If you have spent any amount of time in the cryptocurrency world, you would have come across a term HODL, which means hold your position even when the crypto coin’s value is sinking, i.e. not selling it. Since last few years buying crypto coins and holding them until the price rises has made many people millionaires. Lots of people have also lost money in this type of buy/sell transactions.
The volatility of the cryptocurrency market has resulted in large-scale trading and, has given rise to a number of trading platforms.
Bitmex is one of the most popular trading platform, famous for its 100x leverage on bitcoin. The platform is quite similar to any other major system like Bloomberg, and it is not for beginners.
Caution: Invest only your risk capital. Due to the volatility of the market, you could lose a lot of money in a short time.
In this article, we will show the steps to start using the platform like a pro.
- Register a new account using your full name, email address and a new password. They do not allow people from the USA, Quebec (Canada) and a few other countries on the platform. If you risk registering via proxy or VPN, be aware of the dangers of breaching their terms and conditions.
- Confirm your email address by clicking on the link in the verification email. This will be your primary way to get communication from Bitmex.
- Fund your personal Bitmex account by sending bitcoin to the multi-signature address set up by Bitmex. It may take 10 minutes or a few hours for the platform to get one confirmation from blockchain. Once you get a confirmation, you are ready to trade. Do not send any other currency like Bitcoin Cash, Ripple, etc to your Bitmex address. Any other currency you send to this address will be lost.
- You can either open perpetual positions on bitcoin with a leverage up to 100x or go for Ethereum contracts at 50x. There are traditional contracts available for a few other currencies and each one has a separate fee structure and margin value.
- Deposits can be made 24/7. But withdrawals are processed only twice a day. Two Bitmex employees manually verify each request before the funds are cleared This happens at specific times every day.
Using these simple steps, you can minimise your learning curve in getting started with Bitmex.