• Plenty of features for advanced crypto traders
  • No deposit or withdrawal fees or limits
  • Trading fees are in line with market rates
  • Up to 100x leverage
  • Derivative trading available


  • Only supports a limited number of cryptocurrencies
  • Not ideal for beginner traders or investors
  • Limited customer support options

Bitmex isn’t a very well-known exchange, but if you’re looking for a platform that gives you access to a variety of advanced trading features, this might be it. Our Bitmex review will cover all the questions you have about this unique crypto exchange.

What is Bitmex?

Bitmex Review What Is Bitmex

Bitmex is a cryptocurrency platform that’s not for the faint of heart. It offers a wide range of advanced trading features that allow users to buy, sell, or trade the cryptocurrencies available. Unfortunately, Bitmex doesn’t support many coins, but we’ll get to that in a bit. 

The exchange launched in 2014 with Ben Delo, Arthur Hayes, and Samuel Reed running the show. The three work well together since they share backgrounds in trading, web development, and finance.

Unfortunately, these three, plus Gregory Dwyer – who joined the company later – were subject to allegations of violating the United States Secrecy Act. This was a direct result of the company’s failure to implement AML (anti-money laundering) protections.

At this time, Bitmex only supports nine cryptocurrencies. Despite its limited coins, there is a bevy of trading features experienced traders will enjoy. For example, Bitmex offers 100x leverage trading, derivatives trading, and much more.

The exchange also has a mobile app you can use when you’re away from your laptop. You can do anything on the app that you can do on the desktop version of the platform. Of course, the display on your phone may make it difficult to reach the charts, so be sure of what you’re doing while you’re on your mobile device.

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Trading Options and Order Types

Trading on the Bitmex platform can be a challenge if you’re not familiar with cryptocurrencies or financial products. Be aware of the type of trading you’re doing or the order you’re placing before you hit the submit button. With crypto, once your funds are gone, there is no getting them back.

Let’s take a look at the trading options and order types Bitmex has to offer.

Trending Options

Bitmex Contracts

The Bitmex crypto exchange offers traders Futures and Perpetual Contracts. The thing to know about BitMex Perpetual Contracts is that they don’t have an expiration date, which means they don’t have a settlement. They also have an 8-hour funding rate.

With Future Contracts, once the contract settles, any users who have a position are settled at the settlement price of the contract itself. Bitmex allows traders to long or short Futures and Perpetual Contracts by selling or purchasing them.

Margin Trading

Bitmex Review Margin Trading

Traders using Bitmex have up to 100x leverage on their margin trades. That means you have the potential to purchase 100 Bitcoin using only a single Bitcoin to back it. However, this much leverage has the potential to bring profit or loss very quickly, so don’t risk more than you can afford to lose.

Order types

Market Orders

Market orders are orders that take place immediately and execute at the current price indicated by the market. Most traders use Margin Orders when they want to complete a trade quickly. It’s important to watch the order book when completing an order of this type, as a large market order could cause impacts on the market.

Limit Orders

When using a limit order, a trader is dictating the minimum or maximum price at which they want to buy or sell. Traders will make use of limit orders to minimize costs while trading. Of course, if the order is placed too high or too low, there’s a good chance the order will ever be executed.

Stop Orders

Stop Orders are orders that don’t go into the order book until a Trigger Price is reached by the market. Once that happens, the order is automatically executed. However, the drawback to using a stop order is that in a fast-paced market like crypto, the user may be subject to slippage.

Take Profit Orders

Take Profit Orders and Stop Orders are similar, but not the same. Instead of executing when the market price gets to a certain position, the Take Profit Order only takes place when the price moves in a direction favorable to the trader. Traders typically use Take Profit Orders to maximize their chances of earning a profit on the order. 

Currencies & Payment Methods

Bitmex is a crypto-only exchange, which means it does not support fiat currencies. Its major trading pair centers around Bitcoin (BTC). However, users also have the ability to trade other altcoins on the platform. Cryptocurrencies available through Bitmex include:

  • Bitcoin Cash (BCH)
  • Eos (EOS)
  • Ethereum (ETH)
  • Cardano (ADA
  • Tron (TRX)
  • Litecoin (LTC)
  • Chainlink (LINK)
  • Tezos (XTZ)
  • Ripple (XRP)

Both Futures and Spot Trading are available with Bitcoin and Ethereum. All other coins on the Bitmex platform only support Futures Trading. At this time, the exchange only supports deposits and withdrawals in the form of Bitcoin, so if you were planning on using a fiat currency, you’re out of luck.

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Fees on the Bitmex exchange are comparable to what you’ll find in other crypto platforms. If you’re a good trader, you’ll quickly realize just how negligible the fees are. If you’re the taker in a trade, your fees start at 0.00750%. That’s a pretty low fee. Makers can actually get a rebate on their trades, as their fees can get as low as -0.0250%.

Withdrawals and deposits are both fee-free on Bitmex, which is always a nice feature to have. Plus, you’re not going to be subject to any hidden costs when you’re ready to withdraw your funds for the day. Of course, you’ll pay any network fees, but other than that, you’ll see nothing from Bitmex.


