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BitMEX Review - is it scam or safe?

BitMEX Review - Is scam or good cryptocurrency exchange?

RATING: 1.9 / 3 REVIEWS ForexBrokerz BitMEX


Instument types


Instrumetnt type Leverage Maker Fee Taker Fee Settlement Fee
Swaps 1:100 -0.025% 0.075% -
Futures 1:100 -0.025% 0.075% 0.050%
Upside/Downside 1:1 0% 0% 0%


BitMEX (Bitcoin Mercantile Exchange) is a derivatives exchange, which offers leveraged trading on cryptocurrency-based instruments. This is not a traditional exchange, like Kraken for instance. That being said, this is not a beginner-friendly exchange – some knowledge of traditional futures and options will be required before you can fully understand the trading environment.


The company, security of funds


Company Country Regulation
HDR Global Trading Limited Seychelles N/A


The company behind BitMEX is called HDR Global Trading Limited. It is registered on the Seychelles, which generally does not inspire a lot of trust. That being said, little to no regulation is applied to the crypto-space in most jurisdictions. Most exchanges earn their credibility by word of mouth, slowly. 


That being said, trading at BitMEX offers several key specifics. Most importantly, your account balance and trading results (PnL) are always measured in Bitcoin. While this goes in-line with the company’s main philosophy, it may prove to be an inconvenience for those looking to make systematic trading profits. The regular traders probably also hedge their exposure.


From its foundation in 2014 until now, BitMEX has not experienced any major hack. This is always a positive sign, although not a guarantee for future stability.


The user reviews on BitMEX are not that many, given the fact this is a relatively complicated exchange. However, there are virtually no complaints about the company’s service.



Trading conditions


Trading instruments

As mentioned previously, this exchange offers very interesting trading instruments. They include:


Perpetual swaps function similarly to a futures contracts, except for the fact they don’t expire. You may think of this as an ETF or CFD, although this will be a very loose interpretation.


Currently only XBTUSD is available as a perpetual swap. The BitMEX price index is taken as an average from the trading prices at Bitstamp and GDAX.


Futures work the same way the traditional ones, which are traded at futures exchanges do. They have an expiration date, a different Initial and Maintainence margin and a specific settlement mechanism. The coins for witch futures are available are XBTUSD, ADA, BCH, ETH, LTC and XRP. The asset list used to be a lot longer and even included an XTBJPY pair.


Upside/Downside Contracts are derivatives similar to exchange-traded options (which are very different form their binary counterparts). Trading in these assets involves an initial premium payment and a fixed strike price. Taking short positions isn’t allowed. At the time of writing this is only available for the XBTUSD pair and the available strike prices are rather far apart from each other. 


At the time of writing, there is a $2000 discrepancy between the two strike prices


Binary series (or predictions) are another type of instrument, which is apparently discontinued. We have kept our portion of the review, which describes them and it can be found later on. The following conditions only apply, for futures and perpetual swaps.



A maximum leverage of 1:100 is available. That being said, this comes at a price, which is charged once every 8 hours. Be sure to check out the BitMEX funding page to fully understand the implications which this will have on your account.


>>Regulated Bitcoin forex brokers, where leverage is free<


That being said, a neat feature at BitMEX is the fact you can change your leverage, per position. In effect, this allows you to place a maximum loss, after which your single position will be liquidated. With forex brokers, your entire account serves as a guarantee for all of your positions. 



The fees on Perpetual Swaps (and some of the futures)  are currently -0.025% for the market makers and 0.075% for the market takers. These terms refer to the different traders in relation to liquidity – those who place “passive” orders in the book will receive small rebates, while those trading at the market will have to pay a fee. Additionally, there is a 0.05% settlement fee for futures. All of these levels are very competitive, when compared to most crypto-exchanges.  


Forex brokers, on the other hand, charge the costs of trading in their spreads. While there are a lot of factors, which make comparing the two services hard, we have done so here



Binary Series (predictions) 


Update: This idea appears to be removed since our initial review. The B-series are prediction-based contracts, which can only settle at either 0 or 100. This instrument is by far the most unusual and we will not recommend it to beginners. In essence, the B-series are a more complicated way of making a bet on a given blockchain event. As an example there used to be an instrument, associated with the activation of SegWit on the Bitcoin chain, when the fork occurred. 


