Bitmex was once one of the world’s largest and most well-respected cryptocurrency exchanges, but over the past few years, and particularly the past 12 months, there has been a string of controversies that I’ve all but destroyed their reputation.

The scandals have been consistently hitting the news over the past year, and have been almost unbelievable in their regularity and the significance of the issues that the platform is now facing.

Bitmex Scandals and Controversies

Trouble started in early 2019 when on the same day that news broke that the US CFTC was investigating the platform, a string of allegations from prominent cryptocurrency identities were also levelled at the platform regarding Bitmex trading against its own clients.

These allegations are perhaps the most damaging of anything to hit Bitmex in the past year, with the details being essentially that the platform has deliberately worked against its own clients in order to liquidate their positions and generate a vast source of income.

Later in the year, Bitmex was again involved with scandal when their COO left the platform, and then a few months following this with Bitmex’s Twitter account being hacked on the same day that news broke that the platform had leaked huge amounts of their own users data to hackers.

Best Bitmex Alternatives

PrimeXBT

PrimeXBT is the best alternative to Bitmex available today, with it being the only major cryptocurrency trading platform that also offers 100X leverage on the Bitcoin trading.

Even further than this though, PrimeXBT also provides the same 100X leverage on trading on a range of other crypto assets that include Ethereum, Ripple, EOS, and Litecoin.

And even more so, traders at PrimeXBT also enjoy industry-leading leverage of 1000 X on a range of traditional assets that include the world’s leading stock indices, forex pairs, and commodities.

PrimeXBT is known for providing the lowest fees in the industry with a flat rate of 0.05% applied to all trades irrespective of the asset being traded, or the size of the trade.

PrimeXBT’s platform is easy to use and intuitive for new users, as well as having a range of advanced features and a wide list of assets available to trade for users of all experience levels.

Kraken

Kraken is another prominent margin trading platform in the cryptocurrency industry that has a heavy focus on security.

Kraken was launched by two of the security analysts that were called in to investigate Mt. Gox during its infamous crash in 2014.

Because of this, Kraken has had a long and successful history of protecting its users against hackers, and has never been hacked or breached today.

As well as this, the platform has a wide range of assets available and trading features, however there have been a number of issues with the technical performance of the platform’s trading engine, with there being periodic freezes and other glitches during heavy loads in the past.

However it does seem like nowadays this has been largely solved, and Kraken is another good option for traders.

In Summary: Bitmex

Bitmex is in serious trouble going into 2020, and it is hard to predict whether or not this year will be a year of recovery for the platform, or a year where these troubles will potentially lead to its closure.

What is for sure is that the mass exodus of traders has led to a huge drop in trading volume at the platform and that Bitmex will most likely never regain its previous level of reputation.

For those traders seeking to find alternatives to Bitmex, look no farther and the two platforms listed above.