BitMEX Review – Massive Propaganda Hides Legal Issues
As a reason for you to trust in the quality of their services, the company lists their long history dating from 2014, which is why they consider themselves to be veterans in the niche.
Besides the promises of exceptional trading experience and the most reliable and profitable tool, the suspicious portal fails to mention they do not own a valid license.
What’s more, this conduct has been blacklisted by FCA and has had a fall through with FinCEN that ended in a $100 million penalty. These are just some of the legal issues with this offshore conglomerate, as you will see in our BitMEX review.
|Regulated by:||Unregulated Crypto Exchange|
|Is This Company Safe?||Blacklisted and unlicensed, this crypto portal cannot be trusted|
|Have Warnings from:||FCA, FinCEN|
|Operating since:||2015 (domain exists since 2003)|
|Trading Platforms:||Web and Mobile|
|Deposit Bonus:||Not available|
|Trading Assets:||Crypto – BTC, ETH, LTC, XRP|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Contact our legal experts in order to be able to withdraw anything!|
The Unspoken Dark Past
Despite the website’s current shiny look, the past cannot be hidden that easily, especially online. Established in 2015 in the Seychelles, HDR Global Trading Limited continues to operate without a valid crypto license.
In the meantime, the FinCEN dispute was settled with a $100,000 civil money penalty for various regulatory breaches. Also, there’s the FCA warning we cannot ignore. It clearly announces that the firm sells their services unauthorized.
When the virtual assets market is becoming increasingly better regulated, there’s no place for cheaters of this kind. Another good example of a similarly functioning scheme is BullCoins, which you should definitely not trust.
Gigantic Media Presence
The domain started out as early as 2003, the WhoIs database reports, but the website only started hosting a crypto platform in 2015.
CoinMarketCap calculates that the platform has a trading volume of ~$222,000 (~7 BTC) on a daily basis. The website is most visited in these nations:
- United States
- United Kingdom
This long running track record is accomplished thanks to the company’s enormous digital footprint. They are active on Facebook, Instagram, X, Reddit, LinkedIn, Youtube, Discord, Telegram– you name it, they got it.
Plenty Of Complaints
You’d think that an exchange with such huge exposure would be a success story reputation-wise, but the reality is completely opposite. Seeing their TrustPilot and SiteJabber pages reveals that their users have plenty to complain about.
Don’t ignore the warning signs! If you believe you have been misled or defrauded by this company, feel free to book a free consultation with our legal experts.
Trading Values As A Regulatory Infraction
Due to the extreme volatility of digital assets, major regulatory institutions have banned leveraged trading above 1:2 or 1:5 in the US. Your jaw will drop when you see the BitMEX leverage of 1:100.
As for the tailored fees, you have to perform a huge trading volume to jump between tiers and enable lower fees. For example, the starting tier is the B tier, with Taker fees of 0.075% and Maker fees of 0.02%. The highest tier is Tier S, which features Taker Fee of 0.0175% and Maker Rebate fee of 0.01%.
By getting new users to sign up with this service, you’re promised various benefits. Some of them are up to 45% commission and BMEX Token rewards.
Other diverse promotions are also always active and promise lower fees, increased commissions and cash rewards. You know, all the good stuff banned by the Tier 1 regulatory bodies.
Trading With Low Security
The trading features and amenities with the platform leave much to be desired. While the firm self-reports that they have had zero security breaches, we found out that it is possible to facilitate a BitMEX login multisession on multiple computers at the same time.
This constitutes a serious security flaw, and may allow 3rd parties to access a trader account without the user’s consent.
Barebone Desktop Trading
The trading software is a basic web trader, similar in functionality to the one found with the WorldCboe fraud. The charts in the program are imported from TradingView, but this is far from a foolproof system.
The web trader software opens plenty of wiggle room for BitMEX platform operators to manipulate the market prices. Seeing what the customers have to say confirms that this is the case.
Mobile Device Apps
The BitMEX exchange offers mobile apps with the same name. They are available for iOS and Android on App Store and Google Play respectively. An additional download link is provided on the site, but only for Android users.
Trading Asset Coverage
It is possible to exchange FIAT to Cryptocurrencies on the site, as well as swap different coins and make leveraged speculation on the crypto spot, perpetuals and futures markets within the platform.
Some of the crypto coin examples include BTC, ETH, XRP, ADA, SOL, MANA, DOGE, CAKE, SHIB, SEI, PEPE, and others. The exchange also sports their own BMEX token, which has been on a depreciation streak for some time now.
The BitMEX Account
As soon as you create a BitMEX login, you will be redirected to the KYC page. Without completing this process first, you will not be able to use your account for absolutely anything. After finishing up the verification process, you’re demanded to immediately invest, which denies the possibility for risk-free pilot trading.
As you make purchases, you increase your accounts total volume, and you can climb Tiers that bring more benefits in the sense of lower fees.
As an attempt to appear professional and in service to their clients, the BitMEX educational sources do exist. However, they’re quite scarce and barely informative. All you’ll see on the subject of crypto trading are several short articles written by amateurs.
Withdrawals Don’t Always Happen
There is no separate BitMEX withdrawal page anywhere on the website, and this function was quite difficult to find in the client dashboard as well.
We know that many of the users were lured into a trap from which they can’t pull their money out. Contact our chargeback experts today, and save yourself a major headache.
Connection To Support
Clients in need of guidance cannot easily reach out to the customer service. There’s an online form and a direct chat feature. You’ll have to wait for the email response, while your live chat inquiries are completely ignored.
It is probably more efficient to use any of the social network profiles to get in touch, but that is absolutely not advised.
Don’t Waste Your Money! Start Chargeback Today!
The swindlers behind the company would like you to believe that they run an immensely profitable and lucrative cryptocurrency exchange. The ugly truth is that they are a black hole that devours any investments instead.
After a series of regulatory blacklists, it’s only a matter of time before the whole thing caves in. Don’t wait for the inevitable to happen, book a free consultation with our legal professionals today!
Is BitMEX Trusted?
Due to the online popularity it may appear so, but the platform is not licensed and even blacklisted. If you’re having issues with withdrawals, please contact us immediately.
What Country is BitMEX From?
The firm is incorporated in the offshore zone - Seychelles.
What Countries Does BitMEX Accept?
Despite the legal disclaimers, the crypto portal accepts traders from almost any country in the world, US included.