BakerySwap or BitMEX – which is better for UK traders 2024? Compare BakerySwap and BitMEX in this detailed breakdown of their platforms, features and fees.
BakerySwap is a DeFi platform operating on the Binance Smart Chain that follows the trend in food-themed exchanges.
BitMEX is a crypto exchange and derivatives trading platform, launched in 2014. The firm offers a fiat–crypto onramp, spot trading, and crypto derivatives including perpetual contracts, traditional futures and quanto futures. BitMEX offers amongst the largest market liquidity of any cryptocurrency exchange.
Pros
The Guilds social trading service allows traders to participate in competitions and earn rewards, including a weekly prize pool worth 4,000 USDT at the time of writing
BitMEX continues to deliver a considerable amount of market information for free, as well as trading guides and community channels on Discord, Telegram and more
The broker offers high levels of security, using a combination of hot and cold wallets and cryptography key management
The native token, BMEX, can be staked with up to 15% trading fee discounts, among other exclusive privileges
Comprehensive customizability is available within the platform, with movable widgets and order book filters
Traders have the opportunity to connect with investors using the intuitive inbuilt chat feature
The exclusive crypto platform makes it more streamlined than other multi-asset terminals
Traders can earn interest if they HODL Tether and Bitcoin
The broker offers 2 API systems for seasoned traders
Cons
BitMEX is an offshore firm and is not regulated by any reputable authority, though this is common among crypto brokers
BitMEX is geared towards more active traders, with fewer tools and features aimed at newbies
The broker was involved in a legal dispute with US regulators which resulted in fines
Withdrawals are only carried out at a specified time of day
As a DeFi exchange, BakerySwap allows traders to exchange their owned crypto for alternative tokens for a low fee.
BitMEX continues to offer a highly competitive crypto trading environment, with cheap $1 contracts and leverage up to 1:100. The broker’s proprietary platform offers cutting-edge trading features, including a customizable order book, a depth chart and dozens of technical indicators.
Not Rated
