BitMEX Trading Bot
Trade Bitcoin with ease using PlayOnBit's advanced automated strategies. Our unique selling point lies in our smart AI-enhanced trading bot, which not only creates customized strategies but also executes Bitcoin trades automatically. With PlayOnBit, you can experience secure and hassle-free trading, all at your fingertips. Try our innovative platform today and unlock the potential of automated Bitcoin trading.
Get to Know our AI Enhanced BitMEX Trading Bot
Our BitMEX trading bot is a trading platform that provides an interface for BitMEX cryptocurrency exchange. Whether an experienced trader or not, we Automatically maximize your profit along minimising your loss. By using our interface and your API key from BitMEX you can take advantage of the unique features provided by us to automatically trade Bitcoin through our AI Enhanced trading bot. You can easily track and check your Bot's performance at any time. No need for adding complex algorithms like other platforms. You can customize your bot in whatever way you feel best.
What Is BitMEX?
is an abbreviation for "Bitcoin Mercantile Exchange." It is a cryptocurrency trading platform,
specifically one of the largest. The flagship product of the platform is cryptocurrency derivatives.
Its daily transaction volume exceeds 35,000 bitcoins, it supports more than 540,000 monthly
accesses, and it has a transaction history of more than $34 billion of Bitcoin since its inception.
At BitMEX, investors can interact with the financial markets using bitcoin. Bitcoin, Bitcoin Cash,
Cardano, Ethereum, Litecoin, Tron, and Ripple are some of the supported cryptocurrencies.
In our opinion, BitMEX is one of the most powerful exchanges out there when it comes to derivatives
trading. However, we have to emphasize again that this type of trading is not recommended for the
vast majority of users. Being in Seychelles may not be the exchange facing strong regulatory laws.
If you want to start trade, it should be your first choice.
BitMEX is a special cryptocurrency exchange
BitMEX is one of the most serviced cryptocurrency exchanges in the world. It offers many types of
orders. We will try to explain the most important ones.
Its services and features significantly differentiate it from most of the most common and used
cryptocurrency exchanges such as Binance or Coinbase. Mainly because BitMEX allows you to trade
downwards, also known in terms of short positions with special features, which is great because
it will enable investors to earn even in the worst moments of the cryptocurrency market.
Investors can analyze one of the cryptocurrencies listed on the platform, such as Bitcoin or
Ethereum, and decide where the price and risk will move. For example, if we believe that the price
of the cryptocurrency we have analyzed will fall, we place a sell order looking for lower levels,
and the opposite if we think that the value is going to increase.
Another feature where BitMEX differs from most exchanges is that it hardly accepts Bitcoin deposits.
BitMEX is specialized in advanced financial operations such as margin trading and trade with
leverage. BitMEX is currently not regulated in any jurisdiction, which sets it apart from other
cryptocurrency exchanges.
BitMEX also differs because it allows leverage; whatever your balance is available for trading,
you can increase your purchasing power by using leverage. Later we will explain how. The platform
itself lends us the balance to carry out the trading if we need it.
How to Register on BitMEX
You should visit
BitMEX.com
Then, tap the Register option. Then, enter your valid email address
correctly and select an appropriate password to complete the registration to create an account.
An Email will then be sent to your email confirming your email address by tapping the link sent.
Finally, ensure that two-factor authentication is enabled to make your account more secure.
How to deposit money to your BitMEX account?
At the top of the page, select the Account number menu, in which case you will have access to your software wallet. By tapping the green Deposit button and then scanning the QR code or copying your wallet address, you will be able to deposit bitcoins into your account.
How to trade in BitMEX?
At the top of the BitMEX Exchange website window, click on the Trade option. In this case, you will go to the trading window where you will be able to buy or sell cryptocurrency from the list of available coins. You can select the desired cryptocurrency for the transaction.
What is it like to enter a trading position in BitMEX?
