Go to BitMEX Crypto
  • Invest in bitcoin derivative contracts
  • Fast and responsive mobile app
  • 1:100 leverage for Bitcoin trades

BitMEX Review – Are They Safe or a Scam?

Our BitMEX Reviews 2024

With seriously low trading expenses, a low entry and arguably the largest market liquidity of any cryptocurrency exchange, BitMEX is a serious exchange for any bitcoin traders’ crypto needs. Uniquely, this exchange exclusively handles bitcoin over all other cryptos.

Traders looking for a high risk, high reward platform can look no further than BitMEX. This is one of the most exciting trading platforms for trading bitcoin with leverage – 100x leverage. Crypto Parrot experts have scoured every corner of this trading platform to bring you an in-depth review of BitMEX and its unique derivative offerings.

BitMEX Highlights
  • Invest in bitcoin derivative contracts
  • Fast and responsive mobile app
  • 1:100 leverage for Bitcoin trades
Go to BitMEX

Offers and New Customer Experience - What is BitMEX?

BitMEX is far from your usual cryptocurrency exchange. Registration is incredibly quick and there are a few unique contracts on offer:

  • Futures – this is a derivative instrument that lets users buy bitcoin and some other cryptocurrencies at a predetermined price.
  • Perpetual – Another derivative that mimics a margin-based spot market and is only available for Bitcoin.
  • BitMEX Upside Profit Contracts – Another Bitcoin-only contract. It allows users to participate in the potential growth of Bitcoin.
  • BitMEX Downside Profit Contracts – This contract allows users to participate in bitcoin values during a bear market.

If you’re wondering what a derivative is, we’ll give you a quick crash course: A derivative is basically a security in which its value is derived from another underlying asset. Essentially it mimics the value of other assets so you can trade them without having to actually own the asset. In this context a cryptocurrency or cryptocurrency pair. However, a derivative contract is a contract between two parties over the price fluctuation of that particular asset.

Currently, BitMEX derivative or futures for the following cryptocurrencies:

  • Bitcoin
  • Cardano
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • EOS Token
  • Ripple

BitMEX also offers 100x leverage – higher than any other cryptocurrency exchange offering bitcoin trading. Other cryptocurrencies can only be traded with 20x leverage. Our deep dive into BitMEX uncovered some past promotions – it turns out BitMEX regularly runs bonuses and promotions such as 10% discounts to attract new registrations.

Usability – BitMEX Experience and Rating

Open up the web platform and you’ll be faced with a rather intuitive interface. The dashboard is a touch cluttered but the amount of information displayed at once is very impressive and the display is clear – new traders will have no problem finding charting features, contract information, and market data with ease.

The app performs remarkably well. Our BitMEX reviewers were impressed by advanced biometric security features, the ability to easily swipe up to manage orders and positions, and the availability of multiple languages including simplified Chinese. We found that the BitMEX mobile app offered all of the same markets as well.

If owning cryptocurrencies is the most important component of your trading strategy, then this bitcoin exchange won’t be for you. There is only a small handful of coins available to trade and they are only tradable in contracts. You cannot actually buy Ethereum or Litecoin. So, you may find yourself registering with a second exchange to buy underlying assets that you actually wish to own.

Accounts - What's on offer at BitMEX?

Our BitMEX review dug up only one account type at this bitcoin exchange. That account will allow you to access the full range of trading functions and markets. This exchange does, however, operate a test interface on the bitcoin testnet – that means traders can practice mock trading on the same contracts available from BitMEX. The BitMEX testnet is a simulated environment in which traders can practice trading, including placing orders, using different strategies, and selling bitcoin. Think of the BitMEX testnet as a demo account.

The standard account requires an initial deposit of only 0.0001 XBT and allows commissions. Leverage is offered at 1:100 and you’ll see a minimal BTC spread of 0.1%. This type of account is very attractive to new traders, in our expert opinion, and there is plenty to like as an experienced trader too.

Trading Platforms - How to Trade with BitMEX

BitMEX only offers a single trading platform. It is of their own design and operates on both iOS and Android, as well as within a PC desktop browser. Recently, BitMEX also launched a dedicated mobile app for both iOS and Android devices. The APK can be downloaded directly from the BitMEX website. Otherwise the app is available within the Apple App Store and Google Play Store.

