Comparison of Bitmex vs Switchere [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitmex vs Switchere comparison!

Your expert: Alejandro Borja

bitmex

Bitmex

Your expert: Xavier Tarrasó

switchere

Switchere

Main points

Fees

≤0,10%

Earns

Yes

Customer service

3/5
only card 3.60%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

No

Buy and hold


Comparison of fees

Rating

4.2 – Competitive fees with a focus on leveraged trading.
3.9 – Reasonable fees with additional benefits for instant purchases.

Level

≤0,10%
only card 3.60%

Brief explanation

BitMEX’s commission structure is geared towards facilitating a dynamic trading environment, particularly favorable for traders who engage in high-volume trading. The platform primarily charges a trading fee based on the maker-taker model, where makers, who add liquidity to the market by placing limit orders, generally pay a lower fee compared to takers, who remove liquidity by executing against existing orders. The fees on BitMEX vary depending on the product being traded but are typically in the range of 0.025% to 0.075% for makers, which can actually go negative, effectively rewarding makers for adding liquidity. Takers, on the other hand, face fees from 0.075% to 0.25%. This competitive fee structure is particularly advantageous for frequent traders who can benefit from lower costs as their trading volume increases. Moreover, BitMEX does not charge fees for deposits or withdrawals, though standard blockchain network fees apply when withdrawing cryptocurrency. This aspect of the fee structure makes it straightforward and cost-effective for users to manage their funds, aligning with BitMEX’s user-centric approach to crypto trading.
Switchere’s fee structure is designed with simplicity in mind, catering to users who value straightforward transactions. The exchange primarily charges a fee on the conversion of fiat to crypto, and this fee is transparently incorporated into the exchange rate displayed at the time of purchase. The typical transaction fee ranges from 1% to 2%, depending on the payment method and the specific currencies involved. This simplicity allows users, especially beginners, to easily understand the costs associated with their transactions without worrying about additional hidden charges.

Bitmex

Switchere

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Product selection

Native token

No
No

Earns

Yes
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

HDR Global Trading Limited
Unknown

Regulation

Not regulated, enfrentó acciones legales en los EE. UU.
Not regulated

Year founded

2014
2019

Founder

Arthur Hayes, Ben Delo, Samuel Reed
Unknown

Payment methods

Transfers

No
Yes

Mastercard

No
Yes

Wire transfer

No
No

Card

No
Yes

Comparative table

Bitmex FEATURES Switchere
BitMEX allows for relatively small minimum trade sizes, making it accessible for traders who prefer to start with smaller amounts.
Minimum Trade
Switchere offers a low minimum trade amount, making it accessible for beginners or those looking to experiment with small transactions.
BitMEX offers competitive fees, especially for high-volume traders, but can be slightly on the higher side for low-volume or casual traders.
Trading and Transaction Fees
The fees are relatively high compared to industry standards, which might deter frequent traders or those dealing in larger volumes.
While BitMEX supports major cryptocurrencies, its focus is more on derivatives and futures rather than providing a wide array of crypto assets.
Number of Cryptocurrencies
Switchere supports a limited but essential selection of cryptocurrencies, suitable for those new to crypto but restrictive for diverse portfolios.
BitMEX provides a solid selection of trading pairs for major cryptocurrencies, especially in derivatives markets.
Crypto-to-Crypto Trading Pairs
Offers basic trading pairs; however, it lacks the variety provided by larger exchanges, limiting strategic trading options.
The platform is quite transparent about its terms, fees, and trading options, though some users may find the information overwhelming.
Website Transparency
The website clearly outlines fees, processes, and security measures, providing users with the information they need to make informed decisions.
BitMEX lacks a debit or credit card feature for spending or earning rewards, limiting its utility for everyday transactions compared to other exchanges that offer such cards.
Credit/Debit Card
Switchere focuses on direct cryptocurrency purchases with fiat and does not provide additional financial tools like a branded exchange card.
BitMEX provides secure storage options, but as a derivatives exchange, it does not emphasize wallet services like other exchanges.
Storage Offering
Offers secure storage solutions, though it might lack some advanced security features available on more specialized platforms.
Limited options for staking or earning rewards, as BitMEX is primarily a trading platform for derivatives.
Staking and Rewards
Limited options for staking and rewards, which could be expanded to encourage longer-term investments and user retention.
Both mobile and desktop platforms are robust and well-designed, offering high functionality for trading on the go or at a workstation.
Mobile App and Desktop
Both mobile and desktop platforms are user-friendly and reliable, though they may lack some functionalities expected by advanced users.
Customer service is adequate, with support channels available, but response times and resolution effectiveness can vary.
Customer Service
Generally responsive and helpful, but some users may experience delays during peak times.
BitMEX supports efficient mechanisms for deposit and withdrawal, though primarily limited to cryptocurrency movements.
Deposit and Withdraw
The process is straightforward, but the high fees for some operations and limited methods for withdrawal can be a drawback.

