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[LONG] My Story of Disillusionment with and Disappointment in the World and Myself

Intro.
This might be a long one. I hope someone reads the thing, I put like 3 hours into writing it. A brief story of my life and how it all led up to this moment, where I am disillusioned with my self-image, my life choices, and certain aspects of the world, and have no idea what to do next. Warning: this whole thing might be a little depressing to read.
Childhood.
I am a 20yo Russian male. During my childhood, I was made to believe that I am capable of doing something great and doing better than anyone. At the same time I developed a very non-conformist life stance and very often rejected things and ideas simply because they were too popular for my taste, and I couldn't feel special whilst enjoying them. Of course, in turn, society rejected me, as it does with anyone who doesn't play by the rules. Oh well.
My only redeeming quality was that I considered myself pretty smart. Which is even easier to assume, when at the same time you think that you're different from everyone else. Now, I know that to some extent, I was indeed smarter than most people in certain areas. Unlike most people I knew back then, often with bare minimum efforts I was able to maintain near perfect grades at school. I was also enjoying learning new things and reading more than an average person. So, let's just say, I had a basis to assume I was a smart dude.
I wasn't happy and content with my life, though. I never had real friends, because I only hung out with people when they were my classmates/roommates/co-workers, and after we parted ways, I rarely if ever contacted them afterwards. I always enjoyed doing things you usually do in solitude more, because when I was alone, I wouldn't be afraid that someone could hurt me for being different. Because of that, I was never in a romantic relationship.
High School.
Still, life was going okay. By the end of school, I kind of accepted my social deficiency and I wanted to focus on improving the world and become a successful person - for myself. I was facing a dilemma, though. Despite the fact that I was doing great in school, the idea of having to invest four years of my time into studying something really specific, and then having to work another 20-30 years on the same job was terrifying, because I had no idea what I liked to do! Nothing seemed interesting to me, I didn't have a passion for doing anything... Thanks to my video game addiction, which made me lazy as fuck, probably. I also needed to meet my criteria for success with my future job, which included being financially successful. I grew up in top 1% income family, so... I always felt the pressure to outperform or at least match my parents' income.
Enter trading. My dad discovered investing several years ago (we don't live in US, so most of the people aren't as financially savvy, so he never thought about investing before then). I was always curious about financial independence and markets, but now I was seeing it all done in front of me, I realized that it might be a good opportunity to make a lot of money and become successful without being socially adept, which is something absolutely required in business or politics. So, I asked my father to open a brokerage account for me in the US, and started swing trading (trading in weekly/monthly time frames). I could only trade slow and small because of the trade restrictions put on accounts <$25k and <21yo in the US. Still, it was going well, but in hindsight I was just lucky to be there during a great bull market.
Even before I thought trading and more importantly investing were the ways smart people make money. I thought simply because I was conventionally smart, I had a talent or an innate ability to pick innovative stocks and do venture investing when I grow some capital. I truly believed in that long before I was introduced to financial markets, I believed that my surface level understanding of multiple areas of cutting edge and emerging technology would give me an edge compared to all the other investors.
US Community College and Return Back.
In the end, I've decided I want to go to a US community college and study finance and become a trader and later an investor, but I didn't want to work for a fund or something like that (lazy ass). I wanted to use my knowledge and skill and my own money to grow my net worth and make a living. I didn't really like the process of trading, I just needed the money to live by while I was trying to figure out what else to do with my life. Because I thought I were smart, I thought this would come easily to me. Boy was I wrong. From the nicest of conditions in my hometown, I was suddenly moved into a foreign setting, on the other side of the planet away form my family and mates, with a video game addiction and laziness that ruined my daily routine and studying as well. The fact that I didn't like my major was not helping. My grades fell from A- in the first quarter to C+ in the last. I gained +30% from my normal weight. I was stressed out, not going outside and sitting at my computer desk for days at a time, skipping all the classes I could if they were not absolutely essential for my grades, living on prepared foods. I never got out of my shell and barely talked to anyone in English, all of my friends were Russian speaking. I wasted an opportunity to improve my speaking, although aside from that my English skills satisfy me.
By the end of community college, last summer, I was left with B grades that wouldn't let me transfer anywhere decent, and the extreme stress that I put myself through started taking a toll on my mental health. I was planning to take a break and go back to Russia for several months, and transfer back to a US uni this winter. Needless to say, you can't run from yourself. It didn't really become much better after a few months in Russia. I didn't want to study finance anymore, because it was boring and I was exhausted. I still had the video game addiction, still was lazy and gained some more extra pounds of weight. I was not sleeping at all, extremely sleep deprived for months. Because of this and lack of mental stimulation I started to become dumber. And all that was happening where I didn't really have to do anything: not study or work, just sit around the house and do whatever I wanted. Turns out, these conditions didn't help me to get out of the incoming depression.
