Who Is More Credible To Say That Bitmex Is A Scam Than The Guy Who Is BEATING IT!
BEAWARE, BITMEX IS A SCAM!
First of all, besides the edge bitmex has by its own natural construction, which I think you and I agree we would all respect and honor... where they make % per trade, they make even % per x amount of hours, they make +% on bigger contract sizes,... they have plenty of ways to make bucks, big bucks...
... but they don't stop at legit methods.
A coinflip trader (50-50 odds) doesn't STAND A CHANCE at Bitmex.
If you are a coin flip trader, on Binance you will do fine, except their fees... you'll still have a nice piggybank.
If you are 60% profitable trader on Binance, you can become truly rich with good portfolio.
If you are 60% profitable trader on Bitmex, you're DIPPING and bleeding.
You need over 62% edge to be nearly breaking even in bitmex!
Here are their top 3 shady tactics:
1) System Overload SCAM
what they do, they put a system overload when there is a huge pump, so you get liquidated (Free money) and so you NEVER catch the top position. The top position top spot is reserved for their trader. Their own insiders or close to them traders. They get to enter... that's why you can't simply seee a big pump up or down, on the top of it enter with 100x and fucking enjoy your well deserved riches for timing.
Bitmex overused this scam and now they are prolonging it by first changing and making sure that close orders on the position bar are handled without overload. Do you think a company with 2 billion dollar volume a day can not get better computers to process requests?
2) Their own traders... I already explained this in a post... it's like seeing your cards... they see and they always end up doing the most profit... they go up to liquidate shorts and then they go short... lately they became turbo greedy so they go up, then they go down, then they go up... so they liquidate all at high leverage except the latest entries.
It makes them easy, very easy to predict and I am actually finding it super easy to trade, as they go where the most liquidations are... however it's that injustice not equal ground that pisses me off - imagine you play poker and a guy on the other side, although dumb as fuck sees your cards — you know more than him so you know AA will win more times than KK pre flop, however... he sees your cards!
3) Your account is frozen due to...
You think you can now imagine... everyone gets liquidated and you somehow were smart or lucky enough to enter the very top with limit order at 100x and it dips 2k - and they are supposed to pay you on your 1 btc... fuck I can't even calculate this... a shitload of bitcoins... they have two tactics... 1) closing your position mid trade (the lighter option) and tell you some lame excuse or 2) freeze your account and blame you
WIth all that said, it's possible to beat BitMEX... however, I want you to know what you're against. I can't wait for the new platform to come that offers such leverage, and I hope Binance will be fast with this. To move from these assholes...
Guys, how comes Bitmex never had a liquidity problem?
What, you think EVERY SINGLE TIME that when you want to sell, there is a guy willing to buy all the contracts... even when it's dipping and people are scared, you think there is always equal amount of shorts and longs and that buying at a certain price is always possible? Think again... True p2p leverage trading platform WILL have liquidity problems... and then it won't be like FUCK THEM, it will be, RESPECT. Because you'll know that your contract truly exist.
I can go on and on about the suspicion about bitmex making bad trades in past and now trying to cover it as they see they can go legit... but they have contracts to pay out so they are forcing liquidations... but I won't go there.
Instead, I'll tell you — start paper trading first... not on their testnet, start on real one but paper trading... but start with 100x - because you're either accurate or you're not. when ready, go and buy minimum amount of contracts, 1 or 10 contracts per position and try ten trades. the game changes... and after try playing with leverage and all, but be super cautious and managing risk. They can be won and I am happy to have traders that can beat their asses and make life to their market maker way worse... but still, they are the house, and the house has odds... ... until they don't D