Key features

Analysis tools

High-level technical analysis tools, derivatives trading features
No significant tools, mainly a buying platform

Mobile APP

No
No

Security

High 4,9/5
High 4/5

Additional features

High leverage trading, futures contracts, perpetual contracts, BitMEX Academy
Instant crypto purchases, staking, Switchere wallet, educational resources

Anonymity

No
No

Key points

Available cryptocurrencies

Primarily derivatives, few direct cryptocurrencies
10+

User-friendliness

BitMEX, while offering advanced trading features, has a relatively user-friendly interface. However, it may be more suited to those with some experience in trading due to its focus on leveraged trading.
Switchere provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Delivers reasonable value for money with competitive fees and advanced trading features, though its focus on leveraged trading may not suit all users.
Provides decent value for money with competitive fees and a user-friendly interface, though it may lack some advanced features.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Ideal for experienced traders interested in leveraged trading and advanced trading features.
Ideal for traders seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

BTC, USDT (for derivative products)
EUR, USD, BTC

Account

Trading

BitMEX is renowned for its derivatives trading and leverage options, making it ideal for experienced traders. However, it is not suitable for beginners due to its complexity and high-risk trading environment.
Switchere provides a secure platform with easy fiat integration and a decent range of cryptocurrencies. It offers competitive fees but lacks advanced trading tools.

Deposit and withdrawal

BitMEX focuses on cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed daily, and fees are minimal, but users must manage the timing of their requests.
Switchere supports various deposit and withdrawal methods, including bank transfers and cryptocurrencies. Withdrawals are processed efficiently, with low fees.

Account opening process

BitMEX has a straightforward account registration process, requiring personal information and identity verification. The process is quick and fully digital, making it easy for users to start trading within a short period.
Switchere offers a straightforward and user-friendly account registration process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

KYC required?

Yes
Yes

Customer Service

BitMEX offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.
Switchere offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

BitMEX ensures security with 2FA, encryption, and cold storage. It is not regulated by top-tier financial authorities, which might be a concern for some users regarding the safety of their funds.
Switchere employs robust security features, including 2FA and encryption. However, it is not regulated by major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

As an expert reviewing cryptocurrency exchanges, I find BitMEX to be a compelling option for experienced traders who are looking for high leverage and sophisticated trading options. However, due to its complexity and the high risk associated with its leverage capabilities, I recommend it primarily for seasoned traders. New users should approach with caution and consider starting with smaller trades until they become more familiar with the platform’s functionalities.
As a cryptocurrency expert reviewing various platforms, I find Switchere to be a notably accessible exchange for newcomers to the cryptocurrency market. The platform’s straightforward design eliminates the usual complexities associated with crypto transactions, making it exceptionally user-friendly. For anyone looking to start their journey into cryptocurrencies with minimal hassle, Switchere’s ability to process direct purchases through credit and debit cards offers a significant convenience. However, while it’s ideal for beginners due to its simplicity, more experienced traders might find the limited selection of cryptocurrencies and higher transaction fees a bit restrictive. Therefore, I recommend Switchere for those new to the space or for casual users not looking to engage in more complex trading activities.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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