Available Countries
  • UK, Australia, Europe (Show More)
  • Deposit Methods
  • Cryptocurrency (Show More)
  • Supported Currencies
    Exchange Type
  • Centralized Exchange (CEX)
  • Supports
  • Crypto to Crypto
Margin Trading
  • Yes
  • Built In Wallet
  • Yes
  • Compensation Scheme
  • No
  • Regulated
  • No
  • Minimum Deposit
  • Varies
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • Free, A Bitcoin network fee applies (Show More)
  • Trading Fees
  • Varies, Varies coin to coin, for BTC Maker @ -0.025% & Taker @ 0.075% (Show More)
  • Limits
  • Up to 100x leverage (Show More)
  • Verification
  • Anonymous (Show More)
  • Jump to page contents

    BitMEX Exchange Review

    BitMEX, a P2P cryptocurrency derivatives trading platform, and is owned by the Hong Kong-based, HDR Global Trading Limited.  Currently, BitMEX is not registered with any legislative board. Still, it is considered a trustworthy derivative exchange. Additionally, BitMEX takes extensive security measures to protect the digital assets of its customers.

    BitMEX functions more like a futures trading platform than an exchange, as it allows users to buy futures and perpetual contracts. It is not a popular choice among novice traders since it only offers advanced trading options like margin trading with 100x leverage. BitMEX is aimed at seasoned, professional traders.

    If you’re new to Futures and Perpetual trading, we recommend you check out our Best Derivative Exchanges article.

    This BitMEX review will analyse the most important aspects of the platform to provide you with an all-rounded overview. Although Cryptimi does its best to provide you with accurate information and updates it on a regular basis, we strongly recommend that you to visit BitMEX for any updates which might occur afterwards.

    Is BitMEX Exchange Safe?

    In one word, Yes! BitMEX is considered a trustworthy platform to trade cryptocurrencies. It protects the account of its users using 2FA (Two Factor Authentication) making it almost impossible for hackers/fraudsters to steal information. Additionally, BitMEX provides the option of IP Pinning so that users are notified if a login is made from an unknown device. Users may also make use of the PGP encryption to avoid spam emails.

    Even following an embarrassing privacy breach caused as a result of an internal email being cc’ed with 1,000 user emails, the platform has remained safe. The platform boasts that it carries out 100 audits a second and hasn’t lost a single BTC through intrusion.

    BitMex Exchange Platform Review
    Screenshots are shown for illustration purposes only. Actual product may vary.

    BitMEX stores all user funds onto a cold storage multi-signature wallet to ensure maximum protection. Whenever a withdrawal request is placed by the customer, it is manually verified by two BitMEX employees in order to be approved. Moreover, BitMEX exchange never stores any private keys on its cloud-based servers.

    BitMEX Exchange

    BitMEX, whose full name is Bitcoin Mercantile Exchange, functions as a P2P Crypto trading platform. As the name suggests, it allows users to buy digital currencies only using Bitcoins. It offers different types of trading contracts like Perpetual, Future, Up and Down Contracts.

    BitMEX Trading Platform
    Screenshots are shown for illustration purposes only. Actual product may vary.

    BitMEX Wallet

    The BitMEX wallet is considered to be extremely safe to use since it requires multiple signatures to place a withdrawal request. Even if an attempt is made to hack the exchange, it is almost impossible to steal the customer’s funds as they are stored offline on hardware wallets.

    BitMEX Account

    It won’t take you more than a couple of minutes to create an account on the BitMEX exchange. Conveniently, the platform supports password reset so in case you forget or misplace it, you can easily set a new one, with instructions sent to your registered email address.

    How to Sign up on BitMEX

    BitMex Account Creation (Signup)
    Screenshots are shown for illustration purposes only. Actual product may vary.

    To create an account on BitMEX, follow these steps:

    1. Navigate to their site and click the ‘Register’ link located on the top right of the page.
    2. Enter your email, password, and country of residence.
    3. You may enter your first and last name, but this is optional.
    4. Click the Register button after agreeing to the terms.

    Within a few minutes, you should receive a confirmation email from the BitMEX team. Click the ‘Verify My Email‘ link on that email to finish setting up your account. After having done that, you are ready to log in for the first time.

    How to Log in on BitMEX

    BitMEX Login
    Screenshots are shown for illustration purposes only. Actual product may vary.

    To log in to your BitMEX account, follow these steps:

    1. Navigate to their site and click the ‘Log In‘ link located on the top right of the home page.
    2. Enter your email address and password
    3. Click the Log In button. If 2FA is enabled, then you should enter the authentication code accordingly.

    Verification Requirements

    Users don’t have to submit any kind of documents in order to exchange cryptocurrency using the BitMEX exchange. They can start trading immediately after creating an account. In case users lose their authenticator device for 2FA, then they need to submit the ID documents to reset the 2FA code. This makes BitMEX one of the few reputable cryptocurrency exchanges which let you trade anonymously.

