Known for pioneering crypto perpetual swaps, a product that has since become standard across the industry, BitMEX has grown into one of the most recognized crypto derivatives platforms. Over the years, it has expanded under multiple jurisdictions and now offers both derivatives and spot markets with deep liquidity. This BitMEX review looks at its products, fees, and security measures to understand where it stands in 2025. By evaluating the products and services provided by BitMEX, traders can make informed decisions about whether the exchange aligns with their trading objectives and risk appetite.

Visit BitMEX!

BitMEX Overview

BitMEX was co-founded by Arthur Hayes in 2014 and is often credited with pioneering the concept of crypto perpetual swaps. That single innovation shaped the entire derivatives market, and perpetual contracts are still its most traded product. The exchange lists more than 130 futures contracts with leverage going up to 100x, giving traders access to deep liquidity and fast order execution. High-volume participants often prefer BitMEX because it can handle large positions without much slippage.

Its spot trading desk is relatively small, with just over 20+ supported cryptocurrencies, which is minimal compared to other exchanges that list hundreds. This keeps the focus firmly on derivatives, where BitMEX continues to invest most of its resources.

Security has been a key part of its reputation. BitMEX uses multi-signature cold storage for user funds, insurance funds to cover liquidations, and strict internal security processes. Despite its long history, the exchange has never experienced a major hack, which is rare among crypto platforms.

BitMEX is fully KYC-compliant, requiring users to verify identity before trading or withdrawing. It supports users from over 100 countries but is restricted in several regions, including the US, Canada (Québec), Hong Kong, Russia, and a few others listed in its jurisdiction policy. With more than 5 million users, a 200+ employee team, and operations based in Seychelles, BitMEX remains one of the most recognized derivatives-focused exchanges in the crypto market.

BitMEX Pros and Cons

Visit BitMEX!

BitMEX Sign-up and KYC

Signing up on BitMEX is very straightforward. You can create a new account using your email address and verify it within minutes. However, to enable trading and access all of BitMEX’s features, you’ll need to complete the full verification process. This involves submitting both proof of identity and proof of address. Once verified, you can deposit funds, withdraw, and start trading without restrictions.

Using a referral code during sign-up can also unlock extra benefits. The exclusive BitMEX referral bonus; K9yOte, makes you eligible for up to $5,000 in trading bonuses and gives you an additional 10% discount on trading fees. Here’s how you can get started with BitMEX:

Step 1: Open your browser and go to the official BitMEX website. Click on the “Sign Up” button at the top right.

Step 2: Enter your email address, create a strong password, and click “Sign Up” to continue.

Step 3: You’ll receive a 6-digit verification code in your email. Open your inbox, enter the code, and your BitMEX account will be created.

From here, you’ll need to complete the required KYC verification before trading. Keep your national ID or driver’s license handy to complete proof of identity. For proof of address, you can submit a utility bill, a bank maintenance certificate, or even allow BitMEX to confirm your location through GPS. Once everything is submitted, verification is usually completed within a few minutes.

The process is simple, but because of AML and compliance regulations, BitMEX services are restricted in several regions. To avoid running into issues, you can use our BitMEX Country Checker to see whether your region is supported before signing up.

BitMEX Trading

The BitMEX trading platform is designed to be functional and user-friendly, making it easy to navigate even for newer traders. The interface is clean and integrates TradingView charts, giving users access to live price charts, a wide range of indicators, and essential charting tools.

On the right side of the screen, the order panel provides two simple fields to place orders, keeping the layout uncluttered. Just above this section are two key options: Layout Setup and Modification Menu. The Layout Setup allows traders to customize their view by adding or removing elements such as the order book or recent trades panel, or by creating a fully custom trading layout. The Modification Menu offers features like enabling hotkeys, which can make order execution faster for experienced users.

BitMEX also includes a social feature called the Trollbox, a chat area where traders from around the world can share market commentary and ideas in real time.

When it comes to order types, BitMEX supports a full range of options. In addition to the standard market and limit orders, traders can use advanced types like Chaser, Stop Limit/Market, Trailing Stop, and Take Profit Limit/Market on both the spot and derivatives markets.

One notable touch is BitMEX’s theme customization. Traders can choose from multiple interface themes, such as Light, Dark, and playful options like “Mighty Shrimp” or “Just Worms”, allowing for a more personalized experience. The only downside observed was the order book liquidity and spreads, spreads felt wider than expected, and the liquidity was not very deep.

