BitMEX Review: Is It Safe and Legitimate?
- Heavy focus on derivatives trading with up to 100x leverage
- No history of hacks or misuse of user funds
- Offers 200+ trading bots
We created an extensive BitMEX review that covers its main products and services. You’ll learn what makes BitMEX a go-to platform for derivatives trading and what its biggest strengths and limitations are. We’ll also discuss its security features, payment methods, fees, and customer service to give you a broader insight into its functionality.
To create an unbiased review, we opened a BitMEX account and executed a few trades. We also compared BitMEX with other exchanges to pinpoint areas where it could improve. Here’s everything you need to know about BitMEX.
Bitmex Review: Pros and Cons
BitMEX is an ideal platform for experienced traders. You can use advanced trading tools, multiple order types, and 200+ trading bots. The platform supports spot, futures, and perps with inverse, quanto, and linear payouts, as well as copy trading. There are no deposit fees, and you can earn up to 70% trading fee discounts and withdrawal fee refunds by staking its native token, BMEX.
What sets BitMEX apart from the competition is its support for multiple margin currencies. You can trade derivatives using USDT, USDC, ETH, BTC (XBT), XRP, and RLUSD. You can also use its PnL dashboard to track your trading performance through interactive charts and data tables.
On the downside, BitMEX is not suitable for beginners due to its complexity. Moreover, it supports a limited number of coins and tokens, and it only supports crypto deposits.
Pros
- Supports traditional, perpetual, and pre-launch futures
- Use multiple currencies as margin to trade derivatives
- Futures contracts have inverse, quanto, and linear payouts
- Reverse trading feature (copy trading)
- 200+ customizable trading bots
- Zero deposit fees
- Advanced trading tools
- Holds an ISO/IEC 27001 certification
Cons
- Limited number of supported coins
- Copy trading is only available for derivatives contracts
- Doesn’t accept fiat deposits
- The iOS app doesn’t support the Buy Crypto option
What is Bitmex?
BitMEX is a centralized exchange owned by HDR Global Trading Limited. The platform was founded by Arthur Hayes, Ben Delo, and Samuel Reed in 2014. Its main focus is on derivatives trading. On that note, it offers BTC-M perpetuals, USDT perpetuals, BTC-M futures, USDT futures, and pre-launch futures.
BitMEX provides advanced trading tools, including trading bots, advanced order types, and AI-powered VIP trading reports, making it suitable for experienced traders. In late 2021, BitMEX launched its native token, BMEX, which enables its holders to earn up to 70% trading fee discounts and withdrawal fee refunds.
At the time of writing, BitMEX holds the 75th place on CoinMarketCap’s list of the largest crypto exchanges.
Bitmex Exchange Overview:
As you’ll soon find out from our BitMEX exchange review, this platform is ideal for derivatives trading. You can trade 100+ derivatives products settled in BTC and USDT with up to 100x leverage. The platform also supports spot and copy trading. That said, here is a sneak peek into what BitMEX offers to its users.
| Exchange Type | CEX |
| Best For | Derivatives trading |
| Based In | Seychelles |
| Availability | 140+ countries. Excludes the US, UK, and Canada |
| Licenses | Seychelles Financial Services Authority (FSA), Organismo Agenti e Mediatori (OAM), membership approval from VQF (Association for Quality Assurance of Financial Services) |
| KYC Verification | Required |
| Supported Coins | 55+ |
| Deposit Methods | Crypto, credit cards, bank transfers (via third-party providers) |
| Trading Products | Spot, futures and perps, copy trading |
| Fees | 0.0500% maker/ 0.0500% taker |
| Key Features | Perpetual swaps, 200+ trading bots, PnL (Profit and Loss) dashboard |
| Customer Support | 24/7 live chat, ticket system, email |
Is Bitmex Safe and Legitimate?
In this part of our review, we’ll discuss BitMEX security features and legitimacy.
Is Bitmex Legit?
BitMEX is a legitimate crypto exchange that holds licenses from the Seychelles Financial Services Authority (FSA) and the Organismo Agenti e Mediatori (OAM). It also has membership approval from VQF (the Association for Quality Assurance of Financial Services).
