Are you looking for a cryptocurrency exchange that offers multiple trading products, high leverage, excellent customer support, and cutting-edge security features?
FTX and BitMEX are two of the leading cryptocurrency exchanges out there.
FTX was launched in 2018 and is based in Antigua and Barbuda, while BitMEX was launched in 2014 and is based in Hong Kong.
While FTX and BitMEX share various features in common, they also have differences that might make a difference to you as a trader. For instance, FTX offers up to 101x leverage on all futures contracts, whereas BitMEX provides up to 100x leverage on BTC contracts only.
So, how does BitMEX – one of the oldest crypto exchanges – stand against its new alternative FTX? Here’s a detailed comparison to help you make the right choice.
FTX vs. BitMEX: Crypto Derivatives Product Offerings & Leverage
FTX has a comprehensive range of crypto derivatives products available for trading. These include:
- Futures: Over 150 perpetual and quarterly expiry futures
- Leveraged Tokens: Take leveraged positions in 45 ERC-20 tokens
- Options: BTC options contracts settled in USD
- MOVE Contracts: FTX’s Bitcoin futures contracts with daily, weekly, and quarterly expiry.
FTX has a daily traded volume (derivatives) of USD 6.94 billion.
Coming to leverage offerings, FTX offers leverage of up to 101x on all futures contracts. However, you can set your default leverage level to 50x, 100x, and 101x based on your risk appetite and trading preference.
BitMEX, on the other hand, offers futures contracts only. It allows you to trade in perpetual swaps, traditional futures, and Quanto futures. Futures contracts available on BTX include:
BitMEX has a daily traded volume (derivatives) of USD 1.61 billion.
BitMEX offers up to 100x leverage on Bitcoin perpetual and traditional futures contracts. For other contracts, the maximum leverage is 20-50x.
Verdict: FTX is the clear winner, offers more products, better leverage, and higher trading volume.
FTX vs. BitMEX Trading Fees
FTX has a tiered fee structure for derivatives and spot markets. There are six tiers (Tier 1-6) based on the last 30-day trading volume. Traders with a 30d trading volume of less than USD 2 million are in Tier 1.
For Tier 1 traders, the market maker fee is 0.020%, and the market taker fee is 0.070%. For Tier 6 traders, the maker fee is 0.0% (no maker fee), and the taker fee is 0.040%. Similarly, traders with the last 30d trading volume of more than USD 50 million fall in Tier 6.
Also, FTX users who hold FTT (FTX utility token) can enjoy extra discounts on trading fees.
On the other hand, BitMEX has a flat trading fee structure where it offers a 0.025% rebate to market makers and charges a 0.075% fee from market takers.
BitMEX Offer: Crypto traders who sign-up using this exclusive link will receive a 10% fee discount for six months and believe me, 10% is a lot when you see it over a period of time.
FTX vs. BitMEX Funding Fees
Both FTX and BitMEX implement a funding rate mechanism.
Traditional futures have a weekly, monthly, and quarterly expiry. So, even if their price deviates from the underlying asset’s price, they converge on the day of expiry. However, since perpetual futures don’t have an expiry date, they can keep trading away from the underlying asset’s price.
A funding rate mechanism ensures that the perpetual futures contract’s price trades near the underlying asset’s price.
Both FTX and BitMEX deploy similar funding rate mechanisms based on Interest Rate and Premium. However, the funding rates on FTX refresh every hour, while they refresh every eight hours on BitMEX.
Verdict: FTX has a slight edge over BitMEX as its funding rates refresh every hour.
FTX vs. BitMEX Deposit & Withdrawal Fees
FTX doesn’t charge any fees for deposits and withdrawals. However, fees apply on the deposit of ETH and ERC-20 tokens and Omni-withdrawals. Also, withdrawal fees are charged for small BTC withdrawals (lower than 0.01 BTC).
BitMEX also doesn’t charge any deposit or withdrawal fee. However, the minimum Bitcoin network fee may apply when withdrawing BTC based on the blockchain load.
Verdict: It’s a tie, as both FTX and BitMEX don’t charge any deposit or withdrawal fee.
FTX vs. BitMEX Trading Platform Comparison
Both FTX and BitMEX have best-in-class crypto trading platforms that come with a comprehensive range of features and functionalities. Let’s compare the two trading platforms and determine which one is better.
FTX has one of the best trading systems in the crypto space. Its institutional-grade trading platform is the preferred choice of many professional traders. It comes with all the essential features you’d see in any modern-day crypto trading platform, including:
- TradingView charting system
- Multi-timeframe analysis
- Several chart types
- Built-in indicators, screeners, and drawing tools
- Intuitive order book and numerous order types
Furthermore, FTX has a robust liquidation engine that efficiently manages the liquidation process and closes down positions before becoming negative. Traders with open positions receive an automatic warning when their initial margin falls below 4.5%.
FTX also has a mobile app that shares the same features and functionalities as the mobile app. Therefore, traders can open, close, and manage positions from their mobile devices.
FTX supports all the major order types, including Limit, Market, Stop-Limit, Trailing Stop, Take-Profit, and Take-Profit Limit.
BitMEX is a one-of-its-kind trading platform written in the kdb+ database, which is used by major banks in high-frequency trading applications. For traders, it means a faster, cleaner, and more user-friendly trading experience.
BitMEX also implements the TradingView charting system and has all the essential trading platform features. These include multiple charts, multi-timeframe analysis, built-in indicators, various chart types, etc.
Like FTX, BitMEX also supports all major order types.
BitMEX has an auto-deleveraging mechanism that allows traders to close positions in volatile markets.
BitMEX also has a mobile app that enables traders to trade on the go and get a desktop-like trading experience.
Verdict: While both FTX and BitMEX have robust trading platforms, FTX’s institutional-grade capabilities give it a slight edge over BitMEX.
FTX vs. BitMEX Account Opening Process
Both FTX and BitMEX offer a straightforward account opening process. Let’s look at how the two exchanges compare in terms of ease of account opening.
FTX has a tier-based system for account opening. The three tiers are as follows:
- Requirements: Email and check for restricted jurisdictions
- Limits: No ability to deposit funds or trade
- Requirements: Name, email, country of residence, and check for restricted jurisdictions
- Limits: USD 2000 daily withdrawal limit, which can be increased to USD 9,000 if the trade volume is higher than transfer volume
- Requirements: Full legal name, date of birth, proof of address, description of source assets, government-issued identity verification, and facial verification
- Limits: Unlimited crypto and fiat withdrawal requests
FTX allows you to upgrade your tier after registration. You can also get a 5% discount on trading fees if you register with a referral code.
Once you have decided which tiered account you want to open, you can visit the FTX website and click on Register on the top right corner of the homepage.
BitMEX is one of the few crypto exchanges that require complete identity verification (KYC). If you want to register, you can head to the BitMEX Registration page and complete your KYC to get started.
The KYC process includes uploading a photo ID, proof of address, taking a selfie, and providing a description of source assets.
Verdict: FTX is the winner, as BitMEX has a mandatory KYC process, while FTX doesn’t.
FTX vs. BitMEX Customer Support
If customer support is a priority for you, you’re in luck. Both FTX and BitMEX offer stellar customer support. In case of any queries, you can rely on their skilled and highly responsive customer support teams.
Here’s a quick comparison of the customer support offered by the two exchanges.
- Active customer support via email and Telegram
- Responsive helpdesk
- Vast knowledge base
- Active on social media
- 24/7 email support in five languages
- Helpdesk tickets
- Social media
- Vast knowledge base
Verdict: It’s a tie, as both FTX and BitMEX offer world-class customer support via email and helpdesk.
FTX vs BitMEX Security Features
Let’s conclude this comparison with one of the most important factors to consider when selecting a crypto exchange: security.
Here’s a head-to-head comparison of the security features deployed by the two security exchanges.
The key security features implemented by FTX include:
- Two-factor log-in authentication with mandatory password strength
- 2FA log-in requirement for withdrawing funds or changing passwords
- Withdrawal lock after password change
- Subaccount function with configurable function to avoid unauthorized log-ins
- IP whitelisting and SSL encryption
- Cold wallet storage with wallet addresses
BitMEX also implements similar security features as FTX. These include:
- Multi-sig cold wallet with a strict withdrawal scheme
- Amazon web services (AWS) for network security
- PGP encryption to ensure secure communications
- Manual audit before withdrawals
Verdict: It’s a tie, as both exchanges have best-in-class security features to provide a safe trading experience to users.
By now, you might have already decided which cryptocurrency exchange is the best for you. If not, here’s a quick recap.
FTX and BitMEX share several features in common. Both have low trading fees, powerful trading platforms, and industry-leading security and customer support features.
However, FTX has a slight edge as it offers more products and up to 101x leverage on all futures contracts. FTX also has a simpler registration process compared to BitMEX that requires mandatory KYC.
So, if you’re looking for a crypto exchange that offers multiple trading products, high leverage, low trading fees, a powerful trading platform, and best-in-class support and security, FTX will be an ideal pick.
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