BitMEX

What is BitMEX?

BitMEX launched in November 2014 and is registered in the Seychelles. The company started its XBT-USD perpetual swap in 2016. BitMEX calls itself a trading platform that offers investors access to the global financial markets using Bitcoin and other cryptocurrencies. BitMEX was built by finance professionals with more than 40 years of combined experience and offers a comprehensive API. BitMEX is owned by HDR Global Trading Limited.

In addition to Bitcoin and XBT-USD, BitMEX supports Ether, Tether and ERC-20 coins. BitMEX allows users to stake its own token, BMEX. BitMEX is not available to anyone with U.S. citizenship. The U.S. Commodity Futures Trading Commission has imposed fines of $10 million on each of BitMEX's founders for violating anti-money laundering laws. The company also was criminally indicted in 2020 by federal prosecutors in the U.S.

The company boasts low fees, and it says its "sophisticated margin and liquidation process" prevents any user's margin balance from going negative. BitMEX says it stores all Bitcoin in a cold multi-signature wallet. BitMEX stores other assets in hot and cold wallets.

How are BitMEX transactions taxed?

How crypto transactions are taxed will depend on factors such as how and when the assets were received and spent. Read our Crypto tax guide for more.

What does BitMEX provide?

BitMEX doesn’t provide a tax report or end of year tax statement. Since BitMEX doesn’t do business with US Taxpayers, there is no reporting to the IRS. BitMEX also has not disclosed whether it reports to other tax authorities.

BitMEX lets users download trade history in CSV format by clicking the "Save to CSV" button in the top right corner of the Trade History page. Users can find staking records in the wallet transaction history. Users can import these into CoinTracker to get an overview of their wallet activity and generate tax forms.

How does CoinTracker work with BitMEX?

  1. Open the BitMEX API Keys page
  2. Enter a name for the API key, such as CoinTracker
  3. RECOMMENDED Leave Key Permissions blank and Withdraw unchecked
  4. Click the Create API Key button
  5. Copy the API Key and Secret

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Frequently Asked Questions

How does syncing work?

How transactions and balances get synchronized from cryptocurrency exchanges.

See how does syncing work

Do I need to pay tax on my cryptocurrency? How do I get started?

See our Crypto & Bitcoin tax guide

Which tax forms do I need to complete? Do I need to file FBAR or FATCA for international exchanges?

See which tax forms do I need to complete

Have more questions about crypto taxes?

See our FAQ about taxes

Have more questions about CoinTracker?

See our FAQ about using CoinTracker