Is Bitmex Safe and Secure?
BitMEX received the ISO/IEC 27001 certification in 2021, which means that it takes the data protection of its users seriously. It also performs regular system maintenance on Tuesdays and Thursdays to ensure its system is working properly.
BitMEX uses multi-party computation (MPC) technology to keep the assets of its users safe. This means the private keys are split into multiple encrypted shares and distributed across several devices. A small portion of user funds is held in hot wallets, while the rest is stored in cold wallets. You can enable 2FA to add an extra layer of protection. This means that every time you log into your BitMEX account or make a withdrawal, you must enter a 2FA code.
BitMEX has never been hacked. However, it was fined in the US for operating without a CFTC license and failing to comply with AML and KYC regulations. On that note, in 2021, the Federal Court ordered BitMEX to pay a $100 million penalty for operating as a Futures Commission Merchant (FCM) without CFTC registration. Its founders also had to pay a $30 million penalty. As a result, BitMEX is no longer available in the United States.
In 2025, BitMEX was fined $100 million for failing to establish, implement, and maintain an adequate AML (anti-money laundering) and KYC (know-your-customer) program.
Bitmex Supported Coins and Trading Pairs
BitMEX supports 55+ cryptocurrencies, including major coins such as BTC, ETH, SOL, and XRP, as well as popular meme coins like BONK, HYPE, and GOAT. You can trade spot, futures, and perpetuals settled in BTC and USDT with up to 100x leverage.
Since its main focus is on derivatives trading, BitMEX primarily supports highly liquid tokens, meaning its list of supported coins is pretty limited. So, if you want to invest in niche coins, opt for platforms like MEXC or other exchanges that support over 1,000 coins.
Bitmex Features
This segment of our BitMEX review will focus on its main features and services, which include spot, futures, copy trading, and trading bots.
Spot Trading
You can trade 20+ spot pairs, like BTC/USDT, ETH/USDT, SOL/USDT, and BONK/USDT. You can also use multiple order types – limit, market, stop limit, chaser, trailing stop, take profit limit, and take profit market. However, we noticed that BitMEX’s spot market supports only one non-USDT spot pair, ETH/BTC, while other pairs use USDT as the quote currency. This can be limiting for investors who prefer to trade altcoin‑altcoin pairs.
Futures and Perps
BitMEX supports both traditional and perpetual futures. The former come with a fixed expiration date, while the latter can be held indefinitely. You can trade more than 100 derivatives products, including perpetual swaps and futures contracts settled in BTC and USDT, and pre-launch futures.
Moreover, you can use multiple currencies as margin to trade derivatives, including USDT, USDC, ETH, BTC (XBT), XRP, and RLUSD. This will enable you to reduce conversion fees and avoid slippage. BitMEX’s futures contracts have inverse, quanto, and linear payouts, meaning you can choose the contract that best suits your trading strategy.
The leverage ranges from 10x to 100x, depending on the trading pair. For example, you can trade BTC/USD, ETH/USD, and SOL/USD perpetual contracts with up to 100x leverage, while the maximum leverage for the FIL/USD pair stands at 10x.
How to Avoid Liquidation on Bitmex
BitMEX uses the Fair Price Marking system to avoid unnecessary liquidations. This system doesn’t rely on the Last Price when calculating liquidation triggers, but the Mark Price. Fair Price Marking only affects the Liquidation Price and Unrealized PNL (Profit and Loss).
That said, high leverage can amplify both your potential profits and losses. If the price moves against you, or your margin is not enough to cover your losses, your position will be automatically closed. To avoid liquidation, use low leverage (3x-5x), set stop-loss orders, and keep an eye on your margin ratio.
Copy Trading
BitMEX enables you to replicate the trading strategies of professional traders. You can copy up to five traders at the same time. To become a follower, you must deposit at least 100 USDT.
What we liked most about BitMEX’s copy trading service is its reverse trading feature. This feature allows you to open a position that is opposite to the position of the trader you’re copying. However, we noticed that the copy trading service supports only derivatives contracts. Spot copy trading is not supported.
