Is Bitmex Done and What are the Alternatives?
Bitmex has been in hot water for most of 2019, and now as we move into 2020 the question everyone is wondering is whether things will get better or worse for Bitmex this year.
We’re going to take a deep dive into the semi-collapse of Bitmex over the past 12 months, with a look at alternatives for those traders that are looking for other places to trade.
What Happened to Bitmex?
Bitmex’s woes started in early 2019 when news broke that the U.S. CFTC would be investigating the platform for breaching regulations that prohibit U.S. traders from using the site.
Coupled with this was the news that Bitmex had been trading against their own clients in order to liquidate their positions for profit.
Later in the year we heard that Bitmex’s COO left the project, and then in late 2019 news broke that Bitmex had leaked a huge amount of data regarding their users to hackers, as well as Bitmex’s Twitter channel being hacked on the same day.
Best Bitmex Alternatives
PrimeXBT
PrimeXBT is one of the world’s leading crypto margin trading platforms, and has built its reputation on providing an easy to use and intuitive interface, powerful trading engine that can execute up to 12,000 trades per second, as well as having industry-leading high leverage of up to 100x on cryptoassets and up to 500x on traditional assets.
PrimeXBT lists a very wide range of assets and instruments including cryptoassets such as BTC, LTC, ETH, EOS, and XRP, as well as traditional assets such as stock indices, forex pairs and commodities.
PrimeXBT’s security is advanced, with the platform never experiencing a theft or breach, and a vast range of different security mechanisms being used on the site.
Kraken
Kraken has been around for a long time, and has built a strong reputation for their security measures especially.
Kraken was launched by two of the analysts that came in to clean up the Mt.Gox implosion, and as a result this platform was built with a great amount of security knowledge behind it.
Kraken also lists a wide range of assets to trade, and have recently undergone a facelift to their design which has modernised the platform as well.
Kraken is a good option, and apart from some previous issues with their trading engine randomly freezing, it’s a good choice for many traders.
In Conclusion: Is Bitmex Done?
Bitmex might not be done yet, but only time will tell whether their legal problems and ongoing public relations disaster will come to a head in 2020.
For those seeking alternatives, the platforms mentioned above are safe and professional and offer many features that are lacking at Bitmex.