BTCMEX Review

CAUTION: We have reason to believe that BTCMEX is an unsafe cryptocurrency exchange. We do not recommend using it. Instead, you should check out our trusted exchange partner; Phemex.com, which is currently offering a $72 USD welcome bonus to new users who register with this link.

BTCMEX is a trading platform that is focused on bringing the financial sector standards to the cryptocurrency world through innovative solutions. These include advanced security systems, improved trading services, and customer-oriented development.

The platform lets users create Bitcoin perpetual contracts with a 100% leverage. Contrary to the conventional stocks of forex trading, these cryptocurrency perpetual contracts allow traders to speculate what the future price of the bitcoin will be without any settlement or expiration date.

The trading platform has the ability to support 100,000 transactions in just one second!

BTCMEX.com

BTCMEX provides liquidity to its users without any overload. All their client’s digital assets are stored by BTCMEX in a multi-signature cold wallet to ensure their security. A custom-made security system has been designed for the company by an expert team based in China and Russia. 

The platform aims to make Bitcoin trading more accessible to experienced as well as novice crypto traders. To bring more investors into the crypto world, the company has also launched an educational platform in which professional crypto and Forex traders share their knowledge. 

The company also provides a detailed user guide and the BTCMEX Trading Codex, which contains all the definitions of the trading terms used in the cryptocurrency world. BTCMEX also prides itself on providing the best customer support services to its customers. They offer their services in multiple countries and languages spoken across the world.

Company

BTCMEX was founded in October 2019 by Li Xiaolai – a renowned venture capitalist, Bitcoin billionaire, and crypto advocate in China. He is quite famous for his involvement in the blockchain industry. His projects include Steemit, EOS, and BigOne exchange. The headquarters of BTCMEX is located in Hong Kong, but the company has many offices and customer support teams throughout the world.

The company’s core team includes Kerel Verwaerde and Dr.Tam, who are experts in the Fintech field with particular experience in trading. The team also consists of professional technical developers who previously worked for exchanges like OKex and Huobi. The main focus of this team is to provide its users with a cryptocurrency exchange platform that is highly professional and places its users at the center. 

They also wanted to make their platform such that it would not be affected by the current market inefficiencies. The company’s goal is to popularize digital currency trading amongst the financial industry and elevate the number of investors involved in it. 

BTCMEX offers a variety of services, including BTC/USD perpetual contracts trading, which can be done through its phone app for Android and IOS. It can also be done through its website. It also has a trading chart, which is powered by TradingView

Features

BTCMEX stands out from its competitors due to the following features:

  • Traders are offered a 100x leverage opportunity in Bitcoin Perpetual Contracts. This is a remarkable opportunity for all traders to optimize their return on investments. It allows traders to earn a profit in both bull and bear market scenarios. Traders multiply their position size using leverage and can make a profit by opening both short or long positions.
  • It uses state of the art security system. All funds are safely kept in a Multi-Signature Cold Wallet
  • It provides users with a thoroughly researched education platform that is developed by industry experts. 
  • It provides the BTCMEX Trading Codex to help newcomers learn complicated trading terminology that is used in cryptocurrency exchange.
  • It provides a speed of 100,000 TPS, which is ten times higher than the average transaction speed in the cryptocurrency industry. 
  • It offers low and flexible fee structures for its users.
  • The platform has off-site backup systems. 
  • It offers 24/7 live customer support in multiple languages.
  • It offers 100% trading uptime because of Hot Fixes and backups
  • It is developing an artificial intelligence-enabled price prediction model that will make trading easier. 
  • It has an Affiliate Program, which provides its affiliates with up to 60% commissions. These are the highest in the industry.

Fees

BTCMEX offers one of the lowest trading fees amongst its competitors in the crypto derivatives industry. Their fee structure is formed according to the trading volume daily and on what kind of orders are placed. The platform charges two types of trading fees, i.e., maker fee and taker fee.

Makers are the traders who place a conditional order that is not immediately fulfilled or the one who places a limit. Makers tend to increase market depth. Customers who place limit orders are makers. They are charged with a lower fee due to their consistent trading behaviours. They are also eligible for maker rebates. The initial maker fee is -0.025%.

Takers are the traders who place orders which are immediately fulfilled and are quoted in the order book. These include market orders or limit orders which have time in force option. The fee charged starts from 0.075%. However, it is reduced as the trading volume increases. 

It is important to note that these trading fees do not depend on the leverage used. They are only dependent on position value. Moreover, the trading fee is charged on every trade that has been completed. 

Apart from trading fees, BTCMEX also charges a network fee for every transaction that takes place in the blockchain. The minimum fee charged is 0.00000001 BTC. This fee is charged as the bitcoin is mined and put into the blockchain. 

However, no deposit or withdrawal fee is charged by the platform. 

