Bitmex Tutorial for Beginners
Cryptocurrency exchanges are slowly becoming more commonplace, with millions of investors looking for the most seamless platforms on which to trade. However, some of the more useful options can be challenging and hard to understand. Below, we cover the basics of a popular platform in a Bitmex guide. This Bitmex tutorial covers a range of commonly asked questions about Bitmex that are sure to help you with your investment opportunities.
What is Bitmex? How to Sign Up to Bitmex?
Bitmex, which stands for Bitcoin Mercantile Exchange, is an advanced platform for cryptocurrency traders. If you are experienced, you can use Bitmex for 100x leverages, or smaller amounts, learn Bitmex strategy types, and how to use Bitmex for short and long trading of Bitcoin.
Learning how to use Bitmex, and sign up for it, is an effortless process.
1. Visit https://www.coinmastery.com/bitmex-signup
2. Click ‘Register’ in the top right-hand corner
3. Enter your name, email address, country of residence, log-in password, and tick the box to accept the terms of service.
4. Verify your email address by clicking on the link in the email you receive
5. Access your order book, recent trades, the chart and depth chart, Bitmex live trading, and everything you need to place an order on the main screen.
How to Deposit Money into Your Bitmex Account?
If you are new to Bitmex, or you’re looking for helpful advice on Bitmex for beginners, you will find the process for depositing funds into Bitmex is effortless – as is how to use Bitmex if you do enough research.
1. Click on the ‘account’ tab at the top of the www.bitmex.com page.
2. Click the green button called ‘deposit’ underneath three options; Wallet Balance, Margin Balance, Available Balance.
3. Copy the unique multi-signature Bitcoin Deposit Address
Your Bitcoin Deposit Address works similarly to a bank account number. You can use it to receive Bitcoins in your exchange wallet. The minimum deposit amount is 0.0001 XBT, and Bitmex only accepts deposits of Bitcoin. All deposit addresses are also multi-signature cold wallet addresses which means that machines with internet access do not read them.
A Guide on How to Buy and Trade
Bitmex trading takes on many forms, with several different ways in which to buy and trade. Even if you’re an expert or you’re looking for tips for Bitmex for dummies, you will soon realize that the customization for how to trade on Bitmex is incredible. As a result, you’ll never stop learning new tips and tricks for trading on this platform.
You can trade with market orders, limit orders, stop orders, take profit orders, and even advanced orders such as post-only, iceberg, and hidden. The goal is to make gains, using Bitmex to stop loss and work your way toward a more profitable position.
How to Buy Bitcoin (Cryptocurrencies) on Bitmex?
Learning how to buy Bitcoin and other cryptocurrencies on Bitmex, USA, or in other parts of the world, takes practice. What’s more, you don’t so much as “buy it.” Instead, you deposit Bitcoin into your Bitmex account, then use it with or without leverage to trade for profits or losses. You can also use a Bitmex bot to help with the process.
Bitmex is a more advanced trading platform where, once you deposit Bitcoin, you then have to select from various order options to see which is going to be the more successful option. This may differ on a daily basis.
What are the Bitmex Deposit and Withdrawal Fees?
The schedule for Bitmex deposit and withdrawal fees is straightforward, but it differs for each cryptocurrency. For example, for Bitcoin, there are five fee types and a leveraging maximum.
Initial Margin: one percent
Maintenance Fee: 0.5 percent
Maker Fee: -0.025 percent (you receive money)
Taker Fee: 0.075 percent
Settlement Fee: 0.05 percent
Leverage Maximum: 100x
How Reliable is Bitmex? Is it Safe?
If you are considering Bitmex’ future, wondering whether it’s going to be a worthwhile exchange for using in the long term, then you will quickly learn that it is. Most user feedback is positive, and security is fairly stringent. For example, multi-signature deposits are a requirement, and only Bitmex partners can use the withdrawal schemes. What’s more, all withdrawals are manually checked to be sure of their efficacy.
Amazon Web Services protects the servers, all the while utilizing hardware tokens, two-factor authentification, and text messages as well. Finally, all account holdings must be at zero. If they aren’t, trading ceases. Verification is also carried out externally of deposit addresses, making sure all keys match.
Who Owns the Exchange ‘Bitmex’?
Bitmex is owned by Arthur Hayes, Ben Delo, and Samuel Reed. Arthur is an experienced equity derivatives trader and banker, Ben builds market making and high-frequency trading systems, and Samuel is an expert in fast, real-time web applications.
Bitmex’s Leverage Feature
One of the primary reasons for driving seasoned investors to Bitmex, or for beginners to learn how to use Bitmex, is the leverage feature. A rarity on any exchange, the leverage feature allows investors to trade using more than only what’s in their wallet.
However, the higher the leverage amount, the closer your liquidation figure is to your investment. Therefore, if you make a poor trading decision, you may end up losing it all. On the opposite side of the spectrum, the leverage feature of Bitmex is so popular because if you make the right trading decisions, you can make it big – all by leveraging up to 100 times your original wallet figure.
The Pros & Cons of using Bitmex
Advanced platform for seasoned traders
Challenging for beginners
You can’t trade in Fiat currencies
You can only trade in Bitcoin
Bitmex is one of the most advanced Bitcoin trading platforms in existence, with a significant portion of the trading population using it for at least some of their Bitcoin investing ventures. While it’s more advanced, meaning beginners may need to look at Bitmex guides for dummies, it offers a whole host of features to help people become successful Bitcoin traders. What are you waiting for? Register and get trading today!