How reliable is Bitmex?

How reliable is Bitmex?
August 16, 2018 No Comments Bitmex Jess Mavencoff

 Bitmex is one of the top Trading Exchanges in the world which promises minimal verification and maximum leverage. The P2P Exchange is run by former bankers and has quickly earned fame for its speed, security and reliability.

 Bitmex stands for Bitcoin Mercantile Exchange. The platform and apps are owned and operated by HDR Global Trading Limited, a company registered under the International Business Companies Act of 1994 in Seychelles.

 The HDR stands for Hayes, Delo and Reed, the three co-founders of the company. Hayes is a former banker with years of experience in the derivatives market. Delo is a trading algorithm expert and Reed is a programmer. The trio started the trading platform in 2016 and in the last few years, Bitmex has climbed up in its reputation as one of the topmost derivative exchanges in the cryptocurrency world.

But the whole company is meshed in a veil of secrecy and operates out of its offices in Hong Kong. There is no physical address or a phone number. But the customer support team is available 24/7.

 For a bitcoin newbie, this will all sound too spooky. But anyone who has spent a reasonable amount of time with cryptocurrencies knows that it is the new normal in the crypto world to keep most of your operation anonymous to stay off the radar of the hackers and other undesirables.

 In the past three years of its operations, Bitmex has not given any reason for anyone to be suspicious about it. They have layered levels of defences against hacking and fraud attempts. They build their algorithms and platform on the highly reliable kdb+ databases. Their deposit and withdrawal and storage wallets use multi-signature addresses and the majority of the bitcoin is stored in cold vault, off the grid and requires two of the three partners to sign every release of funds.

Every withdrawal is verified manually by two employees to avoid the risk of fraud. And their system is constantly verifying that all trades sum to zero, i.e. system is always balanced. At the slightest detection of an anomaly, they shut the whole system down.

Bitmex considers themselves version 3.0 of the cryptocurrency world and has built defences at each level to ensure critical systems are air-gapped and can only be accessed after multi-format verifications.

 They run an operation similar to any major banks but have gone even further to ensure your funds are always protected.

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