bitmex

Is BitMEX a Beginner-friendly Option in the Market?

BitMEX is one of the many cryptocurrency exchanges in the market. However, since not all platforms are suitable for beginners and experts alike, therefore, it is important to determine if this exchange is also beginner-friendly or not.

There are crypto platforms that offer the kind of features that put them at the top of everyone’s list, whether they are experienced in crypto investing and trading or not. On the other hand, there are exchanges that are designed in a more complex way and are more suitable for experienced crypto traders and investors.

This is why it is important that you get to know some helpful information about the exchange you want to choose, so you can determine whether it ticks the right boxes for you or not.

If you are a beginner, here are some details you need to know about the BitMEX exchange.

What is BitMEX?

This exchange is a peer-to-peer trading platform, which is one of many in the crypto market. However, if there are other exchanges that support P2P trading then what sets this exchange apart from its competition?

One factor that might not be a huge selling point is that the BitMEX exchange has had a controversial past and reputation. This platform has experienced some major and minor issues that have certainly put its reliability and reputation in question.

However, if you are interested in using this exchange, then you should first know about some of its features and decide if it is suitable for you to use or not.

Swap and Futures Contracts

In this brief BitMEX review, you can get to know that the platform was establish in 2014 and offers support to futures and swap contracts. Knowing about the contracts or asset classes support by an exchange is a major factor that should not be overlook by interest parties, especially if they are new to the crypto space.

Similarly, BitMEX also supports some futures and swap contracts, that are mention below:

  • Downside profit contracts – only available for Bitcoin and allows buyers to participate in the downside of the underlying instrument.
  • Perpetual contracts – a derivative product that copies a margin-based spot market and has no expiry or settlement.
  • Traditional futures of contracts – a derivative product available for Bitcoin and altcoins. It is an agreement to purchase or sell a currency, commodity or instrument at a predetermined price and time.
  • Upside profit contracts – it is similar to the downside contracts and allows buyers to participate in the upside of an underlying instrument.

Deposits and Withdrawals on the Exchange

One of the plus points of using the BitMEX exchange is that it does not charge a deposit or withdrawal fee. However, it is important to note that the exchange only accepts deposits in the flagship cryptocurrency, Bitcoin.

The minimum deposit that you can make on the exchange is 0.001 BTC. The withdrawal, on the other hand, can only be done in Bitcoin as well and there is no limit to the withdrawals you make.

These are major details you need to know, especially if you are a beginner and are considering using BitMEX.

Supported Crypto Assets

The cryptocurrencies supported by an exchange is yet another important and major factor that needs to be kept in mind while choosing a crypto platform. Different exchanges offer support to digital currencies in various numbers, which are important for you to know as it can help you identify whether the digital asset you are interest in is support by the platform or not.

Therefore, if you are interest in using this exchange then here are the support crypto assets mention in this brief BitMEX review.

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Dash (DASH)
  • EOS Token (EOS)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Monero (XMR)
  • Ripple Token (XRP)
  • Tron (TRX)
  • Zcash (ZEC)

Fees on the Exchange

BitMEX fees is undoubtedly one of the aspects you need to know about before you choose this exchange. Every crypto platform charges a fee, however, the transparency and fairness of the fee may not be guarante by every exchange.

Therefore, if you are new to the crypto space and are thinking of using this platform then you should know that it has a fair and transparent fee structure. The fee charged by the exchange is straightforward while it also offers up to 100x leverage.

The leverage offered by the exchange does vary from product to product.

Final Takeaways!

BitMEX is a P2P trading platform. However, it is not likely the best option in the market due to its controversial history. Due to several mishaps that have occurred in the past, the platform has a compromised reputation. However, if you are interest in this platform then you should know the details mention above.