The BitMEX wallet offers one of the safest cryptocurrency trading and funds storage facilities, with a one-of-a-kind multi-signature approach to funds withdrawal. As such, hackers attempting to compromise the systems cannot steal funds as these are safely stored offline in cold storage.
But as hackers grow more sophisticated by the day, what one needs to know is whether the BitMEX wallet really does offer the best protection for funds. In this comprehensive review of the wallet, we look at its core features, including what makes people love the wallet and how to create one.
BitMEX Wallet Review Overview
Since BitMEX’s inception in 2014, the company has experienced meteoric growth to become a leading Bitcoin P2P crypto derivatives trading platform. It enables users to trade contracts, which, by their nature, can be significantly volatile. The platform offers a secure built-in wallet, which you can use for free, to protect the assets.
BitMEX understands the risk that hot storage platforms present. So, it stores your digital currency in a wide variety of hardware wallets to mitigate loss.
What is BitMEX Wallet?
Bitmex is a p2p crypto trading platform, and the name stands for Bitcoin Mercantile Exchange. The co-founders of the project are Arthur Hayes, Ben Delo, and Samuel Reed who own and run the HDR (Hayes, Delo, and Reed) Global Trading Limited, registered in Seychelles.
However, BitMEX has offices in several jurisdictions and locations across the world.
The exchange combines margin trading and derivatives and puts considerable emphasis on the safety of your funds. The types of contracts that are available on the p2p crypto products trading platform are:
· Traditional contracts or futures,
· Perpetual contracts,
· Upside profit contracts, and
· Downside profit contracts.
BitMEX uses Bitcoin as the base currency, and that means you do not need to pay anything to deposit or withdraw from your account. The wallet is in-built on the trading platform, and the multiple verifications, ‘secure element,’ and the use of hardware wallets ensures that your funds are always safe whether you enter into a perpetual contract, traditional contract, or any other form of trade or investment.
Why do people like BitMEX Wallet?
The history of P2P crypto trading platforms has shown us that exchanges are vulnerable to hackers and many unprecedented security breaches. Despite the efforts of exchanges to adopt the latest technology and mitigate the risks, we keep hearing about the enormous amounts of money that the industry loses to criminals.
The BitMEX wallet offers a crypto storage product that users have relied on to secure their assets as well as conveniently trade on the go.
The fact that BitMEX wallet addresses are multi-signature means that your funds will be safe even in the case of extreme attacks that compromise servers. The private keys necessary for accessing funds on the blockchain are encrypted on cloud servers, reducing the vulnerability that comes with having funds stored in hot wallets.
What’s more, the exchange uses cold storage solutions as well. Due to the safety features’ efficiency, we could not find any significant security breach, explaining why crypto traders and investors like the wallet.
What types of wallets from BitMEX are available?
As we have discussed, BitMEX is an exchange and derivatives trading platform. As such, it offers a crypto storage platform to support this core objective.
Unlike the many exchanges that have developed several versions of their wallets to cover the initial models’ weaknesses, this company developed an efficient wallet that does not need much improvement. BitMEX fully relies on this single wallet to meet the varied needs of its global clients.
The company keeps users’ funds in an offline cold storage facility, with additional layers of security, as explained in our overview below.
BitMEX Wallet Pros and Cons
Downloading a BitMEX Wallet
Unlike many other wallets, BitMEX does not require to be downloaded. You should not buy the wallets. Once you have deposited your money, it is the responsibility of the company to ensure its safety.
The BitMEX wallet’s functionality is contained within a website that is already designed to facilitate the seamless buying and selling of cryptocurrencies. The trading process is straightforward and has no unnecessary procedures. As such, after creating your BitMEX account, you are set to start using the storage facility.
As we have seen, you do not need to either buy or download your BitMEX wallet. Besides, issues like the wallet cost, the VAT, or duty should not concern you, as there is nothing to be bought or shipped.
It will take you a couple of minutes to create a secure account on BitMEX. Better still, the exchange supports password reset. As such, if you accidentally misplace or forget, you can reset one in a few minutes. The system would send instructions to the email address you provided during registration. So, no authorised person can access it.
During the sign-up process, provide an email address that you have complete control over to minimise the security risk.
