Review on BitMEX by Olugbenga Ajayi
Bitmex is an exchange for experience Traders
Bitmex is one of the cryptocurrency and derivatives exchanges from Seychelles. It was founded in 2014 by three finance and cryptocurrency experts by name Arthur Hayes, Ben Delo and Samuel Read.
The exchange supplies contracts for different cryptocurrencies like cardano, ethereum, litecoin, ripple and make them available to be bought and sold in Bitcoin since Bitcoin is it's major Currency. It does not offer any flat currency on its platform.
Being an exchange for derivative it will not be suitable for beginners since it is an high way to blowing account up. Platforms like this offer high margin trading and high leverage. While one can make a lot of money even with small account but without necessary expertise knowledge, one can also encounter colossal loss.
Likely because of the privacy and security breach it encountered in 2019, the exchange has announced a few days ago that it will make KYC compulsory to be able to ensure better security and face out fraudulent traders on its platform. This will likely open its adoption to other countries that insist on adoption of KYC and AML. Before now it's security has been made stronger with Amazon web services, multisignature, 2 factor authentication and lots more.
Once again the platform is good for advanced Traders, it is a no go area for learners.
Pros
- Its transaction fee is fair
- It does not charge on withdrawal and deposit
- It is working on improving it's security
- It offers margin trading
- Traders enjoy 24/7 customer services with email ticketing and other means
Cons
- It is not for beginners
- Does not offer trading on flat Currencies