On the left side of the transaction window, enter the type of order of your choice in the Order field. For example, enter the Market command in the relevant box, and enter the amount of your trade or the desired amount you use for the buy or sell transaction. The selected amount must be in US dollars or USD.
How to deposit on BitMEX?
In the BitMEX interface, you can find a box to set orders. You also have a market option to trade
at current market prices. Other features to look out for include Limit and Stop, which allow you
to buy or sell at levels you have decided on, assuming the market reaches those levels.
Remember that "market" operations are buying and selling at real prices. There are three main
things to keep in mind from the start. First is the dollar amount you want to invest.
Do not forget that the cost of the operation also appears in XBT.
The minimum amount deposited into a trading account is 0.001 BTC.
Therefore, you must exploit the "Order Value" function that shows you the amount of cryptocurrency
that the dollar amount you entered will buy. The level of leverage you use will affect this.
Below the order section is the leverage indicator. The default value is zero, which means that
if you buy the equivalent of $1,000 USD in cryptocurrency, the price will double. Therefore,
your participation will have a value of $2000 USD. If the value drops to zero, your stake
will be worth zero.
How to withdraw money from BitMEX?
There is no limit to withdrawing Bitcoin, and it should be noted that no other competitor offers
this, so BitMEX is a leader in this regard.
The withdrawal method on BitMEX is another attraction of the platform since receiving money is
relatively simple due to its fast and easy interface. While deposits can also be made quickly
and 24 hours a day, all withdrawals are done manually and using a specific method.
It means that there is a level of security in the process. It also makes it
possible to detect suspicious movements or attempts to commit fraud by the platform.
However, any fiat currency is not currently available for any form of payment. Calculate your
withdrawals in cryptocurrency instead of the cash you plan to transfer.
How to use BitMEX?
This platform does not have a smartphone application, regardless of whether it is Android or iPhone.
The only recommended option is to always access from a desktop version.
BitMEX uses auto-leverage to ensure that liquidated positions can be closed, preventing the volatile
state of the market from influencing. On the website of the exchange, they explain this section better.
How to create a position?
There are two main options when trading on a buy or sell position. These options have a series of
parameters that are common to all the orders that we can give:
Quantity: The money to buy and the value vary depending on the "Leverage"
parameter explained later.
Buy/Long: Execute a buy or long order.
Sell/Short: Execute a sell or short order.
Cost: The price we put on the position.
Ordervalue: The value with which the position is opened and based on it.
"Cost" x "Leverage".
Available balance: The available balance we have.
Total balance: balance in orders that we have placed.
Leverage: It allows X1, X2, X3, X5, X10, X25, X50, and X100, although it is
possible to edit to other values.
An essential requirement to operate on the platform is a minimum amount required.
It varies depending on the order and the initial margin. So before trying to operate we must ensure
that we have sufficient funds for it.
Order in BitMEX
BitMEX offers a variety of order types for users:
Limit order: The order is fulfilled if the given price is reached. The user has to
specify a maximum or minimum price at which he is willing to buy or sell.
Market order: The order is executed at the current market price. Generally,
this type of order is used when you have a rush in buy/sell.
Stop order: This order only appears in the order book when the market reaches a
certain trigger price, and it is usually used to carry out two strategies.
Stop loss: To limit losses on positions.
Take Profit: This order is executed when the price moves in a favorable direction
and will be executed when the preset trigger price is reached.
In addition to offering margin trading in all the cryptocurrencies displayed on the website,
the platform provides trading with futures and derivatives.
Leverage
Leverage occurs when an investor increases the total capital through a loan. The leverage allowed
by the platform will depend on the level of Initial Margin and Maintenance Margin. These levels
specify the minimum capital you must maintain in your account to enter and maintain positions.
The maximum leverage allowed by the platform is 100% on your daily Bitcoin futures contract.
You have to be very careful because, in the same way that it allows us to win more, it also allows
us to lose more.