The trading platform is wonderfully streamlined, which makes sense considering it was built purely for the trading of cryptocurrency. We found a great variety of cryptocurrencies were available and shared across both the web trader and mobile app. Security features are of high standard for both platforms and the amount of information available on the web platform dashboard is quite astonishing.

Trading Payments - Funding your Account

BitMEX is once again quite unique in how this exchange handles deposits and withdrawals. This cryptocurrency exchange only allows for bitcoin deposits and withdrawals – no credit cards, e-wallets or wire transfers, just bitcoin. To assist bitcoin investors further, our BitMEX review noted zero deposit and withdrawal fees. However, there is a minimum network fee for making a bitcoin transaction and that is based on the blockchain load.


The minimum deposit is 0.001 BTC with no withdrawal limit. While deposits are unlimited, you can only make one withdrawal per day, owing to the way BitMEX conducts withdrawal processing manually for security purposes.

Our CryptoParrot BitMEX exchange review took careful note of the fee structure. BitMEX charges a variable taker fee depending on the specific contract taken. For example, our reviewers were charged a fee of 0.075% for a Bitcoin traditional futures contract.  In this instance the maker took a rebate at 0.025%. These are rather low fees when compared to that of other cryptocurrency exchanges in Canada.

Customer Service - Is BitMEX Reliable?

Buying cryptocurrencies has the odd complication – nothing major, your details may not be clear when uploading KYC images or perhaps some unfortunate technical issues occur. Some brokers really neglect this very important component of offering a financial service or product. But not BitMEX. BitMEX ensures that you can receive help anytime it is needed.

Unlike some, BitMEX provides 24/7 support via multiple channels. Some of the unique channels available to contract this broker include:

  • Weibo
  • Webform
  • Web Chat
  • IRC
  • Telegram

Support is available in English, Russian, Chinese, Korean, and Japanese language. The best way to contact this broker is via the website chat function. During our BitMEX review, response time was quick – typically an hour or so – and we never received any unhelpful automated replies either. BitMEX is a modern trading platform and is very active on social media – we were able to receive customer support through their Twitter page.

Of course, many issues customers typically request assistance on can be easily answered in the truly comprehensive Knowledge Base section we reviewed on the BitMEX website.

Regulation and Deposit Insurance – Is BitMEX safe?

BitMEX supports users from around 200 unique countries including Australia, United Kingdom, South Africa, and India. This exchange certainly has a global reputation but is unfortunately unavailable in the US due to regulations. Now unfortunately at this stage, BitMEX currently do not have any notable regulatory licences and do not provide any deposit insurance protection. However, through our extensive BitMEX reviews, we uncovered no BitMEX scams online.

SFSA - Seychelles Financial Services Authority

The company is registered in the Republic of Seychelles and holds a licence in that jurisdiction. BitMEX is also currently under investigation from the US CFTC and UK watchdogs for potentially illegal practices. This is rather concerning when considering if BitMEX is reliable. While nothing has come of these investigations, it has certainly affected the trust of this exciting and popular cryptocurrency exchange when checking other BitMEX reviews online. An unregulated operator is always a potential risk, so be sure to keep your eyes open for any red flags.

Additional Features - What else is available?

The history of this cryptocurrency exchange is somewhat rocky. One of the founders of BitMEX crypto is the UK’s very first bitcoin billionaire. In 2019, it was suggested this exchange was involved in illegal activity and in 2020, all three founders were indicted on U.S Bank Secrecy Act charges. This case is currently ongoing.

However, the security features at BitMEX are quite unique and are certainly an advantage of this exchange. For example, the bitcoin wallet this exchange operates uses a multi-signature deposit and withdrawal scheme. This is a very unique security feature and arguably the first of its kind. Our BitMEX review uncovered that in the event of a full system compromise, there are not enough private keys available for a cyber-criminal to actually steal any funds.

Users of the BitMEX mobile app will also be able to leverage Two-Factor Authorization to further protect access to their account.

The education features at this exchange are quite extensive. Just head to the Knowledge Base section to access plenty of guides and documentation on everything from getting started and making deposits, to genuine trading information. You can also search terms in the Knowledge Base to be directed to the correct education document you require. We scoured the Knowledge Base content and were impressed with the significant detail within the information provided.

