Bitmex is a P2P crypto trading platform that allows users from all over the world to trade in Bitcoin and other crypto coin derivatives. As a rule, the platform only deals with bitcoin. This allows them to offer the services with minimal documentation and verification.
In this article, we will explain how to deposit money into your Bitmex account to start trading.
All transactions with Bitmex can be made in only with bitcoin. If you have USD/EUR or other fiat currency, head over to a Binance or Kucoin or another exchange that allows USD/XBT pairing and convert your money into bitcoin. Then, you can come back to Bitmex and start trading.
On the left-hand navigation bar, click on Account/Wallet and then choose Deposit. The screen will prompt you to confirm your country of residence. Choose your country and click on Submit.
After they verify your location, they will provide you with a personal multi-signature bitcoin deposit address. This will be your personal wallet within Bitmex. Use either the QR code or copy and paste your wallet address to send bitcoin from your personal wallet. Please send only bitcoin. If you send litecoins or other currency to your Bitmex address, it will be lost.
Confirmation will take about 1 block -approximately 10 minutes. But it may take longer if you did not add the bitcoin network fee. Once the deposit is received, you will get an email confirmation and an alert on your dashboard.
Once your account is filled, you can start trading.
Please note: Bitmex is not available to residents of the USA, Canada (Quebec) and a few other countries. The service identifies you based on your IP and if it determines you are using Bitmex from a restricted location, your position will be liquidated and your account will be closed.
Owing to its usage of Bitcoin, the Exchange does not come under any regulatory authority’s purview except that of Seychelles. And the Exchange is not suited for beginners. If you don’t know how to handle bitcoin, do not try to learn it at Bitmex. First, learn about bitcoin and how trading works. And then gradually build you your trading knowledge before you open an account at Bitmex. Once you understand how derivatives work and you get a good idea of how the price fluctuation works, you can make a lot of money using the 100x leverage offered at Bitmex.