BitMEX does not charge a fee to withdraw Bitcoin. Other assets carry a fixed withdrawal fee charged in that asset. With Bitcoin, there is a minimum network fee that is paid to the miners who process your transaction. The network fee is set dynamically based on network conditions. This fee does not go to BitMEX, and you have the option to increase the fee above the minimum if you feel it necessary to do so. If you stake BMEX Token, you may be eligible for a refund of network fees.
What is the Bitcoin withdrawal fee?
BitMEX does not charge a fee to withdraw Bitcoin. However, every Bitcoin transaction requires a minimum network fee that is paid directly to the miners who confirm and process the transaction on the Bitcoin blockchain. The network fee is set dynamically based on current network conditions, meaning the fee fluctuates depending on how congested the Bitcoin network is at the time of your withdrawal request. During periods of high network activity, the minimum fee may be higher than during quieter periods.
The network fee does not go to BitMEX. You retain full control over the fee amount and have the option to increase the fee above the minimum if faster confirmation is a priority. A higher fee typically incentivises miners to prioritise your transaction, resulting in quicker processing times. The minimum network fee is displayed on the Withdrawal page when you submit a request, so you can review the cost before confirming.
What are the withdrawal fees for other assets?
For assets besides Bitcoin, BitMEX applies a fixed withdrawal fee that is charged in the withdrawal asset itself. For example, if you withdraw Ethereum, the fee is denominated in ETH. Unlike Bitcoin’s dynamic fee, the fixed fee for other assets does not fluctuate based on real-time network conditions.
Both the applicable withdrawal fee and the minimum withdrawal amount are displayed on the Withdrawal page at the time a request is placed. Reviewing these figures before confirming the withdrawal ensures you understand exactly how much will be deducted. The minimum withdrawal amount is separate from the fee and represents the smallest transaction BitMEX will process for that particular asset. If your withdrawal amount falls below the minimum, the platform will not allow the request to proceed.
Can I get a withdrawal fee refund?
BitMEX offers a fee refund programme for traders who stake BMEX Token. By staking BMEX, you may be eligible for a refund of network fees incurred during withdrawals. The refund covers the minimum applicable network fee at the time the refund is processed, meaning the amount returned corresponds to the standard fee rather than any voluntarily increased amount.
Eligibility depends on your staking tier. Different tiers offer different levels of fee refund benefits. Visit bitmex.com/bmex for detailed information on which staking tiers qualify for fee refunds and the specific benefits associated with each tier. Staking BMEX Token provides additional benefits beyond fee refunds, including trading fee discounts and other platform advantages, making staking a worthwhile consideration for active traders looking to reduce overall costs on the BitMEX platform.