BitMEX is a cryptocurrency exchange that was established by ex-bankers. It is a peer-to-peer trading platform that has a controversial reputation, which is why people are often careful while using this exchange.
Every crypto exchange has some benefits and drawbacks as no platform is perfect. However, the most suitable exchange can be identified as the one that matches your criteria and requirements the most. To make sure you are able to find the right kind of exchange you need to know the basic details of a platform, which is the BitMEX exchange in this case. To buy XRP on Uphold, you will first need to create an account with the digital wallet service. It’s a very easy process.
Any potential investor or trader who is looking to use this platform should know about the benefits and drawbacks mentioned below so they can make an informed decision and then step into the crypto space.
Benefits of BitMEX
Any kind of services and features offered by a crypto exchange that suit your needs can be considered as benefits. However, to identify the benefits you should also predefine your criteria and needs.
Here is a brief BitMEX review on the benefits you should know about as a user of the exchange.
The BitMEX exchange focuses on the security offered to the users, which is one of its benefits. The safety of an exchange is always one of the most important aspects to consider. The crypto space is a risky place and buying or trading a platform without getting proper experience and information can be risky. However, one of the best ways to mitigate the risks you may face is to choose a safe and secure crypto platform.
Even though this platform may have its drawbacks, one of the benefits is that it has never been hacked. This can indicate that the security offered by this platform is solid and is a selling point of the exchange.
No Need for KYC
KYC means know your customer, which is one of the security systems or an additional layer of security. This verification process helps the exchanges in making sure the security of the platform is unbreachable as it is a detailed identification process.
BitMEX is one of the exchanges that does not require users to complete the KYC verification. Platforms that do opt for it limit the access of the exchange for fraudsters and scammers. However, this verification process also makes it difficult for people in some parts of the world to open anonymous accounts or access the exchange at all.
Therefore, this brief BitMEX focuses on the fact that this exchange does not require KYC verification but also ensures security of user funds and accounts.
BitMEX liquidation is yet another factor that can be considered as a benefit offered by the platform. This exchange has a tainted reputation and history. However, it is known to offer a high liquidity to the users of the exchange. If this is a major aspect for you and a deciding factor then you should also know that despite the fact it offers high liquidity, it has also been accused of liquidating funds of customers a while back. Therefore, make sure you choose carefully.
Drawbacks of the Crypto Exchange
BitMEX is not one of the most popular crypto exchanges in the world, however, it is known among the crypto investors and traders. Despite the benefits of the exchange mentioned above, you should also know the drawbacks that can potentially affect you if you start using the exchange.
One of the topmost drawbacks of the BitMEX exchange is that it is not suitable for people who are new to crypto investing or trading. This limits the target audience for the exchange as its user interface is not compatible with beginners.
Therefore, if you are new to the crypto space then before taking a look at BitMEX fees or any other features, you should know that it is not suitable for you to use.
Unavailable in the USA
Another aspect of the exchange is that it does not offer its services to crypto investors and traders residing in the United States of America. The USA has some strict regulatory laws, which is why some crypto exchanges refrain from extending their services to the citizens of the country.
If you are living in the USA, it is better that you look for a crypto platform that is available within your country or region.
As mentioned above, BitMEX has a few complications, which is why it is not as widely used as its competitors. One of its drawbacks is that it has submission errors, which can complicate the process of buying or trading crypto.
Knowing the features and services offered by BitMEX can really help you to determine if the exchange ticks all the right boxes for you or not. Therefore, as a beginner, you should know the details mentioned above.