There is the minimum amount of Bitcoin that you must maintain to open a position. If your margin
balance on BitMEX falls below this level, your position will be taken over by the liquidation
engine and liquidated.
Iceberg Orders
An Iceberg Order is a Hidden Order where a portion of the order is displayed in the public
order book. Because smart traders can identify hidden orders, some traders prefer to use this type
of order in an attempt to be indistinguishable from traders who keep refilling your order.
Is BitMEX a secure platform?
Two-step authentication (F2A) does a lot to protect our funds and assets (don't forget to
activate it!), but other security features attack very specific risk vectors.
So that we are sure when we have received a fake email pretending to be BitMEX, we can configure
that GPG is used to encrypt all our emails with the platform.
When you log in, you will receive an email with the IP address where the login was made,
which makes it very difficult for someone to log in to another account without the latter noticing
Many BitMEX user email addresses were leaked in November 2019, but no single BTC has
ever been lost to theft on the platform despite this privacy issue.
Is BitMEX regulated?
BitMEX is a company registered under the company HDR Global Trading Limited, which is registered
and licensed in the Republic of Seychelles under the number 148707.
The company has been registered since 2014, so it is a veteran player in the market, and this means
that it is an Exchange with a view to the long term.
However, the exchange does not accept clients from the United States or the United Kingdom.
In the first case, he is under investigation by the FCTC for offering futures and derivatives
to American citizens without authorization. In the UK, for example, cryptocurrency trading has
been banned, so you cannot use services there.
Account security is taken seriously, and there are no known cases of cryptocurrency hacks, which is
unusual in the industry, where even big names like Binance have had cases in the past. It is a
point in favor in terms of the exchange's reliability.
The security processes to identify clients follow all the steps of the industry with the need to
enable 2FA authentication to be able to carry out transactions. In addition, identity must also be
verified by sending identification documents, which are also verified with selfies and some tasks
that must be done.
It is generally a safe Exchange, and at the moment, it seems to be trustworthy.
Advantages of BitMEX
It is one of the most popular cryptocurrency exchanges for margin trading.
It has very low commissions, something important for experienced traders is a specialized exchange.
It offers few products but the ones it provides do so under excellent conditions.
No withdrawal or deposit fees.
It boasts of not having been hacked during these years, making it one of the few exceptions that
we know of in this sector.
Registration is simple and fast.
Provide a free demo account. Again, one of the few in the industry to do so.
Disadvantages of BitMEX
It does not have other services such as staking or loans, something that many blockchain lovers like.
It does not accept clients from certain countries such as the US or UK.
It is not a platform suitable for mobile/cellular trading.
The platform, although advanced, requires some training.
Does not have customer service in some languages.
Commissions and fees
BitMEX does not charge any commission when sending them Bitcoin to buy orders or withdrawing
the Bitcoin when successful transactions pay us. We will only have to pay the basic commission
that any transaction on the BTC network has, and this money does not go to BitMEX.
Trading commissions depend on the type of contract and the underlying asset (cryptocurrency),
but for example, for a traditional futures contract, the maker will pay -0.025% and the taker 0.075%.
They may seem too low or even negative, but you need to understand how these fees work:
The commission is a percentage of the leverage of the order, that is, the amount of the order
multiplied by the leverage (up to 100x)
You have to buy the commission twice (entry and exit)
Negative commissions are a kind of discount that BitMEX offers because they are interested in there
always being supply in the market.
As for limits, for each trade, BitMEX asks that we have
Bitcoin deposited for the value of a part of the amount that we leverage.
What is BitMEX Testnet?
Because trading in futures mode is risky, BitMEX has created a testnet for newbie traders so that
users can start trading without financial loss to learn. Testnet is a kind of experimental test
network in which you can hypothetically trade with unreal money. Testnet is great for people who
want to test their trading strategy. Testnet features and tools are no different from real-time
BitMEX, and the only difference is that you are trading fake coins. Using testnet is also
free for users.
