BitMEX Review 2020: Bonus, Pros and Cons and BitMex Fees

Founded in 2014 in Seychelles, BitMEX is one of the most popular crypto exchanges in the world. However, it is not a typical platform to buy and sell cryptocurrencies, but a trading ecosystem focused on derivatives markets such as futures, leverage, and margin trading.

In that way, the platform is more suited to experienced traders that want to not only buy and sell the underlying asset but also to speculate with the difference between prices. BitMex offers the most popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, Ethereum Classic, Zcash, and Dash, among others.

In this crypto exchange review, we will talk about everything you should know regarding BitMEX before opening an account. Keep reading, and you will discover not only the advantages but also the disadvantages of this crypto exchange. Also, BitMEX fees and the promotions and bonuses you can get with this trading platform.

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Bitmex: What and who is BitMEX

As mentioned in its website, “BitMEX is a P2P crypto-products trading platform” owned and operated by HDR Global Trading Limited, a registered FinTech Company with a headquarter in Seychelles but offices worldwide.

The cryptocurrency exchange was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. After six years on the market, BitMEX now has a daily trading volume of over 266,490 BTC or around $1.8 billion, according to CoinMarketCap.

What does BitMEX do

BitMEX is a derivatives market focused platform, which means that it is built for margin traders that work with leverage trading. Long story, in short, BitMEX allows you to borrow money and trade with it, speculate with contracts including bitcoins and other tokens to take profits from the price difference.

BitMEX only accepts deposits through Bitcoin, which can be used to buy other cryptocurrencies. The platform is not regulated.

The BitMEX Team

The BitMEX team is built of experienced web developers, high-frequency algorithm traders, and economists. Company’s founders are, as mentioned above, Arthur Hayes, Ben Delo, and Samuel Reed.

Arthur Hayes – Co-Founder and CEO: Hayes is an economist from the Wharton School of Business. He used to be the market-maker for Deutsche Bank and Citibank’s Exchange Traded Funds (ETF) businesses, and an equity derivatives trader in Hong Kong.

Ben Delo – Co-Founder: Ben owns a Master in Mathematics and Computer Science from the University of Oxford and has over ten years developing high-frequency trading systems for top tier companies.

Samuel Reed – Co-Founder and CTO: Samuel is a graduate of Computer Science from the Washington & Lee University and owns over ten years of professional programming services. Before, he worked as CTO in Tixelated and Global Brand Solutions in Hong Kong.

Is BitMEX trustworthy platform?

BitMEX, as many of the exchanges that operate with cryptocurrencies, is not regulated. However, it works under the laws of the Republic of Seychelles as HDR Global Trading is an incorporated entity with a company number of 148707.

In terms of security, BitMEX is considered as a top security platform that uses multi-levels of authentication and a well defined scheme of security practices.

However, in October 2019, the platform revealed all of its registered users’ emails by mistake. It put users’ security at risk and raised concerns about the broker’s ability to protect its customers.

Data’s Security on the Plaftorm

BitMEX security is high, and the exchange provides different layers of protection and measures to avoid any possible hacking that can compromise users’ money.

According to the BitMEX website, measures include cold wallets, trading engine security, privacy, and customer support that enhance the highly sophisticated technology and multiple defense layers.

In the case of wallets, all BitMEX wallet addresses are multisignature, so in case of a hack on servers, attackers won’t be able to access keys. Also, all withdrawals are double-checked manually by BitMEX staff.


BitMEX uses Amazon Web Services as a partner to protect the servers with text messages and two factors of authentication.


The company offers a customer support service via email tickets directly from its website and trading platform. It also provides phone assistance and a complete FAQ page that solves almost all questions. They provide 24/7 support via Weibo, Wechat, IRC and Telegram.


As mentioned before, BitMEX has no licenses from any regulated body like many other crypto exchanges. However, it works under the Seychelles surveillance as an incorporated firm under the umbrella of HDR Global Trading Limited.

Supported and restricted countries

BitMEX is a global exchange and accepts clients from almost every country in the world. However, the United States is a huge exception as the CFTC has prohibited US citizens from having business with the platform. Interestingly, the company has offices in San Francisco.

Supported countries include Rusia, France, Canada, the United Kingdom, Japan, China, and 197 other countries.

Deposits and withdrawals

BitMEX only accepts Bitcoins as a way of payment or deposit method and it only makes withdrawals in cryptocurrency denominations. That being said, the only way to fund your account in BitMEX or to get your money out is with wallets.

