Questions and Answers. See the FAQs about BitMEX’s Spot Trading.
What is Spot Trading on BitMEX?
The launch of BitMEX’s spot exchange is just around the corner, along with a chance to win a share of the prize pool worth over $1 million.
Last week, BitMEX invited the users to explore the BitMEX Spot spot on Testnet and share their feedback. It is through their invaluable and ongoing feedback, as well as an assessment of trading pre-order needs, that BitMEX will continue to refine the mainnet version of BitMEX’s spot exchange.
Since BitMEX’s announcement of the decision to bring spot trading to BitMEX, they have received tremendous interest from BitMEX users and the wider community, many eager to learn more about BitMEX Spot Spot.
So here it is. Read on for answers to the most frequently asked questions about BitMEX’s spot exchange, as well as a detailed introduction to spot trading.
What is spot trading?
In the cryptocurrency space, spot trading refers to the purchase and sale of tokens and coins at the current market price (or “spot price”) — with the aim of delivering the underlying asset immediately. Spot trading is different from derivatives trading because you need to own the underlying asset in order to place a buy or sell order.
What is a cryptocurrency spot exchange?
A spot exchange is a marketplace where you can buy and sell cryptocurrencies like Bitcoin and Ethereum . They work much like other trading platforms, and you can create different order types to buy, sell, and speculate on price movements of assets. Cryptocurrency spot exchanges, like BitMEX, will operate 24/7, which means you can trade cryptocurrencies anytime, any day.
There are two types of spot exchanges:
- Centralized exchanges (CEXs)
- Centralized exchanges (CEXs), such as BitMEX Spot, act as intermediaries between traders, directly participating in the market by clearing trades. Centralized exchanges typically maintain digital order books, a public list of buy and sell orders made up of quantities and prices.
- Decentralized exchanges (DEXs)
- Decentralized exchanges (DEXs) that facilitate peer-to-peer cryptocurrency trading without intermediaries. This means that there is no centralized entity to keep traders’ funds.
What order types will BitMEX Spot support?
BitMEX’s spot exchange will offer two different order types:
- Market Order:
- A market order is a cryptocurrency-to-cryptocurrency trade that is executed immediately at the current market price. Traders use this order type when they want to fill their orders as quickly as possible.
- Limit Order:
- This order type allows users to prepare spot trades in advance. Place limit orders allow traders to set their own price to buy or sell cryptocurrencies. If the market reaches the limit price, the trader’s order will be executed.
How can I access BitMEX Spot Spot?
When BitMEX Spot launches, you will be able to buy, sell and trade cryptocurrencies by logging into your account from your desktop or mobile browser.
If you are not a BitMEX user, you need to register and complete user verification to start trading on BitMEX Spot.
Welcome offer for new users: Earn BMEX tokens after registration
From now until May 16, 2022, new registered users will be eligible for up to 45 BMEX. Here’s how to earn BMEX with BitMEX’s welcome offer:
Register and complete KYC to get 5 BMEX
Buy cryptocurrencies worth over $250 to get 10 BMEX
Want to get an extra 10 BMEX? Keep purchased cryptocurrencies in your BitMEX wallet until May 25, 2022 .
Spot trading function
Once BitMEX Spot is fully live, you will be able to access the spot trading feature in four ways:
- Token Exchange RFQ (Request for Quote): Users can continue to instantly exchange one asset for another. Perfect for traders who are just starting to trade cryptocurrencies and looking for a quick and easy way.
- Spot Trading: Users will be able to place limit and market orders on our spot exchange. The Limit Order Book (CLOB) will be backed by professional market makers and dealers with liquidity for all trading pairs.
- API Trading: Institutional traders will be able to take advantage of our full-featured REST API and powerful streaming WebSocket API. All market and user data will be provided, along with real-time updates. Every feature used by BitMEX Spot is exposed through an API, which means developers have full control over building any type of application on top of BitMEX.
- Mobile App: BitMEX’s new cryptocurrency app will soon allow users to transact easily through a simple, smooth and intuitive interface.
Which trading pairs will be offered on the BitMEX Spot spot exchange?
BitMEX Spot will initially support seven trading pairs: XBT/USDT, ETH/USDT, APE/USDT, UNI/USDT, MATIC/USDT, LINK/USDT, and AXS/USDT.
More cryptocurrencies — including BMEX — are coming and will arrive on BitMEX’s platform in the coming months.
What is the fee structure for BitMEX Spot Spot?
BitMEX is working hard to ensure that BitMEX Spot’s trading fee structure is one of the most competitive in its space. You can find BitMEX’s fee tiers here, broken down as follows:
Can I use the same wallet for spot and derivatives trading?
Yes, your BitMEX wallet can be used for both spot and derivatives trading. Once you place an order on BitMEX’s spot exchange, your account balance will be reduced immediately until the order is executed or cancelled.
Calling all traders: Get ready to share in the $1M+ cryptocurrency prize pool
To celebrate the launch of BitMEX Spot Spot, traders have the chance to win a share of a grand prize pool worth over $1 million.
Here’s a sneak peek of some of BitMEX’s top prizes:
- One winner will win $500,000 in Bitcoin and a custom AC Milan jersey
- Seven winners will receive 25,000 BMEX tokens
- Five winners will receive 10,000 BMEX tokens
- Five winners will receive 5,000 BMEX tokens
- One winner will receive $3,000 in Bitcoin
To be the first to know about BitMEX’s product launches and giveaways, connect with BitMEX on Discord, Telegram, and Twitter.
Please check BitMEX official website or contact the customer support with regard to the latest information and more accurate details.
BitMEX official website is here.
Please click "Introduction of BitMEX", if you want to know the details and the company information of BitMEX.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...