BitMEX is a trading platform that helps you make the quickest and most secure profit when trading BTC / USD pairs. Long / Short margin mechanism helps you to make a profit even when the market goes down.

This article Payvnn will introduce BitMEX as well as BitMEX User’s Guide with the most basic operations.

What is BitMex?

BitMex is a Bitcoin trading platform and Bitcoin based Bitcoin. In addition to Bitcoin, other virtual currencies on BitMex are derivative virtual currency, which inherits the value of entity virtual currency, the altcoin code itself on BitMex has no intrinsic value, Concerned about Bitcoin.

The platform of BitMex helps traders predict the price of bitcoin, altcoin and profit from it. This is like you “bet” on a coin increase / decrease, but you do not actually buy or sell coins for profit like regular trading floors.

The BitMEX platform allows you to trade margin (Long / Short) in addition to the conventional Buy / Sell method combined with leverage up to 100 times.

Participation on BitMex is similar to the Bitcoin futures contract on the Wall Street CBOE and CME. The only advantage is that the BitMex contract has no term and you are not afraid to lose position.

BitMex reference prices will be available from both BitStamp UK and GDAX (50-50%). BitMEX uses the fair price mechanism from the reference prices from the two major exchanges in the world, Bitstamp and GDAX, to calculate the position liquidation price for traders in order to limit the manipulation of prices on the trading floor. So you will not be afraid to encounter flash pump / dump cases to kill the margin like Poloniex, Bitfinex.

BitMex is owned by HDR Global Trading Limited, based in Hong Kong, you can check out the company here .

BitMex officially opened on November 24, 2014, was one of the pioneers of the time. BitMex is one of the oldest and most trusted Bitcoin platforms.

BitMEX Registration Guide

With BitMEX you can quickly register for an account and can trade immediately without going through the identity verification steps. This is the advantage that many traders love.

When registering Bitmex under the Payvnn link, you will receive a 10% transaction fee reduction in the first 6 months. Subscription .

Make sure you see the Looks like you found a referral code! You will receive a 10% discount for the first six months . This will ensure you get a 10% transaction fee. 10% may seem less, but with trading floors as high as BitMEX, 10% can help traders reduce hundreds of dollars transaction fees.

Continue to fill in Email, Password, Country and Name to register. This information is only a procedure, BitMEX does not require you to verify identity to be able to load and unload Bitcoin. Drag the Captcha slider from left to right and click Register to register.

Finally click on the email confirmation link registered.

The following Payvnn will guide you how to load and withdraw money from BitMEX. As mentioned above, BitMex only allows you to load and unload Bitcoin. BitMex does not charge you a fee for withdrawing and withdrawing , only a fraction of your money is deducted for the blockchain transaction fee.

Guide to top up BitMEX

To add money, click on your email address on the right corner and select Account & Security .

Some notes on Bitcoin loading into BitMEX:

  • Do not send Litecoin and Bitcoin Cash to this address. Although the network of 2 copper still see this address valid but the deposit will be lost.
  • The minimum deposit amount is 0.0001 XBT (10,000 Satoshi).
  • The deposit will appear after a confirmation from the Bitcoin network.
  • All deposits are stored in a cold wallet, separated from the internet.

Guide to withdraw money from BitMEX

To withdraw money you also go to Account & Security similarly recharge, then select Balances > Withdraw .

  • Destination Address : the address of the wallet you will receive.
  • Amount (XBT) : The amount of Bitcoin you want to withdraw.
  • Bitcoin Network Fee : The transaction fee you pay for this transaction. BitMex recommends paying at least 0.0002 BTC, preferably 0.001 BTC, to trade quickly.
  • Two-Factor Token : 2-FA code (if you have enabled Two-Factor Authenticator).
  • Confirmation : check the last transaction information before click Submit to confirm.

After making a withdrawal from BitMEX, you will need to enter an email to confirm your withdrawal and click Confirm Withdrawal to confirm your withdrawal. If you do not confirm within 30 minutes, the withdrawal order will be automatically canceled.

Last Confirmation Message:

For security reasons, any BitMEX withdrawal is not automatically processed, but there must always be at least 2 employees checking these transactions before confirmation. Transactional checks are always conducted at 13:00 UTC, 20:00 GMT . You should make a withdrawal before this time for the transaction to be verified within the day. If you withdraw after 20 hours, the transaction will be verified at the next 20 hours.

You can still cancel the transaction before the transaction is conducted at 20 hours. Go to the Withdraw page, look at the Withdrawal History drop down list and click on the red   x   at the cash withdrawal.

When your withdrawal request is approved you will receive the following notification email:

2-FA Feature Guide (Two-Factor) on BitMEX

BitMEX recommends that you enable the 2 Layer 2-FA security feature to protect your maximum account from account loss due to carelessness. To enable this feature click on the main menu in the right corner> Account & Security > select My Account in the left sidebar, scroll down the Security section .

In the Enable Two-Factor Auth section , select Google Authenticator . Then use the Authenticator app on your phone to scan QR code code. Be sure to always capture this QR Code in case you reset or lose your phone. Enter the 6-digit code that appears on the app in the box and click Submit to confirm the feature is enabled.

From now on login or withdraw money you will need to enter the 6-digit code code on the Authenticator app.

If you want to disable the 2-FA feature then follow the steps above, enter the code that appears on the phone and click Submit .

