The number of crypto margin exchanges is getting more as the cryptocurrency market expanded. The most famous exchange in the crypto margin market is Bitmex.
However, as the growing number of crypto margin exchanges, Bitmex has faced the competition from other exchanges. One of the challengers is Bex500. Now, we are going to make a comparison between those two exchanges.
BitMEX verses Bex500
This review is the guide for you to choose which exchange is best for you.
Overview
BitMex is one of the earliest crypto margin exchanges built-in 2014 by a group of excellent traders. It is the most liquid Bitcoin margin exchange which owns over three Billion daily volumes.
After BitMex offering a “perpetual contract” for Bitcoin, the user volume has risen in the crazy speed. The perpetual contract is the trading contract without an expiry date.
All contract prices are calculated by three Bitcoin spot exchanges price and funding rate. It charges the funding fees in every 8 hours to incentivize market makers to keep the exchange price close tie to the actual market price.
Although BitMex is one of the earliest crypto exchanges offering Perpetual contract, the exchange only offers perpetual contracts for Bitcoin and Ethereum. All other altcoins only apply for futures contracts.
Bex500 is an important newcomer in the crypto margin market which has been built in 2018 by a group of professional traders and system developers. Although the $500 million daily volume is not as high as BitMex, Bex500 has extensive contract products which lead it to become a special existence in the crypto margin market.
Bex500 has four types of contracts, which is a perpetual contract, Double contract, Forex, and Commodity.
Different form BitMex, the perpetual contract includes not only Bitcoin and Ethereum but also LTC and XRP;
Bex500 Double contract is an exclusive contract of Bex500, it has an easy understanding trading mechanism in which traders only need to invest a set of margin and fees to open the position and automatically get out when they get the same size of the profit or totally lose the set of margin. In a Double contract, it is no need to worried about the liquidation which may cause the big loss of your total margin, the profit/loss is controlled in the range of the margin you invest to your order of double contract.
Bex500 also offer forex and commodity contract product which can trade by the same bitcoin account. They are strictly following the global forex and commodity market price which has fluctuation of the price. The Bex500 forex and commodity contract is the good implementation of the portfolio cryptocurrency perpetual contract.
Trading Experience
Both BitMex and Bex500 have professional users interface. Both of the charts are based on the trading view which has the full functions of the drawing tool. Both of the trading systems is easy and accessible to the order book, history trade, the details of the contract and buy or sell orders, and the clear order button.
The trading interface of BitMex is complicated. If you are the newcomer, you may need to spend some time to understand its trading interface. However, Bitmex allows traders to customize the interface by dragging, adding and dropping elements. This is a small but valuable add-on that enables you to personalize your trading dashboard. Although it is a small function, it is valuable that can help traders to personalize the trading dashboard.
In Bex500, although the customized function of the trading interface is not available, it has easy to use trading system that all the trading information is in the friendly orders and the operation instruction is clear.
In addition, Bex500 provides a more available trading toolkit to traders. For example, it provides P/L calculation which helps traders to calculate the profit and loss beforehand. At the top of the trading interface, the trading academy and rules are easy to access which is more convenience for newcomers to review the information of Contracts, Rules and operation guides.
The other important part of all exchange is the simulation mode. The simulation mode is useful to help traders to know well of the platform and practice the trading strategies. Both BitMex and Bex500 have a simulation mode. They are all close to real-time trade. However, BitMex simulation mode is apart from the real-time system that traders need to apply a new and unique account of simulation. Bex500 simulation mode is more convenient. Traders share the same account of real-time and demo trade. Traders can easily access the simulation mode through the trading interface which saves time when they are trading.
BitMEX
- Customized trading interface
- Simulation mode
Bex500
- Full functional trading toolkits
- More accessible simulation mode than Bitmex
- More friendly trading interface
Contracts and Products
BitMex provides perpetual contracts in Bitcoin and Ethereum, futures contracts in EOS, Litecoin, Bitcoin Cash, Cardano, Tron, and Ripple.
Although Bex500 only has Bitcoin, Ehereum, Litecoin, and Ripple trading pairs, it offers both perpetual contracts to all those token pairs that BitMex does not.
