BitMEX is a trading platform for Bitcoin. There are also a few other crypto currencies offered, but you cannot cash them out. Furthermore, it is not possible to buy coins, but mainly to trade CFDs. The BitMEX test is about shedding light on the offer and the trading platform. What can you trade via BitMEX and what about security? What fees do investors have to pay and which trading options are supported?
Only after a comprehensive analysis of the subject matter can a judgement be made about the broker in the end.
BitMEX Review - The offer
BitMEX appears to be a classic Bitcoin broker. However, you cannot buy or sell coins of the popular currency here, but only use the crypto currency for deposits and withdrawals. The assets that can be selected depend on the type of trade, but the investor can choose from margin trading, future contracts or perpetual contracts. In short, it is a CFD broker. CFDs, also known as Contracts for Difference, are a type of bet that involves betting on the price movement of an asset.
If the prediction is correct, the investor is paid a certain percentage of the investment. However, if you are wrong with your assumption, the money you invested will be completely retained and lost. Because of the percentage difference between loss and profit, you have to be right in about 70% of the cases to avoid a negative balance on the customer account. The trading option seems to be very speculative and is only recommended for experienced investors. You can lose your saved money in a short time.
BitMEX also offers new users a demo mode of the platform so that you know how it works and how it is designed before you register.
The story behind BitMEX Broker
BitMEX was founded in 2014 by three people. Arthur Hayes, Ben Delo and Samuel Reed are still the CEOs of BitMEX today. Two of them have a degree in Computer Science and Arthur Hayes in Business Administration/VWL. The company now has over eleven employees and its headquarters are in the Seychelles. It is a real-time CFD exchange for professional clients.
The website is visited by over 11 million people per month. Until now, however, no applications for mobile devices have been developed. There are some BitMEX apps on the market, but they seem to have been programmed by some third party. Meanwhile, the daily transaction volume is over 750 million US dollars.
The operators of the trading platform seem to have focused on trading with Bitcoins. You can only deposit with Bitcoins and no fiat currencies are supported. Support is only available via email and the offer is only available in five languages. Furthermore, compared to other websites, there are fewer assets to trade. However, the good security measures are an advantage. There are no fees for account inactivity or any BitMEX fees for credits or withdrawals.
-Good security precautions
-No deposit and pick-up fees from operators
-Only Bitcoin as means of payment
-No fiat currencies
-Only 5 languages
-No support phone number
If you want to Test Bitmex click here.
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