Cryptocurrency exchanges make up a large part of their financial resources on exchange fees.

According to Syed Shekhar, co-founder of TokenAnalyst, the Seychelles-based BitMEX exchange earns about $700,000 in fees on a daily basis.

The statement made by Mr. ShekharBloombergAmong what he said:

BitMEX is where money is made in the form of crypto

It also described BitMEX, led by Arthur Hayes, as “the biggest casino ever.”

The growth and rise of BitMEX:

There is no doubt that BitMEX is one of the major forces influencing the crypto market, as it has more than $1 trillion in annual trading volume.

Read:Binance and WazirX Launch a $50 Million Investment Fund in India

The launch of the futures trading option launched by the platform in 2016 turned into a huge success for the platform which made it the number one destination for margin trading.

Where when the platform announced the leverage of 100x, the option that attracted many speculators who are looking to get rich quick and love to take risks.

And whoever gets out of the deal in any case is the platform winner.

The BitMEX platform suffers from several criticisms, most notably that led by Nouriel Roubini, who said that it is a hotbed of degraded gamblers.

Bitcoin futures are an attractive option for those fleeing the volatility of Bitcoin

The popularity of bitcoin derivatives has seen a massive growth in the current year 2019.

Read:A fraudster declares bankruptcy after collecting 13 million dollars from investors with the aim of investing their money in Bitcoin

Read also:

Soon… the Binance platform will add the option to trade cryptocurrencies against local currencies (such as the Saudi riyal)

Binance Adds Option to Trade Bitcoin Futures with 125x . Leverage