In addition, Bex500 has various contract products. The exclusive Double contract, Forex, Commodity gives more options to traders and helps them to build up a more risk controllable portfolio.
Both of BitMex and Bex500 provides 100x leverage for Bitcoin perpetual contracts.
BitMEX
- Up to 100x leverage for Bitcoin
- Perpetual contracts for only Bitcoin and Ethereum
Bex500
- Up to 100x leverage for Bitcoin
- Perpetual contracts for Bitcoin, Ethereum, Litecoin and Ripple
- More contracts products include Double contracts, Forex, and Commodity
Trading fees
Both BitMEX and Bex500 charge, trading fees and funding fees.
The transaction trading fees standard of BitMEX is 0.075% for taker fee and -0.025% for maker fee. The integrated fee standard is mostly 0.05%. This transaction trading fee standard gives incentive makers because makers can expand the depth of the orders.
However, to consider fairness, Bex500 has unified the transaction fees and the transaction fee is settled as 0.05% which ensures that the trade action will not be affected by Fees.
Although the funding fees in BitMex are floating, the average funding fees is 0.03%. Bex500 also charges the same rate as the funding fee.
BitMEX
- 0.075% taker fee and -0.025% maker fee
- 0.03% funding fee
Bex500
- 0.05% for each transaction (for fairness)
- 0.03% funding fee
Security
Both BitMex and Bex500 take “pathological” seriously in security.
That said, although both exchanges have never been hacked, BitMEX has been around for significantly longer than Bex500 which makes its security systems much more battle-tested.
Both exchanges offer the security setting like two-factor authentication, email verification, and IP whitelisting to ensure the safety of the withdrawal. In addition, both of them are using the Offline wallet storage system and Amazon Web services to safely protect the wallet and system.
Although Bex500 is still relatively new and the security system is not fully battle-tested, it has never been facing any security issue. It should be concerned that even though BitMex is the “old dog” of crypto margin market, it has faced some security accidents, such as data leaks.
BitMEX
- Two-factor authentication, email verification, and IP whitelisting available.
- Offline wallet storage system and Amazon Web services
- Security incident history
Bex500
- Two-factor authentication, email verification, and IP whitelisting available.
- Offline wallet storage system and Amazon Web services
- Still relatively new and security system is not battle-tested
Customer support and bonus program The annoying ineffective customer support of most cryptocurrency exchange is the main criticism form traders. For example, Bitfinex usually spends days to reply to a support request.
Nevertheless, BitMex and Bex500 have an amazing support team that quickly solves the support requests. Base to the testing, the reply is usually received by 24 hours (even if the time difference)
Furthermore, Both BitMex and Bex500 have a great help center and excellent research center which is called “BitMex blog” from BitMex and “trading academy” from Bex500. All those help centers and research centers give detailed information on the exchanges and crypto markets.
Although, both Bitmex and Bex500 have the same quality of customer support, compared to BitMex, Bex500 has more accessible support request entry which gives consideration to web and portable facilities. It provides the customer support in Messenger, Whatsapp, Email and Website online chat room for all Bex500 users. The BitMex users can only contact their customers by email or fill the request form from their websites.
Unlike the lack of bonus from BitMex, Bex500 has more welcome to the newcomers which provide outstanding bonus program. The Bex500 Bonus program gives a 20% extra bonus to the first deposit. The most impressive is that the extra bonus from Bex500 is withdrawable only if your transaction volume is fulfilled with the requirement. Furthermore, based on their facebook and twitter posts, Bex500 will launch the joint bonus program which includes register bonus, deposit bonus, referral bonus and saving account bonus. That entire bonus program from Bex500 is sincere to improve and develop a connection with newcomers.
BitMEX
- Fast and quality customer support
- Great help and research center
Bex500
- Fast and quality customer support
- Great help and research center
- Outstanding bonus program.
Conclusion
To sum up, Both BitMex and Bex500 are preeminent exchanges in the crypto margin market. BitMex has been around for significantly longer than Bex500 which is more battle-tested. However, Bex500 is more energetic and has considered more about the customer support and Bonus program. If you are new to the crypto margin market or you are going to switch to other crypto margin exchanges, I may suggest Bex500 to you.
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