How to Start BitMEX Trading in 2024: A Step-By-Step Guide for Beginners
Entering the world of cryptocurrency trading can be both exciting and daunting, especially for beginners. BitMEX, one of the leading cryptocurrency exchanges, provides a user-friendly platform for individuals to buy, sell, and trade digital assets. This step-by-step guide is designed to help beginners navigate the process of starting BitMEX trading with confidence.
How to Open an Account on BitMEX
How to Open an Account on BitMEX with Email
1. First go to the BitMEX website, and click on [Register].
2. A pop-up window will come up, fill out your email and the password for your account and choose your Country/Region. Remember to tick the box that you accept with the Terms of Service.
3. Click on [Register].
4. The Registration email will be sent to your email, open your email and check it.
5. Open the mail and click on [Confirm Your Email].
6. A pop-up Login window will come up, Click on [Login] to log in to your account and continue the next step.
7. This is the BitMEX home page after you register successfully.
How to Open an Account on the BitMEX App
1. Open the app BitMEX on your phone, and click on [Register].
2. Fill out your information, tick on the box that you accept the Terms of Service, and click on [Register].
3. A registration Email will be sent to your mailbox, check your email then.
4. Click on [Confirm Your Email] to confirm the email and continue.
5. Open your app again and log in. Click on [Accept and Sign In].
6. Here is the home page after you register successfully.
How to Complete Identity Verification on BitMEX
How to Verify BitMEX Account (Web)
The verification process on both desktop and mobile apps is the same, it will pop up a new browser window as below, and keep track of the steps to verify successfully.
1. First go to the BitMEX website, and click on [Login] to log in to your account.
2. Fill out your email and password to log in.
3. Click on [Login] to log in to your account.
4. After login, click on the link below to start verification.
5. Choose [Verify Individual Account] to continue.
6. Tick on the box and click on [Get Started].
8. Tick on the box to confirm that you are not a US citizen or resident.
9. Click on [Next] to continue.
10. Fill out your information for verification.
11. Click on [Continue] to keep on the next step.
12. Select your country/region.
13. Select the types of your documents for verification.
14. Click on [Continue on phone].
15. Click on the [Get secure link] to continue.
16. Use your phone to scan the QR code to access the next step.
17. Do the next step on your phone.
18. Click on [Continue] to continue the next step.
19. Take a photo of the front/back of the document that you use for the verification.
20. Click on [Record video] to continue the next step.
21. Record the video of yourself with the requirements of the system.
22. Upload the photos and video, then back to your PC/laptop.
23. Click on [Submit verification] to continue.
24. Click on [Continue].
25. Fill out your address.
26. Click on [Continue] to continue for the next step.
27. Fill out the form to answer the BitMEX.
28. Click on [Continue].
29. Your application will be sent and under review, wait for the verification.
30. Check for your email, if there is an Approved mail, means that your account is verified and ready to go. Click on [Fund Your Account].
31. Congratulations! You are allowed to trade, deposit, and buy cryptos,... in BitMEX now.
32. This is the BitMEX home page after you verify successfully.
How to Verify BitMEX Account (App)
The verification process on both desktop and mobile apps is the same, it will pop up a new browser window as below, and keep track of the steps to verify successfully.
1. Open the BitMex App on your mobile phone, after that, click on [Trade] to continue.
2. Click on the arrow button to start the verification.
3. Fill out your information to continue the verification. After finishing click on [Continue] to move to the next step.
5. Select the types of your documents for verification.
6. Take a photo of your document by clicking on the circle button.
7. Click on the [Upload] to continue.
8. Click on [Record video] to continue.
9. Click on the [Allow] to let the BitMEX use your camera.
10. Click on the circle button with the camera icon to record the video of yourself.
11. Fill out your location/address. Click on [Continue] to continue the next step.
12. Fill out the BitMEX form for new users.
13. Click on [Continue] to finish the process.
14. Your application will be sent and under review, wait for the verification.
15. Check for your email, if there is an Approved mail, means that your account is verified and ready to go. Click on [Fund Your Account].
16. Congratulations! You are allowed to trade, deposit, and buy cryptos,... in BitMEX now. This is the BitMEX home page on the app after you verify successfully.
How to Deposit on BitMEX
How to Buy Crypto with Credit/Debit Card on BitMEX
Buy Crypto with Credit/Debit Card (Web)
1. Go to the BitMEX website and click on [Buy Crypto].
2. Click on [Buy Now] to continue.
3. A pop-up window will come up, you can choose the fiat currency that you want to pay, and the types of coins you prefer.