Finally, around November, when I already sent out all of my transfer applications and already got some positive answers from several universities, I knew I didn't have much time left at home, and I had to leave soon. But I really, really didn't want to go back. It was scarier than the first time. I was afraid of new changes, I just wanted for the time to stop and letting me relax, heal... I was having suicidal thoughts and talked about it with my family and my therapist. They were all supportive and helped me as much as they could. But I was the only person who could really help myself. If I wanted to breathe freely, I had to admit defeat and not go back to the US to continue my education. It was extremely hard at first, but then I just let go. I decided to find a temporary job as an English tutor and give myself time to think. Then I remembered that I had a bunch of money in my trading account. I still thought that I was pretty smart, despite failing college, so I figured, why not try move it to Russian brokers who don't have trading restrictions, and do it full time? Which is exactly what I did. And I started to study trading all by myself at a fast pace. I was now trading full time and it was going sideways: +10% in December, -20% in January. Then, something incredible happened. I was already in a shitty place in life, but I still had some hope for my future. Things were about to get much worse. I'm in the late January, and I discovered for myself that the whole financial industry of the world was a fraud.
Brief Explanation of My Discoveries.
In the image of the financial industry, there are several levels of perceived credibility.
In the bottom tier, there is pure gambling. In my country, there were periods when binary options trading and unreliable Forex brokers were popular among common folk, but these were obvious and unsophisticated fraudsters who were one step away from being prosecuted. There are also cryptocurrencies that don't hold any value and are also used only for speculation/redistribution of wealth. There is also a wonderful gambling subreddit wallstreetbets where most users don't even try to hide the fact that what they are doing is pure gambling. I love it. But the thing is, this is trading/investing for the people who have no idea what it is, and most people discredit it as a fraud, which it, indeed, is. These examples are 99% marketing/public image and 1% finance. But these offer x10-1000 returns in the shortest time span. Typical get-rich-quick schemes, but they attract attention.
Then, there is trading tier. You can have multiple sub levels here, in the bottom of this tier we would probably have complex technical analysis (indicators) and daily trading/scalping. I was doing this in the DecembeJanuary. At the top would be people who do fundamental analysis (study financial reports) and position trade (monthly time frames). Now, there is constant debate in the trading community whether technical analysis or fundamental analysis is better. I have a solid answer to the question. They work in the same way. Or rather, they don't work at all.
You'd ask: "Why you didn't discover this earlier? You were in this financial thing for several years now!" Well, you see, unlike on the previous level, here millions of people say that they actually believe trading works and there is a way to use the available tools to have great returns. Some of these people actually know that trading doesn't work, but they benefit from other traders believing in it, because they can sell them courses or take brokerage fees from them. Still, when there are millions around you telling you that it works, even a non-conformist like me would budge. Not that many people actually participate in the markets, so I thought that by being in this minority made me smart and protected from fraudsters. Lol. All it took for me to discover the truth is to accidentally discover that some technical indicators give random results, do a few google searches, reach some scientific studies which are freely available and prove that technical and fundamental analysis don't work. It was always in front of me, but the fucking trading community plugged my ears and closed my eyes shut so I wasn't able to see it. Trading usually promises 3-15% gain a month.
A huge shock, but surely there was still a way for me to work this out? Active investing it is!
The next level, active investing, is different from trading. You aim for 15-50% yearly returns, but you don't have to do as much work. You hold on to stocks of your choice for years at a time, once in a while you study the markets, re balance your portfolio, etc. Or you invest your money in a fund, that will select the stocks of their choice and manage their and your portfolio for you. For a small fee of course. All of these actions are aimed at trying to outperform the gain the market made as a whole, and so called index funds, which invest in basically everything and follow the market returns - about 7-10% a year. And if I ever had any doubts in trading, I firmly believed that active investing works since I was a little kid (yes I knew about it back then). And this is where the real fraud comes in.
The whole Wall Street and every broker, every stock exchange in the world are a part of a big fraud. Only about 10-20% of professional fund managers outperform the market in any 15 year period. If you take 30 years, this dwindles to almost nothing, which means that no one can predict the markets. These people have no idea what they are doing. Jim Cramer is pure show-business and has no idea what's going on. Warren Buffet gained his fortune with pure luck, and for every Buffet there are some people who made only a million bucks and countless folks who lost everything.
Wall Street. They have trillions of dollars and use all that money and power and marketing to convince you that there is a way to predict where the stocks are going without being a legal insider or somehow abusing the law. They will make you think you can somehow learn from them where to invest your money on your own or they will make you believe that you should just give it to them and they will manage it for you, because they know how everything works and they can predict the future using past data.
They won't. They don't. They can't. There are studies and statistics to prove it countless times over the span of a 100 years. But they will still charge you exchange fees, brokerage fees and management fees anyway. And they also manipulate certain studies, lobby where and when they need it, and spread misinformation on an unprecedented scale, creating a positive image of themselves. And everyone falls for that. Billions of people around the globe still think it's all legit.
Passive index investing is the last level. You just put your money in the market and wait. Markets will go up at a predetermined rate. If there's a crisis, in 10 years no one will even remember. Markets always go up in the end. But passive index investing can only give you only 7% inflation-adjusted returns a year. Not enough to stop working or even retire early, unless you have a high-paying job in a first-world country. I don't.
Despite all that, to put it simply, this is the only type of investing that works and doesn't involve any kind of fraud or gambling. It's the type of investing that will give you the most money. If you want to know why it is like that and how to do it, just go to financialindependence. They know this stuff better than any other sub. Better than investing, trading or any other sub where non-passive-index investing is still discussed as viable strategy.
Back to me.
My whole being was fucked over, my hopes and dreams and understanding of success and how this world works were shattered. I realized, I had no future in financial industry, because only middlemen make money in there, and I quit college needed to get there. Frankly, I wouldn't want to work there even if I had the opportunity. The pay is good, but the job is boring and I wouldn't want to be a part of this giant scheme anyway. But even if I wanted to go back, I also couldn't. Russia is in a worsening crisis and my parents could no longer afford a US university and now with coronavirus it's even worse. Good thing I quit before it all happened. I learned a valuable lesson and didn't lose that much money for it (only about 10% of my savings). God knows where it would lead me if I continued to be delusional. But now that my last temporary plans for the future were scrapped, I had no idea what to do next.
The future.
With the reality hitting me, I would lie if I say it didn't all come full circle and connect to my past. I realized that I was stupid and not intelligent, because I was living in a made-up world for years now. But even if I were intelligent, pure wit would not give me the success and fortune that I was craving, because trading and active investing were a no-go for me, and business/politics require a very different, extroverted mindset, different education and interest from my own. My only redeeming quality in a hopeless introvert world, my perceived intelligence was taken away from me and rendered useless at the same time.
Besides, failing at that one thing made me insecure about everything and now I think of myself as an average individual. So, if 8 out of 10 businesses fail, I shouldn't start one because I will probably fail. And if most politicians don't get anywhere, why should I bother? If average salary in my country is X, I shouldn't hope for more. I stopped believing in my ability to achieve something. First, I failed at education and now I failed... Professionally? I don't know how to describe it, but my life recently was just an emotional roller coaster. I just feel like a very old person and all I want calmness and stability in my life. I was very lazy before just because, but now I feel like I also don't want to do anything because I feel I would just fail. It feels better now I don't have to worry about trading anymore and I got rid of that load... But I am still miserable and perhaps worse than ever, maybe I just don't understand and feel it because I've become slow and numb. The only positive thing that happened to me recently, is that I finally started losing weight and about 1/4 of the way back to my normal weight.
As for my future, am looking at several possibilities here. So far the parents are allowing my miserable life to continue and they let me live with them and buy me food. I don't need anything else right now. But it can't go on like this forever. The thought of having a mundane low-paying job in this shithole of a country depresses me. I will probably temporarily do English tutoring if there's demand for such work. My old school friends want me to help them in their business and my dad wants me to help him in his, I and probably should, but I feel useless, pathetic and incapable of doing anything of value. And business just seems boring, difficult and too stressful for me right now. Just not my cup of tea.
I am also looking at creative work. I love video games, music, films and other forms of art. I love the games most though, so I am looking into game dev. I don't really like programming, I have learned some during school years, but the pay would probably be higher for a programmer than an creator of any kind of art. However, I think I would enjoy art creation much more, but I don't have any experience in drawing and only some limited experience in music production. And I am not one of these kids who always had a scrapbook with them at school. Having to make another life choice paralyzes me. I am leaning towards art. I don't feel confident in my ability to learn this skill from scratch, but I think it's my best shot at finding a job that would make me happy.
So perhaps, when this whole pandemic is over, I'll go to Europe and get my degree, get a job there and stay. American Dream is dead to me, and Europe is cheaper, closer, safe and comfortable. Just the thing for a person who feels like they are thrice their real age.
Outro.
Thanks for coming to my TED Talk. Special thanks if you read the whole thing, it means a whole lot to me, an internet stranger. But even if no one reads it, feels good to get this off my chest. I actually cried during writing some parts. Holy shit, this might be the longest and smartest looking thing my dumbed down head could manage to generate since college. I hope that you're having a great day. Stay healthy and be careful during this fucking pandemic. All the best.
submitted by OberV0lt to TrueOffMyChest [link] [comments]

Does Binarycent Worth Our Trust?

BinaryCent is becoming a buzzword nowadays. But why?
As it’s an era of online trading, so it’s pretty hard to neglect the importance of a safe and trusted broker. Right?
A trusted broker helps us getting the best trading experience and enhance our profit rate. On the other hand, a scam broker can lead us to a devastating trading experience that might force us to bid farewell to our trading career.
Besides, we are already aware of a lot of brokers and incidents of scam-like behaviour. So, there are several aspects that we need to consider when it comes to choosing a trading broker.
However, in today’s article, we are going to measure the trustworthiness of the Binarycent broker based on their activities.
So, let’s dive right in and follow my lead.

Transparency Of Information:

First of all, every genuine broker has transparency. They don’t try to play hide and seek with the traders to lure them to trade. Instead, they will clarify every single detail like regulation, awards, risk, reward, bonus, etc.
Nevertheless, a trusted broker will include all the information on its website. Lots of trading brokers tend to hide their information related to the company, terms & conditions, confidentiality policy, bonus rules, risk statement, etc. They only disclose this information after your initial deposit. It seems like deceiving.
Unfortunately, we failed to find out the regulation and award information from their website. However, BinaryCent added the rest of the information for traders on their website. On top of that, you need to confirm whether your trading data is secured with the broker or not.
We will suggest you read rules and regulations, before dealing with each broker. From BinaryCent review, you will add the regulation information in your cart.

Secure Withdrawal Process:

A clear withdrawal process is a must for safe trading. You can see, lots of scam brokers do exist out in the market who will show you that you win trades. But you can’t get any response from them when it’s time to request a withdrawal.
From this point of view, you can rest assured that BinaryCent will act accordingly. And you are not going to be scammed as long as you can pass the account verification process for security purposes.
This broker claims to accept withdrawals within 1 hour. But this is not true as you may have to wait a bit longer.

Safe Trading Option:

It’s safer to trade only with a small amount when you want to test a broker. But the problem is, most brokers want you to pay a high amount on every trade.
But BinaryCent has a good option that you can only trade with 10 cents. You can practice and test the broker at the same time. Just request a withdrawal after putting some trade.
As we have mentioned before, a genuine broker will not decline your withdrawal request if they can verify your identity through the verification process. The same things go with Binarycent. And fortunately, they successfully qualify this test.

