Cryptocurrency enthusiasts are always on the lookout for reliable and user-friendly platforms to trade digital assets. BitMEX, short for Bitcoin Mercantile Exchange, is a popular cryptocurrency trading platform known for its advanced features and unique trading options. With its focus on futures contracts and perpetual swaps, BitMEX provides traders with opportunities to profit from both rising and falling markets.
I will be here to discuss and give you clear information about the BitMEX Exchange Guide and step-by-step guide. It will lead you to trade without any hesitation. But, before trading on the exchange, you must have to know the following information. Bitmex gets in the position on the Top Bitcoin Exchanges list for different advantages. However, to make a profit from cryptocurrency you need to learn a cryptocurrency trading guide.
Table of Contents
What Is BitMEX Exchange?
BitMEX is a P2P crypto-products trading platform. It is an international and margin trading exchange. HDR Global Trading Ltd. Launched it in 2014. The persons who launched the BitMEX Exchange Guide are Arthur Hayes, Samuel Reed, and Ben Delo.
Here the margin trading exchange means coins placed on margin users will trade leveraged positions. Moreover, through their bespoke futures contracts known as Smart Contracts, BitMEX offers to their traders to trade on the future prices of cryptocurrency.
BitMEX Exchange – Step-By-Step Guide For The Beginners
BitMEX Exchange provides a profitable trading opportunity. People say it is risky. Because you don’t know about your activity on this platform. But, it helps you to trade the best way and profit from declining prices. Therefore, if you can use it correctly, then it can reduce risks.
So, here we described BitMEX Exchange – a step-by-step guide for you:
Step 1. Register for a BitMEX account
The first step is to do BitMEX website registration. Register your account by providing your email address and password. You can find it on the right side of the screen.
Subsequently, you will receive an email with the link to verify your email address. After that, make sure to increase your account’s security level by enabling 2-factor authentication. BitMEX Exchange Guide
This is the first step of BitMEX Exchange – a step-by-step guide for beginners.
Step 2. Deposit funds into your account
At the top of the screen, you will see the “Account” tab. Click here to set up your wallet. Now, to deposit click on the green “Deposit” button. After that step, now scan your QR code or copy your wallet address.
Now you can use your address to deposit Bitcoin in your BitMEX account. BitMEX Exchange Guide
Step 3. Navigate to the trading screen
Now, here you go to trade. Find the “Trade” button at the top of the screen. Then, you will be taken to the trading screen. On this platform, you can buy and sell crypto by clicking on their tab. The following crypto is available here:
Step 4. Place Your Order
Fourthly, in this step place an order to enter a position. You have two different choices, “BUY / LONG” or “SELL / SHORT”.
Moreover, you have three options in placing the order: Limit, Market, and Stop Market.
Now choose the amount you want to pay for a Limit Order. If you want to place a Market Order you have to pay a higher fee (0.075%) and have to pay any price. If you see that the market is pumping fast, then you can see that a limit order not gets filled and end up costing more. BitMEX Exchange Guide
Step 5. Set your leverage
Here you are going to set your position. To set so, you have to set your desired level of leverage slider below the order box. BitMEX Exchange Guide
As I have described in Step 4 the more you set your leverage, the higher the fee you have to pay. But, remember that, while market orders have a 0.075% fee, limit orders have a 0025% fee.
It is one of the most important parts while you trade. Therefore, BitMEX will tell you to be careful when adjusting leverage. BitMEX Exchange Guide
Step 6. Check the details of your transaction
I am here repeating the steps that I have described in BitMEX Main Screen. Kindly, take review the full details of your transaction.
“Quantity” here shows the value of your position. But, as you are trading with leverage, your risk of investing money is less than this.
The “Cost” field here shows you the details of the maximum amount of loss on your position if the market goes against your investment. BitMEX Exchange Guide
“Order Value” is shown in Bitcoin, which is indicated in XBT. That means the value of your position in Bitcoin or XBT.
Step 7. You are almost here
Now, it will give you fun if you have a good analytical IQ. You will understand after critical research when the market will fall and when it will rise.
So, if you think that the market will rise, click on the “Buy Market” button. On the other hand, if you think that the market will fall, click “Sell Market”.
To confirm your order an Order Confirmation box will appear. It contains some information. For example- Order Value, Level of leverage, cost, and estimated liquidation price.
After reviewing all details carefully, now click on “Buy” or “Sell”. And it will confirm your order. This is the last step of the BitMEX Exchange Guide – a step-by-step guide for beginners.
So guys, here you go. What are you waiting for? Sign up just right now from the link below to start trading in the BitMEX platform using Bitcoin and other Cryptocurrencies. Follow our BitMEX Exchange – step-by-step guide tutorial. It is not a tough matter for you guys. You are so smart, that is why you are trading on these platforms. BitMEX Exchange Guide
BitMEX Exchange – Register Here
BitMEX Exchange- Trade here with BitMEX Application
So, in these circumstances, our responsibility is only to set you on the right platform, and provide you with accurate information and knowledge. BitMEX Exchange Guide
Note: Remember that, Bitmex has not launched Android or iOS apps yet. If you find any in the Play Store, then be aware. They can steal your credits through those apps. BitMEX Exchange Guide
BitMEX Exchange Guide And BitMEX Main Screen
Before starting the trade, I suggest you have a quick look over the BitMEX main screen to have a clear idea about it. Here we go:
Firstly, on the right side, you will see the last transactions made. In the middle, you will see the graph. And on the left pane, you can open your positions.