4. You can also choose the types of paying, here I choose credit card.
5. You could also choose the crypto supplier by clicking on the [By Sardine], the default supplier is Sardine.
6. Different suppliers will offer different ratios of crypto that you get.
7. For example, if I want to buy 100 USD of ETH, I type in 100 in the [You spend] section, the system will convert it automatically for me, then click on [Buy ETH] to complete the process.
Buy Crypto with Credit/Debit Card (App)
1. Open your BitMEX app on your phone. Click on [Buy] to continue.
2. Click on [Launch OnRamper] to continue.
3. Here you could fill out the amount of crypto that you want to buy, you could also choose the currency fiat or the types of crypto, the payment method that you prefer, or the crypto supplier by clicking on the [By Sardine], the default supplier is Sardine.
4. Different suppliers will offer different ratios of crypto that you receive.
5. For example, if I want to buy 100 USD of ETH by Sardine by using credit card, the system will convert it automatically into 0.023079 ETH. Click [Buy ETH] to complete.
How to Buy Crypto with Bank Transfer on BitMEX
Buy Crypto with Bank Transfer (Web)
1. Go to the BitMEX website and click on [Buy Crypto].
2. Click on [Buy Now] to continue.
3. A pop-up window will come up, and you can choose the fiat currency that you want to pay, and the types of coins you prefer.
4. You can also choose the types of payment, here I choose bank transfer by any bank that you want to.
5. You could also choose the crypto supplier by clicking on the [By Sardine], the default supplier is Sardine.
6. Different suppliers will offer different ratios of crypto that you get.
7. For example, if I want to buy 100 EUR of ETH, I type in 100 in the [You spend] section, the system will convert it automatically for me, then click on [Buy ETH] to complete the process.
Buy Crypto with Bank Transfer (App)
1. Open your BitMEX app on your phone. Click on [Buy] to continue.
2. Click on [Launch OnRamper] to continue.
3. Here you could fill out the amount of crypto that you want to buy, you could also choose the currency fiat or the types of crypto, the payment method that you prefer, or the crypto supplier by clicking on the [By Sardine], the default supplier is Sardine.
4. Different suppliers will offer different ratios of crypto that you receive.
5. For example, if I want to buy 100 EUR of ETH by Banxa using a Bank Transfer from a provider named Sepa, the system will convert it automatically into 0.029048 ETH. Click [Buy ETH] to complete.
How to Deposit Crypto on BitMEX
Deposit Crypto on BitMEX (Web)
1. Click on the wallet icon in the top right corner.
2. Click on [Deposit] to continue.
3. Choose the Currency and Network that you prefer to deposit. You could scan the QR code below to deposit or you could deposit in the address below.
Deposit Crypto on BitMEX (App)
1. Open the BitMEX app on your phone. Click on the [Deposit] to continue.
2. Select a coin to deposit.
3. You could scan the QR code below to deposit or you could deposit in the address below.
How to Trade Crypto on BitMEX
What is Spot trading?
Spot trading refers to the buying and selling of tokens and coins at the current market price with immediate settlement. Trading spot is different from derivatives trading, as you need to own the underlying asset to place a buy or sell order.
How to Trade Spot on BitMEX (Web)
1. Open the BitMEX website and click on [Login] in the top right corner.
2. Fill out your email and password to log in.
3. Click on [Login] to log in to your account.
4. Click on [Trade] and choose [Spot] for the Spot trading. The spot is using USDT to purchase digital assets like Bitcoin or ETH.
5. This is a view of BitMEX’s trading page interface.
-
The trading volume of Spot Pairs in 24 hours:
This refers to the total volume of trading activity that has occurred within the last 24 hours for specific spot pairs (e.g., BTC/USD, ETH/BTC).
-
Buy/Sell Section:
This is where traders can place orders to buy or sell cryptocurrencies. It typically includes options for market orders (executed immediately at the current market price) and limit orders (executed at a specified price).
-
Order Book:
The order book displays a list of all open buy and sell orders for a particular cryptocurrency pair. It shows the current market depth and helps traders gauge supply and demand levels.
-
Recent Trades:
This section shows a list of recent transactions that have been executed on the exchange, including details such as price, volume, and time.
-
Candlestick Chart:
Candlestick charts are graphical representations of price movements over a specific time period. They display opening, closing, and high, and low prices within the chosen timeframe, helping traders analyze price trends and patterns.
