How to use Bitmex in Canada?

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Bitmex has become the go-to Exchange if you like to speculate in the cryptocurrency market. The platform was started in 2016 and it offers the best margins for bitcoin trading. The unique feature of this Exchange is the requirement of minimal to zero documentation for opening an account.

Typically, if you want to do leveraged trading, you will be asked for lots of KYC documentation and financial verification. But since Bitmex deals only with bitcoin, they do not come under regulations of any specific country. Thus, they can offer Bitcoin users a unique opportunity to trade with very little verification.

All deposits and withdrawals are in bitcoin only. While the option is open to almost anyone in the world, there are some restrictions for certain countries. Residents of the United States and Québec (Canada) are not allowed to open accounts on Bitmex. In addition, people from Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan, or any other country which prohibits trading in Bitcoin are not allowed on the platform.

Why this restriction?

Until June 2018, residents of Québec were also using the Bitmex Exchange. But on June 30th the company sent a notice to all account holders from Québec to say their accounts will not be able to open any new positions and they have to close all open positions and withdraw balance by 30th September 2018. No new accounts will be allowed to open from the province. They say Bitmex took this step because Québec banned online gambling and it may consider Bitcoin trading as a form of gambling.

While their terms have been updated to include Québec residents from opening the account, the rest of Canada can still access Bitmex operations as normal. There is currently no restriction on usage of the platform in other 12 provinces.

 In fact, many Québec residents continue to use the service by opening a new account via a VPN tunnel. While Bitmex’s terms say they can ask you for verification at any time, this has not happened so far.

 So as long as you pass through their IP check during sign up and depositing, your location should not affect your account.

 But things can change at any moment so it is always best to withdraw your funds at the end of the day or the end of position and keep only your tradable volume on Bitmex.

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