Bitmex’s trading platform has become the go-to tool for high-value traders in the cryptocurrency world. But the world of digital coins is not so beginner friendly, especially if you don’t know where to look for help. So we have put together a beginner’s guide for Bitmex to help you become familiar with the platform.
The world of cryptocurrency feels like a foreign land to a common man. Its rules are similar but a bit strange. The need for anonymity seems creepily high and the number of coins is simply hard to keep track.
In the beginning, the cryptocurrency world was limited strictly to nerds and math junkies. But as bitcoin gained mass acceptance, it became easier for the regular people to use the new digital currency. At the current stage of crypto evolution, you can deal with the digital currency world without understanding the math behind it.
Starting on Bitmex is quite easy. Click on the register tab and fill your full name and email address. The system will do an IP check and prefill your location. If you are based in the United States, Quebec (Canada) or a few other prohibited countries, you won’t be able to proceed further.
Once you finish the sign-up page, head over to your mailbox to confirm your email id. After clicking confirm, you are ready-to-use Bitmex.
To start using the system, send bitcoin to your personal Bitmex address. The system sets up a new multi-signature account and gives the address. Confirmation of funds will take one block, i.e. typically 10 minutes to a few hours based on the backlog on the network.
Once your funds are available, you are ready to trade. Deposits can be made at any time of the day and the funds will be available immediately after confirmation. But withdrawals are not immediate. They are manually processed twice a day.
For security reasons, Bitmex does not hold any bitcoin in the hot wallet. 100% of the funds are stored in the cold vault and every time funds are to be released, two out of three partners will need to sign. Every withdrawal is processed manually after two employees verify each request.
These measures have ensured Bitmex is never under threat from rogue agents or black hat hackers. They do not charge any transaction fee for withdrawal or deposits. But the network fee for the transaction has to be borne by you.