BitMEX Launches Mobile Trading App in 140 Countries

Today, BitMEX, the largest cryptocurrency derivatives exchange, announced that it will launch a mobile trading app in about two weeks. The app will be available in about 140 countries. The app has been built completely in-house. While the trading experience on the mobile app closely matches the desktop version, it doesn't have some features like the chat widget known as "trollbox." The exchange plans to add features and enhancements in future app releases. 

Most of the other cryptocurrency exchanges already offer a mobile trading app. BitMEX is trying to catch up with its peers by launching the mobile app. Traders have been demanding a mobile app for some time. A mobile app increases the platform's flexibility. 

BitMEX's announcement comes about two weeks after the exchange announced its first-ever identity verification requirement. The process of easy registration and high leverage has helped BitMEX gain significant liquidity. The process has also given BitMEX the reputation of being a platform for “unorthodox cryptocurrency traders.”

BitMEX is one of the oldest cryptocurrency derivatives exchanges. It offers contracts with credit support. The BitMEX exchange was founded in 2014 by Arthur Hayes. The exchange only handles bitcoin. While BitMEX has a list of many altcoins, its prices are only set in bitcoin. BitMEX doesn’t handle fiat currency either. 

BitMEX offers perpetual contracts and futures. In contracts to futures, perpetual contracts don't have an expiry date. They don't need a settlement. BitMEX allows trading with a high amount of leverage. The exchange offers up to 100x leverage on some of its products. 

Usually, cryptocurrency fees consist of deposit fees, trading fees, and withdrawal fees. However, BitMEX doesn’t charge fees on deposits or withdrawals. When you withdraw bitcoin, the minimum Bitcoin Network fee is set dynamically based on the blockchain load.

BitMEX’s trading fees are 0.075 percent of the total order value for takers. In contrast, the makers are paid 0.025 percent for making trades. There's a fee of -0.025 percent for makers. A maker's order exists on the order book. An individual who places the order that matches the maker’s order is called a taker. 

BitMEX and the mobile apps issued under BMEX are owned and operated by HDR Global Trading Limited. It's registered in Seychelles and has office worldwide. In July 2020, HDR decided to restructure and transform into "100x Group." According to the announcement, the “new structure provides [the] group with more freedom to explore, incubate, and pursue new opportunities and investments.” 

Bitcoin was trading at $11,877 today with a 24-hour change of 1.24 percent. Bitcoin has netted investors a return of 65.7 percent year-to-date. Ethereum is trading at $469.8 with a 24-hour change of 8.1 percent. So far this year, the returns for Ethereum are considerably higher at 260.5 percent compared to Bitcoin’s returns.