Everything you should know before trading on BitMex

BitMex has great resources for any questions you might have about the exchange, but to get a good summary of fees and features, I’ve summarized everything you really should know before trading.

About BitMex:

Some of the largest communities in crypto trading are built around the existence of this platform. BitMex set the standard for high leverage crypto trading not only because of the hundred times buying power, but because of a plethora of features and perks.

Trading on BitMex can be dangerous. $225 million was liquidated in one single day a few months ago. Leveraging an entire account at 100x results in a loss 99.9% of the time, but for real traders, high leverage limits along with cross leverage can be a great tool to hedge positions or diversify.

BitMex Fees: 

  • Bitcoin & Ethereum pay .025% per limit order Costs .075% per market order 
  • Funding fee Varies depending on cumulative interest in long or short positions Can potentially pay you or charge you depending on if you are in a short or long position
    • Charges account every eight hours, meaning you could avoid paying it altogether
    • When price is relatively stable, it usually charges long positions .01% every 8 hours
  • For 10% off fees for 6 months and to support the site, sign up through this link.

Margin / leverage:

  • Bitcoin – 100 times buying power 
  • Ethereum – 50 times buying power 
  • Cross When leveraged contract would normally be liquidated, it pulls from your account instead
  • Leverage available on other coins can vary
  • Learning to trade while leverage increases fear, a traders worst enemy

BitMex Liquidity:

  • Highly liquid compared to competition
  • No integrated slippage calculator 

KYC (Do I need to prove my identity?):

  • No KYC whatsoever

Withdrawal times and fees: 

  • Only able to withdraw once a day at 13:00 UTC 
  • Money is locked up if withdraw is requested before 13:00 UTC 
  • Minimum fee of .001
  • The more you pay, the faster the withdrawal is processed 
  • Selling with 1x leverage is a way enter an artificial fiat position. This can help save your exact balance between the time you want to withdraw and when BitMex allows you to

Utilities and features: 

  • Market orders
  • Limit orders 
  • Stop marketStop limitTrailing stop
    • Take profit limit
    • Take profit market
  • CalculatorProfit/LossTarget price
    • Liquidation price

Other coins: 

  • Cardano, Bitcoin Cash, EOS, Litecoin, Tron, Ripple
  • Fees vary on these coins 

Where is BitMex banned? 

  • There’s a lot of them, including the U.S. and parts of Canada. Check it out here: https://www.bitmex.com/app/terms
  • Remember, it is illegal for them to provide service to you, not for you to use the exchange. (Not legal advice, I’m not a lawyer)