Trade orders on BitMex

As a regular trading platform, BitMex supports the following trading orders (see Virtual Money Investing lesson for more details):

  • Limit Order (order matching);
  • Market Order (matched at current market price);
  • Stop Limit Order (match at Limit or better only if Stop price is right);
  • Stop Market Order (same as Stop Limit order but Limit price is replaced by current market price at Stop price);
  • Trailing Stop Order (same as Stop Market, but the price to match the price of the market);
  • Take Profit Limit Order (“Limit”);
  • Take Profit Market Order (matched profit at current market price)

BitMex supports futures contracts that allow you to buy or sell at a specified price at a time in the future. You can leverage x100 times in this deal.

Margin Trading on BitMEX is free with TestNet

Margin Trading is a very risky and risky business if you have no experience. You can completely lose with only a few margin trading on BitMex. So BitMEX has set up a virtual trading platform on TestNet (blockchain test network) so you can comfortably try all kinds of transactions without fear of losing a penny. You can access BitMex TestNet at:

The BitMEX Testnet network is completely separate from the actual data, so you need to open a new account at the Testnet site. After opening the account you also perform the same refill operation as BitMEX, then on one of the following Bitcoin transfer sites (trial, only available on Testnet) to the Testnet account:

To access one of these faucets, enter the Deposit address from BitMEX, click Get bitcoins. You will receive a Bitcoin amount into the BitMEX Testnet account to test the floor commands.

BitMEX TestNet
BitMEX TestNet

Virtual currencies on BitMex

BitDev currently supports the following virtual currencies:

  1. Bitcoin
  2. Cardano (ADA)
  3. Stellar (XLM)
  4. Bitcoin Cash
  5. Dash
  6. Ethereum
  7. Ethereum Classic
  8. Litecoin
  9. Monero
  10. Ripple
  11. Zcash

BitMex transaction fee

Charge and withdrawal of Bitcoin

Bitmex does not charge for fees and withdrawals, a small amount will be deducted based on Bitcoin’s transaction fees at that time. Existing withdrawal fees are quite high due to the large volume of Bitcoin transactions in the market.

Transaction fee

With BitMEX, you do not have to pay for the Maker, even if you are rewarded with a transaction value of 0.025% . If you are Taker, you will only have to pay 0.075% transaction fee (cheaper than the 0.1% fee of the lowest fee today is Binance).

  • Maker: If you place order to wait for a price that match order, you will be Market Maker. For example Bitcoin is priced at 10,000 and you order a Bitcoin at 9,000, you are a Maker. In this case you will be rewarded 9000 * 0.025% = 2.25 USD.
  • Taker: If you match the order immediately with the current price on the floor, you are Market Maker. For example, the trading price on the floor is 10,000 and you match the order to buy a Bitcoin immediately, you have to pay 10,000 * 0.075% = 7.5 USD.

So with a trade process with buy and sell, if you place a pending order as a Maker you will earn 0.025 x 2 = 0.05%, regardless of whether you buy and sell at the same price.

Note: BitMEX charges are calculated for the total value of the order after multiplication with the leverage ratio. For example, you place a $ 10,000 order with a leverage of 10x (you only spend $ 1,000), the fee will be calculated as 1000 * 10 * 0.075% = $ 7.5.

Settlement fee

Settlement fee is the fee to be collected when a term contract is agreed. If you trade with a permanent contract, this fee is not applicable. This fee is 0% for LTC, 0.5% for BTC and 0.25% for other coins.

What is Funding Rates?

Funding Rates are the money exchanged between Long Trader and Trader Short. If the Funding Rates are positive then Long players must pay for the Short and vice versa. Funding Rates to ensure that the price of the transaction on BitMEX match the reference price.

Funding takes place 3 times a day, 8 hours apart, at 11:00 am, 7:00 pm and 3:00 am Vietnam time. You only pay or receive funding if you are having a position in these times.

Funding Rates are used to encourage traders to open positions on the opposite side of the majority. If the Long player team is bigger then the Funding Rates are positive, and if you open the Short position you will receive an amount corresponding to the rate announced. If the shorter player team is over then the opposite.

Funding Rate is displayed under the Contract Details section in the right hand corner of the main interface. If you hover your mouse over, you will see the Predicted Rate, which is the predicted value for the next time.

Funding Rate BitMEX
Funding Rate BitMEX

Photo: Funding Rate negative so long time trader will receive 0.375% of their position value from the trader is Short.

You can refer to BitMEX detailed fee schedule here .

Pros and cons when trading on BitMEX


  • Register now, without identity verification
  • Large trading volume (most in the world) -> Good liquidity
  • Smart trading margin mechanism
  • More advanced features
  • Leverage up to x100
  • Very low transaction fee, no escrow fee
  • Easy money withdrawal.


  • No app on phone
  • There is no USD support so there is no place for you to avoid Bitcoin storm
  • Relatively difficult to use for beginners.

Difference between BitMex and other trading platforms (Binance, Kucoin, Bitfinex, Bittrex)

The biggest difference is that in BitMex you just load into Bitcoin and extract in Bitcoin. All other altcoins are derivative currencies and you do not need to actually buy or sell it.

When you Bitcoin into BitMex, this is like a deposit so you can trade. Your Bitcoin number is instantly stored in your wallet and is completely protected from hacking.

Does BitMex have a scam?

BitMex is a long-standing trading platform and can be said to be the most reputable and secure trading platform today. You can search on Google for the keyword “BitMex review” to see comments from professional traders around the world. So we can be absolutely sure that BitMex is never scam .

Also, BitMex is a legitimate company (which few platforms do). As the virtual currency markets are entering the long-term downtrend, trading platforms do not attract many users, the number of BitMex users increases dramatically because of the trade feature that enables you to make quick profits even when Bitcoin drops sharply. .

Sign up for BitMex today to get a 10% discount on your transaction fee within 6 months.