On the contrary, BTCMEX has a system of awarding trading bonuses to its users. These bonuses can be used by traders to open positions and cover the trading fees that they have to bear. It can also be used to withdraw the profits they have earned. The platform also allows users to try its services free for the first time with a welcome bonus. 

Traders can claim three bonuses with a combined total of $120. The initial $10 bonus is awarded by following the Twitter account of the company and sharing their pinned post, which includes a personal bonus claim for everyone. Users can also claim a booster bonus of $50 after making their first deposit of 0.01 BTC. Users who have deposited an amount of 0.03 BTC are granted a nitro bonus, which is equivalent to $60. 

To see whether you have received the bonus, you can check your personal wallet in the assets overview section.

Verification: Is KYC required?

KYC is not compulsory on BTCMEX, although it is advised to better protect your assets.

The user verification process at BTCMEX is standard and straightforward. It relieves the users from a long and taxing verification process. Instead, it offers the KYC authentication procedure to solidify their security system and meet all legal regulations. 

Know Your Customer (KYC) is commonly used in cryptocurrency exchange platforms to ensure the security of the clients as well as the system. Traders must verify themselves through the KYC to start trading from BTCMEX. 

Here is how you can go about the KYC process:

  1. Click on the “Authentication” tab after making your account on the website.
  2. Select the ID type you want. It can either be your ID card or your passport. You will then have to input the Country Code, ID number, and your name. 
  3. You will have to upload three photos. Make sure you follow all the given instructions before uploading these photos. BTCMEX requires a picture of your original ID or passport, document information that has the photo, and a selfie of yourself holding a piece of paper with the words “BTCMEX” and the date written on it by hand. All pictures must be original. No printed text is accepted. 
  4. Make sure to double-check all the information you entered and the pictures you are uploading before you submit them. 

The BTCMEX support team handles all verification requests. The team reviews the applications and informs you of the decision within one business day. 

For your verification to be accepted, you must meet all the terms of the agreement and be of legal age. If you are a resident of a country that does not allow cryptocurrency trading, then you will not be given access to the platform. Such users will have their IP addresses blocked by the team and cannot access the platform. 

BTCMEX ensures that all legal requirements are met before verifying any new clients.

Countries

BTCMEX is available in most countries worldwide, however, they have made it clear that the platform is not accessible from countries where cryptocurrency trading is not regulated and considered illegal. As a result, the exchange will block any IP address coming from such countries.

Deposits & Withdrawals

BTCMEX provides a simple process for all withdrawals and deposits for their customers. 

To find the status of the funds in your account or make any transaction, you can visit the accounts page. To make a deposit, users need to select the deposit option, which will provide access to your personal cold wallet provided by BTCMEX. The account history and the wallet address will be available here. Users are also provided access to their balance, trades, and bonus information in the “Assets Overview.” 

It is important to note that BTCMEX only allows users to make deposits in Bitcoin. No other cryptocurrency is accepted. The platform also does not support any deposits made with fiat currency. Users should ensure that they are only depositing Bitcoins; otherwise, they could lose their assets. The minimum limit for deposits is 0.0001 Bitcoin.

In the case of withdrawals, users can access the “Withdraw” page. You will be required to enter the wallet address and the value of Bitcoin that is to be withdrawn. The platform will inform you of the transaction fee that is calculated automatically. The amount that will be withdrawn will also be displayed then. 

Note that BTCMEX only charges transaction or network fees. The transaction fees start from 0.0004 BTC, while the standard transaction fee is 0.01 BTC. There is no separate withdrawal fee

All withdrawal requests made by the traders are monitored and processed manually by the company’s dedicated team every day. They are processes by midnight of Beijing Time. 

You will also need Google Authenticator to make withdrawals on the platform. For this purpose, install the Google Authenticator application on your Android or iOS device. The app is available for free in the Play Store and App Store. Alternatively, you can go to the Account information and security option on the website to download the app. Scan the personal QR code with the dynamic digital code that is generated by BTCMEX for your account. Enter the Google Authenticator code and then the SMS verification code. And the process is completed. 

The safety of the withdrawal process is also ensured by the senior executive team that is dedicated to providing the safest option for crypto trading. If users face any problem regarding the deposit or withdrawal process, they can contact the customer support team for additional information and instructions. The response time of the team is remarkable, and they ensure that all their customers are satisfied. 

Account: Register & Login

One of the biggest advantages of using BTCMEX is its quick and simple registration process. To create an account, just follow these simple steps:

  1. Go to the BTCMEX website and click on the register button on the homepage. You can choose to register by using your phone number or your email.
  2. You will then receive a verification code by email or a text message on your phone.
  3. Create a new password for your account and make sure it is a strong one.
  4. You will be required to confirm the password.
  5. Read the terms of services and click agree.

And that’s it. 

The process is quite simple and hassle-free. You can now deposit your Bitcoins into your wallet and start trading. 

