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Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading machines will not overload, even during peak hours. As a result, all traders can close their positions as intended despite volatility. There is no use of systematic problem as an excuse.

-Trading toolkits

You will find an extremely concise trading interface, however after first try, you will realize their trading toolkits are even more comprehensive and useful than others.

  1. Intelligent limit order

Most crypto exchanges separate limit orders to “buy/sell limit” and “buy/sell stop” for traders to place the order triggered in expected prices.

In Bex500, it is far easier. Just input the price you wish to buy or sell; the system will automatically trigger the buy/sell order at the price you want. For example, btc current price is at $7,000, but you think if will go down to $6,000 and then go up, you can just input $6,000 in limit order, then click “buy”. The order will be triggered at $6,000 automatically.

  1. Stop-Loss/Take-Profit Follow-Up Orders. 

This is my favorite feature. Traders can set up a maximum loss or an awaited profit in numbers in the order you set, so you don’t have to later set up numerous additional trades just to act as take profit and stop loss.

  1. Expected Margin Calculation. 

Traders can see how much he/she would earn at any time using a simple calculation tool.

Seems like, crypto trading has been easier in Bex500, they did not reinvent the wheel here, but they create an exchange with every tool you need to optimize the trading at fingertips. It saves you from unnecessary time wasted in other exchanges to achieve the same function.

-Advanced risk management tool

  1. Profit calculator. 

This is a handy tool for risk management, and first of its kind. 

Before placing orders, traders can use the calculator to have a clear picture about his costs and gains. It is helpful in position control and risk management.

For newbies, you can use the calculator to make sure you have a clear understanding of trading rules.

  1. Locked Position. Traders can set up positions of equal size on the same account and on the same instrument, but in opposite directions. Bex500 seems to be the only crypto exchange with a “locked position” feature available.
  2. EA trading for professionals

For professionals, the Bex500 Crypto Exchange offers MT5 trading through both web interface and mobile applications on iOS and Android. The MetaQuotes trading system is frequently used by the banks and futures brokers in high-frequency trading applications. Advanced traders also have the option of applying EA trading or program trading to Bex500.

-Only crypto exchange with real-world commodities

In the crypto exchange sphere, Bex500 offers trades with USDT, BTC, ETH, LTC, and XRP. For the commodity traders, the positions in silver (XAG/USD), gold (XAU/USD), and oil (WTI and BRN) are available. 

For at-risk traders, Double Contracts on BTC, ETH, LTC, and XRP are available in a one-click mode. The leverage can be up to 200x in double contract.

Question 2. Is it safe? Can it be trusted?

Futures trading is the best way of engaging the Bitcoin markets without having to acknowledge the ownership and storage responsibilities.

We are interested in this question most and examine BEX500 in every security-related policies and infrastructure.

-Segregated Client Account & Cold-wallet Storage

In BEX500, the deposits and Bitcoin futures are held in a segregated customer account.

Each client receives their unique address for BTC & USDT, deposits into the platform will be secured in cold-wallet storage, where they can secure all the Bitcoin keys off from any known server and computers and store them physically on the device which is not connected to the internet.

BEX500 applies “multi-signature encryption” & “manual review” over transfer and withdrawal.

“multi-signature encryption” prevents any individual from transferring the crypto assets without permission; “manual review” applies to large amount withdrawal to protect client’s funds.

-SSL Encryption

SSL provides a secure channel between two machines or devices operating over the internet or an internal network.

SSL protects data transmissions, and prevents phishing attack; they ensure the server you’re connected to is actually the correct server. With SSL, it can assure you with data integrity, which means that the data that is requested or submitted is what is actually delivered.

You can know that BEX500 is secured with SSL encryption when a padlock is displayed.

Therefore, it is completely safe to visit, and trade on the platform.

-Information Encrypted and Stored on Server

Confidential information about trading data and personal information, in BEX500 is all encrypted and stored on the server.

Access to the server is restricted and regulated by specific executives to ensure security.

