What is BitMEX (BMEX)? Overview of BMEX . token

• BitMEX exchange overview
• What is BitMEX (BMEX)?
• Advantages and disadvantages of BitMEX exchange
• Overview of the BMEX . token
• General information about the BMEX . token
• BMEX . Token Allocation
• How to earn and own BMEX . tokens
• The Future of BitMEX and Should You Invest in BMEX Tokens?
• summary

BitMEX exchange overview

What is BitMEX (BMEX)?

BitMEX is a long-standing and reputable cryptocurrency derivatives exchange, established in 2014 in Hong Kong owned by HDR Global Trading Limited. In 2018, BitMEX was the derivatives exchange with the largest trading volume in the crypto market with a volume of up to 140,000 BTC.

BitMEX offers two main types of derivatives trading products, Perpetual XBT (BTC) contracts and Futures. In addition, BitMEX also owns an insurance fund, in case bad cases happen to protect its traders.

Advantages and disadvantages of BitMEX exchange

Advantage

• The large trading volume makes it easy for investors to buy and sell their assets.
• Large leverage up to x100, meeting all the needs of many users.
• Low transaction fees only from 0.025% to 0.05%.
• Allows users to trade Bitcoin in various fiat currencies such as US dollar (USD), Japanese Yen (JPY), Chinese Yuan (CNY)…
• High security. When depositing Bitcoins into BitMEX, they will be stored in cold wallets to help ensure assets are always safe.
• Users can deposit Bitcoin 24/7. However, the user's deposit request will be periodically approved at 13:00 (UTC) every day to ensure the security of the exchange.
• Smart interface, easy to use even for newbies.
• Fast deposit/withdrawal.
• BitMEX currently supports 5 languages ​​including English, Chinese, Japanese, Russian, and Korean.
• 24/7 customer support through various channels such as live chat on the website, email, ticket to the floor's support team or through social networks such as Facebook, Twitter, Telegram.

Defect

• As a derivatives exchange, trading on BitMEX is only suitable for experienced, professional traders. If you are a newbie, investors should be careful, read the instructions carefully and pay attention during use.
• The application on mobile devices is not yet supported.

Overview of the BMEX . token 

BMEX is the official utility token of BitMEX and was released on February 1, 2022 for the purpose of promoting the development of this exchange's activities.

BMEX will have the following uses:

• Airdrop, reward users who have traded on BitMEX.
• BMEX will be used to reduce transaction fees on BitMEX.
• BMEX hosting users have the right to participate early in the exchange's products with many incentives, better profit rates when depositing assets into BitMEX Earn, access to exclusive lottery events and opportunities Join BitMEX Academy for free.

BitMEX will buy back BMEX every quarter and burn them. This is quite similar to other exchanges like Binance to give value to BMEX tokens and their holders.

General information about the BMEX . token

• Token Name: BitMEX
• Ticker: BMEX
• Blockchain: Updating…
• Token Standard: Updating…
• Contract: Updating…
• Token Type: Utility
• Total Supply: 450,000,000 BMEX 
• Circulating Supply: Updating…

BMEX . Token Allocation

BitMEX has not announced specific plans for the allocation of BMEX tokens. BMEX has a maximum supply of 450 million tokens. BitMEX will mint all these tokens at once and store and distribute them for a period of up to 5 years. The majority of BMEX will be used to reward users for participating in trading on the exchange and developing the BitMEX ecosystem. 20% will go to BitMEX employees and 25% to BitMEX's long-term commitment to the BMEX token. Details will be mentioned by BitMEX in the Litepaper.

The process of distributing BitMEX BMEX tokens to users through the airdrop event is divided into 2 different stages.

State 1

Millions of BMEX tokens will be airdropped to new and existing users of the exchange. This phase 1 starts now. To receive the airdrop, users can do it in one of the following ways:

• Trading with BitMEX : From now until the end of March 2022, users will be airdropping BMEX according to their trading volume. Users can earn up to 25% monthly trading fees in BMEX coins. The more users trade, the more BMEX they have. The airdrop is capped at 50,000 BMEX per user, per month.
• Register for a BitMEX account : Create a BitMEX account and complete KYC to receive 5 BMEX and 10 USDT. This selection will be limited to the first 50,000 new users only.
• Refer 3 friends : All users (including new and old) will be rewarded with BMEX for referring new users to the exchange. If you refer 3 new users who complete KYC, you will get 15 BMEX as referrer.

Note : BMEX will be launched on February 1, 2022. However, BMEX will not be able to withdraw until the start of the 2nd period.

Phase 2

The second phase, coincides with the launch of BitMEX Spot at the beginning of Q2 2022. At this time, BMEX tokens are also tradable on BitMEX. Users will be able to buy, sell, withdraw and deposit BMEX at will. Other related utilities such as transaction fee discount, profit seeking at BitMEX Earn, BitMEX Academy privileges, etc. will also start working.

How to earn and own BMEX . tokens

Unlike token launches from other projects, BitMEX's BMEX tokens will be airdropped to both loyal users and new participants trading on the exchange. This means that even if you have never owned a trading account on BitMEX before, you still have a chance to receive an airdrop.

To be able to own BMEX, you can join the BitMEX airdrop program in the above mentioned phase 1 or wait until phase 2 to buy it directly on the exchange.

The Future of BitMEX and Should You Invest in BMEX Tokens?

As the cryptocurrency market grows and becomes more popular, the number of exchanges also increases. At the time of writing January 2022, BitMEX has lost its leading position as in 2018 when it has to compete with many other exchanges such as Binance, OKX, Coinbase, FTX Exchange… Before this fierce competition, the All exchanges organize many events, promotions, and provide quality services to attract users to them.

Currently, to attract more users, BitMEX is planning to expand its features beyond being a mere derivatives exchange such as spot trading, OTC trading, custody solutions. , academy… The launch of BMEX token through airdrop is also a way to help BitMEX reach more new users.

If you are a long-term investor and have faith in the development of BitMEX, you can choose BMEX to invest. In addition, if you regularly participate in transactions on BitMEX, you should store BMEX to enjoy the benefits and services that the exchange provides such as reduced transaction fees, increased savings interest rates, free participation in BitMEX Academy…

You should also allocate your capital properly instead of investing it all in BMEX.

summary

Above is the latest information about BitMEX and BMEX token. BitMEX used to be the derivatives exchange with the largest trading volume in 2018. However, at the present time, BitMEX has lost that position to other emerging exchanges. This forced BitMEX to change and offer better products and services. The launch of BMEX token through airdrop and many new features is expected to help BitMEX develop, attract more users to soon catch up with current exchanges and return to the leading position as before.

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