Bitmex Explanation for idiots

Note, you do get 10% off fees if you sign up through a referral link. You can use bitmex.com/register/BCCNeF Even if you don't use mine, use someone's because it's 10% off fees, which adds up.

I kept seeing the Bitmex wrecked twitter thing and seeing mentions of leverage all over Veeky Forums, but had absolutely no idea what it all meant. It also looked too complicated for me so I've always ignored it. Got bored today and it's actually much simpler than it seems. There's a ton of guides that go super in-depth and those made absolutely no sense to me, so I'm going to explain it from an idiot's perspective.

First of all, the draw of Bitmex is you can do what's called Leveraged trading. In the simplest terms possible, it means you multiply your percentage gains/losses. If you go 10x leverage long on bitcoin and bitcoin gains 1%, you gain 10% more money. This is super cool for impatient people like me because it allows you to trade more actively without getting wrecked by fees, and it's ridiculously exciting.

Bitmex doesn't allow US users, but supposedly, all you need to do is register under a VPN and you're good to go. I used ExpressVPN. It is a paid VPN, but they have a 30 day money back guarantee. You can register on Bitmex with it, then cancel. Or keep it because it's actually a super nice program.

Once you're registered, deposit some BTC into your Bitmex wallet. When you first open the trade screen it's going to look super complicated. It's not.

Buying Long on a coin means you expect it to go up. Buying short on a coin means you expect it to go down. Playing those buys works like any other Exchange (i.e. Binance). You can set a limit price to buy in at and an amount. to buy.

PART 2


Now you want to pick your leverage. In the menu below that, there's a slider. Again, each multiplier of leverage means every 1% = your leverage multiplier. 1% gain with a 25x leverage means 25% gain. I would start with 2x/3x leverage until you get a good handle on things.

The Cost number below the buy long/buy short number is the big one here. With leverage, you're essentially putting loaned money toward a coin. With 10x leverage, you can buy 1 BTC even if you only have .1 BTC (this is why the percentage gains are so drastic). However, this means you can lose it as well.

Let's say you bought 1 BTC at $10000, Long at 10x leverage (So you put in $1000). If BTC dropped 10% to $9000, you would lose all $1000 you put in. If it went to $11000, you would gain $1000 and double your money. Bitmex will auto "liquidate you" if you drop too far and don't have any more money to cover (10x leverage means if it drops more than 10% you lose all the money you put in. 25x leverage means if it drops more than 4% you lose all your money).

You can change orders on the fly and constantly adjust. Let's say BTC raised to $10100 (1%). You could then sell your long order and you will have gained 10% and now you can invest your $1100.

Like I said, there's a ton of guides out there that go into the more fancy TA and ways you can adjust orders, but this should provide a quick overview to get you started. They have a testnet site where you can practice with fake money first as well.

Some tips I've come up with to remind myself each time before I trade:

1. Be patient. Never FOMO in. If you see something skyrocketing, it's probably too late and too risky. Wait for the exact right time to enter, you don't always have to have an active order.
2. Always stop loss a bit before your liquidation price. Better to lose 70% than 100%.
3. Don't leave stuff on overnight. Flash crashes/pumps happen too often.
4. Careful with low volume coins (basically everything but ETH and BTC on Bitmex). Buy orders and sell orders are sometimes really care apart, which at high leverage can mean accidental liquidation on even the smallest crash. Also, never market buy these low volume ones.
5. Market buy BTC is fine. I like to have the window up ready to hit buy and wait for the best possible entry. You can watch the buy/sell walls while the window is open, so it's easier to time in.

Big one:
6. Every coin usually has a pattern in terms of index/mark price for the day. Sometimes BTC on Bitmex will be a solid $40-$50 higher than Binance/Index price that day and sometimes it will be below it. I usually try to figure out which of these it is (watch it for half an hour or so) before trading.

Thanks user!

Only advice I'll give you fucks-
x50 is better than x100

spoiler:
They sell your position and liquidation price to botter, legally since there's no regs, and when you get close to liq they log you out and don't let you log back in cuz MUH OVERLOAD
Just don't trade with more than 1 BTC on there or you'll get 'mexd

Gobal rule 11
Advertising (all forms) is not welcome—this includes any type of referral linking, "offers", soliciting, begging, stream threads, etc.

100% agree. 100x is way too close of a liquidation price all it takes is one tiny swing. Be careful out there anons

This shilling is getting to be obnoxious user. How many have you actually had sign up through your link? I'm at 26 and I've only made like 4 threads, you make 2 or 3 PER day. Please just tell me how many refs you've gotten.

Please user? I'm bumping your thread for you. I just want to know how many you've actually gotten to sign up.

I think this is like the 3rd one I've posted in a week?

Definitely not 2-3 a day.

Also it's a full guide. Referrals a nice, but the point is getting more people using it cause volume is fun. Also, you literally save 10% on fees for signing up. If you don't use my link, at least use someone elses. 10% fees if you're going high leverage is a FUCKTON

I wish there was a way to watch people getting wrecked by this live on face cam. I'd cum so hard

How have you not gotten banned yet? I've been banned like 3 times for referral linking. And how many total users do you have signed up through you? Pic related is mine.

report the thread

ITS TIME TO BAN THIS FUCKING CUNT GOD DAMN

HE POSTS THIS SHIT EVERYDAY

BITMEX IS A BUCKETSHOP BASED ON AN INDIAN OCEAN ISLAND CHAIN, LMFAO.

THE SPREAD IS RANDOM

THE SITE GOES DOWN WHENEVER SOMETHING IMPORTANT HAPPENS

THEY SELL YOUR POSITION INFO INCLUDING LIQUIDATION PRICE TO WHALES AND BOTS AND ITS PERFECTLY LEGAL SINCE ITS UNREGULATED

ITS GAMBLING, BASICALLY. YOU WILL LOSE.

YOU WERE WARNED.

THE SAD THING IS OP MAKES ABSOLUTELY NOTHING.

AT MAX HES MADE 0.005 OR SO BTC WHILE MAKING BITMEX TENS OF THOUSANDS IN REVENUE.

HE IS A POORFAGGOT RETARD

GET A JOB OP YOU BUM

>They sell your position and liquidation price to botter
how do the botters profit from buying others liquidation prices?
>when you get close to liq they log you out and don't let you log back in
never happened to be and I trade with more than 1 BTC

For some reason it won't let me lol otherwise I would because he is my competition. You're the user that's gotten me banned every time but I have no hard feelings. Thank you for trying to make Veeky Forums a better place;)

This isn't entirely true. With about 5 threads of shilling my link, I've made around $150 in ~3 weeks. I wouldn't do it if it weren't profitable. See

WOW BRO 150 BUCKS YOU'RE GONNA BE A MILLIONAIRE IN NO TIME DUDE

FUCKING MORON

GET A JOB RETARD

AND THATS A SHOPPED PIC YOU DUMB MOTHERFUCKER

LMAO

Why would I shop a picture to show that I've only made $150?? I've made .014 BTC. What would the sense be in lying about that? I'm pretty sure you're just OP bumping your own thread. If you're not, report OP please.

Reported already

Alright I just made a lot of money shorting so here's another tip for the bitmex brainlets:
When making a limit order, check the box that says "Post-only"

What does that do?

Don't leave me hanging man!

if the price moves too fast and you fuck up the limit order it'll cancel the order instead of executing immediately. it makes sure you get the maker fee

Not sure I follow? Can you explain that a bit more? The whole maker/taker thing I've never understood.

you get less fees for limit ordering
you get more fees for market ordering
so always limit order. just google it you baby

just click the box if you're gonna mex and fuck off

nice just lost 100k

Holy shit I always felt like I was getting absolutely wrecked by fees even though I was setting limits. I had no idea you had to set them and let them get bought I always just set them 10% higher than purchase price so it happened automatically. AHHHHH. Will add to the guide. Thanks user

I can't even access the website

Whats it say?

id: mEX
nice

ID: MEX

Going all in boys. Shorting this bitch down to 6k.

Server not found

Not sure what that means :(

Yep. All shorts tonight. Killing it at 50x!!!

Final bump.

Not sure when to collect the profit on this short. Will it keep going down!?