How to use Bitmex for beginners

How to use Bitmex for beginners

BitMex is one of the largest bitcoin trading platforms with over 35,000 BTC daily trading volume. Founded by HDR Global Trading Limited in 2014, BitMex has a trading history of over $34 billion worth of bitcoin.

BitMex only accepts deposits through bitcoin which can further be converted into various cryptocurrencies. Trading with leverage is BitMex specialty so without further ado let’s get started to learn the platform.

How to use BitMex for Beginners

As a freshy in the whole crypto world, you can’t just sign up and start trading on the BitMex arena. You need a step by step guide on how to use it for turning your bank account into a bitcoin mine.

This platform allows you to trade the bitcoin with physical currencies like US Dollar, Yuan, Yen and many more. Furthermore, one can also trade with other cryptocurrencies like Dash, Ethereum, Litecoin, Monero, Ripple and you name it.

Although BitMex interface looks a little outdated when compared to similar platforms, it’s easy to use if you are just getting started. Note that if you have experienced programmes like BitMex, you’ll understand the whole thing in a matter of seconds.

After signing up on BitMex, just click on Trade option that would be located on the top to see all the trading instruments available. Take the option as Dash, after clicking on it you’ll see recent trades, order book and order slip on the left. The order book template shows three column - bid value for a particular asset, the quantity of order and total USD value for every order.

A user has the full control over the viewing experience of widgets, on can change as per their requirements. The trading view chart is a built-in function that provides insights about the trades made. Moreover, this chart includes many useful tools for making your business game on point.

After placing an ordering user can check all orders easily in the trading platform interface. This interface features separate tabs for Active Orders, Orders Filled, Trade History and much more. If you are no longer interested in the order you placed, simply tap on the “Cancel” button to call off.

Auto-deleveraging system introduced in BitMex takes care of the bankrupts position without available liquidity to make the positive side deleverage for profitability. Once the leverage is calculated, highest leveraged position automatically gets first in the queue.

You’ll automatically start discovering every available option after some time. Learn, practice and experiment to ace in the BitMex community.

Leave a Reply

Your email address will not be published. Required fields are marked *