The minimum deposit to trade on BitMEX varies from product, and it depends on the initial margin. As the website clarifies, “For XBTUSD (for example) it is $1 USD * 1% (Initial Margin) = $0.01. At an XBT/USD price of $600, this equals 0.00001667 XBT.”

On the other hand, all withdrawals are processed with a cutoff time of 13:00 UTC.

BitMEX Bonus and Referral code

Bitmext allows traders who open an account via a referral code to get exclusive trading discounts. Discover our Bitmex Referral Code on the dedicated. You’ll also find more about how to create your account and start trading on the platform.

How can I benefit from the BitMEX referral link

The referral link can be found on dedicated websites and here. Just copy the code or click on the link and you will be redirected automatically to the right page. With the referral code and link, you will get a 10% fee discount for 6 months in all contracts.

The Bitmex Referral Code

People who open an account in BitMEX via the invitation code will get discounts in all contracts during the next six months following the date of the opening of the account. As mentioned above, the discount is 10% on fees from perpetual and futures contracts.

How to trade on BitMEX?

As BitMEX accepts no fiat currencies and you can only make deposits with Bitcoin. The first rule to trade on BitMEX is to have Bitcoins. The second rule is to have a wallet. Let’s explore how you can invest in digital currencies with this platform.

Trading pairs

BitMEX offers trading in cryptocurrencies and no fiat coins except the US Dollar. Contracts for Bitcoin, Cardano, Bitcoin Cash, EOS Token, Ethereum, Litecoin, Tron, and Ripple. In terms of pairs, the platform has BTC/USD and ETH/USD.

Go short and long while trading with BitMEX

In BitMEX, traders are allowed to open positions in both directions, long and short trades. However, keep in mind that most of the trading is with contracts.

Leverage levels in BitMEX

BitMEX offers leverage on all its products, but the amount varies depending on the product. While leverage is determined by the “Initial Margin and Maintenance Margin levels,” as the website says, the highest level in the platform is 100:1 on its perpetual BTC/USD contract.

What type of contracts does BitMEX offer

BitMEX offers perpetual and traditional future contracts that point to specific markets and traders. Let’s check it.

BitMEX perpetual contracts: Perpetual contracts have no expiration date, so traders can hold the position as long as they like. It tracks the underlying index price, so it trades like spot.

Future contracts by BitMEX: A traditional future contract is an agreement to purchase or sell an asset at a predetermined price and a specific date in the future.


The fees scheme in BitMEX varies depending on the type of contracts, leverage, and the product you are trading.

BitMEX perpetual contracts have maker and taker, and long and short funding fees. The Funding interval is every 8 hours. On the traditional future contract, it has maker, taker, and settlement fees.

Hidden orders always pay taker fees. Iceberg orders pay the taker fee only until the hidden quantity is executed in full. On the other hand, BitMEX does not charge fees on deposits or withdrawals.

Bitmex fees table

BitMEX Testnet account

BitMEX provides users with a Testnet account that works with real-time prices and the very same features implemented in the real account. To sign up in a demo account, follow the option at the homepage and complete the forms. Every trader needs to practice and know the platform via a Testnet before opening any real account.

FAQ about BitMEX

What type of contracts are available on BitMEX?

BitMEX offers mainly two types of instruments, the perpetual contract that you can hold as long as you want, and the traditional future contract that has an expiration date.

What is BitMEX insurance fund?

The Insurance Fund works to avoid auto-deleveraging in traders’ positions and adds unfilled liquidation orders before they are taken over by the system. It grows from liquidations executed in the market at a better price than the bankruptcy price of given positions.

What is BitMEX Funding Rate?

The Funding Rate is a fee paid by one side of the contract to the other. In that case, you can be entitled to get a payment, or you should pay to the other part a fee depending on the position.

The trader will only pay or receive funding if he or she holds a position at funding hours: 04:00 UTC, 12:00 UTC, and 20:00 UTC.

What is the BitMEX crypto XBT vs BTC?

XBT and BTC are the same; both represent Bitcoin. In BitMEX, XBT is used on perpetual contracts but also futures.


BitMEX is one of the most popular cryptocurrency exchanges in the world. Although it is not registered with any regulatory body, it is considered a trustworthy derivative platform.

Regarding its services, BitMEX is not the typical exchange when people buy and sell the real crypto, but a derivatives platform where investors can speculate with futures and perpetual contracts with spot prices. That’s why BitMEX is more suitable for experienced traders than beginners investors.

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