-Firewall to prevent visits from suspicious ports and network protocols

BEX500 sets up firewall to prevent suspicious visits from risky ports and network, which fences the site off from cyber criminals in the first place.

AWS WAF seem to be used to block common attack patterns, such as SQL injection or cross-site scripting.

– DDOS Protection

Bex500‘s detailed approach to security issues makes it look extremely attractive. High-level DDoS-protection, as well as 2FA-authorization (via mobile phone and e-mail), are implemented on this platform.

Their network capacity is 15x bigger than the largest DDoS attack ever recorded. With 30 Tbps of capacity, they can defend traders from any modern distributed attack, including those targeting DNS infrastructure.

Question 3. Areas for improvements?

No exchange is perfect, we find a few things we think that warrant improvements

  1. Poor translation
  2. Only 4 types of bitcoin trading pairs supported
  3. APP under development
  4. No fiat currency gateway

The lack of mobile app is especially frustrating for those traders who can not be behind PC the whole day. The good news is, Bex500 plans on releasing app within December. We will update on it later.

Conclusions

Should you use Bex500? We encourage you to give it a try starting with small amount.

We have found Bex500 to be secured, and user-friendly. Most importantly, they revolutionized the derivative industry with easier trading interface, a fair mechanism with no price manipulation and more advanced professional risk management tools. They also have other highlights including

  • Multiple bonus programs
  • No KYC
  • No withdrawal fees
  • Very low service (transactional) fees
  • Helpful tutorials

They are prepared to offer an alternative to other leading exchanges in crypto derivatives market.

Warning ️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management

Bitcoin

Basic Guide on How to Spend Bitcoin and Other Cryptocurrencies

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Bitcoin and other cryptocurrencies
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In recent years, Bitcoin and other cryptocurrencies have entered more into the mainstream. Most people walking down the street have at least heard of Bitcoin. While a lot of people got involved in the buying and selling of cryptocurrencies to try and make a quick buck, most people who are enthusiastic about the world of blockchain are in it for the long haul. 

These are usually the people who are going to be more likely to actually use their Bitcoin and other cryptocurrencies as a payment tool and not just as a storage of wealth or a trading tool. This guide looks at a few different ways in which you can use your Bitcoin in spending capacity. 

Crypto Debit Cards

Perhaps the easiest way for you to spend your cryptocurrency is by linking up your holdings to a debit card. 

These days, many of the leading card providers such as MasterCard and Visa have these types of crypto-linking debit cards. These cards can be used just like you would a normal debit card that is linked to your fiat currency bank account. 

Naturally, the most popular type of crypto debit card is going to be for Bitcoin, but there are other cryptocurrencies catered for also. 

Prepaid Cards

There…

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Bitcoin

Hybrid Bitcoin Casinos or Bitcoin-Only Casinos – Which Are Better?

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The rise of cryptocurrencies over recent years has had an impact on several industries. Gambling is one such industry, and many of the best online casinos offer Bitcoin as a payment method

Some of these casinos work exclusively with cryptocurrencies, while some are more traditional gambling sites that simply have integrated crypto on top of their fiat options.

This post will take a look at the advantages of joining a Bitcoin-exclusive casino on the web versus picking a hybrid one.

Advantages of Hybrid Bitcoin Casinos

Let’s start with the hybrid Bitcoin casinos. Usually, those are traditional gambling platforms that have been around for a long period of time. 

They offer classic payment methods such as Visa, PayPal, Skrill, and similar. At some point, they decided to add Bitcoin and potentially other cryptocurrencies to their portfolio. 

If you decide to join an online casino of this type, you will be able to enjoy the following benefits.

Lower Risks

Such online casinos often have a strong reputation and are licensed by respected gambling commissions such as the UK Gambling Commission, the Malta Gaming Authority, and similar regulators.

They are known for protecting the customers and monitoring all actions…

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Bitcoin

How Bitcoin Has Changed Online Gaming

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online gaming
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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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