Bitmex in 2020: Will the Meltdown Continue?

Bitmex has suffered through 2019 with a cluster of devastating scandals to deal with.

Although right now Bitmex is still trading, if 2020 continues the same way then the results could be catastrophic for the margin trading platform.

I’m taking a look at what happened to Bitmex and where else traders can go for crypto margin trading.

What Happened to Bitmex in 2019?

Bitmex was rocked in 2019 by a wave of scandals that would have brought any smaller exchange to its knees. While Bitmex is still kicking, thousands of users have left in a mass exodus as a result of the news that came out throughout 2019.

In early 2019 new first broker that Bitmex had been trading against their own users, and that the U.S. CFTC was investigating Bitmex for also allowing U.S. citizens to trade on the platforms illegally.

Later in the year Bitmex’s COO quit, and on a single day news broke that Bitmex has leaked a large amount of the data of their users and that the Bitmex Twitter channel had been hacked.

Best Bitmex Alternatives

PrimeXBT

PrimeXBT is the best Bitmex alternative as it is the only other cryptocurrency platform that provides leverage of up to 100x.

Traders can select from either cryptocurrency trading with leverage of up to 100x, or traditional assets trading with leverage of up to 500x.

PrimeXBT provides a very clean interface with advanced charting technology, including the ability to use custom widgets to display trading interface items.

Fees are set at a very low 0.05%, beating out any other platforms we surveyed and sometimes being as much as 10 times less.

Kraken

Kraken is one of the oldest crypto trading platforms and holds the illustrious honour of never being hacked during that time.

This is largely as a result of the founders of this platform being security experts.

Kraken provides leverage of up to 5x, which is low, but is better than nothing. As well as this traders can select from a wide range of different cryptoassets to trade.

Kraken’s user interface has recently undergone a serious upgrade, with the new style being much more modern than the previous style.

In Summary: Bitmex in 2020

2019 was a trainwreck for Bitmex, and 2020 might end up being just as a bad or worse.

For those who are still trading at the platform, it’s wise to begin researching alternatives now instead of waiting for the next news to break that involves Bitmex and deception.