To sign up and get access to a BitMEX wallet, do the following:
1. Visit BitMEX’s official website and navigate to the top right corner of the page and then click “Register.”
2. Provide your email, password, and country or region of residence.
3. Enter your first and last name (Optional).
4. Accept the Terms of Service and the Privacy notice.
5. Click “Register.”
After about a minute-or-two, you will receive a confirmation email from BitMEX. To finish opening your account, click “Verify My Email.” You will also need to verify your identity by submitting documents and through a video or image selfie. You can use the button below to visit the official website to make a new account on BitMEX and get access to the wallet.
BitMEX at a Glance
How does the BitMEX wallet look? BitMEX is not a physical device. Besides, it is not an application, as we have seen. The expert users should safely store your funds in different secure hardware wallets.
How to Set Up Your BitMEX Wallet
Have you already created your BitMEX account? If so, you are ready to start keeping your crypto assets in a safe environment. Here is what you need to do to safely set up your BitMEX wallet within a couple of minutes.
1. Log in to your account- Navigate to the top right corner of the website, click ‘Log in,’ and enter your email and password, and then click ‘Login.’
If you had enabled the 2FA during registration, enter the authentication code.
2. Then go to Set-Up-Click ‘Account/Wallet’ on the left-hand navigation bar. After that, click ‘Deposit.’ When asked to verify your location, choose your country of residence and then click ‘Submit.’
3. Receive Personal deposit address- With this address, you are ready to start receiving and sending cryptocurrency.
How to Send and Receive Crypto Funds
Sending and receiving crypto funds in your BitMEX account is simple, and the user interface will guide you accordingly throughout the process. However, there are a few tips that you need to bear in mind to avoid costly mistakes. Remember that:
1. You should never send unsupported coins to BitMEX. If you do, they will be lost.
2. 10000 Satoshi is the minimum deposit amount.
3. Your deposit will be credited after getting one confirmation on the Bitcoin blockchain.
4. BitMEX deposit addresses are multi-signature hardware wallet addresses.
To receive your cryptocurrency, you should:
Follow the above process of setting up your wallet to find your personal deposit address.
Copy and paste the address into your wallet and transfer the funds to your BitMEX account. You can scan the barcode to find the address if the wallet has a mobile application, which is optional, and the app is unofficial.
To send your funds, you need to:
1. Log in to your account.
2. Navigate to the top left-hand corner and click ‘Account’ and then click ‘Withdraw.’
3. Enter the destination address and the amount you would wish to send or withdraw.
4. Click ‘Submit.’
Note: All withdrawal requests are processed manually. Place your request before 13.00 UTC for it to be included in the day’s batch.
Our Review of BitMEX Wallet
Now that we have an accurate and useful understanding of the BitMEX wallet let us review other essential aspects of the storage facility. We will present the critical information that we have discovered as essential for users who want to make the best decision.
BitMEX Main Features
Advanced security-BitMEX is working hard to maintain the high-security levels of the wallet. All the multi-signature addresses are cold addresses. But still, the company goes the extra mile to physically verify all withdrawals before confirming them, which significantly reduces fraudulent activities.
BitMEX exchange and the mobile app are safe. The company employs the world-famous technology behind cloud storage giant Amazon Web Services. Combining the world-class security of the AWS and blockchain technology, including multi-authentication process, makes this wallet one of the most secure crypto wallets in the industry.
Reliable Privacy-BitMEX wallet does not store fiat currencies. The exchange also does not deal with these centralised currencies. Moreover, you are not required to provide your personal information when opening an account. What’s more, there are no geographic limitations. In this regard, if you want to store your money in a system that guarantees you a high level of privacy, BitMEX offers you that choice.
Quick Setup- Users are not obligated to download any application. After registering your account, you can set it up in a couple of minutes in a private and risk-free environment.
Customer Support- The company’s website provides lots of information to help anyone start trading or investing on the platform. Even though we discovered that user reviews suggest that phone support would make the process of responding to their concerns easier, the company’s response time to inquiries is above average.
User Interface-BitMEX pays attention to ensuring that people unfamiliar with cryptocurrencies can use the wallet with ease. The UI is straightforward to navigate.
