BitMex Trading Bot

In this guide, we look at how the partnership between BitMEX and Zignaly has brought copy trading to the BitMEX Exchange and also the Zignaly community. 

  1. What’s BitMex?

  2. The Advantages of BitMex Copy Trading

  3. BitMex Trading Fees

  4. Creating Your Account With BitMEX

  5. Creating Your Zignaly Account

  6. Connecting BitMEX and Zignaly

  7. Setting up a Copy Trading Service for BitMEX
  8. BitMEX and Zignaly, a Perfect Match

  9. Paid to Trade

  10. BitMEX Copy Trading

 

What’s BitMex?

BitMEX is a cryptocurrency exchange, and from a standing start in 2014 it has grown exponentially. For instance, by the middle of June 2020, its 24-hour trading volume stood at an extremely impressive $1.58 billion, a figure that was enough to earn the Seychelles-based company third place on Coinmarketcap’s list of trading volume records among derivatives exchanges, only coming in behind giants Huobi Global and Binance, who are very worthy adversaries, it has to be said. It’s a capable platform, so let’s dive in and explore it, along with the Bitmex trading bot.

The Advantages of BitMex Copy Trading

Kdb+ is a column-based database, one that’s used by banks’ trading platforms, and it’s also the one that the BitMEX trading platform was created in. It’s a solid base (pun intended) on which to build and it’s made BitMEX copy trading very fast and dependable in comparison with many of its competitors.

User experience was clearly a concern for the developers because the trading view was designed to be clear, with the current order book to the left, key diagrams placed in the middle, and the history over on the right. 

And that’s just the desktop site. The mobile bitmex copy trading experience has also been designed with clarity and ease-of-use in mind. For instance, it includes a thoughtful night mode setting with a reduced glare that makes it easier on the eyes for obsessive nighttime checkers.

As a trader, you place your trust (along with an awful lot of your personal information and finances) into the hands of your chosen crypto exchange and the BitMex trading bot, so just like they all should do, BitMEX takes your account security very seriously, combining the latest techniques with constant around-the-clock vigilance. 

BitMex Trading Fees

For its services, BitMEX charges trading fees, deposit fees, and withdrawal fees. The BitMex bot is free to use.

Deposit fees vary in size according to which payment method customers use to monitor their accounts, but trading fees are fixed. BitMex charges a flat 0.075 percent of the order’s total value for takers, while makers are rewarded with 0.025 percent.

Bitmex withdrawal fees are the same as network fees, and the amount equates to something like 0.000154 BTC for Bitcoin withdrawals.

Creating Your Account With BitMEX

It won’t take you long to get set up at all. Go to the website, look for the Register button on the top right of the screen and enter your details: email, password, and the country where you live.

After you verify your email address you’ll need to submit a photo of yourself, and once everything is approved you’ll be ready to add funds to your account and begin trading.

BitMEX only allows you to deposit Bitcoin, so please bear this in mind and don’t try sending any other type of coin to your address because it won’t work. There are no deposit fees.

Creating Your Zignaly Account

Setting up your Zignaly account is simplicity itself. You only need to give it your email and set up a password and you’re in.

They say a picture is worth a thousand words, so here are a few screenshots to help you connect BitMEX with Zignaly.

Setting up a Copy Trading Service for BitMEX (or a Signals Service)

Visit the copy traders section at Zignaly (or signal providers if you want to follow signals) and select one of the providers that offer their services for this exchange.

Once you’ve done that, go ahead and click on the "Copy this Trader" button at the top and select how much of your balance you want to dedicate to this service.

BitMEX and Zignaly, a Perfect Match

BitMEX copy trading is potentially one of the most lucrative gateways to the crypto trading world because you get a chance to profit from the skills and knowledge of others. 

Alongside the free crypto trading platform Zignaly, you can view balance analytics and see how your investments are stacking up over time. 

Wouldn’t it be great to get paid for trading? Well with BitMEX, you can, because makers don’t pay fees, they make them when they open trades. They are introducing an option called "Post-only", which makes sure that you always get your maker rebate.

BitMEX Copy Trading  

Every time the trader you’re copying opens a position it’s scaled in proportion with your resources and replicated in your own account.

The BitMEX trading bot gives cryptocurrency traders an advanced management interface for trading cryptos on this popular exchange. With BitMEX bot you can put together automated trading strategies consisting of different order types that the exchange doesn’t offer directly, and it also makes copy trading much simpler.