BitMEX also provide a regularly updated blog with a large number of articles relating to trading, business, financial announcements, and even reviews of bitcoin mining technology.

BitMEX Crypto

Trade Offer - Trading crypto at BitMEX

BitMEX is a unique cryptocurrency exchange that provides users with derivative contracts on bitcoin and several other major cryptocurrencies. This exchange has been operating since 2014 and allows users to register up to three accounts. BitMEX offers 100x leverage on bitcoin contracts and 20x on the remaining cryptocurrencies available at this exchange.

Trading Costs -What costs are involved?

To begin, BitMEX offers no charges for deposits or withdrawals. Trading costs are very low when compared to other cryptocurrency exchanges available online. Contracts have a taker fee of 0.075% and a maker free of -0.025%.

Trading Conditions - Keep these in mind

You cannot own cryptocurrency at this exchange. This cryptocurrency exchange deals in derivatives contracts. BitMEX offers margin trading with 100x leverage for bitcoin trades and 20x leverage for other cryptocurrency contracts. Perpetual contracts have a funding rate that happens every 8 hours and do not have an expiry date.

Product Summary - A unique and innovative crypto exchange

BitMEX is a seriously unique cryptocurrency exchange that provides a rather different experience than most other exchanges online. Offering derivative contracts instead of owning cryptocurrency, BitMEX allows traders to invest in cryptocurrency with free bitcoin deposits and withdrawals.

BitMEX Highlights
  • Invest in bitcoin derivative contracts
  • Fast and responsive mobile app
  • 1:100 leverage for Bitcoin trades
Go to BitMEX

BitMEX Review FAQ

What is BitMEX testnet? ✔

There are many great features and additional functionalities of the BitMEX trading platform and all new traders need a way to learn and practice trading. The BitMEX test net is one of these many features and is explored further in our Crypto Parrot BitMEX review.

There are many advantages that a broker or exchange can offer to increase a client’s earning potential. One such feature is using leverage.Many cryptocurrency brokers online offer leverage as a way to increase your position in any one trade. Leverage is one of many features offered at BitMEX and is best explained in our review of this unique cryptocurrency exchange.

What is Two-Factor authorization? 🚪

A recent addition to the security of many crypto exchanges and online brokers. Two-factor Authorization, or 2FA is an extra layer of security at the point of login and is very unique in its ability to confirm that the real user is attempting to access an account. It is one of many security features offered by BitMEX and more ways to secure your account can be found in our Crypto Parrot review.

What is Bitcoin? 👛

When it comes to cryptocurrencies, there is one asset that has reigned supreme since the very beginning. Bitcoin is the world’s first cryptocurrency and to this day it is still the world’s largest by market share. You will struggle to find another as popular either or one that offers quite as much volatility. Read how bitcoin can be traded at BitMEX in our Crypto Parrot review! 

Is Regulation Important?✔

While an unregulated operator is not necessarily unsafe, a lack of regulation is a red flag that it certainly might be. Questions have to be asked as to why the operator hasn’t sought regulation, or why haven’t they been able to successfully achieve a licence in the event they have gone for regulation. If a broker or cryptocurrency exchange is unregulated, users must take more time to ensure they are safe and reliable. Read our Crypto Parrot review to see if BitMEX is safe.

Overall Conclusion – BitMEX Crypto Exchange stands out from the crowd

Some cryptocurrency exchanges are a little bit different – this is one of those cryptocurrency exchanges. BitMEX is a unique cryptocurrency exchange in that rather than allowing traders to buy underlying assets, they can instead invest in Perpetual and Futures contracts with massive leverage – bitcoin can utilize 100x leverage.

This cryptocurrency exchange might not be for the novice investor owing to the uniqueness of the products offered. It could certainly be argued that BitMex is a high risk for high reward exchange with such highly leveraged products available. The BitMEX mobile app is snappy and responsive, with great security features and much of the same functionality as the web-based trading platform.

If you are a trader who wishes to trade on the valuation of cryptocurrency using bitcoin, then BitMEX is a terrific trading platform for derivative contract options. There may be a little bit of risk in trading at this very exciting cryptocurrency exchange but the rewards could be of the highest levels.

BitMEX Crypto
Go to BitMEX Crypto
  • Invest in bitcoin derivative contracts
  • Fast and responsive mobile app
  • 1:100 leverage for Bitcoin trades
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