on your screen. The interface in general is a massive positive for the site. It is intuitive and easy to use. It is a good starting point for beginners.

The site offers a large number of order types, including: Limit order; market order; stop limit order; stop market order; trailing stop order; take profit limit order; and take profit market order. The exchange also offers margin trading in all the cryptocurrencies displayed by the site. You can also trade with futures and derivatives-swaps.

Customer services is excellent – with response from an operative within an hour. This is important considering a lot of users struggle with the complexity of the interface.


The site only covers a few fiat currencies and the main cryptocurrencies. This offers some choice but is not the most comprehensive offering on the internet.

There is no official app for the site, even though the website is optimised for use on mobile devices. It is easiest to use the site from a desktop.

All withdrawals are handled manually, therefore it is safe to use but potentially very slow. Withdrawal fees are also quite high because of this – at 0.001 BTC.

Payment Methods Accepted

BitMEX only allows deposits in Bitcoin. The minimum deposit in 0.001 BTC.

Supported Countries

BitMEX is a global exchange, however it cannot accept US Based traders. Some US residents have got around this by using a virtual proxy. However, if US based traders want to be covered by Federal and State regulation, then they will need to go to a different exchange.



Verification is simple and only requires the confirmation of an email. There are no limits for trading within this limited verification – so it is possible to trade relatively anonymously. However, withdrawals can only be made in Bitcoin.

Limits and Liquidity

BitMEX is relatively unique in that it has a deleveraging mechanism that means that liquidated positions can be closed even in a volatile market. Traders are placed in an auto-deleveraging queue and they are informed by the site where they sit.

The site has a minimum amount of 0.001 BTC deposit. However, there are no limits for the withdrawals you make, however these must be in Bitcoin too.


Deposits happen instantly. Withdrawals are only processed once a day – therefore you may need to wait to receive your bitcoin.


BitMEX has a strong reputation for security. The platform uses multi-signature deposits and withdrawal schemes. BitMEX is also a customer of Amazon Web Services, which protects the servers with SMS alerts and 2FA. All withdrawals are hand-checked – therefore employees are on the look out for suspicious activities. This may slow the processing of Bitcoin withdrawals but lowers the risk of an external hack.


The fees on the site are as complex as the features offered. You can check the website to find out the fee schedule for the BitMEX traditional futures trading. The fee structure favours those who leverage at the highest points – but this is meant for professional traders and should be done with caution. There are also additional fees for hidden and iceberg orders.
BitMEX does not charge for either deposits. There is a 0.001 BTC withdrawal charge – which is relatively high in comparison to other sites. However, you may be charged by your payment method or the other site in the cryptocurrency network.

Customer Support

There are multiple channels for contacting customer supports – these include email, social media and a ticket system. This service is available 24 hours a day and 7 days a week. The response time is impressive – this is usually within an hour, with most reviews noting how helpful the agents were.

BitMEX Alternatives


Binance is a cryptocurrency exchange that allows crypto-to-crypto trading. People are attracted to the exchange because of the impressive coin offerings and low trading fees.


HitBTC is a Bitcoin exchange and platform for trading in altcoins. This site is aimed at professional traders and offers robot-friendly API access.

This is a UK based Bitcoin exchange and provides cross platform trading. The site is known for having a high liquidity order book.