Although BitMEX makes a test platform available so that we can learn from it before jumping into
the pool. However, there have been some negative comments advising against such a platform.
According to what they say, prices move very differently from the real ones, and learning about
them is not something easy. It is not that bad. Perhaps it is better to start in the normal
one by betting insignificant amounts like $1. You will learn, and maybe you will start earning a little.
BitMEX Supported Countries
BitMEX does not provide services to some users around the world. This issue goes back to the
financial policies and legislation of this exchange. BitMEX records the people's IP who connect
to the exchange, and if you connect to the exchange from these countries, your account will be
locked, and it is only possible to withdraw the crypto from the exchange if you do authentication.
So if you have daily trading, do not connect to this exchange in any of the following countries.
BitMEX does not allow US-based users to use the facilities of this exchange.
Also, if you live in Cuba, Syria, Iran, North Korea, Crimea, Sevastopol, Luhansk, and Donetsk,
or are a citizen of these regions, this exchange will not allow you to use the facilities.
If you show your passport to this exchange and are in one of the mentioned areas, your account
will be closed entirely.
In addition, if you are in Seychelles, Bermuda, Hong Kong, Japan, Ontario, and Quebec in Canada,
you will not also receive services from BitMEX.
If you live in one of the other countries of the world, using BitMEX will not be a problem for you,
and you can easily become a member of this exchange or do KYC.
BitMEX API
BitMEX API allows you to connect a bot to
an exchange for trading. This connection is made via API, a type of port that a bot can connect to.
When you connect the bot to an exchange, you can easily send your orders to the exchange without
risking your property. In fact, money is still in your wallet, and you can only execute certain
commands via bots.
Using a bot allows you to trade much faster and more accurately. It is very suitable for people
who are open in many positions. This bot quickly closes and opens positions according to your
instructions. Using this bot will increase your profits and prevent you from being liquidated.
BitMEX Insurance Fund
BitMEX has a special program for users worried about losing capital. This exchange will
automatically prevent you from being liquidated if you lose your money through accidental events
such as making a stop loss.
The Insurance Fund is a savings account to prevent losses to the customer in a sharp and sudden
change in market price, which usually leads to the liquidation of open positions in exchange offices.
Traders who use 50 to 100 times leverage also pay higher fees directly into the insurance fund.
It is because of the increased likelihood that their position will be liquidated. In the event of
a BitMEX liquidation engine failure, for example, in the event of a sudden and unexpected fall in
the price of Bitcoin, this insurance fund will be used to compensate traders whose positions are
unfairly closed and causing losses.
This feature, called Auto Deleverage, is one of the best features of this exchange
that prevents the destruction of capital through accidental events.
There are very few exchanges that have such a capability.
BitMEX Trading Pairs
XBTUSD | ETHUSD | GMTUSD | NEARUSD | XBTUSDT | ADAUSD | SOLUSD | XRPUSD | AVAXUSDT | LTCUSD | XBTEUR | BCHUSD | DOGEUSDT | LINKUSD | AVAXUSD | DOTUSD | AXSUSD | SOLUSDT | APEUSDT | LTCUSDT | DOTUSDT | FTMUSDT | BNBUSDT | SANDUSDT | SHIBUSDT | ADAUSDT | MANAUSDT | XRPUSDT | METAMEXTUSDT | BCHUSDT | GMTUSDT | NEARUSDT | MATICUSDT | LINKUSDT | EOSUSDT | DEFIMEXTUSDT | ALTMEXTUSDT
What is the difference between a trading bot and a trade assistant?
Trade Assistant can help with setting up stop-loss, take-profit, and closing positions under certain conditions. However, the trade assistant can not analyze the market and set orders. It is what bot trading does. A trading bot can do the job of a trading assistant well, analyze the market, and open buy/sell positions in an exchange.
What are the benefits of using a trading bot?
Using bot trading will make you trade faster, and your accuracy will be much higher. Now, if bot trading has unique features such as artificial intelligence, it will make your trade significantly profitable.
Can a trading bot be profitable?
If you use a suitable trading bot, you can make a lot of money. However, you need to know what features the trading bot has. A profitable bot can connect to various IPAs, analyze cryptocurrency prices, identify opportunities using technical analysis, and learn from its mistakes. Artificial intelligence trading can do this in the fastest possible time and is profitable.
How can I check and see the performance of my bot?
You can do so in your dashboard, after you have logged in.
How much can a trading bot make?
It depends on several things, such as the initial capital, market conditions, bot strategy, take-profit set in the bot, and the amount of the exchange fee. The more money you have, the better the market conditions are, the better the bot strategy works, the better your take-profit is chosen, and the lower the exchange fee, the higher your profit.
Do any trading bots work?
Each bot can have an error because not all trades can be profitable. Even the most professional traders make mistakes. However, a bot that can not repeat its mistakes using sciences such as artificial intelligence like humans can trade well.
How do crypto bots make money?
A crypto trading bot first connects to different APIs and reads and stores prices. It analyzes these prices with technical and fundamental analysis tools and selects the best coin and the best entry price. Then it sets the appropriate stop-loss, takes profit, and sets the exchange order. There is a particular type of trading bot that uses artificial intelligence.
Are there any Free Plans Available?
All users automatically receive the Bronze plan, which is completely free, after signing up!
What are the benefits of AI trading bots?
Using artificial intelligence bots has many advantages over using other trading bots. Artificial intelligence and learning allow your software to learn what kind of market to function in gradually. Some bots do not work well in the red market where prices are falling, and others cannot take a profit in the range markets. The artificial intelligence bot measures its failure rate after each trade and evaluates whether this change has positively affected profitability by changing various factors. It is what a human being does when trading and leads to profitability.
How much trading knowledge need to use a trading bot?
You do not need specialized knowledge to use a trading bot. You have to connect the trading bot to the BitMEX exchange and then turn it on. The bot will trade for you automatically. However, the more knowledge you have about trading, financial markets, and technical analysis, the better your results. For example, BitMEX bot trading has many capabilities to change the number of take-profits and stop-losses with your technical knowledge.
How do I trade crypto daily?
You have to choose a crypto every day, find the right strategy, set stop/loss, and take profit. Daily trading is difficult. Performing repetitive tasks and analysis in a 24/7 market is time-consuming. However, the crypto market also has features that make it even harder. This market fluctuates a lot, making trading even more difficult. Using tools like a trading bot can make trading significantly more accessible for you.
What are the Risks of Using PlayOnBit's BitMEX Trading Bot?
PlayOnBit does not add any risks or potential security breaches to any crypto trading systems. BitMEX API keys do not read user security data, only the data from trading. Be sure to disable funds withdrawal option when you are generating an API key to provide an extra layer of security.
Are my funds secure when using the bot?
A trading bot will be connected to your exchange account to set buy and sale orders. This bot has no ability to withdraw money from the exchange. Exchanges like BitMEX ask to withdraw money from an exchange, such as two-step verification and approval. So using trading bot is safe and does not pose any risk to your money.
Which strategies does a trading bot use?
The stronger and more advanced a bot is, the more strategies it can use. The profitability of bots is related to this issue. For example, some strategies can not be used in bear markets, and some are suitable for range or bull markets. It is especially important in the bear market. A trading bot that can choose the best strategy using artificial intelligence and machine learning is the best trading bot.
How to make money in market decline?
Using BitMEX trading bot, you can get long positions in the bearish market with specified stop-losses. By analyzing the market, the bot determines which coin to buy on the red market, at what price to put stop-loss and take-profit, and automatically closes the position in case of emergency. Since the short position is the opposite of the market, the possibility of making error is high, and using a bot will help you a lot.
How much money do I need to use a trading bot?
There is no limit to the use of bot trading, and you can start your trade for greater than $10. However, try to start your trading with little money and gradually increase it as the performance of BitMEX AI bot will improve progressively with high trades.
Are crypto trading bots fully automated?
Yes. Not all trading bats are automatic, and depending on the structure, different parts of trading are done automatically, and some tasks may be manual. However, the trading bot job is to automate trading processes. More advanced bots also automatically analyze and record sales orders, but not all bots have this capability. The more advanced and automated bot trading is, the more influential the bot is likely to be and the more profit you can make.
Does the trading bot take a commission on orders?
Once you have purchased the bot, you will not pay any additional fees per trade. However, trading in any exchange has a cost for you, and this cost is paid to the exchange, not to bot sellers.
How to connect a cryptocurrency exchange?
To connect a BitMEX bot to an exchange, you must create an account on the exchange. You will then receive an API KEY within the Exchange account and paste it into the trading bot panel. The BitMEX bot connects to exchange, and you can quickly turn on the bot and trade. Trades are made automatically, and you do not need to set buy and sell orders or perform analysis. Just turn the bot on and off. However, there are also stop-loss and take-profit settings and several other elements in the bot that are optional.
How do I make money in the crypto red market?
Holding is not profitable in the Bearish market, but you can profit by trading. The cryptocurrency market is a two-sided market that allows you to use the short position. In this type of trading, you first sell your fund to an exchange, and when the price goes down, you buy more. Such a position is called shorts, and in the falling market can be profitable for you. The amount of this profit is no different from the opposite (buying and selling at a higher price), and both are equally profitable. However, you can also leverage your shorts position and multiply your profit. This type of trading requires more complex analysis, and it is better to use a trading bot to do it.
What should I have to use a trading bot?
You need some money and an exchange account to use a trading bot to profit. After buying the BitMEX trading bot, you must register in an exchange such as BitMEX. Registration in the exchange is free. Just connect the bot to an exchange and start trading.
Can I trade short/long by bot trading?
Absolutely Yes. Intelligent bots like the BitMEX trading bot are designed for this purpose so that you can open short and long orders. Because Shorts and Long Orders require more sophisticated analysis than Spot Market, you will need to use more. With the bot, you no longer need to analyze multiple cryptos and look at the indicator chart for hours. A Trading bot will analyze for you in a few seconds and record the order of shorts and longs.
How much time does it take to trading bot make money?
It depends on several factors. Usually, artificial intelligence bot performs better by making a lot of trades. This bot looks at the number of errors after each trade and then changes the various factors affecting the trade to reduce this failure rate. However, bot trading can be profitable from the very first trade.
Can trading bots make passive income?
Since trading bot is much faster than humans, it can make a passive profit for you by doing a large number of trades in a short period. Especially in the red markets, using passive income, which is less risky, will be very profitable.
Which cryptocurrencies can I trade by a trading bot?
There are no restrictions in this regard. You can trade on any crypto you want. However, exchange offices have limitations. Each exchange provides you with a limited amount of cryptocurrencies for trading. For example, to use the BitMEX trading bot, you can only trade those cryptocurrencies listed in an exchange.
How does a trading bot make money in a bearish market?
A Trading bot can easily take a profit for you by open a short position in the bearish market. Of course, this requires a lot of technical analysis and experience, and small mistakes can destroy your capital and become liquid. However, the trading bot can take a short position for you due to the brief analysis it performs. The amount of trading error using bot trading on the red market is lower, and your chances of being liquidated are significantly reduced.
Are crypto bots legal?
Using a trading bot is completely legal, and there is no risk in using it. These bots only buy and sell and do not harm the exchange or your money. Many major exchanges around the world, such as BitMEX and Binance, recommend traders to use trading bot, and they make it possible to connect different bots to the . By connecting these trading bots to an exchange office, you can automate trading without taking time, and you can make a significant profit.