Spot Trading

BitMEX offers spot trading on just over 20 cryptocurrencies, and all pairs are denominated in USDT. The interface is smooth and easy to navigate, with a clean layout and TradingView integration for live charts and indicators.

Spot trading fees are set at 0.10% maker / 0.10% taker by default. These fees can be reduced by holding the native BMEX token or by achieving higher 30-day trading volumes, which unlock tiered discounts.

Derivatives Trading

Derivatives remain the core focus of BitMEX. The exchange offers 73+ perpetual trading contracts, with the majority paired against USDT and a few contracts available in EUR and USD as well. Traders can access up to 100x leverage on certain pairs, which makes BitMEX popular among professional and high-volume traders.

In addition to perpetuals, BitMEX lists 16+ futures contracts, giving users the option to trade with expiry dates when needed.

Trading fees for derivatives are simple and competitive, set at 0.05% maker / 0.05% taker, with the potential for fee reductions based on BMEX holdings or trading volume tiers.

Visit BitMEX!

BitMEX Deposits and Withdrawals Methods

BitMEX currently does not offer its own native fiat on-ramp. Instead, it has integrated with Onramper, a third-party provider, to allow users to purchase crypto directly using various fiat payment methods. This option is available only for deposits.

For most users, deposits and withdrawals are handled through crypto network transactions, with support for major assets across multiple blockchains. This setup ensures fast and reliable transfers, but it means users must already hold crypto or buy through a supported on-ramp before they can start trading.

BitMEX Fees

Let’s take a closer look at the fees charged by BitMEX across its products and services.

Trading Fees

BitMEX follows a simple, competitive fee model across its products. Spot trading fees start at 0.10% maker and 0.10% taker, while derivatives trading fees are slightly lower at 0.05% maker and 0.05% taker. Both spot and derivatives follow a tiered fee structure based on 30-day trading volume. The higher the volume, the lower the fees, with VIP 5 traders (over $250,000,000 in monthly volume) paying as little as 0.0150% maker and 0.0320% taker on derivatives.

Spot fees can also drop to 0.0450% maker and taker at the highest tier. These discounts are not limited to volume-based traders. Holders of the BMEX token can also climb the VIP ladder, with 2,000,000 BMEX unlocking VIP 5 status and granting the same fee reductions even without reaching the required trading volume.

Spot Fees

0.10% Maker

0.10% Taker

Future Fees

0.05% Maker

0.05% Taker

Deposits and Withdrawals Fees

BitMEX does not charge any fees for deposits or withdrawals. The integrated Onramper fiat ramp also has no platform fees, though third-party charges may apply. Crypto deposits and withdrawals are completely free, with users only paying standard blockchain network fees when moving funds on-chain.

Visit BitMEX!

BitMEX Products and Services

Every exchange structures its products and services to attract new users and provide value to existing ones.

BitMEX Trading

BitMEX is best known as the inventor of the perpetual swap, a product that shaped the entire crypto derivatives market. Its trading interface is clean and highly customizable, with integrated TradingView charts, multiple layout options, and hotkeys for faster order execution. Traders can enable or disable sections like the order book or recent trades, build custom layouts, and even switch between different interface themes such as Light, Dark, or fun options like “Mighty Shrimp”.

For advanced users, BitMEX includes professional-grade tools like trading bots, multi-charting, sub-accounts for portfolio separation, and a live Tie News Feed for market updates directly within the platform. The social Trollbox feature adds a community aspect, letting traders interact in real time. Together, these tools make BitMEX a strong choice for users who want a mix of functionality, speed, and customization in their trading setup.

Mobile App

The BitMEX mobile app carries a 4.2-star rating on the App Store and mirrors the full functionality of the desktop platform. Available for both iOS and Android, the app is intuitive and easy to navigate, with no hidden sub-menus or complicated steps. Traders can access charts, place orders, manage positions, and even customize layouts directly from their mobile devices, making it ideal for trading on the go.

BMEX Token

BMEX is BitMEX’s native exchange token and offers multiple utilities for active users. It can be staked on the platform to get additional benefits such as fee discounts and VIP tier upgrades. Holding BMEX allows traders to climb the VIP ladder faster and access the same lower fee rates offered to high-volume accounts without meeting the trading volume requirement, giving long-term users a clear incentive to hold and stake.