Restore- Since the exchange keeps your funds in cold wallets; your account information can be restored in case of loss using the passphrase seed. As such, BitMEX gives you the rare opportunity to use hardware wallets without paying for one or following the procedure of ordering for them online.
What cryptocurrencies can be stored in your BitMEX Wallet?
As we have mentioned earlier, the BitMEX wallet supports Bitcoin. Deposits and withdrawals can only be made in Bitcoin. Everything is calculated in terms of Bitcoin. We can trade in different cryptocurrencies, but the end result is in Bitcoin.
BitMEX Wallet Price
Hardware wallets come at a cost. Some are affordable, while others are costly. We have mentioned that BitMEX is an exchange wallet that relies on hardware wallets to protect your digital currencies. Moreover, in contrast to other P2P trading platforms, it only hosts one account and one storage facility. For that matter, if you are using BitMEX, you have your funds stored in a cold wallet without buying the costly hardware wallets. There is no additional cost for using a BitMEX wallet. It is freely available inside your account.
Is BitMEX Wallet Suitable for Beginners?
The BitMEX wallet features a simple UI that will guide you into the cold storage world without any trouble. So, once you set your wallet and deposit your funds, the experts buy and manage the cold storage devices on your behalf as you focus on other things.
Also, given that BitMEX only hosts a single type of account, there are no discounts for advanced traders. So, newcomers to the platform get the same benefits as those who have been there for an extended period. Moreover, the large community of people on the platform is willing to help beginners to learn the tricks.
The security that BitMEX delivers also makes the platform ideal for beginners. Anyone who follows the basic security rules is assured of the safety of their investment. BitMEX is wholly responsible for issuing apps that suit the needs of beginners. So, you can consider using the apps too, but they are always optional.
BitMEX has put in place advanced security features that protect your money. Its first-of-its-kind multi-signature transaction scheme mitigates many security risks. Since the storage is kept offline, hackers can hardly target your account.
You can also use the apps issued under BMEX, as they are secure too.
Moreover, at least two BitMEX employees have to physically audit every withdrawal on the platform before sending, and private keys are not kept on any vulnerable cloud server, which means that the systems offer you another advanced security layer.
Moreover, you also benefit from the service of an external service that verifies all BitMEX addresses to ensure that they contain the right keys. The system automatically shuts down immediately in case the public keys fail to match. BitMEX also uses Amazon Web Services, which ensures that two-factor authentication adequately protects trades and investments.
Is BitMEX Wallet a Legit and Safe Option to Store your Cryptocurrencies?
Yes. BitMEX is one of the top-rated and safest exchanges for crypto margin trading. BitMEX is operated by HRD Global Trading Limited; a Republic of Seychelles incorporated entity or its relevant authorised affiliates, which are well known as credible organisations.
Besides, even though there is no spot trading here, users still have to deposit Bitcoins in the wallet. The platform implements stringent security measures.
Additionally, there have been no major talks on any public forum about the wallet’s inconsistencies or hacks from our in-depth research. The platform uses hardware wallets and the multi-signature withdrawals and deposits scheme, and several credible verification mechanisms.
Frequently Asked Questions
No. BitMEX accepts investors and traders from many parts of the world, but US citizens are not allowed to use this platform.
No. You can open your account with an email and password. But after setting up the account, in order to deposit funds, you need to verify your identity by submitting documents and through a video or image selfie. If you lose your authenticator device for 2FA, you have to submit your ID documents to reset the code.
After considering many users’ views and testing the wallet, we consider that the wallet is extremely safe to use. Remember, it requires multiple signatures to perform any transaction. Moreover, the funds are stored offline, which means that hackers cannot access the funds.
The process of opening a BitMEX account, and setting it up for use is straightforward. Many users report that they were able to do this alone within a couple of minutes. But if you encounter a challenge, you can reach out to the experienced users on the platform through the chat functionality for immediate assistance. Besides, the knowledgeable support team is also on standby to answer your questions and guide you accordingly.
At present, the platform does not have an official app. So, during the application stage, you don’t need to download any application. But there are mobile apps issued under BMEX that smartphone owners can use, but as we have said, they are unofficial.