BitMEX is Now the Top USD Bitcoin Market for Volume – Crypto Hustle
Overheen the years wij’ve seen various bitcoin exchanges challenge for dominance overheen the USD markets. Mt.Gox used to be the top BTC/USD exchange for volume until they went bankrupt and lost everyone’s money.
After the fall of Mt.Gox, Bitstamp took the lead spil the USD market mover until they got hacked to the tune of $5M. The Bitstamp hack kicked off the fresh year of 2018 and sent the price of bitcoin into capitulation falling spil low spil $155. This signalled the bottom and nine months of accumulation before the next bull trend.
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Merienda Bitstamp got dethroned, Bitfinex stepped ter to pick up the slack. Many traders liked Bitfinex for their user interface and margin trading. Then Bitfinex embarked having their own series of problems such spil a hot wallet hack of 1400 bitcoin and a major glitch te their trade engine that led to a flash crash down to $162.
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Te spite of having such problems, Bitfinex managed to stay the top USD bitcoin exchange until their most latest hack of $60M. All traders took a 30% haircut yet Bitfinex has bot making strides to reimburse their clients with a compensation project.
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BitMEX Takes the Lead
After the Bitfinex hack, many traders were scrambling to find a fresh USD exchange. Most BTC/USD exchanges lack the capability to trade on margin, which thresholds the amount of strategies that can be used.
BitMEX has since become the top exchange for USD volume. The irony is that their markets don’t actually suggest USD withdrawal/deposits and they can’t serve U.S. customers due to regulatory hurdles. They suggest synthetic futures contracts that permit traders to hedge into USD value.
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Yesterday BitMEX shoved $Five.6M ter trading volume for their USD contracts, with a total of $160M overheen the course of the month.
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6 Benefits to Using BitMex
BitMEX is one of the most sophisticated bitcoin exchanges ter the world, with a diversity of interesting features. I generally like to use BitMEX for scalping due to its low toverfee structure. Here are a list of benefits for using BitMEX.
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- Never bot hacked: They by hand approve withdrawals merienda a day for maximum security. Albeit this may be more inconvenient than an automated hot wallet, it makes it difficult for a hacker to spel the system.
- High Leverage: Their toneelpodium offers the highest leverage te the industry, which means traders can reduce counterparty risk by keeping less coins on the exchange. Just keep ter mind that using leverage unwisely can lead to some strong losses.
- Passive Income: Market makers get paid fees for adding liquidity. It’s also possible to get paid regular interchange fees when trading, depending on the rates.
- Solid Trade Engine: BitMEX has a bank-grade trade engine that has zero downtime or glitches. They also have a clean and effortless to read user interface.
- Low Fees: Market takers pay 0.075% fees, which is lower than most USD exchanges ter the industry.
- Futures Market for Altcoins: BitMEX is the only exchange to suggest high leverage futures contracts on a diversity of different altcoins.
If you would like to attempt out BitMEX then feel free to use this listig and save 10% off six months of trading fees. Also here’s a quick tutorial on how to get embarked.