You can become a copy trading leader by depositing a minimum of 100 USDT and verifying your account. Leaders can have up to 50 copiers, use both single-asset and multi-asset margining modes, and earn up to 50% profit share on their copiers’ trades.
Trading Bots
To create a more detailed BitMEX exchange review, we decided to test all of its products, including its trading bots. The platform offers over 200 bots, ranging from grid bots to indicator-based bots.
The bots are divided into two categories – basic and advanced. You can open one bot per account. To customize your bot, tap the Configure button and set the desired parameters, such as trade size, time intervals, and risk management.
Keep in mind that the bots will run until you stop them manually or if there is insufficient margin.
Bitmex Rewards Hub
BitMEX users can earn multiple rewards by creating an account, competing in trading campaigns, and completing daily missions. Its Rewards Hub features the following:
- Welcome rewards. BitMEX offers some of the best crypto sign-up bonuses. New and returning users can earn 5,000+ USDT in trading credits by depositing $100, verifying their accounts, and trading derivatives.
- Rewards. Get trading credits and vouchers from various campaigns and promotions.
- Missions. Complete small missions to earn daily prizes. For example, you can join the Trading Bot Challenge and share a 22,000 USDT prize pool.
- Promotions. Compete in trading campaigns to win rewards. For example, convert a minimum of 1,000 USDT using BitMEX’s convert tool to win 15,000 in fjUSDT.
Keep in mind that trading credits cannot be withdrawn or converted to other currencies. You can only use them as margin for derivatives and to pay trading and funding fees. Trading credits also come with an expiration date.
What Fees Does Bitmex Charge?
This part of our BitMEX review will focus on its fee structure. That said, BitMEX doesn’t charge deposit fees, and you can withdraw Bitcoin for zero fees (you only need to cover the network fee). However, other assets come with a fixed withdrawal fee. On a positive note, you can get withdrawal fee refunds by staking BMEX tokens multiple times per week.
BitMEX uses a tier-based fee model, meaning the maker and taker fees are based on your 30-day trading volume. The maker and taker fees for spot and derivatives start at 0.0500%. BitMEX is not known for its competitive fees. This is especially evident when comparing BitMEX to exchanges like Best Wallet, KCEX, and MEXC, which, at the time of writing, offer the lowest maker/taker fees.
You’ll also have to pay a periodic funding rate to keep the perpetual contract’s price as close as possible to its underlying spot price. The average funding rate is about 0.01% per 8 hours.
If the contract price is above its underlying spot price, the funding rate will be positive, i.e., traders with long positions will pay a funding rate to traders with short positions. If the funding rate is negative, traders with short positions will pay a funding rate to traders with long positions.
Bitmex Payment Methods
BitMEX supports only crypto deposits. The primary settlement currencies are BTC and USDT. However, you can also fund your account with USDC, ETH, XRP, and RLUSD. If you want to buy crypto with fiat, you must use a third-party payment provider, such as Banxa, MoonPay, and Mercuryo.
As mentioned before, BitMEX doesn’t charge deposit fees, while the minimum deposit requirement will depend on the product’s initial margin.
Is Bitmex User-Friendly?
BitMEX is a platform tailored for professional traders, which can make it appear complex to beginners. On the other hand, experienced traders will appreciate its customizable dashboard. You can move, resize, show, or hide the widgets and create your own layouts. You can also take advantage of its PnL (Profit and Loss) dashboard, which lets you track and visualize your trading performance through interactive charts and data tables.
You can trade on BitMEX using its web platform and mobile app. The mobile app is compatible with Android (9.0 and above) and iOS (15.1 or later) devices. The mobile app supports the same functions as the web version. You can use it to manage your portfolio, trade spot and derivatives, track real-time market trends, and buy crypto.
However, we noticed that the iOS app doesn’t support the Buy Crypto option, apparently due to the App Store policies. We also preferred to use the web platform because the mobile app tends to lag from time to time.
Where is Bitmex Available?
