What is Bitmex?

BitMex which means Bitcoin Mercantile Exchange is a trading platform that allows for crypto pair trading with the advantage of making profits whether the Market is bullish (upward movement) or bearish (downward movement) trend. This is known as options trading. It gives room for what is known as Leverage trading. Leveraging as the name implies involves making use of borrowed money as a leverage to place a higher stake on the Markets future movement. Leverage refers to the borrowed money. This would be explained in greater details subsequently.

What is being traded on BitMex?

BitMex is basically a Cryptocurrency trading exchange platform with Bitcoin as its primary trading instrument. In other words, base currency while other Cryptocurrency (Altcoins) traded on the platform are the quote currencies.

Unlike older trading platforms such as Binance and Bittrex where there are several crypto pairs, all other Cryptocurrencies (Altcoins) traded on the platform are paired primarily against the Bitcoin. However, we have the USDT pairs where the Bitcoin and Ethereum coin are paired against the US Dollar. Examples of pairs on the platform include BTCXRP, ETHUSDT, BTCUSDT, BTCADA

How is BitMex different from other Cryptocurrency trading and exchange platform?

  1. Futures and Options trading.

This is a method by which one invests in an underlying asset (in this case Cryptocurrency) without actually buying the asset or holding to sell at a higher price and vice versa. BitMex allows for what is known as trading price movement. This means I determine that the price of Bitcoin or an Altcoins would be valued at a particular price and I place an order either a buy or sell other depending on my analysis. Not that the buy or sell order made does not mean you actually buy or sell the coin. It simply means you placed a bet on whether the future price of an underlying asset would move up (buy) or move down (sell). To enjoy the benefits of predicting price movements trading, subscribe to Crypto Harvest Academy today.

  1. Leverage Trading.

Leveraging is a trading jargon used to describe the act of borrowing money from the broker i.e. your trading platform in order to be able to purchase more lots sizes, I.e make bigger orders when trading. It is mostly used in FOREX trading. However, BitMex is the first Cryptocurrency trading platform that has employed this trading tool which consequentially has accounted for its fast-growing popularity among crypto traders.

BitMex trading gives room for as leveraging as 100 times leverage especially for the Bitcoin and Altcoins pairs. What this means is that the least movement in price brings 100% profit gains and vice versa depending on predicted market price movement and actual market price movement.

As much as this might serve as a great tool for traders, if greed is not put in check, it can serve as a trader’s ruin.

To become a successful leverage trader, subscribe to Crypto Harvest Academy.

  1. Order Types: Unlike other Cryptocurrency exchange platform which allows for just a buy order or sell order, BitMex trading allows for order types similar to that found in FOREX trading. These various order types include; Buy Long, Sell Short order, Stop-loss, Take-profit, Buy Limit and Sell limit orders. These various order types and how to use them for your successful trading would be explained when you subscribe to Crypto Harvest Academy today.
  2. Testnet Account: Just like a FOREX demo account, BitMex offers both Amateur and veteran traders the opportunity to test their trading skills, strategies, and competence without getting their fingers burnt. BitMex offers what is know as the Test net Account which allows traders to trade with demo Bitcoins. Hence there would be no need to suffer real losses while trading until you prefect your trading game. At Crypto Harvest Academy, we provide you mentorship and guidance on the BITMEX test net account until you are competent enough to go live. Subscribe to Crypto Harvest Academy today.

How to use the BitMex trading platform.

The BitMex trading platform has various tabs on its interface which allows for a great trading experience for its users. These various tabs and their uses would be explained below.

  1. Trade: The trading dashboard of BitMex. Here you can select the instrument you wish to trade, select leverage, and place and cancel orders, view important information in the contract details and see your position information.
  2. Account: This tab displays all your account information such as current Bitcoin Available Margin Balances, Deposit and Withdrawal information, Trade History and Affiliate information.
  3. Contracts: This is an important tab for information related to the instruments such as the Funding History, minimum contract sizes, leverage offered, expiry, Funding, underlying reference Price Index data, Settlement History and a few other pages relevant for a trader.
  4. References: This is the education corner of BitMex. Here you can learn about Futures, Perpetual Contracts, how positions are marked, when and how Liquidation occurs, BitMex Fees, Support and other informative material to help you understand the Exchange.
  5. API: Here you will be able to find out information pertaining to developing and maintaining an API connection with BitMex. We offer a fully featured REST API and a powerful streaming Web Socket API

https://www.bitmex.com/register/hsJ4Y7

Use this link to register on BitMex and get discounts on trading fees for the next 6months.