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.
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!
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".
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.