-
Contract Details, Spot Pairs:
This provides essential information about the spot pairs available for trading, including trading hours, tick size, minimum order size, and other contract specifications.
-
Spot Pair chosen order/Active Orders/Stops Limit Orders/Fills/Order History:
These sections allow traders to manage their orders, view active orders, monitor stop-limit orders, review filled orders, and access their complete order history.
-
Market Depth:
Market depth displays the cumulative volume of buy and sell orders at various price levels. It helps traders understand the liquidity of a market and identify potential support and resistance levels.
-
Available Assets:
This section lists all the cryptocurrencies and fiat currencies available for trading on the platform.
-
Positions/Closed Positions:
Traders can view their open positions and closed positions, including details such as entry price, exit price, profit/loss, and time of trade.
-
Margin Section:
This section is specific to margin trading, where traders can borrow funds from the exchange to increase their buying power. It includes options for managing margin positions and monitoring margin requirements.
-
Instruments:
Instruments refer to the various financial products available for trading on the platform, including spot pairs, futures contracts, options, and more.
6. BitMEX has 2 Order Types:
- Limit Order:
- Market Order:
7. Choose the crypto you want to operate on the left crypto column. Then choose the trading type: [Buy] or [Sell] and the order type: [Limit Order] or [Market Order].
- Buying/Selling:
If you want to initiate a buy/sell order, enter the [Buy]/[Sell], [Notional], and [Limit Price] one by one in the blank. Finally, click [Buy]/[Sell] to execute the order.
- Example:
Suppose User A wants to trade the BTC/USDT pair, intending to buy 1 BTC with 70263 USDT. They input 1 in the [Notional] field, and 70263 in the [Limit Price] field, and the transaction details are automatically converted and shown below. Clicking [Buy]/[Sell] completes the transaction. When BTC reaches the set price of 70263 USDT, the buy order will be executed.
How to Trade Spot on BitMEX (App)
1. Open your BitMEX app on your phone and click on [Login].
2. Fill out your email and password to log in, remember to tick on the box to verify that you are human.
3. Click on [Accept and Sign In] to continue.
4. Set up your 2nd password to ensure the security.
5. Here is the home page after you login successfully.
6. Click on [Trade] to enter the trading interface.
7. This is BitMEX at the trading page interface on mobile.
-
Spot Pairs:
Spot pairs are trading pairs where transactions are settled "on the spot," meaning they are executed immediately at the current market price.
-
Candlestick Chart:
Candlestick charts visually represent the price movement of a financial instrument, such as a cryptocurrency, over a specific period of time. Each candlestick typically shows the open, high, low, and close prices for that time frame, allowing traders to analyze price trends and patterns
-
Margin Mode/Funding Rate/Next Funding:
These features are related to margin trading, where traders borrow funds to increase their buying power.
Margin Mode: This indicates whether the trader’s account is in margin mode, enabling them to borrow funds.
Next Funding: This displays the estimated time and rate of the next funding period in perpetual futures contracts.
Funding Rate: In perpetual futures contracts, funding rates are periodically exchanged between long and short positions to maintain the contract’s price close to the underlying asset’s spot price.
-
Order Book:
The order book is a real-time list of buy and sell orders for a particular trading pair. It displays the quantity and price of each order, allowing traders to gauge market sentiment and liquidity.
-
Buy/Sell Section:
This section provides traders with the interface to place market orders, where orders are executed immediately at the current market price, or limit orders, where traders specify the price at which they want their order to be executed.
-
Trading History and Open Orders:
This section displays the trader’s recent trading activity, including executed trades and open orders that have not yet been filled or canceled. It typically shows details such as order type, quantity, price, and time of execution.
- Buying/Selling:
If you want to initiate a buy/sell order, enter the [Buy]/[Sell], [Size], and [Limit Price] one by one in the blank. Finally, click [Buy]/[Sell] to execute the order.
- Example:
Suppose User A wants to trade the BTC/USDT pair, intending to buy 0.0001 BTC with 67810.5 USDT. They input 0.0001 in the [Size] field, and 67810.5 in the [Limit Price] field, and the transaction details are automatically converted and shown below. Clicking [Buy]/[Sell] completes the transaction. When BTC reaches the set price of 67810.5 USDT, the buy order will be executed.
9. Click on the trading pairs.
10. Select [Spot] and choose the Spot Pairs.
11. BitMEX has 2 Order Types:
- Limit Order:
- Market Order:
This order type will automatically execute the trade at the current best price available in the market.
