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Symmetrick

hero member

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BitMEX launched their spot platform after all. Surprisingly, this exchange was for about 8 years a strictly derivatives platform that supported only bitcoin deposits and now it is becoming altcoin-supporting.

So far, it is too early to talk about a full spot platform, as it supports a meager set of altcoins, mostly new ones, from the world of DeFi and NFT, and there are no veteran coins other than ETH and BTC. It is also surprising that there is no support for any stablecoin. In general, the starting set, frankly speaking, turned out to be weak.

I would also like to say about the interface of the spot terminal. It is, to put it mildly, completely devoid of personality, it feels like they copied it from ByBit or OKEX. If the derivative Bitmex terminal can be recognized from thousands of terminals, because it is recognizable and convenient, then the spot one turned out to be nondescript. Also of the minuses, I note the lack of customization of the trading window. What prevented this from being done in spot mode, when the exchange is the trendsetter of this function among exchanges, was it the first to introduce customization of trading windows to your liking? This is a handy feature, I hope it will be implemented in the spot mode.

Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: Bitcoin_Arena on March 21, 2022, 05:53:01 PM

So today i got an email from Bitmex stating this

They talked about the launch of the spot back in December last year, when they gave away an airdrop of their BMEX token. Adding ETH and, subsequently, other coins is a logical step. As I understand it, Bitmex will now follow the path of ByBit and be a full-fledged exchange with many opportunities, and not just derivatives trading. I am also sure that they will launch their own p2p platforms or NFT marketplace, as well as various staking platforms and other features that are now available on major exchanges.

Symmetrick

hero member

Activity: 517

Merit: 11957

Finally, Bitmex thought of making a converter and at the same time a tool to save the value of their bitcoins during periods of price collapses. The exchange withdraws funds 1 time per day and often this was a big obstacle in order to fix your bitcoins in the desired price range. While the apply is approved, bitcoin could easily lose 10-15% of its value.

They recently created a converter from BTC to USD and vice versa:

I tried to exchange 0.01 BTC. The request is processed within 10 seconds, no additional fees were noticed.

But the exchange rate is a bit low. At the time of the exchange, rate on the same BestChange was as follows:

Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: bbc.reporter on December 06, 2021, 07:29:51 PM

@Ratimov. Bitmex must adjust or it will die hehehe.

I am not certain if anyone noticed this, however, the cryptospace was hyperdollarized because of the fast growth of Tether after 2017 or it might be in that year it began. I remember everything was counted in BTC when I was trading in Bittrex before and trading was always altcoins against bitcoin. Altcoins against fiat trading did not have volume and no one wanted to hold fiat in exchanges unless they traded it. The existence and popularity of tether changed this.

Bitmex used to be the king of exchanges, with the largest trading volume, but Binance took the leadership along with liquidity, and criminal cases and lawsuits were brought against the management. Bitmex was killed by greed and they lost a third of their liquidity. What is left for them to do now? Of course, be in trend, add to your platform everything that is popular that their competitors have. But before they were the best without all this. They lost their reputation very quickly and many traders left there.

Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: Bitcoin_Arena on November 26, 2021, 05:21:22 PM

It was about time they added the payment processor given that they are now "fully regulated"
Most of their competitors already added the fiat payment processors a while back and Bitmex was still living in the past. This is the beauty of competition. Companies and services looks all ways to keep their customer base and attract even more. You snooze, you lose.

Bitmex still has a pretty light KYC. The arrival of fiat on the platform only means stricter regulation, which is not entirely good for users. By the way, recently the exchange forced all users to connect 2FA in order to have access to the withdrawal of funds. Previously, this option was voluntary. Such additions of fiat, payment processors, etc., in addition to a convenient service, can also add a headache in the form of lowering limits, enhanced KYC and other regulatory measures.

Bitmex has always been against fiat, it was an old-school derivatives exchange for Bitcoin maximalists. Bitcoin, Bitcoin and Bitcoin only. Now they have taken the path of unification and thus have lost their individuality.

