The Sad Story of Bitmex’s Epic Implosion


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Bitmex has taken repeated kicks to the guts in 2019 - scrambling to get into damage control mode for most of the year, and struggling through what is arguably the largest crypto controversy since Mt.Gox dissolved and took tens of millions of dollars with it.

But what has been going on with Bitmex, and where can traders find alternatives to this beleaguered trading platform? Let’s find out.

What’s going on with Bitmex nowadays?

Bitmex limped through a series of minor catastrophes in 2019 with the platforms legal situation, as well as its perception amongst traders, potentially irreparably damaged.

In early 2019, news broke that Bitmex was the subject of an investigation by the U.S. CFTC regarding them letting U.S. citizens openly trade on the site, while at the same time further news that Bitmex had been caught trading against its own client hit as well.

Later in the year Bitmex’s COO quit the project, with news breaking shortly after that of a large leak of user information to hackers, as well as Bitmex’s Twitter account being hacked on the same day.

Alternatives to Bitmex:

PrimeXBT

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PrimeXBT has built a reputation for providing the highest leverage available in the cryptocurrency industry as well as having one of the most well-designed and powerful trading platforms online today.

The platform handles up to $950 million in trade volume each day, and has grown in size by more than 800% in the past 12 months - by far one of the highest growth margins in the market.

PrimeXBT provides up to 100x leverage on all cryptoassets as well as up to 500x leverage on all traditional assets, with assets like BTC, ETH, LTC, EOS and XRP, as well as stock indices, forex pairs and commodities all available to trade under the one roof.

PrimeXBT traders also enjoy one of the lowest trading fee schedules in the industry at just 0.05% on all trades - up to 10x lower than other major platforms.

Binance

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Binance is a well known crypto exchange that until recently focused exclusively on cryptocurrencies and wouldn’t allow purchases using fiat currencies.

The growth of the platform has been steady, while being fuelled by a number of factors including their prolific native token, BNB, as well as good timing with the launch of their ICO being in the thick of the ICO boom.

The platform itself is easy to use, nicely designed, and provides a wide range of different cryptoassets to choose from.

Binance has been hacked in the past for $40 million, which is still a concern today. However there is hope that this doesn’t happen again to them in the future.

In Conclusion

Bitmex really is in the bad books of most of the crypto industry and it looks as though only a minor miracle or some extremely savvy PR is going to keep this platform afloat until 2021.

For the best Bitmex alternatives look no further than the platforms we’ve mentioned above which represent the top tier for crypto margin trading, and are not actively trying to make their clients lose money as Bitmex reportedly is.


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