What Every Trader Must Know before Trading on Bitmex?

What do you need to know about bitmex

October 14, 2020

Reading Time: 3 minutes

When considering making a trade of popular cryptocurrencies, the first thing to think about is an effective peer-to-peer platform that is most efficient and with leveraged trades. BitMEX is one of the best platforms so far for trading on Bitcoins and many other altcoins since trading on BitMex offers favourable leverages for the trades.

  • How do you sign up fora BitMex account?

To create a trading account on BitMEX you need to visit https://www.bitmex.com/and fill in the required credentials on the registration form including your email address phone number as well as your strong password that protect your account. A verification code will be sent to your email account; thus, you will need to log into your email account and click on the verification link to verify your BitMEX account. The security measures are always a priority in cryptocurrency accounts; hence you should consider 2- factor authentication security option to ensure that the account is shielded from fraudulent attempts or cybercriminal activities.

  • How do you deposit funds into your account?

When you sign in to your BitMex account on the website, you will see the “Account” tab. Click the tab and you’ll be automatically be directed to your Bitmex trading wallet. In the wallet, there is a green button labelled “Deposit.” When you click the button a QR code will be availed on your screen for scan and another option will be your wallet address. Either way, when you use the QR code, you’ll use it to deposit bitcoins into your wallet in the BitMEX wallet, in a similar manner when BitMEX address is used.

  • Transaction fee on BitMex

When trading on BitMex, you’ll incur some transaction fees when making deposits and withdrawals on the platform. Normally the transaction fee is minimal and affordable. For the takers, the trading fee is normally 0.075 % of the total value of the order. However, for making trades, the makers are given 0.025 %, and this means that the makers are charged a transaction fee of -0.025 %. When making withdrawals, a correspondence to the network cost is charged as the fee, and this is usually approximated to 0.000154 BTC.

  • What are the trades allowed on the BitMex platform?

When you sign in to carry out trading on the BitMex platform, you click a link for trade, situated at the top of the screen. You will then get the opportunity to see the various kinds of cryptos you can either buy or sell via the BitMex platform. BitMex deals in a variety of trading options for the cryptocurrencies. The most common trades that can be easily accessed via the BitMex platform include; Bitcoin, Bitcoin Cash, Cardano, Litecoin, Etherium, and Ripple. This implies that BitMex gives you a conducive platform for carrying out these trades.

  • Critics on trading on the BitMex

Due to the size of leverage offered in BitMex, most people refer to it as the largest casino since the risks involved in the leverages are so high. For instance, when one stake on higher leverage, it means that they are at a chance to earn larger profits from the stake. However, the loss is within the same level of proportionality with this kind of huge profit. This means that chances of losing more money on this are as well so high.

Most of the critics have been tagged to a majority BitMEX newbies who are still inexperienced in the market. They often make a decision which in turn results in them losing so much money hence, the claims against the platform. On the other hand, experienced traders have been making fortunes from this platform when they make the most appropriate decisions based on their critical analysis. They can as well obtain BitMex trading signals from the telegram channel that are managed by a team of experienced traders.

Recently, in 2019, BitMex made a mistake that had emails of users leaked. This enabled unauthorized persons to send emails to the users a something that posed a security threat to the platform.

  • Advantages of BitMex over other crypto platforms

On registration, Bitmex always avails a 10 % discount on commission which normally lasts for 6 months while trading via the platform. Traders prefer Bitmex since it allows traders to make margin trade which is normally leveraged up to ×100, and one can enjoy the daily leveraged profits. It as well avails a number of trades that are not wholly available in other crypto platforms.

Finally, I would recommend BitMEX platform for all the crypto enthusiastic traders. Just keep it in mind to always check on MyCryptoParadise Bitmex trading signals when trading on the platform. Click here to join the VIP membership today.

1 Comment

  1. Melvin

    This is very timely! A lot has been said about Binance and their signals/alerts but I have been waiting for update and quality information about Bitmex. How to open an account, how they operate etc. This will help make the Bitmex signals more useful!

    Reply

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