BTCMEX gives users the option of placing different types of orders which are:

Market orders and Limit orders are different due to the method of how the entry price of the position is determined. Moreover, market orders are instantly executed at the market price. On the contrary, limit orders are executed at a specific price, which has been set. 

The rest of the orders are all conditional orders. They give users the option to open or close positions according to their trading strategy.

You can place an order by clicking on the Trade button that is available on the trading page of the website. Users must then select the type of order that they are going for. You will also have to enter the amount of the contracts and select the leverage. Then, you must choose the limit and add the trigger price. The trading chart presents information regarding your open position to help you out. 

Safety & Security

BTCMEX prides itself on prioritizing the safety and security of all its customers. The exchange ensures the safety of their user’s digital assets by using a Multi-signature Cold Wallet (Multisig). 

Multisig is an offline storage provider that uses the top security methods in the crypto world. Private keys are not stored on any cloud servers. All the funds are kept in deep cold storage. 

Furthermore, the BTCMEX trading engine, database, and web servers are all secured by Amazon Web Services. This is a highly reliable service that provides top-class security to many IT companies around the world. 

BTCMEX also requires multiple forms of user authentication before an account can be accessed. It includes Google Authentication when users are making any deposits or withdrawals. A challenge-response test is also used. 

The platform has a customized and hi-tech security infrastructure that was made by two teams of Russian and Chinese experts. System cooperation was also created to test the platform’s operations.  

BTCMEX ensures that all the deposit addresses sent to them are verified. Moreover, the withdrawal requests are manually processed by a dedicated team of senior executives daily. This means that their screening process is comprehensive and robust. 

All backups of the system are stored in multiple locations off-site, which ensures 100% trading uptime and facilitates Hot Fixes. Their security protocols surely set them apart from their competitors in the cryptocurrency world. 

The platform has also planned for possible losses that may occur during liquidation. They have an established maintenance margin requirement in place to make sure that the fill price is better than the bankruptcy price. This insurance fund helps them cover any losses and makes trading more transparent and unbiased. It also helps secure the profits of the users, even in the case of a loss during trading.

Customer Support

BTCMEX has a 24/7 dedicated customer support service for providing the best solutions to its customers. If you are facing any trouble or need additional information regarding the platform’s services, there are multiple ways you can reach the support team.

The company has support offices worldwide. They are also available by phone and email. Customers can submit a request on their help section. Their platform is expected to support over 8 languages in the near future.

BTCMEX aims to make the entire process of cryptocurrency trading more accessible to newcomers. Hence, their team is focused on delivering the most reliable cryptocurrency content. This is also to facilitate their existing customers. It has created the BTCMEX Trading Codex, which holds all the definitions of trading terms used in cryptocurrency exchange. 

The company is also determined to raise awareness and educate people about the cryptocurrency world. They have made a trading guide for their customers. This guide includes several educational materials that cover all crypto trading fundamentals as well as technical analysis. 

BTCMEX has an active blog with a variety of industry insights and opinions shared regularly, to keep their customers up to date regarding the situation of the cryptocurrency industry. The company also interacts with its customers and is available to them through social media. Their social media presence is strong on Facebook and Twitter, and they regularly update all their clients regarding product updates and technical support. 

Conclusion

BTCMEX has caused a ripple in the crypto world by offering the fastest transactions per second in the industry. Moreover, it has focused on reducing latency for their traders. This is done to ensure that they can earn the maximum profit. 

The exchange services are vast and provide value for money for its customers. Their customer-centric approach is very remarkable. Providing a library of information in their trading guide and Codex is not only helpful to their customers but also to the laymen who do not have much information regarding cryptocurrencies. This consolidated information regarding the technicalities of the industry can help build up awareness and promote the use of crypto in the world. 

Not only is their customer support excellent, but BTCMEX has very sound security practices in place to protect any loss of funds or suspicious transactions. The platform also provides access to users through their phones and computers. They have a well-designed app for their customers’ convenience. 

Unlike traditional financial markets, there are no specific business hours for digital asset trading. That’s what makes it so appealing. Platforms like BTCMEX guarantee a hundred percent of trading uptime, which is made possible through hotfixes and system backups off-site. 

BTCMEX also offers 100x leverage to help traders capitalize on their trading activities and earn the most profit. Their team is constantly innovating new technologies to incorporate bitcoin trading. They are dedicated to making the process more profitable. Their AI price prediction system is unique and offers a lot of promise for the future of the crypto industry. 

BTCMEX has only recently emerged and has taken no time to become one of the leading crypto derivatives markets in the world. The platform has raised a daily trading volume of about $50 million in just three months! 

There is no guessing what the company is going to do next. However, their recently launched affiliate program shows a lot of promise and is sure to give its competitors a run for their money. 

BTCMEX is focused on increasing its sphere of influence and has been able to garner a lot of support from the cryptocurrency community by offering bonuses and other incentives.