BitMEX App Review

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Introduction

Welcome to the tradingapps.org review of the BitMEX desktop and mobile apps. BitMEX is the first mover in the leveraged crypto trading space, but is it the best? In this review, I’ll be highlighting the key pros and cons of the exchange as well as showing you how you can get started trading Bitcoin and other cryptos with leverage on BitMEX.

What is BitMEX?

BitMEX is one of the world’s most popular cryptocurrency derivatives exchange which offers up to 100x leverage on select cryptocurrency future contracts. Having been founded in 2014, BitMEX is a market leader when it comes to cryptocurrency derivatives.

Download BitMEX Mobile App

Before we get started with the tutorial on how to download the BitMEX mobile app on your device, there is some information I need to share with you first so that you can properly understand mobile trading on BitMEX.

So BitMEX, in fact, doesn’t have an official mobile app for IOS or Android (ignore anyone saying else wise) although they do have a mobile trading site which you can add to your device which basically mimics an app, all this means is that it is not fully optimised for an app. If you’re looking for a proper app to trade leveraged crypto on, you’re much better off with Bybit as they have an official app which you can download today. Nevertheless, if you still want to get the BitMEX app on your device, use the following instructions.

How to download BitMEX for IOS

If you’ve got an iPhone, iPad or any other Apple device, you’ll need to use the following instructions to install the BitMEX ‘app’ on your device.

1. Register for a free BitMEX account on bitmex.com
2. Visit the official BitMEX website on Safari (not chrome or an alternative mobile browser)
3. Once you’re on the BitMEX site on your IOS device, click the share button (box with an arrow pointing upwards)
4. Scroll down past the sharing options and select ‘Add to Home Screen‘
5. Click ‘Add‘ in the top right-hand corner
6. Done! You will now see the BitMEX app on your IOS device

If you didn’t quite understand that, here is a more visual guide to downloading the BitMEX app for IOS:

Download BitMEX for Google Play (Android)

Since Android now uses the Google Play operating system, the method to get the BitMEX app is exactly the same for both device types. Use the following steps to install the BitMEX app on your Android or Google Play device:

1. Sign up for a free BitMEX account here
2. Visit bitmex.com on your mobile browser
3. Click the menu on your browser
4. Select ‘Add to Home Screen‘
5. Success, you’ve now got the BitMEX mobile app on your device

Didn’t quite get that? Here’s a useful image tutorial by Blogin:

Is there an APK for BitMEX?

No, there is currently no APK file for the BitMEX exchange. On the other hand, you can get the BitMEX app on Android by using the instructions provided above.

Features

Below you will find a detailed breakdown of the main features available on BitMEX.

Leveraged trading

BitMEX allows traders to use up to 100x leverage when trading futures on the exchange.

Trollbox

Similarly to FTX, BitMEX has a trollbox where users can talk about the market conditions, trades they’re in and other general topics. The trollbox on BitMEX is also used to verify positions that people are in.

Multiple Assets

BitMEX has a variety of different assets available to trade on the exchange. You can access these all from the top navigation bar.

API

The BitMEX API allows traders to connect trading bots and other similar softwares to the exchange. This is useful for those who don’t have the time to trade or are looking for a more passive form of income from trading.

Affiliate Program

The BitMEX affiliate program is one of the most profitable affiliate programs when it comes to trading platforms. Every standard account is given an affiliate link and can share it. The payouts are all in Bitcoin from the BitMEX affiliate program. You can track all your earnings from the affiliate dashboard in your account.

Secure Deposit Addresses

All BitMEX deposit address are secure cold wallets, ensuring the highest levels of security for your funds. Each account is provided with their own BitMEX deposit address which begins with ‘3BMEX‘.

Educational Information

BitMEX provides easy-to-read information on margin trading to help you get started. This educational content is completely free and very useful. We especially like the animated pages which are useful for visual learners.

Trust & Safety

As you most probably know already, it can be hard to determine whether or not a cryptocurrency exchange is safe to use since many of them have anonymous founders and a lack of regulation behind them.

Is BitMEX safe?

As the world’s most well-known cryptocurrency derivatives exchange, we believe that BitMEX is indeed safe. However, it is recommended that you don’t leave large amounts of funds on any cryptocurrency exchange for a long period of time.

Is BitMEX a scam?

No. BitMEX is not regarded as a scam due to its high levels of transparency and extensive history in the industry. Thousands of traders use BitMEX every single day.

Trading & Account

What can you trade on BitMEX?

Below is a full list of the cryptocurrencies you can trade on BitMEX.

• Bitcoin (XBT)
• Ethereum (ETH)
• Litecoin (LTC)
• Tron (TRX)
• XRP (XRP)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• EOS (EOS)

Account Types

There is 1 standard account on BitMEX. This account gives you full access to the BitMEX trading platform.

Leverage

As a cryptocurrency derivatives exchange, BitMEX offers something called ‘leverage’ on its trading app. This allows you to trade with more than your account balance.