While Bitmex doesn’t have any monetary limitations on deposits, withdrawals, or trades, it does have a few other limitations that traders should be aware of. These are:

  • Maximum of 200 open orders per account
  • Maximum of 10 stop orders per account
  • Maximum of 10 contingent orders per account


Bitmex Review Security

When it comes to exchanges that follow regulations, Bitmex might be the worst offender out there. The platform is not registered as an MSB (Money Services Business) and is not apt to follow other rules and guidelines put forth by governing bodies.

However, when we turn from regulations and start talking about security, the conversation is completely different. Bitmex is on the ball when it comes to protecting investor and trader account information and funds. For example, the exchange operates an MPC (multi-party computation) system that provides an extra layer of security for anyone using the platform.

Bitmex also uses a multi-signature withdrawal and deposit method and has a manual Bitcoin withdrawal process that requires the supervision of two employees. There’s also a deposit address verification, and all funds not in use are kept in a cold storage wallet.

The platform uses public keys to verify all deposits, and if they don’t match, Bitmex shuts down all trading. You probably aren’t going to find this type of dedication to security with other crypto exchanges. Bitmex also uses 2FA (two-factor authentication) to ensure user accounts are protected and secure. 

To provide the best security to its users, Bitmex also hires outside companies to perform security audits. As a result, the exchange has earned the prestigious ISO/IEC 27001 certification for security.

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Customer Service

The support team at Bitmex is a friendly, knowledgeable, and well-spoken group. They’re able to answer questions and get your problems solved quickly. Unfortunately, the only way to contact customer support is through an email ticketing system. While support will also respond to social media, the ticketing system is the primary method of getting help.

Not only do they have a helpful support team, but there’s even a knowledge base on the website that’s full of information that may help you along. This knowledge base gives you a rundown of how the exchange works and how to navigate complicated trades.

In addition to the support system, Bitmex also regularly updates the site and uses an announcement box to make sure users are aware of any issues or updates coming down the pipe. While there is no live chat with support, traders can chat with one another to discuss trades, cryptocurrencies, and anything else that comes to mind.

Bitmex Alternatives

If Bitmex sounds like it might be more than you can handle, don’t worry, there are plenty of other crypto exchanges you can use. Here are a few that might work for you.


If you’re looking for something refreshing and new, FTX might be the crypto exchange for you. This exchange was developed by traders with other traders in mind. FTX separates itself from its competitors by offering leveraged tokens and indices that users can trade as options or futures.

This is just one of many ways that FTX is bringing new and exciting innovations to its investors and traders. For some, this would make it a better option than Bitmex. Another feature available on FTX that Bitmex doesn’t have is its list of supported cryptocurrencies. Bitmex only offers nine coins, while FTX offers a long list of tokens, cryptocurrencies, and digital assets.


For those that want a crypto exchange that’s great for mid-level traders, Binance is among the best in the world. Of course, it’s one of the highest-rated platforms in the market, mainly because it’s user-friendly, intuitive, and has an exhaustive list of supported cryptocurrencies. 

Plus, users have access to innovative features, a responsive customer service team, and fees that are comparable to the rest of the crypto market. Users can also use the platform’s native BNB token for even cheaper trading fees.

The user interface and order placing process is much simpler when using Binance, especially when compared to what Bitmex has to offer. Of course, you’ll find more advanced trading features with the Bitmex platform, but that’s not to say that Binance doesn’t offer plenty of order types and trading features.

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How to Open an Account

When you’re ready to open a Bitmex account, follow these steps:

  • Step 1 – Head to the Bitmex exchange and then find the ‘Register’ link. It’s located in the upper right of the website.
Bitmex Review Bitmex Website
  • Step 2 – Give Bitmex all the requested details. This includes your email address, which is what the exchange uses to create an account for you. You’ll also need to enter a password.
  • Step 3 – Now, you need to let Bitmex know which country you currently reside in. Complete the form and click on ‘Register.’
  • Step 4 – Head to your email and wait for confirmation from the site. Then, open it up and click the link to register your email address with the exchange.
  • Step 5 – Clicking on the link will take you back to the Bitmex site and complete registration.
  • Step 6 – Log into your Bitmex account with your new username and password.


Is Bitmex available in the United States?

Unfortunately, Bitmex is not available in the United States. Additionally, the exchange is not available in Cuba, Crimea, Iran, Syria, North Korea, and Sudan.

Has Bitmex ever been hacked?

While the exchange has never been hacked, the platform’s email addresses and Twitter accounts were taken over by hackers in 2019. 

Who should use Bitmex?

Bitmex is ideal for experienced crypto traders who only want to use Bitcoin and a limited number of cryptocurrencies. It offers plenty of advanced trading features that are perfect for those who want more granular control.

Is Bitmex Safe?

Yes, Bitmex is a platform that takes its security seriously. In addition to running an MPC, Bitmex also offers two-factor authentication, multi-signature withdrawals and deposits, cold storage, and regular audits to ensure the platform is protected.

Read More: MEXC Review 2023: How Safe and Legit is MEXC? Fees, Features & More

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