New Switchable Fee Preferences
BitMEX has been listening to your feedback, and we are pleased to be the first Bitcoin exchange to offer a two-tier trading fee schedule! This new customization enables BitMEX to meet a wider variety of traders’ needs.
The types available are:
Trader
Some traders want to make fast trades for low fees, react to market movements quickly, and predict trends. For the active trader, BitMEX offers the Trader fee schedule. This fee schedule combines extremely low individual trade fees (0.005%) with a low insurance fee charged at the end of each session to cover margin risk. This is the default choice when creating a new BitMEX account.
Flat Trading Fee: 0.005% (0.5 basis points)
Insurance Fee: 0.015% (1.5 basis points) per 8-hour trading session
Hedger
The Hedger fee schedule is more traditional for Bitcoin exchanges. It is tailored toward hedgers, arbitrageurs, and those who want to invest long-term without capital loss. This fee schedule is Maker/Taker and has higher trading fees than the Trader schedule, but has no recurring insurance costs. Contracts held under this fee schedule retain their full value until expiration.
If you are hedging Bitcoin liabilities for the duration of a contract’s lifetime, this fee schedule may be more favorable than the Trader schedule.
Maker Trading Fee: 0.25% (25 basis points)
Taker Trading Fee: 0.50% (50 basis points)
Choosing a Structure
Traders may choose which fee structure to apply to their account on the My Account page when logged in. You may only change your fee preferences when all your outstanding positions are zero.
As always, BitMEX stands behind all contracts, with absolutely no profit clawbacks.
Topic: [ANN] BitMEX - Bitcoin Mercantile Exchange Official Thread - page 3. (Read 7490 times)
We have been listening to your feedback about BitMEX. The general mood has been very positive, but many questioned our trading fee of 0.5% per trade. In a landscape now dominated by Chinese exchanges, 0.5% is too much. BitMEX is a premium product and its futures not subject to the same caveats as those traded on the Chinese exchanges, but that is not enough for most to get past the sticker shock.
BitMEX has unique strengths in this market, the largest of which being our team's financial experience. That team was able to build an unrivaled trading engine with speed and features not seen on any other exchange. We want to leverage that strength.
Effective immediately, trading fees have been reduced 100x from 0.50% to 0.005%. This is one of the lowest in the business.
BitMEX will now be charging an insurance fee on open positions of 0.015% per trading session. This fee offsets the risks taken on by BitMEX by guaranteeing settlements. In the case of trader bankruptcy, BitMEX covers all losses and will not charge traders for the bankruptcy of other traders. BitMEX is the only derivatives exchange that offers this.
If you are interested in using doing automated trading on BitMEX, please see our REST and API documentation. We also offer a reference Market Making Bot written in Python that works with both Access Tokens and permanent API keys.
We are working on a unified SDK that will add tooling for most major programming languages.
Please keep your comments coming. We are excited to show the Bitcoin community what BitMEX can offer it.
Happy Black Friday everyone.
BitMEX has unique strengths in this market, the largest of which being our team's financial experience. That team was able to build an unrivaled trading engine with speed and features not seen on any other exchange. We want to leverage that strength.
Effective immediately, trading fees have been reduced 100x from 0.50% to 0.005%. This is one of the lowest in the business.
BitMEX will now be charging an insurance fee on open positions of 0.015% per trading session. This fee offsets the risks taken on by BitMEX by guaranteeing settlements. In the case of trader bankruptcy, BitMEX covers all losses and will not charge traders for the bankruptcy of other traders. BitMEX is the only derivatives exchange that offers this.
If you are interested in using doing automated trading on BitMEX, please see our REST and API documentation. We also offer a reference Market Making Bot written in Python that works with both Access Tokens and permanent API keys.
We are working on a unified SDK that will add tooling for most major programming languages.
Please keep your comments coming. We are excited to show the Bitcoin community what BitMEX can offer it.
Happy Black Friday everyone.
Thanks to everyone who has traded so far! We have just surpassed 100,000 contracts traded.
We have a lot more announcements on the way.
We have a lot more announcements on the way.
It is 12:00 GMT and we are live! Come join us at https://www.bitmex.com.
To introduce myself: I am Samuel Reed, CTO of BitMEX. This has been a long time coming! We have been working on BitMEX for over a year now, most of us full-time. We know that solid derivatives trading has been sorely lacking from the Bitcoin ecosystem since its inception. Our aim is to provide the most available, most usable, most programmable derivatives exchange for cryptocurrencies, with a frontend built for traders so they can have the maximum amount of control and data available. We are also the only exchange that allows you to hedge your Bitcoin without any risk of haircuts or "socialized losses" that can make hedging impossible.
My central focus is the developer API and the frontend. I am happy to answer any questions you have about how to use the API, the site, to handle bugs and feature requests, and answer any other technical questions.
