A cryptocurrency exchange is like the stock market for cryptocurrencies. It allows people to trade among other cryptocurrency holders for a commission or bid-ask spreads. Security, speed, and quantity of trading pairs are the most valued criteria to select what Exchange to use.
To setup BitMex Exchange account, follow these quick guide:
Step 1: Setting up your Bitcoin Wallet
To start your trading journey, the first thing you need is a wallet to hold your bitcoin. A wallet has a unique Public and a Private key and works as a storage for your cryptocurrency.
A public key works just like an email address, you can share it with anyone for casual transactions like sending and receiving a bitcoin while a private key is a secret code used to sign transactions in the ledger, providing a mathematical proof that they have come from the owner of a particular wallet.
We recommend using Exodus wallet.
To create your Exodus wallet:
Open your Browser > Go to Exodus.io > Download (desktop/mobile wallet) > Install the software > Launch
Step 2: Buy Bitcoin
We choose Bitcoin since it is the most dominant digital currency in the market today with the highest value and trading volume. Growth and Liquidity is very important for automated trading.
To Buy Bitcoin:
Open your Exodus Wallet > Click Receive > Copy the address > Paste in the form below
Just follow the prompts below and fill out the form, we will connect you to our partner and you can receive your Bitcoin in the next 24 to 48 hrs.
Step 3: Set up Proton Encrypted E-Mail
You need to have an Encrypted E-mail account end to end, it is the most secure way to communicate between yourself, the trade engine, and us.
You need two E-mail accounts, one for the short account, and another one for the long account.
To set up your Encrypted E-mail addresses:
Open your Browser > Go to Protonmail.com > Sign up > Select free plan > Choose any name that includes short or long so that the engine can recognize your short and long accounts > Create Password > Skip the recovery mail > Create Account > Enter Captcha > Click Complete Setup > Finish
Then you need to do the steps again for the second email account.
Step 4: Setup Proton VPN
A VPN is a virtual private network that gives you privacy and anonymity online by creating a private network out of your existing public internet connection. VPN hides your real IP address so your activities are hidden and it allows you to customize your location via IP. Virtually you can be in another country without having to get up your seat.
To set up your VPN:
Open your Browser > Go to Protonvpn.com > Get Proton VPN Now > Select Free plan > Login using your proton E-mail > Downloads > download the software based on your operating system > Install > Launch
On the VPN, Select Netherlands then Connect, you need to set your location to the Netherlands since the trade engine is in the Netherlands. You need an IP from the same country.
Step 5: Setup BitMex Exchange Account
Make sure your VPN is connected before opening Bitmex.
Open your Browser > Go to BitMex.com > Register (using your Proton Email) > Create a Password > Country (Netherlands) > Register
Confirm your account by going to your Proton E-mail inbox and click the activation link.
To Send Bitcoin from Exodus wallet to your BitMex Account:
Open BitMex > Account > Deposit > Copy the BTC address > Go to Exodus Wallet > Send > Specify the amount > Paste the BTC address from BitMex
Step 6: Setup BitMex API Keys
API key means “Application Programming Interface” key. It is a key primarily used to securely identify the calling program, which is the trade engine. So that it can access and remotely trade on your behalf.
To connect the trade engine to your BitMex account:
Open BitMex > Account > API > API Key Management > Select a name you want for the API Key > Leave CIDR Blank > Key Permissions: Order > Leave ‘Withdraw” unchecked, This allows you to maintain control of your asset > Create API key > Copy the “ID code” and the “Secret code”
We will ask for this information from you directly so we can establish the connection and start trading. Never give these keys to anyone else.
If, for some reason you want to stop the engine from trading:
Open BitMex > Account > API > API Key Management > Find the name you selected for the API > Disable or Delete the key
That’s it, you’re done. If you have questions or clarifications, you can ask us directly at Trademining.io.