Look like I won't be trading on Bitmex O_O
Today I decided to join Bitmex because of its ability to short or go long on currencies. I was very excited about trying out this new way of trading on the exchange.
When I signed up and click my confirmation link in my email, I was greeted and reject by this page all in one fell swoop!
I thought maybe it was maybe a glitch in the system, so I decided to try to deposit some money into bitmex to see if it would work. Right when I clicked deposit I was immediately rejected with this web page.
To me this is very frustrating! I know that bitmex works in England, so why are they banning the united states? I was thinking about using a VPN to hide my location in the united states but first I wanted to figure out why they were banned in the U.S.
So first i did a search for "bitmex blocked in the U.S". When I went to investigate my results for the reason why, I found some very bad reviews that were very well explained. I clicked the link to the website http://bittrust.org/bitmex and here is the first review I found:
Complete crap service. There is no way in hell the five star reviews below were written by anyone other than the owners.
Bitmex is a complete scam. Please read this carefully if you're thinking of depositing money there, and especially if you're new to the bitcoin industry or to trading.
First off the fees drain your money: 0.075% at 100x is 7.5% on every open and close of every trade (they don't tell you that, they just show you 0.075% so you think it's small, but they charge you 7.5 fucking percent on your margin when you trade with leverage).
The "team" behind bitmex is just two guys in their twenties looking to get rich / scam uninformed/noob traders out of their money. It's an amateur operation. It's also completely UNREGULATED. There's no financial watchdog monitoring what these people are doing behind the scenes.
If bitmex were to be regulated, or should financial regulators catch on to them, the owners would be behind bars.
Especially because the owners have many times used pseudonyms in forums online to advocate for "US customers to use a VPN" (even in the bloody reviews on this page!) - not only are they encouraging illegal behavior but that's the only way their operation can survive because most of their volume is US-based.
They incorporated their operation in Seychelles to make it jurisdictionally hard to sue or pursue them. There are many stories online of people trying to do just that after losing their account balance on Bitmex.
The owners are also moderators of a semi-popular online bitcoin forum so they censor all kinds of criticism toward bitmex and use the forum to pump up and drive traffic to their operation.
There is not a single story, comment, or review online of anyone making money on Bitmex.
You get lost so easily in the trading interface. It's as if they make it complicated on purpose. Most of the volume on there is generated by the owners with their market making algorithms to make it seem like the site is popular.
You'll get liquidated pretty quickly, especially if you have a small account. They'll make the price feed wick instantly to hit your stops and liquidate you (it's simple to manipulate at 100x). That kind of liquidation is a straightforward transfer of money from your deposit to their coffers. Stay away, stay away, stay away.
Use Poloniex, Whaleclub.co, Okcoin, Bitstamp, or another reputable service. The owners of this operation only care about their own pockets.
Edit: On the reddit page here some of the confusion of the systems UI and the 50x margin trading "gambling" is talked about by some of the users there too.
Well bitmex isn't looking good after all. That review is well echoed by others on bittrust too saying it is not a good exchange service. Anyone have any experience using it?
So looks like I will just be sticking to bitshares and poloniex! Fine by me. Happy trading everyone!
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The actual reason you can't trade on many offshore brokerages crypto or not, is because of the CFTC regulations regarding trading. the CFTC requires any brokerage that accepts US clients to register with the CFTC and then hold US clients to CFTC standards. Most brokerages just decline US clients. Go to any respectable Forex broker online. pepperstone, icmarkets, etc. and you will also see they do not accept US clients. it isn't because they are scams, it's because they can have lawsuits filed against them in their operating country by the US government.
Example: https://www.forexbrokerz.com/news/CFTC-files-a-suit-against-forex-broker-Tallinex-for-accepting-US-clients
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This is the level-headed answer. I was about to complain and moan about the KYC (Know Your Customer/Client laws in the USA. If I recall this is a Mexican exchange and like banks and financial outfits worldwide, they do not wish to fall under the repressive US laws. Those who have mentioned this exchange on Steemit, in my recollection, are @dollarvigilante TDV and @hilarski. They happen to live in Mexico and Panama respectively.
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Hi! I am a content-detection robot. I found similar content that readers might be interested in:
http://bittrust.org/bitmex
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Thank you cheetah, I honestly don't even know how you do it! You definitly are fast, I assume that's why they call you cheetah!