The maximum leverage one can use on BitMEX is 100x. For a more detailed look at the leverage on BitMEX, see the table we have created below.

How to register on BitMEX

To learn more about how to sign up for a BitMEX account, see our full comprehensive guide on the BitMEX registration process.

Demo Account (BitMEX Testnet)

BitMEX offers a testnet, which is essentially the same as a demo account. It allows you to trade on BitMEX with testnet Bitcoin. The BitMEX testnet demo account is completely free of charge, just head over to testnet.bitmex.com.

Fees

There are 3 main fee types on BitMEX; commissions, funding and settlement. Both of these fees can work in your favour too (yes, you can earn fees instead of paying them!)

Commissions are fees you pay when making a trade, this is split into maker (providing liquidity) and taker (taking liquidity) order types.

Funding is the essentially a loan fee. Due to the nature of BitMEX, you have to pay something called funding on your loan (trading on margin means you can trade with more than you own). The funding rate can change depending on the market conditions and asset. For more information on BitMEX funding rates, see this guide by BitMEX.

Settlement fees are charged at the expiry date of a future contract. This only applies to some contracts on BitMEX.

For more information on BitMEX fees, check out our simple guide here.

Deposit & Withdrawal

Knowing how to deposit and withdraw from an exchange as well as understand how long it takes is a very important aspect we have to look at when reviewing as it helps us decide on whether or not the exchange is efficient and easy for traders to use.

Deposit Methods

The only deposit method on BitMEX is Bitcoin (BTC/XBT). All deposit addresses are secure, multi-signature cold wallets.

How to deposit on BitMEX

Follow the steps below to deposit on BitMEX.

1. Login to your BitMEX account (Don’t have one yet? Click here)
2. Click on ‘Account‘ in the top navigation bar
3. Select ‘Deposit’ from your main account dashboard
4. Copy the Bitcoin deposit address provided or alternatively, scan the QR code
5. Deposit onto BitMEX and start trading – you’re all done

Minimum Deposit

The minimum deposit on BitMEX is 0.0001 BTC.

Are there any deposit fees on BitMEX?

No, there are no deposit fees on BitMEX whatsoever.

To learn more about depositing on BitMEX, check out our full BitMEX deposit guide.

Withdrawal Methods

There is 1 withdrawal method on BitMEX which is Bitcoin (BTC).

How to withdraw from BitMEX?

To make a withdrawal from the BitMEX exchange, follow the steps below.

1. Login to your BitMEX account
2. Go to ‘Account’ using the navigation bar at the top
3. Click ‘Withdraw’ and proceed to make your withdrawal

Minimum Withdrawal

There is no minimum withdrawal on BitMEX, however, the withdrawal fee is a standard 0.001 BTC so withdrawing that amount or anything less is pointless as you will be just chucking money away.

Are there any withdrawal fees on BitMEX?

Yes, the standard withdrawal fee from BitMEX is 0.001 BTC.

Bonuses & Promotions

BitMEX has a great promotion where you can get 10% off fees for the first 6 months of your account by using an affiliates link. To get this bonus, use our link by clicking here.

Customer Support

BitMEX has a dedicated 24/7 support team to help you with any questions you might have regarding your account or trading on the exchange. You can contact them by the following methods.

Visit this page for more information on BitMEX support.

BitMEX FAQs

Compatible Devices for the BitMEX App

IOS: iPod Touch, iPhone 3, iPhone 3GS, iPhone 4, iPhone 4S, iPhone 5, iPhone 5S, iPhone 5C, iPhone 6, iPhone 6 Plus, iPhone 7, iPhone 8, iPhone X, iPhone XS, iPhone 11, iPhone 11 Pro, iPad, iPad 2, iPad 3, iPad 4, iPad Mini, iPad Air & Air 2

Google Play (Android): Google Pixel, Samsung Galaxy & Galaxy Note, HTC, LG, Google Nexus, Sony Xperia

Is there a BitMEX desktop app?

There is currently not BitMEX desktop app for Windows or Macs, however, you can access the BitMEX browser app here.

Conclusion

To conclude, BitMEX is a popular cryptocurrency derivatives trading platform used by thousands of people all over the world. It has a good selection of educational information as well as useful tools to help you trade like a professional. We really like the high levels of security and transparency shown by the exchange. Fancy trading on BitMEX? Use this link to register and get 10% off trading fees for the first 6 months of your account.

Further reading on BitMEX

Here are some other guides we have put together to help you get started and use BitMEX to trade Bitcoin & other cryptocurrencies.

• How to Register on BitMEX
• BitMEX Deposit Guide
• BitMEX Fees Explained

BitMEX App Review

Trust & Safety

Deposit & Withdrawal

Fees

Support

Reader Rating0 Votes

Pros

High liquidity

Fast interface

Easy-to-use

Cons

App not properly optimised

4.3