Review on BitMEX by Ayu Anggraini
My bad experience with Bitmex exchange
Bitmex exchange is a platform for futures trading or commonly called margin trading. There are several types of trading that are allowed on this platform.
The platform offers a variety of contract types, for example
Futures and Swap trading (isolated margin trading & cross trading), perpetual contract, and others.
I will not discuss the types of trading types above, I will discuss about my bad experience trading Futures on bitmex. Last year I bought bitcoin for 0.34 BTC and deposited my btc to bitmex.
There I made Futures trading, bought 1290 contract at 3706 USD, and my short contract would be liquidated at $ 8500 Strangely, before the market touched $8500 my position was liquidated by the Bitmex system. I lost 0.34 BTC and it also doesnt respect my stoploss, even though the liquidation rate had not been reached.
However, if we look at 24 hour highs, there is no record of 8500 at that date.
This shows that bitmex is not a genuine exchange that moves according to the market and price index! What bitmex has destroyed my trust as a customer.
And I don't think I'm the first to experience this cheating. A Professor named Robbini also said that in this exchange large amounts of money were laundered and said that bitmex was not compliant with the anti-money laundering (AML) and Know Your Customer (KYC) regulations and violated securities regulations.
The US Commodity Futures Trading Commission (CFTC) investigated bitmex last year in July 2019 and bitmex finally blocked the area of the USA, several provinces of America, Hong Kong, Bermuda and other areas. For traders who want to benefit from margin trading, it's better to look for a platform that is more honest than bitmex. Although the volume of bitmex is still above 30,000 bitcoin and there are still many who play trading on bitmex, but I hope my review can be a consideration for beginners to recognize the risks of trading on bitmex.
Pros
- Huge volume and biggest margin trading platform
Cons
- It is not genuine platform for margin trade
- Its not easy to navigate the website with its outdated design
- Only accept bitcoin to deposit and withdrawal
- Withdrawal is not made in automatic mode