The only b-series betting instrument available at the time of writing of this review is related to the next 1mb block on the Bitcoin blockchain. 


B-series are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee. 



Trading platform


BitMEX allows trading through a web-based platform. The charting functionality is provided by TradingView, which means the technical analysis aficionados will be pleased. Here is an overview of the platform (click to zoom-in):



The top portion allows switching between the different products, while the order placement module is located where the welcome message is in this screenshot. 


This is yet another crypto-exchange which provides a vertically arranged order book. While this isn’t a huge issue, people who are familiar with the way traditional trading platforms, like cTrader present the depth of the market will be surprised. Other than that, the platform has a nice visual appeal. 


Additionally BitMEX has been integrated with two of the leading futures trading platforms, Ninja Trader and Sierra. Keep in mind these may not be that friendly towards beginners and using them usually comes with a monthly fee.


Methods of payment


Only Bitcoin transfers are allowed at BitMEX. If you are used dealing with companies, who support credit cards, or e-wallets (such as Neteller) this exchange may not be right for you anyway, as the trading specifics require detailed knowledge of the crypto-space.




BitMEX is a company which provides access to derivatives based on cryptocurrencies. Despite being based on the Seychelles, they have proven their worth since 2014. Trading at this exchange is very complicated and we will not recommend it to beginners. Even those of you with experience in either the crypto-world or traditional financial markets should look up some tutorials, before trading with serious sums. That being said, those seeking arbitrage trades may find exciting opportunities at BitMEX. 


Here are the pros and cons of this exchange:


Pros Cons
No major hacks yet Complicated trading environment
Competitive fees Account is in Bitcoin
Mixed user feedback Margin comes at a price
Relatively nice trading platform  


Latest news about BitMEX
No news about BitMEX. Check back later.
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Traders` reviews for BitMEX
















Price feed















Customer service










Bitmex Earning by Frudulent Actvity

Bitmex are very clever , they say the made for advance traders but behind some game for earning money already planned on day 14-11-18 to 15-11-18 .They have Rekt Long 881 Million Dollar by quick price down that was more than 4 times Rekt previous 28 days and they hardly done any short Rekt. Bitmex wait for filling their position once their speculation complete they start playing game for with traders money.
They say the are genuine but price only move for REKT the position means earning for BItmex.
Even in study overall REKT we find REKT in approx 9:1 ratio of long and short.
There no control of price movement on BitMEX

Shrivastava unni 11/17/2018

Bitmex cheater plan

Bitmex come for BTC price manipulate for their pocket filling .totally scammed people .they earn by means of rekt .
Be aware and give complaint of such exchange.

John k 10/19/2018

The New Bucket Shops

We have been monitoring Bitmex for some time now, and our conclusion is that the exchange is 100% fraudulent.

In our investigation we have found that Bitmex Prefered technique of defrauding its customers are not to steal your money directly, but rather to behave very similarly to a forex bucket shot. If your not familiar with the term "Bucket Shop" please google it.

We found they share common excuses for De-leveraging and the closing of positively positioned, positions and contracts, at will while using the infamous "ADL" excuse.

So basically your contract is not necessarily executed as desired, but rather polled into a probable cloud of there platform solutions.

And yes, Bitmex customer service reps will try the classic over simplified explinations such as sending links to discriptions that will loop the lessor awake user into there platforms logic, followed by the psuedo intellectual explination that tries to confuse the user.

There is zero room that we have found for truth with Bitmex.

Not the worst bucketshop by no means. But by no means are they a legit exchange moving toward serving the people who are entering this Crypto space to escape the fraudulent activity within the fiat investment and banking arena.

We would assume that the key creators are/were previously swimming in the forex pool of ****. Look it up!

Bottom line is that you can take profit, but your doing so in conjunction with a team that following the format of destruction. And those profits will be reduced to the confines of what there simulated projection allows.

