The abbreviation of BitMEX is Bitcoin Mercantile Exchange. BitMEX is a peer-to-peer trading platform which does not handle fiat currency as it handles only bitcoin. It is specially for the leverage contracts and it allows Crypto Portfolio Tracker of customers with high amount of leverage. It is the first exchange to launch a perpetual contract. It has an access to the global finance markets and built by professsionals over 40 years of combined experience and it highly offers supporting tools.
Navigation Tabs of bitMEX:
There are 5 main navigation tabs of bitMEX.
Trade – This tab allows to select leverage, place and sell orders by means of choosing an instrument through which customers wish to trade.
Account – It displays almost the trade history like current bitcoins available margin balances, deposit and withdrawal information, etc.
Contracts – It is an important tab displaying information such as leverage offered, funding history, settlement history of traders etc.
References – It is like an education corner of bitMEX as one can learn about fees, support and futures contract, perpetual contract etc.
API – It has information related to the development and maintenance of API connection with bitMEX.
BitMEX really provides a high security to users. The various security that bitMEX provides are
Atleast 2 bitMEX employees will check withdrawal information with no private keys on server. Here attacker can’t steal funds as it uses multi-signature deposit and withdrawal scheme. In this bitMEX address accessed by majority of BitMEX partners.
Only approved and monitored channels allow access to bitMEX system and it also requires several forms of verification process like hardware tokens etc.
Trading Engine Security:
No need of using other tools to execute more number of transactions per second, as bitMEX does all kind of executions.
It has an optional feature like PGP encryption where the customer can use it if it is necessary.
Benefits of BitMEX:
With the security wallet of bitMEX there is a good security level it manages to give. Usage of multi-signature concept provides much more security. Every trader and investor enjoys the fast withdrawals provided by bitMEX. Most of exchange charges unreasonably high but bitMEX fee is reasonable. One of the reliable feature that the bitMEX has, bankruptcy protection. Here traders no need to worry about their funds which will be maintained safely by bitMEX protection. It is also user-friendly and response is really good.
BitMEX liquidation process:
Maintenance margin is the minimum amount of bitcoin that one can able to maintain their positions open. If the market price falls below the liquidation price BitMEX will cancel open orders to level the maintenance margin but if the market price rises above the limit, then it reduces the risk limit to stop liquidation from occuring.