Cryptocurrency derivatives trading has exploded in popularity among crypto traders. Crypto contract trading platforms give traders the potential to turn a profit regardless of which direction the market is going – if they predict correctly, of course.
In this article, we will be checking out BigoMex, a crypto contracts platform based in Singapore. BigoMex is designed with a focus on providing a user-friendly experience, and requires no personal information from traders. Before we continue and take a closer look at everything that BigoMex has to offer, let’s quickly run through some of the exchange’s main features:
Key BigoMex features:
- 23 supported cryptocurrencies
- Demo trading and tutorial
- Friendly user interface
- Up to 100x leverage on certain coins
- Referral program
BigoMex features review
As we’ve mentioned above, BigoMex is a crypto contracts exchange. Users can speculate on 23 different cryptocurrencies through CFDs, which allow for high leverage of between 10x and 100x. When trading with leverage, users can enter a large position while only providing a small amount of capital as margin. This has the potential to amplify both gains and losses, so traders have to be careful and set stop loss and take profit levels. Now that we know the very basics of what BigoMex is about, let’s take a closer look at the platform.
User interface and trading
It’s pretty clear that BigoMex is primarily designed to provide an effortless trading experience for users of all experience levels. The registration process is extremely quick, as BigoMex requires no KYC and offers 3 different ways of registering an account – phone number, email and Facebook.
After creating an account and logging in, users are greeted with a very straightforward interface. Users can select which cryptocurrency they want to trade, and whether they want to go long (they think the coin will increase in price) or short (they think the coin will decrease in price).
Then, users have to select how much margin they want to use, which is the amount of capital they want to commit to the trade. Of course, since BigoMex is a leverage trading platform, the next step is to select the leverage. The leverage limits on BigoMex are set at 10x on the low end and 100x at the high end. However, 100x leverage is not supported on all the cryptocurrencies listed on the platform.
Before entering the position, users have to select their stop loss and take profit levels, which is very important when trading with leverage. Successful trades will be closed at the take profit in order to secure profits, while unsuccessful trades will be closed at the stop loss level in order to prevent further losses.
Overall, BigoMex provides a very familiar experience for anyone who’s ever used a cryptocurrency exchange, and will also be easy to learn for completely new users.
On BigoMex, users can trade 23 different cryptocurrencies, which is a very solid number for a cryptocurrency derivatives platform. Of course there’s Bitcoin and Ethereum, but the platform also supports practically all of the most relevant altcoins – Cardano, XRP, Polkadot, Chainlink and similar coins can also be traded. Among the most popular cryptocurrencies, Binance Coin is a notable omission.
All contracts listed by BigoMex are denominated in the USDT stablecoin. However, it would be nice to also have some popular crypto/crypto pairs, for example BTC/ETH.
BigoMex fees and limits
It’s possible to trade on BigoMex with a margin as low as 2 USDT, which means that the platform is accessible for both beginners and advanced users.
BigoMex does not charge a fee for opening a trading position. Instead, a 0.1% fee is charged when a position is closed.
After entering a trading position, users need to pay a fee in order to continue holding the position overnight. In the case of BigoMex, this overnight fee is charged at midnight (Singapore time). When entering a position, users can select whether they want to hold the position overnight or not.
For up-to-date information about the fees on BigoMex, make sure to check the exchange’s fee schedule.
Deposits and withdrawals
Users can deposit Bitcoin, Ethereum, XRP, TRX or the USDT stablecoin to fund their BigoMex accounts. If depositing cryptocurrencies other than USDT, the funds are automatically converted to USDT. BigoMex does not charge fees on deposits.
At the moment, BigoMex only supports withdrawals in the USDT stablecoin, with the minimum withdrawal being set at 30 USDT. BigoMex charges no withdrawal fees on USDT when using the TRON blockchain. However, users do have to pay a withdrawal fee if they want to withdraw USDT on the Omni or Ethereum networks.
BigoMex has implemented a demo trading mode, which is a very good feature and will help clear up some of the confusion users have when trading crypto contracts. Through the demo mode, users can perform virtual trades at zero risk, and get familiar with the platform’s functionality. Demo trading is a feature that’s not implemented by many cryptocurrency contract trading platforms, so this is definitely a point in BigoMex’s favor.
BigoMex has set up a bonus package where users can earn a trading bonus of up to 268 USDT. After the bonus is earned, it can be used to effectively deduct the margin when opening a position. Users can get a small bonus if they connect their phone or email to their BigoMex account, but the bonus package is primarily designed to reward active traders. As users reach more trading volume on BigoMex, they earn progressively bigger bonuses, and can earn up to 268 USDT in total.
The exchange also features a mini-game called Captain Miner, where users can “mine” small amounts of USDT 4 times per day. Users with higher deposits and trading volume will be able to earn more rewards through the Captain Miner game.
BigoMex offers a referral program where users can earn some extra money by inviting new users to the platform. Users who join through a referral link get a bonus of 5 USDT. If you successfully invite a user, you also get a 5 USDT bonus as well as a portion of the trading fees that they pay when trading on BigoMex. This rebate starts at 10% at the lowest tier and goes up to 70% at the highest tier.
These days, a mobile app is a must-have for a cryptocurrency exchange, and BigoMex has its users covered on this front. The platform offers a mobile application for Android as well as iOS. BigoMex is a relatively straightforward trading platform, and the mobile app covers most of the features that are present in the desktop version. The mobile version features the same cryptocurrencies and leverage as the desktop BigoMex platform.
The bottom line
BigoMex delivers a clean user interface and a nice range of cryptocurrencies available for trading – combined with the built-in demo mode, BigoMex is a solid choice for traders of all experience levels. Most cryptocurrency fans also value their privacy, so the ability to trade without KYC will certainly be attractive for some users. For those that enjoy trading on BigoMex and use the platform actively, the referral program and bonus package will also be welcome perks.
However, BigoMex can still make some improvements to take the platform to the next level – we would like to see the option to trade crypto/crypto pairs, as well as the ability to use less leverage than 10x.
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Edward is a finance expert that experienced the 2007 stock market crash first hand. In 2010, he discovered Bitcoin and has been a cryptocurrency advocate ever since.