Quantity = position size in US dollars
Limit Price = the price you set to open the position
Cost = the total price of the position.
Order Value = the total value of the position
Available Balance = your remaining balance in Bitcoin
If this is the first time for you, then I will highly recommend you to set your leverage on 1, with no leverage at all.
For example, if you have set the leverage on 5, then be sure that your cost of the position will be reduced by the same ratio, which means divided by 5. Because leverage means position cost divided by the same ratio. Therefore, your fund will be reduced five times.
I only suggest you remember that the higher the leverage is, the more you have to borrow from BitMEX. As a result, fees will increase.
Understanding Fees On BitMEX
BitMEX’s fee structure is unique compared to other exchanges. Here’s a breakdown:
- Maker Fee: BitMEX offers a rebate of 0.025% for providing liquidity to the order book.
- Taker Fee: Charges 0.075% for removing liquidity from the order book.
- Funding Fees: Applies only to perpetual contracts. The rate is exchanged between buyers and sellers based on market conditions.
Pro Tip: Focus on placing limit orders to reduce fees by earning the maker fee rebate.
Security Best Practices For BitMEX
Trading on BitMEX involves risks, but following these security tips can help safeguard your assets:
- Enable Two-Factor Authentication (2FA): Always activate 2FA to protect your account from unauthorized access.
- Secure Your Email: Use a strong, unique password and enable 2FA for the email associated with your BitMEX account.
- Avoid Public Wi-Fi: Trade only on secure and private internet connections.
- Monitor Account Activity: Regularly review your account activity to detect suspicious behavior.
- Cold Storage: Transfer profits to a cold wallet to reduce exposure to exchange-related risks.
Exploring The Advanced Features of BitMEX
BitMEX offers several advanced features for experienced traders:
- Perpetual Contracts: These contracts never expire, mimicking spot trading but with leverage.
- Leverage Trading: Access up to 100x leverage for some pairs, amplifying potential gains or losses.
- Testnet Trading: Practice on the BitMEX Testnet platform before committing real funds.
- API Integration: Automate trades using BitMEX’s API for algorithmic trading strategies.
Understanding these features can help users maximize their trading efficiency.
FAQs ( BitMEX Exchange Guide)
1. What is BitMEX?
BitMEX is a cryptocurrency derivatives trading platform that allows users to trade with leverage, offering advanced trading options like perpetual contracts and futures.
2. Is BitMEX suitable for beginners?
BitMEX is primarily designed for experienced traders due to its complex features and high-leverage trading options. Beginners should start with a demo account on BitMEX Testnet to familiarize themselves with the platform before trading with real funds.
3. How do I deposit funds on BitMEX?
BitMEX only accepts Bitcoin (BTC) deposits. Navigate to the “Deposit” section in your account, copy the BTC wallet address, and send funds from your wallet or another exchange.
4. Can I trade other cryptocurrencies on BitMEX?
Yes, BitMEX supports trading for various cryptocurrency pairs, including Ethereum, Litecoin, and Ripple, but all trades are settled in Bitcoin.
5. What are the trading fees on BitMEX?
- Maker Fee: -0.025% (rebate for providing liquidity).
- Taker Fee: 0.075% (for removing liquidity).
- Funding Fee: This applies to perpetual contracts and varies based on market conditions.
6. What is leverage trading on BitMEX?
Leverage trading allows you to amplify your position size with borrowed funds. BitMEX offers up to 100x leverage for certain pairs, increasing potential profits and risks.
7. Is my money safe on BitMEX?
BitMEX uses advanced security measures like multi-signature withdrawals and cold storage for funds. However, always enable Two-Factor Authentication (2FA) and transfer profits to a secure wallet for added safety.
8. Does BitMEX have a mobile app?
BitMEX doesn’t offer an official mobile app, but the platform is mobile-responsive. Be cautious of third-party apps claiming to represent BitMEX.
9. How can I reduce trading fees on BitMEX?
You can lower fees by placing limit orders to earn the maker rebate (-0.025%) instead of paying the taker fee (0.075%).
10. What is BitMEX Testnet?
The BitMEX Testnet is a demo trading platform that allows users to practice trading strategies without risking real funds. It’s ideal for beginners to learn the platform’s interface and features.
Conclusion
By addressing these sections, your BitMEX guide can become a comprehensive resource for traders at all levels. From account creation to mastering advanced features, this expanded content provides the clarity and depth your readers need to navigate the platform confidently. Including these steps will attract a broader audience while improving the overall utility of your blog.