Finally, we can conclude that it’s not an out and out scam broker at all. It seems that the authority behind this do follow some company ethics. So that traders can trade easily and safely.
But it’s our recommendation that gather enough information and skills before you officially start trading so that you can cut your losss.
submitted by Evileeina to u/Evileeina [link] [comments]

Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX

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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

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Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
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However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
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Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
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The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
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However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
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Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
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The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
https://preview.redd.it/wel3rka04cc41.png?width=669&format=png&auto=webp&s=3f93dac2d3b40aa842d281384113d2e26f25947e
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
https://preview.redd.it/is89ep924cc41.png?width=699&format=png&auto=webp&s=f0419c68fe88703e594c121b5b742c963c7e2229
(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
https://preview.redd.it/vb4mj3n54cc41.png?width=707&format=png&auto=webp&s=0c63b7c99ae1c114d8e3b947fb490e9144dfe61b
(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
https://preview.redd.it/t04qs3484cc41.jpg?width=808&format=pjpg&auto=webp&s=a3b106cbc9116713dcdd5e908c00b555fd704ee6
In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
https://preview.redd.it/8k81zl0a4cc41.jpg?width=808&format=pjpg&auto=webp&s=e30e5b7ca93d2931f49e2dc84025f2fda386eab1
The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here

Conclusion

There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
Visit BitMEX
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Elite Dangerous Roadmap for 2018

Forum Roadmap - contains dev comments & more comprehensive due to higher character limit.

Elite Dangerous: Beyond - Season 3 Roadmap

All 4 updates will be FREE for all Elite Dangerous: Horizons owners - Source Premium Content for Lifetime Pass owners is planned for 2018 - Source

Q1 Release - 3.0 Update [LIVE]

3.0 Patch Notes:
New core improvements, expanding the narrative, and some of the new features. This update is a stepping stone for a larger update that will arrive in Q4 of 2018:

2 x Content Updates

YouTube Timestamp

Q4 Release

YouTube Timestamp
Most features announced at Frontier Expo 2017 on October 7th - YouTube Video Some features detailed and discussed with the community on the Beyond Series Focus Feedback forum. 3.0 Features showcased on Livestream #1, #2, #3 and detailed on Forum Recap #1, #2 & #3.
submitted by ChristianM to Games [link] [comments]

Elite Dangerous Roadmap for 2018

Forum Roadmap - contains dev comments & more comprehensive due to higher character limit.

Elite Dangerous: Beyond - Season 3 Roadmap

All 4 updates will be FREE for all Elite Dangerous: Horizons owners - Source Premium Content for Lifetime Pass owners is planned for 2018 - Source

Q1 Release - 3.0 Update [LIVE]

3.0 Patch Notes:
New core improvements, expanding the narrative, and some of the new features. This update is a stepping stone for a larger update that will arrive in Q4 of 2018:

2 x Content Updates

YouTube Timestamp

Q4 Release

YouTube Timestamp
Most features announced at Frontier Expo 2017 on October 7th - YouTube Video Some features detailed and discussed with the community on the Beyond Series Focus Feedback forum. 3.0 Features showcased on Livestream #1, #2, #3 and detailed on Forum Recap #1, #2 & #3.
submitted by ChristianM to oculus [link] [comments]

Elite Dangerous Roadmap for 2018

Forum Roadmap - contains dev comments & more comprehensive due to higher character limit.

Elite Dangerous: Beyond - Season 3 Roadmap

All 4 updates will be FREE for all Elite Dangerous: Horizons owners - Source Premium Content for Lifetime Pass owners is planned for 2018 - Source

Q1 Release - 3.0 Update [LIVE]

3.0 Patch Notes:
New core improvements, expanding the narrative, and some of the new features. This update is a stepping stone for a larger update that will arrive in Q4 of 2018:

2 x Content Updates

YouTube Timestamp

Q4 Release

YouTube Timestamp
Most features announced at Frontier Expo 2017 on October 7th - YouTube Video Some features detailed and discussed with the community on the Beyond Series Focus Feedback forum. 3.0 Features showcased on Livestream #1, #2, #3 and detailed on Forum Recap #1, #2 & #3.
submitted by ChristianM to xboxone [link] [comments]

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