Updated: Jul 15
We received a lot of questions regarding BitMEX testnet (demo account).
1. Is BitMEX testnet close to LIVE account in 2020?
2. How to deposit BTC (add money)? Link needed?
3. Should I start trading with their demo?
1. Is BitMEX testnet similar to their live professional account?
A quick answer is: Yes and No. BitMEX created Testnet for 2 reasons:
a) For all investors building their trade BOTS as an environment to test it with no spamming a Live Platform.
b) Allowing traders to credit an account with virtual Bitcoins and get familiar with the platform interface.
Testnet gives you an opportunity to see a similar interface to the BitMEX main (live) platform. You will see few a bit different instruments, blue-green logo but the interface is pretty the same. Margins, PNL and ROE calculations are usually displayed correctly with reference to Testnet prices.
The biggest differences are in BTC live prices, amount of limit orders in the orderbook, recent trades, liquidation price and trade execution, plus significant delays. Sometimes your trade can be rejected with no reason, and you have to try to open it or close again.
It is common that on BitMEX testnet we can see that for instance Bitcoin price is now $7635 and on live account $7699. For this reason, is not a big deal to become a virtual BTC millionaire on BitMEX testnet account.
2. How to deposit virtual BTC (add money)?
To credit your Bitmex testnet account:
1. Log into your testnet account.
2. Click account ---> deposit and copy your demo wallet address.
3. Get free 0,01 virtual BTC here: https://tbtc.bitaps.com/ (link)
4. Paste your copied testnet BTC address and they will send BTC. Do not send BTC from your real wallet.
3. Should I begin trading with their Testnet ?
From the beginner's perspective market looks slow, with no risk involved and easy money to make. This is so confusing to me. More important that there isn't a working mechanism of liquidation (stop-outs) in real-time.
Of course, you can learn a bit there, but you can get a lot of bad habits and keep your mind in a different reality. This is why Ministry of Margin Trading recommends opening BitMEX testnet just for a while.
Reasonable is to open straight away LIVE account with for instance 0,0015BTC ($11) deposit to learn for this amount. You will see how does the live platform really counts and work. When you do the first steps on BitMEX, you can change displaying BTC to Satoshi. It allows you to better understand what you are doing. 0,0015BTC equals 150 000 satoshi.
Check more our topics about BitMEX: