Saying that 2019 was a complete disaster for Bitmex is a profound understatement under the circumstances.
2019 was catastrophic for Bitmex, and was made up of a handful of scandals that would have surely destroyed a platform that was smaller.
We’re going to take a look at exactly what kind of scandals Bitmex was caught up in during 2019, and then take a look at a few places that may be alternatives to Bitmex traders for looking to jump ship.
The Collapse of Bitmex in 2019
Problems started in early 2019 when a number of prominent cryptocurrency personalities publicly said that Bitmex had been deliberately liquidating its own clients’ positions in order to generate substantial profits.
At the same time as this news broke, that the U.S. CFTC had announced they would be investigating Bitmex for separate problems relating to the platform allowing U.S. citizens to trade.
Although there were a few months of calm, later in the year PrimeXBT was once again hit by scandals as their Twitter channel was hacked, on the same day that news broke that Bitmex had also leaked a significant amount of user data to hackers as well.
Best Bitmex Alternatives
PrimeXBT
PrimeXBT is the world's largest cryptocurrency margin trading platform in 2020, with its astronomical rise to the top being over a relatively short period of time, and leading to the platform now handling up to $2 billion in cryptocurrency trading each and every day.
Like Bitmex, PrimeXBT provides up to 100x Leverage on Bitcoin trading, but going even further than Bitmex, this is also available on a wide range of other crypto assets including ETH, LTC, XRP and EOS.
Also where Bitmex focuses solely on cryptoassets, PrimeXBT provides a wide range of traditional assets that include some of the world's leading stock indices, forex pairs, commodities, and metals.
PrimeXBT also provides much lower fees than Bitmex, with a flat rate of 0.05% being applied to trades irrespective of the size of the trade of the asset being traded.
Kraken
Kraken is one of the oldest cryptocurrency exchanges in the industry and has built itself a reputation for having a high level of security, and for never being hacked or breached by hackers.
This is largely as a result of the founders of Kraken both being security analysts that worked on assessing the damage and problems relating to the Mt. Gox cryptocurrency exchange collapse in 2014.
Since launching Kraken and following that, the platform has grown to become one of the mainstays of the cryptocurrency industry.
In recent years the platform has struggled with technical issues that have led to trading glitches and the trading interfaces of various charts freezing for prolonged periods of time, however this seems to have largely been mitigated with a recent upgrade to the platform in the last year or so.
In Conclusion
Time will tell whether or not Bitmex can survive 2020, with it being unlikely that they could survive any further scandals than this.
If you are trading at Bitmex and are seeking other platforms that provide comparative cryptocurrency margin trading services, then the platforms mentioned above are worth looking into.