BitMEX is a popular cryptocurrency derivatives exchange which lets you profit when the price of Bitcoin moves. If you’d like to learn more about the BitMEX exchange, check out our full review here.
Today, I’m going to show you how to deposit on BitMEX, and answer your most burning questions like: ‘how long does it take?‘, ‘are there any limits?‘ and ‘what can I use to deposit on BitMEX?‘.
Deposit methods
BitMEX only offers 1 deposit method which is Bitcoin (BTC). It’s a little confusing that BitMEX uses an alternative acronym for Bitcoin called XBT but don’t worry, this is exactly the same as normal Bitcoin.
Even though you can trade other cryptocurrencies on BitMEX like ETH, XRP, ADA & LTC, you cannot deposit them onto the exchange. This is most likely for simplicity and security.
There is no way to deposit with USD or any other fiat currency onto BitMEX, you have to first purchase Bitcoin. If you need to buy some Bitcoin to deposit on BitMEX, I recommend using Coinbase (Coinbase Review), it is the world’s most trusted place to buy Bitcoin with normal money.
BitMEX may add more deposit options in the future, but for now, it is just BTC.
How to deposit on BitMEX
We’ve briefly covered how you can make a deposit in our review of BitMEX, but we’d like to go a bit deeper into it so that you don’t make any mistakes, after all, Bitcoin is precious right?
1. Register on BitMEX
Before you’re able to deposit on BitMEX, you’re going to need an account first. Registering for a BitMEX account is really simple and takes less than 5 minutes. To get started with a BitMEX account, use this link (it will give you 10% off fees when you start trading).
2. Buy Bitcoin (skip this step if you already have some)
As I mentioned above, you’re going to need some Bitcoin if you want to deposit on BitMEX. If you already have BTC, skip to the next step, and if you haven’t, keep reading.
Before you can deposit on BitMEX, you need to buy some Bitcoin as it is the only deposit method available. You can buy Bitcoin instantly from Coinbase ready to deposit onto BitMEX.
3. Locate your deposit address
Now that you have your account setup, it’s time to find your deposit address which you will use to deposit Bitcoin onto BitMEX. All BitMEX wallet addresses are unique to each account and begin with ‘3BMEX‘.
To find your deposit address on BitMEX, go to ‘Account‘ and then click ‘Deposit‘ from the sidebar. You will now see a QR code with your Bitcoin deposit address below.
4. Send Bitcoin to BitMEX
Got your Bitcoin and deposit address ready? It’s time to send it over to BitMEX. To do this, simply copy the address that you found in step 3 (or scan QR code if your Bitcoin wallet supports it). Now you need to go to your Bitcoin wallet where you store your BTC. From here, click ‘Send‘ or ‘Transfer‘ depending on the wallet you are using. You will then be asked for an address to send to, enter the one you copied a moment ago.
Safety tip: Always double check that your deposit address is correct when sending Bitcoin, if you get it wrong you won’t be able to get your funds back.
Once you have pasted your BitMEX deposit address into your Bitcoin wallet transaction, enter the amount (minimum 0.0001 BTC) you want to deposit and then hit send!
Depending on the Bitcoin network, you should be able to see your Bitcoin ready to trade on BitMEX within an hour.
5. Time to trade
That’s it, you should have made your first successful BitMEX deposit using Bitcoin – it wasn’t that hard, was it? You should now be able to trade freely. Continue reading to find out more about the ins & outs of depositing onto BitMEX.
Deposit limits – is there a maximum or minimum deposit?
I find that depositing on BitMEX is pretty hassle-free and there aren’t any major catches or things you need to be aware of.
Minimum deposit
The minimum deposit on BitMEX is 0.0001 BTC, you can see how much this is in USD by clicking here.
Maximum deposit
There is no maximum deposit on BitMEX, you can deposit as many Bitcoin as you possibly can.
Deposit fees
There are currently no deposit fees on BitMEX, the amount you send to the exchange is the amount you will receive and be able to trade with. You will, however, have to pay a small transaction fee when you send from your Bitcoin wallet or exchange.
BitMEX Bitcoin deposit confirmations
BitMEX deposits are credited to your account after 1 confirmation on the Bitcoin network. This is a lot lower than other exchanges and means that your deposit will arrive quicker on BitMEX.
How long does a deposit take?
BitMEX deposits are usually pretty fast and take anywhere from 10 minutes to an hour. The time it takes for your deposit to credit on your account varies depending on the network traffic (how many other people are using Bitcoin).
Can I cancel a deposit on BitMEX?
Since BitMEX is a Bitcoin exchange, deposits cannot be cancelled since Bitcoin is immutable. Once you have made the transaction to your BitMEX address, you will have to wait for it to get to your account before sending it out again.
‘Deposit timeout’ – what does it mean?
When going to deposit on BitMEX, some people get a message saying ‘Timeout’, what exactly does this mean and how can you fix it?
The ‘Timeout’ message on BitMEX occurs when the servers are overloaded but don’t worry, it’s not permanent and it doesn’t mean that you can’t deposit. Here are a few ways which you can fix this error:
- Log out then back in again
- Close your browser and then re-open
- Wait for 10-20 minutes and try again
Deposit not showing in your account?
Not seeing your Bitcoin deposit on an exchange after a while can be a really stressful experience, you start thinking; ‘did I do something wrong?‘ or ‘have they stolen my money?‘. Nine out of ten times, it usually arrives after you start freaking out, and here a few reasons why your deposit isn’t showing.
Slow Bitcoin network
During times of high Bitcoin activity, the network can get slow and not process transactions as quickly. Sometimes, it can take as long as 24 hours+ to send Bitcoin (this is rare).
How to fix/prevent: Use a higher fee when you send Bitcoin to BitMEX, speed up your transaction by using an acceleration service
Wrong deposit address used
We all make mistakes, and you may have sent Bitcoin to the wrong address. Go back and double-check that you got it right and it wasn’t another one of your wallets or someone else’s. Don’t worry, you wouldn’t be the first one to do this, one day, someone sent $0.5M USD worth of Bitcoin to the wrong address (ouch!).
BitMEX server errors
Of course, it won’t always be your fault and it could be something on BitMEX’s side meaning that your deposit isn’t showing. Try submitting a support ticket and see if they can help you find out if it is an error on their side.
Finding your deposit history
For a multitude of reasons, you may want to see the deposits you have made in the past. You can get this info directly from your account instantly without having to ask them.
To find your deposit history, go to ‘Account‘ > ‘Balances‘ and from there you will see your deposit history with the amount and date under ‘Transaction History‘.
More Helpful BitMEX Guides
Below you will find some other handy guides to using BitMEX.