Is Bitmex a scam?

Bitmex currently stands as one of the safest Bitcoin-based margin trading platforms. If you still harbor doubts about whether Bitmex is a scam, continue reading the article below from Mytour for more information.

Overview of Bitmex Scam Concerns
 

1. Overview of Bitmex

As mentioned earlier, the cryptocurrency exchange Bitmex was established in 2014, enabling the trading of Bitcoin and derivative cryptocurrencies such as Ethereum and Litecoin, ... for professional investors.

Unlike other cryptocurrency exchanges, Bitmex is NOT designed for beginners entering the industry. The platform offers advanced trading options and services, suitable only for experienced investors.

Bitmex supports trading in Bitcoin, futures contracts, and leverage trading.

2. How does Bitmex operate?

To engage in trading on the Bitmex bitcoin exchange, you first need to create an account by providing details such as email address, password, country of residence, and full name.

Once the account is created, follow these steps:
- Access the Deposit tab to fund your wallet. Bitmex will provide you with a Bitcoin wallet address to ensure the security of your virtual currency.

3. Features of Bitmex Trading Platform

Below are some features of the Bitmex trading platform:

3.1. Margin Trading

The platform supports margin trading with leverage of up to 100x, allowing investors to potentially gain significantly higher profits after completing trades.

Another notable aspect is that Bitmex enables investors to set their own leverage. To do this, use the leverage slider available on the trading platform. The maximum leverage for Bitcoin and Bitcoin Cash is 1:100, much higher than other exchanges, supporting leverage for two virtual currencies at 1:20.

3.2. Support for Trading Various Asset Types

Bitmex supports trading various types of assets, currencies, and contracts. The provided contracts include:
- Future contracts: Investors can trade BTC or Altcoins.
- Perpetual contracts: Exclusive to BTC trading.
- Upside Profit Contracts: Exclusive to BTC trading.
- Downside Profit Contracts: Exclusive to BTC trading.
Altcoins that investors can use to purchase future contracts include Cardano, Ethereum, Litecoin, EOS Token, Ripple, and Bitcoin Cash.

3.3. Profit Converted to Bitcoin

All profits and losses from your trades are converted to Bitcoin.

4. Pros and Cons of Bitmex

Advantages:
- Customer support via IRC, WeChat, and Weibo.
- Top platform for cryptocurrency-based margin trading.
- 24/7 security.

Disadvantages:
- Payment only in BTC.
- Not suitable for beginners.
- Unavailable in the United States and Singapore.

5. Transaction Fees on Bitmex

As Bitmex primarily uses BTC, there are no fees for deposits and withdrawals. Investor fees include taker, maker, and settlement fees. Note that these fees are variable, depending on investors' account nature and the nature of associated contracts.

6. Bitmex Review: Is it a Scam?

Bitmex is a 'legitimate' P2P trading platform, established in 2014, and is considered one of the 'safest' cryptocurrency exchanges for Bitcoin-based margin trading.

In terms of security, all customer deposits in their wallets are securely protected. Currently, there is no information related to any attacks on the platform, providing assurance for users.

Cryptocurrency-based margin trading is still a relatively unfamiliar concept for investors, which is why there aren't many user experience reviews for Bitmex at this time.

This article from Mytour introduces you to the Bitmex exchange and addresses the question of whether Bitmex is a scam. Additionally, readers can explore other articles on Mytour to learn more about XM trading platform, Plus500, Changelly, and determine if they are scams.

Explore more: Review of Plus500 Trading Platform

Explore more: Review of Changelly Trading Platform