    How to Deposit Bitcoin (BTC) on BitMEX

    BitMEX Deposit
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Follow this procedure to deposit Bitcoins on BitMEX. Before making your deposit you should ensure that the amount of BTC is greater than the minimum deposit amount for a particular trade. Scroll down to ‘Deposit Fees’ to learn more.

    1. Log in to your BitMEX account.
    2. Click ‘Account’, located at the top left of the page, followed by ‘Deposit’.
    3. You should now be able to see the deposit address to which to send the Bitcoin (BTC). If your wallet has a mobile app, then you can scan the barcode to get the address. Otherwise, you have to copy this address and paste it on your wallet in order to make the transfer.

    How to Trade Digital Currency on BitMEX

    BitMEX exchange doesn’t accept fiat currencies like EUR, USD, GBP. The only available option to trade digital currency on BitMEX is by first depositing Bitcoins (BTC).

    How to Buy Bitcoin (BTC) on BitMEX

    Since the platform only supports Bitcoin payments, if you have another cryptocurrency or fiat currency you must first exchange it. Reputable exchanges, including Coinbase and Coinmama, are great choices to make the conversion. You can then transfer your BTC into your BitMEX account.

    How to Buy Ethereum (ETH) on BitMEX

    BitMEX Trading Screen
    Screenshots are shown for illustration purposes only. Actual product may vary.

    This example shows how to trade ETH using BTC. It is assumed that you have already deposited Bitcoins on your account.

    1. Log in to your BitMEX account and click the ‘Trade’ link on the top left of the page.
    2. Select the tab named ‘Ethereum’
    3. On the left side, you will see a heading named ‘Place Order’. Enter the amount of digital currency you would like to exchange and select the type of order: Limit/Market/Stop Market.
    4. In the above example, the Market order is chosen. It is not recommended to use the Market option as limits can get quite high with high leverage trades, as using the ‘Market’ tab counts you as a ‘taker’. If you use the Limit tab, you’re counted as a ‘Maker’ and BitMEX rebates you. However, using the limit tab comes with its own risks, so be sure that you understand the associated risks of margin trading before you proceed.
    5. Click the ‘Buy’ button to place your order.

    Following the purchase, you should receive them on your wallet within 5-30 minutes once the transaction gets completed.

    How to Buy Ethereum Classic (ETC) on BitMEX

    ETC is not available on BitMEX. If you would like to buy ETC using a credit card, then Coinbase will be the best option. Alternatively, you can try Binance if you would like to buy altcoins using BTC or other cryptocurrencies.

    How to Buy Litecoin (LTC) on BitMEX

    1. Follow Step 1 from the How to buy Ethereum section.
    2. Select the tab named ‘Litecoin’
    3. Follow Step 3 from the section How to buy Ethereum.

    How To Buy Bitcoin Cash (BCH) On BitMEX

    1. Follow Step 1 from the section How to buy Ethereum.
    2. Select the tab named ‘Bitcoin Cash’
    3. Follow Step 3 from the section How to buy Ethereum.

    How To Cash Out On BitMEX

    BitMEX Withdrawal
    Screenshots are shown for illustration purposes only. Actual product may vary.

    BitMEX processes withdrawals once in a day (13.00 UTC). Apart from BTC, users cannot withdraw any other currency.

    1. Log in to your BitMEX account.
    2. Click ‘Account’ on the top left-hand part of the page. Then, click the ‘Withdraw’ button.
    3. Enter the receiving/destination address and the amount you wish to withdraw.
    4. Click the ‘Submit’ button.

    Since withdrawal requests are processed manually, you should ensure that the request is placed before the cut-off time. Otherwise, it won’t get included in that day’s batch.  Note that BitMEX will send a confirmation email before processing your withdrawal request to keep you in the loop.

    If you intend to cash out using fiat currency you can send your BTC from BitMEX to your Coinbase wallet and then cash out on Coinbase.

    Supported Cryptocurrencies

    BitMEX allows its members to buy altcoins, but only by exchanging Bitcoin.

    The top cryptocurrencies listed on the exchange are given below:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Bitcoin Cash (BCH)
    • Cardano (ADA)
    • EOS (EOS)
    • Litecoin (LTC)
    • Ripple (XRP)
    • Tron (TRX)

    Supported Countries

    BitMEX accepts users from almost all countries in the world including the UK, EU, Australia, and Canada, but not from the US.


    The list of supported countries is very long and encompasses every country except the ones listed in the next section.


    BitMEX is not available to residents in the US, even though no checks are currently done. Other excluded countries include Crimea, Cuba, Iran, North Korea, Quebec (Canada), Sevastopol, Syria, and Sudan.

    Exchange Fees & Limits

    BitMEX offers a transparent and easy-to-understand fee structure.


    BitMEX will deduct a fee for every trade made on your account as follows:

    Trading Fees

    BitMEX works on a maker/taker model and the trading fees depend on the type of order (contracts/futures) and the cryptocurrency. For Traditional Futures, when trading BTC, BitMEX rebates the maker trader 0.025% and charges 0.075% to the taker. That’s right! The maker earns a fractional profit!

    Bitmex Fees
    Screenshots are shown for illustration purposes only. Actual product may vary.