We have a GitHub issue tracker as well as a support site linked on the page. You can also always reach me here, on the site chat, or on my email (sam[at]bitmex.com). Our organizational profile also has a few API connectors and a market making bot that is free to use and customize.
We launch tomorrow at 12 GMT, in about 17 hours. In the meantime, if you want to see what we have in store, check our our testnet, deposit some testnet coins, and place some orders.
We will be releasing materials in the near future explaining how to use futures to hedge and speculate in interesting ways not possible on other exchanges. CoinRepublic did a great video about a month back with our CEO, Arthur Hayes, about how to use BitMEX to hedge arbitrage trading so you can cover yourself during the 3+ days it can take to move fiat between exchanges. The same is possible for mining operations, or any situation where you might need to hold Bitcoin and insure its value.
We're very excited about what the future will bring for the Bitcoin ecosystem and for BitMEX. In the coming months, we will be offering new products not available at any other exchange.
My central focus is the developer API and the frontend. I am happy to answer any questions you have about how to use the API, the site, to handle bugs and feature requests, and answer any other technical questions.
We have a GitHub issue tracker as well as a support site linked on the page. You can also always reach me here, on the site chat, or on my email (sam[at]bitmex.com). Our organizational profile also has a few API connectors and a market making bot that is free to use and customize.
We launch tomorrow at 12 GMT, in about 17 hours. In the meantime, if you want to see what we have in store, check our our testnet, deposit some testnet coins, and place some orders.
We will be releasing materials in the near future explaining how to use futures to hedge and speculate in interesting ways not possible on other exchanges. CoinRepublic did a great video about a month back with our CEO, Arthur Hayes, about how to use BitMEX to hedge arbitrage trading so you can cover yourself during the 3+ days it can take to move fiat between exchanges. The same is possible for mining operations, or any situation where you might need to hold Bitcoin and insure its value.
We're very excited about what the future will bring for the Bitcoin ecosystem and for BitMEX. In the coming months, we will be offering new products not available at any other exchange.
BitMEX - Bitcoin Mercantile Exchange opens for trading on 12:00 UTC Monday, November 24.
BitMEX is the world's first centrally cleared Bitcoin derivatives exchange. BitMEX stands behind all trades. BitMEX offers futures for commercial hedgers, Bitcoin miners, professional investors, and speculators. Please visit https://www.bitmex.com to sign up and begin trading.
BitMEX uses Bitcoin as the margin currency and all profit and loss is also denominated in Bitcoin. To begin trading create an account and then deposit Bitcoin to the address provided. After 1 confirmation your account will be credited, and you will be allowed to trade.
Currently BitMEX offers two outright Bitcoin / US Dollar (XBT/USD) futures contracts which settle using the Bitfinex XBT/USD exchange rate. BitMEX also offers the calendar spread between the two maturities. The contracts are quoted in USD and settled in Bitcoin. For every 1 USD move in the XBT/USD exchange rate, the contracts pay 0.00001 Bitcoin (1000 Satoshi).
To ensure a liquid market, BitMEX has partnered with an experienced market making firm to provide continuous liquidity on the exchange. If you require additional liquidity please contact BitMEX support and we can help arrange for our market makers to provide a quote for you.
The BitMEX team has over 40 years combined experience trading, selling, structuring, and building technology for financial derivatives. Please post any questions or concerns to this thread, or contact us at [email protected].
The Team at BitMEX
BitMEX is the world's first centrally cleared Bitcoin derivatives exchange. BitMEX stands behind all trades. BitMEX offers futures for commercial hedgers, Bitcoin miners, professional investors, and speculators. Please visit https://www.bitmex.com to sign up and begin trading.
BitMEX uses Bitcoin as the margin currency and all profit and loss is also denominated in Bitcoin. To begin trading create an account and then deposit Bitcoin to the address provided. After 1 confirmation your account will be credited, and you will be allowed to trade.
Currently BitMEX offers two outright Bitcoin / US Dollar (XBT/USD) futures contracts which settle using the Bitfinex XBT/USD exchange rate. BitMEX also offers the calendar spread between the two maturities. The contracts are quoted in USD and settled in Bitcoin. For every 1 USD move in the XBT/USD exchange rate, the contracts pay 0.00001 Bitcoin (1000 Satoshi).
- 26 December 2014 XBT/USD Futures Contract (XBTZ14)
- 30 January 2015 XBT/USD Futures Contract (XBTF15)
- 26 December 2014 - 30 January 2015 XBT/USD Calendar Spread (XBTZ14_XBTF15)
To ensure a liquid market, BitMEX has partnered with an experienced market making firm to provide continuous liquidity on the exchange. If you require additional liquidity please contact BitMEX support and we can help arrange for our market makers to provide a quote for you.
The BitMEX team has over 40 years combined experience trading, selling, structuring, and building technology for financial derivatives. Please post any questions or concerns to this thread, or contact us at [email protected].
The Team at BitMEX
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