Retail Investors Turning Off BitMEX and Flocking to OKEx

Following a string of allegations of market manipulation, a system that actively trades against its customers, and a history of liquidating the assets of people new to the cryptocurrency game, more and more retail investors are increasingly turning off BitMEX and switching to OKEx.

Retail investors are often completely new to cryptocurrency and trading, with no prior experience, which makes BitMEX’s platform – designed for high-frequency traders (HFTs) – a risky proposition as the place to make your first trade.

BitMEX has gained a reputation for being a tough prospect for newbie traders to crack. Losing money on the platform – getting ‘rekt’ – has even become an in joke in the cryptocurrency community and spawned an army of memes.

Now, OKEx is finding that increasingly new traders are choosing its platform to invest in. With millions of users globally, the exchange – based out of Malta – is rated as the biggest in the world by trading volume, according to Coinmarketcap.

A spokesperson for OKEx said they were happy to keep providing customers with an easy to use system that gave them the flexibility they needed.

“There’s plenty of reasons to use OKEx over BitMEX or any other exchange,” they said.

“We offer a better ecosystem than BitMEX, have great liquidity across bitcoin and other digital assets, and allow our customers to withdraw their assets whenever they want. At BitMEX you can only make one withdrawal per day.

“We want to keep providing our customers with access to a platform that caters to all their trading needs. Of course, if you’re new to trading you should make sure you have a plan in place to mitigate risk and never invest more than you can afford to lose.”

Investigation

On July 19, it was reported that the United States Commodity Futures Trading Commission (CFTC) is investigating BitMEX, over allegations it broke the rules by allowing US customers to use the platform, which is not registered with them.

Earlier this month there were rumors reported that BitMEX was behind the recent crash in the crypto market.

During the crash, Bitcoin which had peaked at almost $14,000 per coin, plunged almost $4000 in value in the space of a few days, leading some influencers to speculate BitMEX could be behind the drop.

Source of article: https://www.bitcoin-original.com/retail-investors-turning-off-bitmex-and-flocking-to-okex/