BitMEX or “Bitcoin Mercantile Exchange” is a crypto trading platform founded by HDR Global Trading Limited in 2014 and operated by finance professionals with over 40 years of combined experience. This company with registration in Seychelles has their operations in Hong Kong.
Unlike other exchanges, BitMEX only accepts deposits through Bitcoin. Another unique feature of BitMEX is its margin trading, which is trading with leverage and is no longer new to many advanced traders.
Here, we will show you how to buy your first Ethereum Classic (ETC) on BitMEX with easy and simple steps.
Click here to open the site.
Once you have the site, click on the ‘Register’ button.
Type in your email address, password, and first & last name. Select your Country of Residence, tick the small box to accept the Terms of Service and to proceed hit on Register.
At this time your registration is already complete. However, you have to access your email so you can verify the email address you entered.
Click on ‘Verify My Email’ to finish the process.
The action will redirect you to a page informing you that your email is officially confirmed. After this, the login page will open.
What is 2FA?
Two-factor authentication, also known as 2FA, is an extra layer of security or added protection which we refer to as multi-factor authentication. Not only the username and password are required but also a piece of information that only a user possesses. This process is to confirm a user’s claimed identity.
The 2FA process helps lessen the number of identity theft cases and as well as phishing via email. It would be harder for potential intruders to gain access and steal someone’s identity and personal data without that piece of information that only the account owner knows.
In the case of exchanges what the user has are his/her login details such as the username and password. The form of 2FA that a user possesses for this instance is a token or code. The code can be received either through SMS on a user’s mobile phone or via applications like Google Authenticator or Authy.
In this step, we will use the Google Authenticator app to illustrate the enabling process of 2FA on your BitMEX account. On the upper right of your screen, click the drop-down menu beside your email address.
Check this if you want to learn more about Google Authenticator.
Click on ‘Account & Security’.
Go to ‘Enable Two-Factor Auth’ and select ‘Google Authenticator’ from the drop-down.
After downloading the Google Authenticator app on your smartphone, do scan the QR Code to add your BitMEX account or type in the code provided on the first box. The app will generate a 6-digit code which you need to enter on the third box. After this, hit on Submit. A pop-up will appear confirming that the action is successful and later redirect you to the log-in page.
Unlike many exchanges we know, BitMEX only accepts Bitcoin as a form of deposit. You need to utilize a spot exchange so you can buy Bitcoin with fiat currency. After funding your account, you can go ahead and proceed with trading. The good thing is, there is no deposit fee on BitMEX.
To initiate deposit, you have to log-in again to your account since you were logged out from the previous step.
Hit on the ‘Account’ tab at the top of the page.
Click on the ‘Deposit’ button.
Here, you will see your Personal Multisignature Bitcoin Deposit Address. Make sure to read everything under the ‘Important Notes’ section so you’ll be informed accordingly regarding the process. You may use the funds to trade after getting one confirmation from the Bitcoin network.
When funds are made available, you may now participate in BitMEX trading.
Go to the trading page by clicking on the ‘Trade’ tab.
Choose your Ethereum Classic (ETC) of preference or the Ethereum Classic (ETC) you wish to acquire from the list.
Under the ‘Place Order’ box, you have to select the Order Type. If you hover your mouse pointer to each of the order types, you will see a short description. Doing this will help you choose the best Order Type depending on your needs. Additionally, you can also check this link to know more about the different Order Types on BitMEX.
After selecting the Order Type, enter a value on the “Quantity” box. This field shows the value of your position. On the other hand, the “Cost” field lets you know the maximum amount you can lose on the position if the market moves against you. Lastly, the “Order Value” shows the value of your position in XBT. To continue, click on the ‘Buy Market’ tab.
Important: Select the “Buy Market” option if you think the price will rise. But if you feel that the market will fall, click on the “Sell Market” button instead.
Here, you can view the summary of your order. You also have the option to change your Leverage. This method which is also called “Margin Trading” gives traders the ability to place orders that are bigger than the account owners’ current balance. To learn more about this method you can check their faq page here.
After reviewing the details and verifying that everything is correct, hit on the ‘Buy’ button.
A small pop-up window with a notification saying that the order is submitted successfully will appear on the lower right of your screen.
To check your balances, order or transaction history, you can go directly to your ‘Account’ page.
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