As mentioned at the beginning of our BitMEX review, the platform is available in 140+ countries, such as Argentina, Belgium, Denmark, France, Germany, and Italy. However, due to regulatory compliance, BitMEX doesn’t provide its services in:
- US
- UK
- Canada
- Iran
- Cuba
- Hong Kong
- The Democratic People’s Republic of Korea
- Crimea and Sevastopol
- Seychelles
- Bermuda
- Myanmar
- and other
Bitmex Customer Support and User Reviews
You can get in touch with BitMEX’s customer support via email and 24/7 live chat. You can also submit a ticket or check the FAQs page for short, clear answers on deposits/withdrawals, KYC verification, and trading mechanics. BitMEX’s support team is quite responsive. They usually respond to emails within 24 hours, while their live chat agents respond within 5 minutes. However, you need to be a BitMEX user to use the live chat option.
If you need additional assistance, we recommend visiting its Discord and Telegram channels. On the other hand, to stay up to date on its products and services, check out BitMEX’s X profile or blog.
To create an unbiased BitMEX exchange review, we wanted to find out what other traders think about this platform, so we checked its ratings on Trustpilot and G2. BitMEX has a 4.3 rating on Trustpilot based on 99 reviews, while its rating on G2 is 3.1/5, based on 12 reviews. When it comes to negative reviews, most users complain about frozen funds. At the same time, the most common discussions on Reddit about BitMEX focus on trading and KYC verification issues.
Where Can Bitmex Improve?
The main area where BitMEX needs to improve is its user interface, which is too complex for beginners. For example, some of the best crypto exchanges, like Coinbase and CoinFutures, offer simple interfaces with basic trading functions, making them suitable for both beginners and experienced traders. It would also be helpful if BitMEX expanded its list of supported coins to make it more suitable for altcoin traders.
As mentioned before, BitMEX doesn’t accept fiat deposits. This is an additional issue that can deter traders from this platform, as they’ll have to use third-party providers to buy crypto with fiat, which incurs additional fees. What’s more, its iOS app doesn’t support the Buy Crypto option, which is a big letdown.
How Does Bitmex Compare to Top Crypto Exchanges
If you compare BitMEX with MEXC, OKX, and Binance, you’ll notice both similarities and significant differences. For example, BitMEX supports fewer than 60 coins and tokens, while other platforms support over 300 assets.
Moreover, BitMEX only supports crypto deposits, and its maximum leverage limit stands at 100x. For comparison, MEXC supports both crypto and fiat deposits and offers up to 500x leverage, which makes it one of the best crypto leverage trading platforms.
On the other hand, all platforms require KYC verification. They also offer almost identical trading services. However, BitMEX doesn’t support options and staking (you can only stake BMEX tokens).
| BitMEX | MEXC | OKX | Binance | |
|---|---|---|---|---|
| Supported coins and markets | 55+ coins, 100+ markets | 1,960+ coins, 2,990+ markets | 350+ coins, 980+ markets | 600+ coins, 2,200+ markets |
| Deposit methods | Crypto, third-party payment providers | Crypto, card, bank accounts, P2P, third-party providers | Debit/credit card, SWIFT (bank transfer), P2P | Crypto, bank transfers, card, third-party services, e-wallets, P2P |
| Trading fees | 0.0500% maker/0.0500% taker for spot and futures | 0% (maker) and 0.05% (taker) for spot / 0% (maker) and 0.02% for futures | 0.080% (maker) and 0.100% (taker) for spot, 0.020% (maker) and 0.050% (taker) for futures | 0.1% (maker) and 0.1% (taker) for spot / 0.02% (maker) and 0.05% (taker) for futures |
| Trading products | Spot, futures and perps, copy trading, trading bots | Spot, futures, copy trading, staking, trading bots | Spot, futures, options, staking, trading bots, copy trading | Spot, futures, options, staking, copy trading |
| Maximum leverage | 100x | 500x | 125x | 125x |
| KYC required | Yes | Yes | Yes | Yes |
How to Register, Trade, and Minimize Risks on Bitmex: Step-by-Step Tutorial
In this segment of our BitMEX review, you’ll learn how to open an account on this platform and start trading perpetual contracts.