12. Enter the [Limit Price] and [Size/Notation] and swipe on [Swipe to Buy].
13. Similar to the Selling section.
What is the Stop-Limit Function and How to use it
What is a stop-limit order?
A stop-limit order combines elements of both a stop order and a limit order, offering more control over trade execution. It includes a stop price, at which the order is activated, and a limit price, at which the order is executed.
When the asset’s price hits the stop price, the stop-limit order becomes active and is placed on the order book. Subsequently, when the price reaches the limit price, the order is executed.
Stop price: This is the trigger point for the stop-limit order. When the asset’s price hits this level, the order is activated to buy or sell at the limit price or better.
Limit price: The designated price or potentially better price at which the stop-limit order is executed.
It’s advisable to set the stop price slightly higher than the limit price for sell orders, creating a buffer zone to ensure execution even if prices fluctuate. Conversely, for buy orders, setting the stop price slightly lower than the limit price can mitigate the risk of non-execution.
It’s crucial to note that once the market price reaches the limit price, the order is treated as a limit order. Setting excessively high stop-loss limits or excessively low take-profit limits may result in orders not being filled, as the market price may not reach the specified limit.
In summary, a well-calibrated stop-limit order provides a balance between trigger and execution prices, optimizing trade execution while managing risk.
How to create a stop-limit order
How to place a stop-limit order on BitMEX?1. Click on [Stop Market] to extend options.
2. Select the [Stop Limit] to continue.
3. Enter the [Stop price], [Limit price], and the [Notional] of crypto you wish to purchase. Click [Set Buy Stop] to confirm the details of the transaction.
How to view my stop-limit orders?
Once you submit the orders, you can view and edit your stop-limit orders under [Orders History].
How to Withdraw from BitMEX
Withdraw Crypto from BitMEX (Web)
1. Open the BitMEX website and click on the wallet icon on the top right corner of the page.
2. Click on [Withdraw] to continue.
3. Select the currency and the network that you prefer, and type in the address and the amount you want to withdraw.
4. After that, click on [Continue] to start withdrawing.
Withdraw Crypto from BitMEX (App)
1. Open the BitMEX app on your phone, then click on the [Wallet] on the bar below.
2. Click on [Withdraw] to continue.
3. Click on the arrow button to add the address that you want to withdraw.
4. Select the types of crypto, and network and type in the address, then name a label for this address. Tick the box below for an easier withdrawal process.
5. Click on [Confirm] to confirm the address.
6. After that click on [Withdraw] one more time to start withdrawing.
7. Select the address you want to withdraw to.
8. Due to the setup you made before, now just need to type in the amount and then click on [Continue] to complete.
Frequently Asked Questions (FAQ)
Account
Why am I not receiving emails from BitMEX?
If you’re not receiving emails from BitMEX, try the following troubleshooting steps:
- Check the Spam filters in your mailbox. There is a chance our email may have ended up in your Spam or Promotions folders.
- Ensure BitMEX support email is added to your email whitelist and try to request the emails again.
If you are still not receiving emails from us, please contact us using the email address linked to your account. We will further investigate why emails are not being delivered.
Can I have more than one BitMEX account?
You can only register one BitMEX account, however, you can create up to 5 subaccounts tied to that one.
How can I change my email address?
To change the email address that’s associated with your BitMEX account, please reach out to support.
How can I close/delete my account?
To close your account, there are two options available depending on whether or not you have the BitMEX app downloaded.
If you have the app, you can request to close your account by following these steps:
- Tap on the More tab located at the bottom of the navigation menu
- Select Account and scroll down to the bottom of the page
- Tap on Delete account permanently
If you don’t have the app downloaded, you can reach out to support asking them to close your account.
Why was my account marked as spam?
If an account has too many open orders with a gross value of less than 0.0001 XBT, the account will be labeled as a spam account and all proceeding orders that are smaller than 0.0001 XBT in size will automatically become hidden orders.
Spam accounts are re-evaluated every 24 hours and may return to normal provided that trading behaviour has changed.
For more details on the spam mechanism please see our REST API docs on Minimum Order Size.
Verification
Are there minimum thresholds below which users don’t have to verify?
No-user verification is required for all users who want to trade, deposit, or withdraw, regardless of volume or amount.Our user verification process is fast and intuitive and for most users should take no more than a few minutes.
How long does it take to process user verification?
We aim to respond within 24 hours. Most users should receive a response within a few minutes.
