Founded in 2014, BitMEX is an online exchange that offers its users quite a risky tool for trading Bitcoin and a few other altcoins with high leverage. Apart from Bitcoin, the platform supports a few major altcoins from CoinMarketCap’s top 20 such as Tron, Ripple, EOS and a few more.
BitMEX supports both perpetual and futures contracts. While the first type of contract has no date of expiry and allows traders to hold their positions as long as they want, the futures contracts have a pre-set date to be fulfilled.
Traders can place their bets for cryptocurrencies' prices to go up or down by the specified date. With margin trading, they don’t need to bet the whole sum. For example, to buy a 100 BTC worth of contracts, they will only need to upload 1 BTC to their account.
If their predictions turn out to be true, they get much bigger sums in return (up to 100x). Alternatively, their positions get automatically liquidated by the platform and they lose their money. On such a volatile market, one can easily make a fortune overnight as well as lose everything. It is highly advised that only experienced traders should get involved into such deals as the risk of losing money is way too high for newbies.
The platform doesn’t require its users to pass any KYC (Know-Your-Customer) procedure. In order to start trading, it’s enough to provide a real email address and set up a password. For additional security, you can set up two-factor authentication.
BitMEX was created by a trio of early Bitcoin enthusiasts - Arthur Hayes, Ben Delo, and Samuel Reed. The links to their LinkedIn profiles can be found on the page about the team, and the experience in the financial sector and software development behind their shoulders is really impressive. In 2018, the Times magazine named Ben Delo UK’s first billionaire to make his fortune from Bitcoin.
So far, BitMEX is the oldest, the most popular and the most reputable platform for those seeking to make fortune via margin trading.Read More