    It’s important to note that BitMEX fees apply on the entire leverage, not just the margin. For example, trades for $10,000 for XBT with 100x leverage is 100 [leverage] x $10000 [margin] x (0.075/100) [maker fee] x 2 [entry and exit] = $1,500. That’s a 15% fee.

    Since fees get significantly higher as the leverage increases, you should place limit orders as BitMEX pays the maker trader 5% at 100x leverage through the rebate. The negative % indicates a rebate given to the trader for creating market liquidity, hence the ‘Maker’ term.

    To see BitMEX full and updated fee structure visit their website and click on ‘Fees’ at the bottom of the screen.

    Deposit/Withdrawal fees

    BitMEX doesn’t charge any fee to deposit Bitcoin. Except for the network fee, it doesn’t deduct any withdrawal fee either. The network is a fee based on the blockchain load and is a fee charged whenever a transaction occurs on the Bitcoin blockchain. This is also known as ‘Miners Fee’. It is completely independent of the platform.


    BitMEX has not set any withdrawal limits for its users. However, it has set a value for the minimum deposit to trade. The minimum amount to trade varies from trade to trade, but if we consider XBTUSD (XBT is BTC), it is 1$ * 1% (Initial Margin) = $0.01. At XBT/USD price of $6500, this equals 0.00000154 XBT ($0.01/$6500).

    Supported Payment Methods

    BitMEX doesn’t accept any type of fiat payment like credit/debit cards or bank transfer. Users must deposit Bitcoin to start trading.

    BitMEX Security

    To protect its customers’ account from unauthorised access, BitMEX offers 2FA (Two Factor Authentication). If the Strict IP Pinning option is enabled, then users will be notified of any logins from an unknown device. Whenever the user places a withdrawal request, BitMEX will only start processing it after getting confirmation from the user via email. This step should help prevent hackers from making unauthorized withdrawals.

    BitMEX Customer Support

    If you experience any issues with your account, the best option is to contact their support team by submitting a ticket. To do this, simply visit their site and scroll to the bottom and click on ‘Support’. Alternatively, you can contact support via live communication channels like Weibo, Wechat (ID: bitmex), IRC and Telegram in Russian. Additionally, you can also refer to the FAQ / Knowledge Base section on the website.

    Even though BitMEX is available on social media platforms like Twitter or forums like Reddit, it doesn’t provide customer support through these channels.

    BitMEX App

    So far, no official BitMEX mobile applications have been released. A ProfitTrading app for BitMEX is available on Android, but you must first open an account before using it.

    BitMEX Coming Soon Features

    Whilst the internet is rife with rumours of an official BitMEX mobile app and Copy Trader platform, none of these features has been confirmed by the platform. We will update this section whenever an official statement is offered by the company. In the meantime, we invite you to check out BitMEX’s blog which can be accessed from the footer menu.

    Top Competitors

    BitMEX vs Binance

    Whilst both platforms are significantly larger than many others, Binance specialises in offering crypto to crypto exchanges, whereas BitMEX is best suited for investing in futures. In 2019, Binance introduced card payments, allowing users to exchange fiat currency into any of the 400+ digital currencies available. Both platforms are considered to be better tailored for experienced cryptocurrency traders, and both offers charting tools. BitMEX, however, offers additional trading tools, including up to 100x leverage.

    BitMEX vs Bittrex

    Even though the names of these two exchanges look similar, they differ in their functionality. As a US-based cryptocurrency exchange, Bittrex accepts US residents whereas BitMEX accepts members from almost all countries in the world except the US. When compared with Bittrex, BitMEX only supports a limited number of cryptocurrencies. Regarding the payment methods, BitMEX currently accepts Bitcoins only, whereas Bittrex allows its verified customers to buy cryptocurrencies using fiat currencies.

    BitMEX provides up to 100x leverage for future and perpetual contracts, whereas Bittrex doesn’t support margin trading.

    BitMEX vs Bitfinex

    Often, these two exchanges get confused among novice traders because of the similarity in their names. BitMEX offers more leverage and advanced trading techniques when compared to Bitfinex. Even though both these exchanges aim to provide better security for customers’ funds, Bitfinex has added more advanced security features (after a significant hack) when compared to BitMEX which has never been hacked.

    Bitfinex accepts fiat-based payments via bank transfer whereas BitMEX only supports Bitcoin deposits. Regarding the fees, Bitfinex charges a marginal fee when compared with BitMEX for market purchases.

    BitMEX Review Conclusion

    BitMEX offers advanced trading techniques for professional traders like margin trading, offering a superior solution when compared to most competitors. The platform also allows users to buy primary altcoins, but only if they intend to resell them eventually, since withdrawals are only done in BTC. BitMEX offers an attractive margin trading opportunity for those looking to step up their trading experience whilst understanding the risks involved.

    Rating Score


    • Offers up to 100x leverage on margin trading
    • Future & perpetual trading contracts
    • Highly secure
    • Multi-signature cold storage wallet


    • Doesn’t accept fiat payments
    • Supports only a limited number of cryptocurrencies
    • Deposits/Withdrawals can be made only using BTC

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