You can now buy Bitcoin with USDC at BitMEX
Since the fourth quarter of 2021, BitMEX users can only choose to deposit and withdraw one stablecoin: Tether.
Today, however, that has changed with the arrival of USDC.
This is a new feature that means users can now do the following through BitMEX mobile and web:
- Buy USDC in 30+ currencies in minutes with the fiat channel partners (Banxa and Mercuryo).
- BitMEX currently supports fiat currencies: AED, ARS, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, MXN, MYR, NGN, NOK, NZD, PHP, PLN, QAR, SAR, SEK, SGD, THB, TRY, TWD, TZS, UAH, UGX, USD, VND and ZAR.
- Convert USDC to Bitcoin/Tether – and vice versa – with no hidden fees and no slippage concerns.
- This new addition allows users to quickly and easily convert their USDC on BitMEX, so they can focus all their attention on trading Bitcoin and Tether margined cryptocurrency derivatives and/or accessing spot trading pairs.
Deposit and withdraw USDC on the Ethereum network through their BitMEX wallet.
The minimum deposit/withdrawal amount is as low as 1 USDC.
The introduction of USDC support is part of the ongoing focus on enhancing the versatility and accessibility of the platform.
That’s why we’re working hard behind the scenes to expand the scope of spot trading pairs (e.g. TRX/USDT), derivatives listings, etc… the list continues to grow.
If you have not yet registered a BitMEX account, you can do so here.
What is USD Coin (USDC)?
As the name suggests, USDC is a stablecoin pegged 1:1 to the U.S. dollar.
Launched in September 2018, USD Coin is a popular alternative to other USD-backed cryptocurrencies such as Tether (USDT) and TrueUSD (TUSD).
USD Coin was launched through a partnership between Coinbase and Circle, through the CENTRE Alliance upon which the governance of USDC, which they co-founded, relies on. Members of CENTRE are the only entities that can change the circulating supply of USDC.
Every 1 USDC in circulation is backed by $1. It is held in reserves in the form of a mix of cash and short-term U.S. Treasuries.
Cryptocurrencies are native to the internet and run on many of the world’s most advanced blockchains — such as Ethereum, TRON, and Solana — with more chain integrations expected.
Go to BitMEX’s Official Website
USDT vs USDC: What’s the Difference?
Tether and USD Coin are functionally the same concepts – both are stablecoins pegged 1:1 to the US dollar.
That is, USDC and USDT are issued by different entities.
USDC is issued by the global fintech company Circle, while USDT is issued by the cryptocurrency company Tether Limited.
Therefore, the nature of its dollar reserves has a different composition.
Another major difference between the two stablecoins is that Tether is more commonly used for transactions and payments.
USDC, on the other hand, is seen by many as a “safer” stablecoin, as Circle places more emphasis on ensuring security and compliance.
Over the next few weeks, BitMEX will be adding support for Tether (USDT) and more spot trading pairs (including SOL/USDT, ETH/XBT) on the Solana network.
USDC-margined cryptocurrency derivatives contracts – and the ability to trade cryptocurrencies paired with USD Coin – are also coming to BitMEX soon, so stay tuned.
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...