Step 1: Create an Account
Visit BitMEX’s official page and tap the Sign up button. Enter your email and password, and select your country of residence. Then, go to your email and click on the confirmation link.
Step 2: Verify Your Account
Choose your account type (Individual or Corporate) and click on the Verification button. On the next page, confirm that you are not a US resident by checking the box and tapping Next. Enter your personal information (first and last name, date of birth, nationality, and place of birth) and tap Continue.
Now, upload the photo of your ID card, passport, residence permit, or driving license. You can also scan your ID with a camera. Once your ID photo is accepted, you must complete a quick video verification. Follow the on-screen instructions to complete this step.
Step 3. Verify Your Residence
Enter your street address, country or region, and local area (province, district, etc.). To confirm the address, upload a photo of your bank statement or utility bill, or use the browser location feature. Tap Continue.
Step 4. Provide Details About Your Funding Source and Trading Experience
State your purpose for opening an account, select your expected monthly deposit amount, specify the type of account funding, indicate your employment status, and declare your level of experience in trading crypto. Tap the Continue button and wait for approval (about 5 minutes).
Step 5. Start Trading
Go to the Trade section and click on Derivatives. Choose a contract you wish to trade from the menu, select your margin type (single asset or multi-asset), and set the leverage. Next, choose the type of order you want to place and specify the number of contracts you want to buy/sell. Choose whether to go long or short, then submit the order by tapping the Buy or Sell button.
Step 6. Monitor Your Trades
To minimize risks, monitor your trades and make sure your margin is high enough to cover your losses. You should also use low leverage (3x to 5x) and set stop-loss orders. Keep in mind that the funding payments occur every 8 hours (at 4 AM, 12 PM, and 8 PM). Positions that are opened at the exact time of the funding payment will be affected. If the funding rate is positive, long positions will pay a funding rate to short positions and vice versa.
The funding payment (about 0.01%) will be deducted from your margin, so make sure to close your position if the funding rate is against you to avoid liquidation.
Our Methodology: How We Tested and Reviewed Bitmex
We wanted to create an unbiased BitMEX exchange review to help you determine if this platform is a good fit for your trading strategies. On that note, we created an account on BitMEX and executed a few trades by opening both short and long positions. We used multiple currencies as margin to find out how BitMEX applies haircuts.
Next, we tested BitMEX’s trading bots to determine how well they perform under volatile market conditions. We also tested its copy trading service to find out how to become a follower and what the minimum requirements are to become a copy trading leader. Moreover, we participated in a few BitMEX missions and trading campaigns to assess their complexity and profitability.
We also wanted to find out if BitMEX is easy to use. This is why we tested its PnL dashboard and mobile apps, which led us to the conclusion that beginners may find its interface overwhelming. We checked BitMEX’s ratings on Trustpilot, Reddit, and G2 to see what other traders think of the platform. And finally, we reviewed BitMEX’s security features and history of data leaks to determine whether this exchange is legitimate and safe to use.
Bitmex Review Conclusion: is It a Good Option in 2026?
BitMEX is a solid platform for users who want to trade derivatives. It supports over 100 derivative products, from perpetual swaps and futures settled in USDT and BTC to pre-launch futures. You can use multiple currencies as margin and over 200 trading bots to automate your trades. You can also earn rewards by competing in trading campaigns and completing daily missions.
On the other hand, beginners may find BitMEX overwhelming due to its sophisticated dashboard, which is packed with advanced trading tools. Another downside is that this platform only supports crypto deposits. To buy crypto with fiat, you must use a third-party payment provider.
FAQs
What are the risks of using BitMEX?
Who owns BitMEX?
Can I use BitMEX in the USA?
How long do BitMEX withdrawals take?
References
- Top Cryptocurrency Spot Exchanges (CoinMarketCap)
- What is ISO/IEC 27001? (International Organization for Standardization)
- What is MPC (Multi-Party Computation)? (Fireblocks)
- Federal Court Orders BitMEX to Pay $100 Million for Illegally Operating a Cryptocurrency Trading Platform and Anti-Money Laundering Violations (CFTC)
- Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act (United States Attorney’s Office for the Southern District of New York)
