High frequency trading has entered the world of cryptocurrencies. For this reason, we will explain the 10 numbers to understand the BitMex crypto exchange. Furthermore, the world today is all defined in numbers.
First of all, BitMex or “Bitcoin Mercantile Exchange” is a P2P cryptocurrency exchange. Mainly, it offers credit-backed contracts that are bought and sold in Bitcoin.
While BitMex does offer a list of the most popular cryptocurrencies, their prices are also set in Bitcoin.
Beginning to understand BitMex
The BitMex registration process is simple. First, you need your email to get started. Remember that it is also important to secure your funds using the 2-FA authentication feature.
It is important to understand BitMex. This platform does not trade directly with cryptocurrencies, but with the value they represent through the price of the cryptos, or underlying asset, in future contracts.
Its services and features set it apart markedly from most of the more common crypto exchanges. Such as Binance or Coinbase, among others.
10 numbers to understand BitMex
one- Number of users
According to data tweeted by data analytics firm Skew, BitMex has approximately 22,000 users daily.
But, unfortunately there are no recent data, since these numbers of 22,000 thousand daily users were reached by BitMex in November 2019.
2- Number of countries where it is available
BitMex is open to all clients and traders from each of more than 2,000 countries around the world, no matter if they are recognized or not. Except for the United States.
The number of countries in which BitMex is available is a clear reflection of its conviction to follow the cryptoverse philosophy.
3- The Cost of transactions in BitMex
BitMex does not charge for the entry or exit of cryptocurrencies from the crypto exchange. Unlike Coinbase or Binance, which have high additional costs for taking out digital coins.
But, he charges a commission for the acquisition of each future, or perpetual, contract. Which vary depending on each cryptocurrency.
4- Number of cryptocurrencies supported in BitMex
Currently BitMex only supports deposits in Bitcoin (BTC), and a limited number of altcoins.
And for the prospect of trading derivatives or futures contracts, you can buy / sell cryptocurrency contracts in the following currencies:
- Bitcoin (XBT)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Cardano (ADA)
- Tron (TRX)
Note: On the BitMex exchange, Bitcoin is still denoted by XBT. Well the exchange did not accept the code change to BTC.
5- BitMex Security
Security is top notch as it is also a crypto exchange that allows BTC deposits and withdrawals. Therefore, some of the USPs for your security are:
- The addresses are multi-signed with multiple keys with multiple holders.
- The systems take advantage of the world-class security of Amazon Web Services.
- The trade engine is the first of its kind. Written in kdb +, a database and a set of tools usually used by major banks in high frequency trading.
There cannot be any 10 numbers to understand BitMex without this field. Therefore, it is always necessary to pay special attention to safety.
It is the amount of money each exchange has in its treasury. Both from customers and their earnings.
- Bitfinex: $ 87,360,960
- HitBTC: $ 74,536,132
- Binance: $ 73,204,377
- Huobi Global: $ 70,184,026
BitMex’s liquidity figure does not appear in these data, which is very rare. There can be two reasons, one that CoinMarketCap doesn’t report, or really isn’t in the top 50.
7- Leverage available in BitMex
It offers up to 100x leverage on your futures. It means that for every BTC you have, you can leverage up to 100x and trade like you have 100 more Bitcoin in your pocket.
Note: To take advantage of trading on BitMex, only escrow is accepted on BTC.
8- Transaction volume
It is about the activity of traders making cryptocurrency transactions. This is normally an important number that most analysts use to compare BitMex against other platforms.
This year with the Coronavirus, volatility in the market has been reactivated and therefore the amount of volume has also been reactivated in all crypto exchanges around the globe.
- Binance: $ 6,884,834,578
- BKEK: $ 4,551,410,040
- Fatbtc: $ 3,777,446,822
- TOKOK: $ 3,476,477,609
- BitMEX: $ 3,017,766,302
9- Perpetual markets
This type of contract is an agreement to buy or sell a currency or other instrument, at a predetermined price at a specific time in the future. Trades are not settled instantly. It also does not allow users to buy or sell the product directly.
- Binance: BTC / USDT $ 4,183,387,826
- BitMEX: BTC / USD $ 2,774,555,043
- Bybit: BTC / USD $ 1,359,287,418
- OKEX: BTC / USD $ 680,008,500
10- Futures trading volume
In trading, volume is the amount of a particular asset that is invested in over a given period of time. Volume is a key indicator of market activity and liquidity, which means that it is often presented alongside price information.
This is undoubtedly one of the most important BitMex numbers, which makes it one of the main crypto exchanges in the world.
Currently the two Bitcoin futures contracts BitMex offers expire in 2 and 5 months. Both have had the following daily volume of transactions for these crypto financial derivatives.
- XBTU20: $ 35,776,710
- XBTM20: $ 42,874,380
As usual investing carries its risks and more when it is done without having any idea of what is being invested. Using the platform can be very risky if you do not know how to use it. Therefore BitMex provides 24/7 customer support through different communication channels.
Would you dare to use BitMex after these bad numbers at all? Or are you currently using another crypto exchange?