Symmetrick

hero member

Activity: 517

Merit: 11957

Bitmex surprised us today with two big updates:

1. A payment processor has been added. Now you can buy Bitcoin or USDT directly on the exchange (through a payment provider) using the following fiat currencies: AUD, CAD, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD.

The payment provider is BANXA. The commission for the transfer by Visa \ MasterCard will be 1.99%. To confirm the payment, you need to enter the email and the mobile number to which the code will be sent. After verification, a form for filling in your bank card details will become available:

2. Added EARN function.

In essence, this is staking USDT tokens, where you will receive a percentage of their holding on the exchange.

Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: bbc.reporter on November 12, 2021, 10:18:29 PM

@Ratimov. It appears that Arthur Hayes will be another one of the big players in the tetherspace similar to FTX, Binance and the exchanges formerly based from China. This will be easier for Bitmex to borrow USDT against their bitcoin and expand their balance sheet. I speculate a big pump coming.

Small amendment. Arthur Hayes has not been the CEO of Bitmex for over a year and does not make any decisions on its renewal. He left this post due to prosecutions: Arthur Hayes has resigned as CEO of BitMEX

During the management of Arthur Hayes, there were very few updates on the exchange, both in terms of trading mechanics and in terms of listing. But after Alexander Höptner took over, the exchange constantly began to add new assets and make changes to the trading mechanics of the exchange. Some changes, in my opinion, have greatly improved trading on this exchange.

100x Group Appoints Alexander Höptner As Chief Executive Officer

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

So today i got an email from Bitmex stating this

Quote

As we prepare for the arrival of BitMEX Spot in Q2 2022 we’re welcoming new coins and tokens to BitMEX. ETH, Ethereum’s native token is the first, and you can now use 36 + fiat currencies to buy it, as well as XBT and USDT.

Looks like they are now pushing towards spot trading since most of their competitors adopted it sometime back. My account is not verified with them.

[/img]
https://blog.bitmex.com/site_announcement/bitmex-launches-ether-support/

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@Ratimov. Bitmex must adjust or it will die hehehe.

I am not certain if anyone noticed this, however, the cryptospace was hyperdollarized because of the fast growth of Tether after 2017 or it might be in that year it began. I remember everything was counted in BTC when I was trading in Bittrex before and trading was always altcoins against bitcoin. Altcoins against fiat trading did not have volume and no one wanted to hold fiat in exchanges unless they traded it. The existence and popularity of tether changed this.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: Symmetrick on November 26, 2021, 04:47:33 AM

Bitmex surprised us today with two big updates:

1. A payment processor has been added. Now you can buy Bitcoin or USDT directly on the exchange (through a payment provider) using the following fiat currencies: AUD, CAD, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD.

It was about time they added the payment processor given that they are now "fully regulated"
Most of their competitors already added the fiat payment processors a while back and Bitmex was still living in the past. This is the beauty of competition. Companies and services looks all ways to keep their customer base and attract even more. You snooze, you lose.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@Ratimov. It appears that Arthur Hayes will be another one of the big players in the tetherspace similar to FTX, Binance and the exchanges formerly based from China. This will be easier for Bitmex to borrow USDT against their bitcoin and expand their balance sheet. I speculate a big pump coming.

Dragonfund

full member

Activity: 546

Merit: 148

It's an interesting breakdown to digest, and you've done a nice job putting it up here.
I was looking for a thread you created about connected accounts, which you started on September 8th but was later achieved on this post, it contains a gif image visualization that links transactions between two users in the Ethereum network, I was hoping if there is something similar to that for Bitcoin transaction visualization website, I would appreciate a link.

Another question is how you were able to create a gif that is not broken like the one below; a link and guide would be helpful. Thanks.
Ratimov Cool

Symmetrick

hero member

Activity: 517

Merit: 11957

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