The decite is cross the board so very hard to detect with normal senses, bit when your filters are cleared ita as vivid as HD.. (pun intended)

Us Crypto Investors who left the vulturous bucket-shops and others, even while making gains were looking to swim freely, not to come across a more secure and cryptic way for the sharks to hide there teeth.

Be Careful.. Better yet, Stay Away

Anomalous 09/26/2018

Stay away and keep your money

Bitmex on the surface looks great - famous exchange, lots of liquidity, high leverage. However, after using it for a while, you come to the simple conclusion: They're shady as hell!

They will close their exchange for "maintenance" during important new events, where price will start swinging widely, they will simply not fill orders and close them at a loss because of "lack of liquidity", they will generate massive wicks to close and liquidate people in profitable regions which you cannot see in other exchanges and other hidden ways to take money from you. Don't think that the only money they make from you is fees. These guys are smart. Am I yet another losing trader whining cuz he lost his money? No, actually I'm a winning trader. I do admit that I could have made more if not for their tactics. Took me a while but I wouldn't trade a satoshi over there anymore.
Bye bye shitmex. You'll realize that you could have done better had you chose the path with integrity.

Arvind 08/22/2018

Bitmex is a SCAM

Bitmex is a very dodgy place. System are always shutting down at critical times and it will cost you a lot of money! I have certainly lost a lot of money on there platform and they will not take responsibility for it! Also the have a trade desk that trade against you, so they can easily manipulate the market to liquidate your position.

HustleBitcoin 08/04/2018

BitMex Fraud review

The BitMexx is working on Position Liquidasation more and more .
Wherever more order are pending naerby in stop loss or near liquidation
Price slowely start moving till position make closed
Pl be aware of such websites it is totally use less
and loss of time and money
It given leverage but you never earn money in any order in both direction.

Dilip 08/03/2018

BitMEX is a scam

After several attempt to make some leveraged trading on this platform i concluded that there is something shady, price misteriously swings up and down, despite there is not much volume when you are close to liquidation value you can bet the volume will come always taking price briefly down and collect your trade.
Fees applied on multiple day leveraged trade is just a rip off.

This business rely on many paid articles and reviews saying how great and transparent this platform is, it is not.

Robert 05/22/2018

Orders cannot be submitted when quick price action

When the market moves quickly against you, it is impossible to send an order and have it executed....

So your account blows off very quickly.

When you send your order for execution, message you will receive is :

"Order submission error - Order could not be submitted. The system is currently overloaded. Please try again later"

I let you imagine the consequences on your account... : you lose all your funds...

Pat 03/09/2018

BitMEX scam

Bitmex blocks withdrawal. Support does not explain why for several days. Before it I was asking politely support some inconvinient questions about priveledge of their own marketmaker during ‘system overloading’. I’m afraid I’ve found scam and bitmex chiefs blocked me. My questions about reason of blocking is ignored

Alf 03/01/2018


I was trading XBTUSD… I had liquidation price set o 11321.5. They closed my position even if price didn’t drop below 11350… and I lost all my asset. This is some kind of joke – I lost like 2000 USD and I doubt that they will respond on my complaint.
Looks like this is well organized fraud. I have no idea where I can report this. I have screenshots of order history, current account status, everything – I was looking very closely what’s going on as I knew this was risky trade… but didn’t risk – they just stole my money.

Michal 01/28/2018

Bitmex is a scam: I have reported them to Australian consumer commission

Bitmex is a scam.

Currently on a trade with profit of $300 with10* leverage

Unrealized 30% Profit 0.14 btc
Relaized funding rate fee of 0.14 btc which goes up every 6hrs , meaning I'm paying $775 USD in fees on leveraged trade where I'm profitable, taking all my profit. And it's hard to be on a positive trade so you get extremely screwed by bitmex if you are in a losing trade or positive trade. Wasn't a good sign when they advertise incorporated in schellyes.

I have reported them to Australian consumer commission for hiding excessive hidden fees

James 10/15/2017
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