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I found coinmama dot com they work great but they are not cheap
coinable their customer service sucks
any suggestion ? I would like to find a good place to buy bitcoin
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Yeah, I recommend bittrex. Has worked very well for me. Although I actually have no experience using bitmex, since they rejected because I live in the U.S.
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Broken link, can't find Bitmex on Bittrust(404)
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Thanks for the heads up
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Your welcome, glad to share my experience.
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Thanks for the heads up...I was considering opening an account with them, I'll take a closer look at some of the others.
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Your welcome, I am glad what I wrote helped! Yeah, the same bad reveiws were echoed too many times, so I would be cautious about joining, especially the margin trading on the website; Which the reviewers described as gambling!
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I can see how BitMEX is not suitable for many users, however, it is a tool for experts. Just as trying to trade commodity futures would leave most beginners burned and poor, the same thing can happen here.
I find that it has one of the best user interfaces. Leverage can be very useful, and the fees are actually small if you use leverage responsibly. If you act as a market maker you actually get paid for providing liquidity. Of course, if you sign up, go straight for 100x, and make even the smallest mistake, you will instantly lose everything.
As for the bots being tricky, yes, the market makers and automated bots are clever and/or crazy. You have to get used of the volatility of the futures and always use limits. If a trader can't learn how to "work" the automated MMs then they should stick to "buy and hold". Derivatives trading is a 0 sum game and thus speculation is so much more difficult than with basic commodities and securities.
I'll admit that it can be very enticing to try high leverage for new guys, which wind up as lunch for the automated bots and experts. There are many interesting arbitrage trades and hedges that are possible with futures that are simply not possible otherwise.
So, I guess, don't write it off forever. Maybe it's not right for you now, but it is a new market, and it's always exciting.
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Mmmm interesting. Yes i understand that expert traders can take advantage of the accessibility of the high leveraging system in bitmex.
Mmm I can't speak personal, since I haven't really used the system but i heard that the user interface is hard to navigate! The fees are actually higher than any other exchange that i know of. How much is a user paid for adding liquidity? Obviously it is a high risk, high reward system.
Well bots are prevalant on mostly all the exchanges that I have seen. yeah i don't know what the "volatility of futures mean. Yeah limits are very important, i just haven't really learned how to use them properly!
Yes, bitmex is a very dangerous exchange for noobies for that reason. Since bitmex promotes high leverage in the system.
I won't write it off completely, but the fact that it is blocked from all people in the US is pretty sketchy to me. Not really an attractive landing page right after signing up!
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No, the fees are not higher than any other exchange, are you mad? Any exchange that offers margin trading charges you fees on the value of the order, not the value of your equity. So if you enter with a liquidity-taking order and exit with a liquidity-making order, BitMEX with charge you a net 5 basis points, and e.g. Bitfinex will charge you 30 -- in both cases, on the entire order amount.
The fact that Bitfinex only gives you up to 3.33x leverage doesn't make their fees "lower".
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Lol, I wrote the a long time ago based on the reviews from others and them not allowing me to use bitmex because I live in the united states. No personal experience of my own, except for the fact that I was rejected from the exchange. Also was pretty noobish to trading and exchanges back then.
Well said comment, thank you for correcting my inaccuracies.
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You can use a VPN like SaferVPN to register on BitMex. Just connect to a Canadian server, for example, register and then trade without problems.
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Yeah, I actually have been thinking about doing that recently. Would allow me to place margin trades on bitcoin.
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Thanks for the advice but
Please don't recommend Poloniex they stole 1 Bitcoin from me!
They have ZERO support!
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Your welcome but you have to understand that I wrote this 1 year ago when I was first learning. Bitmex is a good exchange but it is bad for new and amateur traders. Also poloniex used to be a lot better back then, I don't not use polo anymore either because there TOS has changed and they are not good in customer support just like you are saying.
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hey man, how would taxes work? you think the IRS cares at all about violating Bmex TOS? or do they just care about getting a cut from money you are making.
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Circle just bought Poloniex recently with the promise to improve Support. Crossing fingers.
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Doubt that will get the Bitcoin that was stolen back. Maybe the new owners will be better at protecting assets.
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