Looking forward to buying or selling Bitcoin on crypto exchanges. Well, we are here to help you out with your doubts as well as guide you with the procedure of the same. But before we get on the point, let us take a moment to know about what are crypto exchanges. Cryptocurrency exchanges are online platforms that allow you to trade digital currencies for fiat currency and other crypto assets. This should not be confused with cryptocurrency wallets which are used to store cryptocurrencies and not for trading. However, crypto exchanges also provide wallets for storing crypto assets; it is not recommended to use due to security reasons. Whether you want to buy or sell cryptocurrencies, you need to open an account in a reputable crypto exchange. One such platform is Bitmex which allows you to buy and sell multiple cryptocurrencies on its platform. To learn how to trade on Bitmex read this article carefully.
How Does Bitmex Work?
Bitcoin Mercantile Exchange (Bitmex) is one the worlds most reputable crypto exchange. The main reason for it being one of the best is its margin trading services. Although there are several players in the market, Bitmex is the only exchange to provide 100x leverage on margin trading. Unlike other crypto exchanges, the platform only accepts deposits in Bitcoin by which one can buy multiple cryptocurrencies afterwards.
It provides access to the unique features which can’t be found easily in other exchanges. It is mostly recommended for advanced traders who needs exceptional as well as highly professional trading engine. The platform also lets you cash out your profits without any limitations, which is one of the best aspects of this platform.
The exchange can also be useful if you want to trade anonymously as it doesn’t ask for verification or any personal information. Another thing that’s worth mentioning about the exchange is its high liquidity which is the reason it is considered among the best few crypto exchanges.
How To Use Bitmex?
To use Bitmex or say to trade on Bitmex, firstly, you need to sign up for its account. To do so, visit the official website of Bitmex and click on Register. You would need to fill some of your necessary details such as your name, email address, the country in which you live and then set the password for your account. After doing that, you need to verify your email address by clicking on the link sent to your inbox.
After you confirm your email, your Bitmex exchange account is successfully created. Now, before we tell you about how to trade on Bitfinex, let’s secure your account and deposit funds into it.
Enable 2FA Security And Deposit Funds
To enable two-factor authentication for your account, go to the account section and then select My Account. On the two-factor authentication page, select Google Authenticator option under security. Use the barcode using Google Authenticator to get your unique code and once done; you’ll have to sign in again but this time with two-step authentication.
After you enable 2FA and secure your account, it’s time to deposit funds into it. As we said above, you can only Deposit funds in Bitcoins, and if you’ll deposit any other crypto like Litecoin, or Bitcoin Cash, it would be lost. To deposit Bitcoins in your Bitmex account, go to Wallet section and click on Deposit. You can also find the Deposit option in the Account tab. Bitmex doesn’t charge any fees for deposits although you would have to pay a network fee depending on how much you are depositing. You can find your Bitmex wallet address on the Deposit page and use it to transfer your cryptocurrencies.
How to Trade on Bitmex?
Trading cryptocurrencies on Bitmex is simple, and one can trade easily if familiar with the necessary procedure. As in this guide, we are helping you know how to trade on Bitmex; you won’t have to worry anymore about it. Once you go to the Trade section, it will open up the list of coins in which you can trade. Check your order book and select whether you want to long the cryptocurrency or short it. Make sure you know what you are doing instead of just dabbling around.
Now go to the market option which you will find on the top of the trading page and then execute your trade directly on the spot market. You just need to enter the amount for which you are willing to buy crypto assets and your order would be placed. The same is with selling Bitcoins, you need to enter the number of Bitcoins you want to sell, and it would be sold.
How to Withdraw Funds from Bitmex?
After you made your trade and earn profits from it, you can withdraw your funds back from your account or cash it out. You’ll find the Withdraw option in the Account tab from where you will find the option to transfer your funds to another wallet. Enter the wallet address, provide your 2FA code and click on Submit. Here again, you would have to pay for the network charges to withdraw your funds.
We hope you are now aware of the procedure of how to trade on Bitmex. In case, you don’t understand any of the terms mentioned on the Bitmex platform, research about it first instead of just ignoring it and placing your order. As the crypto platform is meant for advance traders, beginners might find some terms mentioned on the platfrom challenging to understand which you could clear by reading more of our crypto guides. Moreover, if you are still confused about where to invest in cryptocurrency, do read our article about the best cryptocurrencies to invest in 2020 to find out now. Always research thoroughly and develop a plan before trading in crypto as there are high risks associated in the market. Stay away from the pump and dump schemes and use private crypto wallets to store your assets.
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