Following the controversial developments yesterday, cryptocurrency traders have withdrawn over $336 million worth of BTC from the derivatives exchange BitMEX.
BitMEX is one of the most popular Bitcoin margin trading exchanges. It’s a crypto platform that allows users to trade Bitcoin, as well as other popular cryptocurrencies with high leverage of up to 100x.
Margin trading enables traders to borrow money from the exchange and place positions with leverage much higher than what they actually have in their trading balance.
This comes with a lot of benefits, such as the fact that it can seriously amplify profits, and it takes away the need to store large amounts of cryptocurrency on the exchange (from security reasons). However, it’s also a lot riskier, and it can cause severe and quick losses of capital, so it has to be practiced with extreme care.
BitMEX is owned by HDR Global Trading Limited, which is registered in Seychelles. It has offices across the world and is headquartered in Hong Kong. It was founded by Arthur Hayes, Ben Delo, and Samuel Reed back in 2014.
The exchange uses the so-called perpetual future contracts which are different from traditional Bitcoin futures contracts. Unlike the latter, the former can be terminated at any point, allowing traders to enter and exit their positions whenever they want to instead of having to wait for a settlement date. Of course, users can also take advantage of traditional contracts with a pre-determined settlement date.
Recent BitMEX News
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BitMEX issued an official statement in response to the US CFTC, saying they will fight the allegations while guaranteeing that
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BitMEX, one of the world's leading cryptocurrency derivatives exchanges, has set up a Bitcoin satellite system to run a node
Today, BitMEX announced the launch of four new altcoin/USDT quanto futures contract pairs for users. The LINK/USDT quanto pair will
The Bitcoin (BTC) price dip seen on Thursday has triggered a cascade of forced liquidation on derivatives exchanges like BitMEX
The popular Bitcoin margin trading platform BitMEX will require all of its users to go through a mandatory Know Your