When talking about cryptocurrency you can never be 100 percent sure with your funds. This is because the cryptocurrency falls under almost no regulations and that is in almost all jurisdictions. Therefore you have to be very peculiar when you are investing in cryptocurrency. The only thing that can build your trust while trading cryptocurrency is the previous record of the company and word of mouth credibility.
When talking about Bitmex in particular, it is backed by HDR Global Trading Limited, which is also registered with Seychelles. Bitmex is known to be the largest bitcoin trading platform these days. It has been there since 2014 and has been operating smoothly. There have been no cases reported of hacks or theft. The security of Bitmex is a bit advanced as compared to some other cryptocurrency trading platforms. When looking deep into the security levels the first thing you want to make sure is that the deposit and the withdrawals are secure and it actually is as at BitMex as it uses multi-signature schemes for both deposits and withdrawals. Only the Bitmex partners have access to it. In order to protect the servers, Bitmex uses the Amazon web services that enable two-way authentication with text messages.
As far as risk check is concerned Bitmex also has a complete system for that. In this system on the website the sum of all the account holding must be zero and in case if it is not all trading will be halted immediately. When talking about withdrawals employees individually check these by hands, and Bitmex does not use a cloud to store private keys. As far as deposit addresses are concerned these are verified externally and checked if they contain the matching keys, in case of any discrepancy the system will shut down automatically. The Engine of Bitmex appears to be more reliable and faster as compared to some of the competitors such as Bittrex and Poloniex.
Bitmex uses PGP encryption for all communication and also have email notifications. The company is operating since 2014 and there has been no incident of any trading being hacked.
Although the Bitmex exchange platform may not be an easy one to use for someone who is new to the crypto word but as far as security is concerned it outsmarts most of its competitors.
We believe BitMex is pretty reliable and safe – what’s your favorite crypto trading platform?