Even though the United States is among the leading cryptocurrency traders worldwide, US traders are not allowed on BitMEX. Of course, this has not deterred Americans. The trading platform’s statistics do not reflect the actual number of traders, as bypassing the company’s ban is no challenge at all.
Virtual Private Networks
To use BitMEX in the US, investors must use a VPN to hide their location behind a foreign IP address prior to opening the website to register. The VPN routes user traffic through a foreign server, so BitMEX will think you’re from another country, like England or Australia. What is more, a VPN will encrypt user data traffic so third parties can read the data. That’s the reason Virtual Private Networks are used to protect people from espionage and surveillance – users can surf the web safely and enjoy complete anonymity.
The Best Options
Two VPN options that come highly recommended are Express and Nord. They have the biggest number of servers in the world and offer a great price to quality ratio, especially as far as their long-term payment plans are concerned. Some are as cheap as one dollar a month!
After your enable a VPN connection, you can register at BitMEX listing another country of residence. There’s nothing more to it! Just don’t forget to use the VPN every time when accessing the exchange’s platform.
No Default Verification
The cryptocurrency trading platform doesn’t claim default ID verification. Low KYC rules are in place here (Know Your Customer) – just a name and email address. Most other platforms require full ID verification, including an address, a recent utility bill and bank statement copy. None of this is required by BitMEX. This is because they only allow deposits and withdrawals in Bitcoin, which is not regulated anyway. As a result, BitMEX offers just one account type, which is not subject to any restriction, and never was.
This fact does not preclude the broker’s right to demand ID verification at any time. According to users, this doesn’t actually happen. Few people have heard about BitMEX checking their clients. Traders who withdraw their profits often and don’t leave any currency with the broker are safe in any case.
The Trading Future of US Citizens
Some users wonder if US-based traders will ever be allowed on BitMEX again. The ban seems permanent as it is grounded on US laws, which will be effective long-term.