Bitmex Explanation for idiots

Note, you do get 10% off fees if you sign up through a referral link. If you sign up, feel free to use mine bitmex.com/register/BCCNeF, but even if you don't, at least 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.

Attached: bitmexx.png (865x787, 24K)

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.

not that I didn't understand it already but thanks for contributing something to this fucked up board instead shilling shit coins :^)

No problem buddy!

Some quick tips:

Don't 100x leverage. No matter how sure you are, just don't. The liquidation price is way too close that dumb stuff happens way too much. I shorted BTC because I was 100% sure it'd go down, but out of nowhere, someone placed a buy order at some ridiculously high amount and mark price jumped $100 instantly. It came back down right after, but I had already been liquidated. Doesn't matter if your call is right or not.

Always check the mark price before doing anything. The current price may be 8800, but the mark price may be $8840 because Bitmex is currently selling lower than the average. Liquidation is based off Mark Price, meaning at 50x leverage on a short, your liquidation would be around $8890 because the math is done on that $8840 number. If you longed in this situation, your liquidation price would be advantageous as the liquidation price may be $7740, which is $100 away from liquidation rather than $50.

Fees are based on your final value meaning if you 50x leverage, your paying fees on the amount you put in times 50. What this means is if you're market buying/selling at 50x leverage, you're paying 7.5% fees just to make the transaction essentially. Putting in $100 will cost you $7.50.

Maker vs Taker: I wasted SO much money on fees originally before I knew about this. If you set limit orders and choose the "post-only" option, you will only place an order if it doesn't execute immediately. If the price hits your mark, you'll actually receive fees rather than paying them. While that seems super small, as mentioned when working with high leverages it adds up a LOT.

Wait for your spot. FOMO is Bitmex is worse than FOMO in the regular market. Things fluctuate SO fast and by the time you see an uptrend happening, it's already too late. Place a limit order far below what it's currently at and wait for it drop. I market bought pumps so many times and it's gone bad for me each time.

this truly is a brainlet question, but Im on testnet now- do I need to deposit funds to practice or do they just give me imaginary ones?

its fake money from bitcoin's testnet

Attached: deposit bitmex test.png (1357x425, 33K)

You are scumbags. stop promoting your scheme here fucking bitmex employees. just preying on the gambling addicts here and in the rest of crypto. its kinda shitty desu.

you're a retard, if you know how to manage risk bitmex is just about the only place to go for big boy trading.

Don't click OP's referral link and report the thread

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