Bitmex charts -vs- other exchanges' charts?

[thegoatiest]

Hi there,
I'm getting pretty fed up with Bitmex. Their charts are very misleading.

Yesterday, I had a stop-loss @ 3756$
I had it in what should've been a safe place. That massive swing took place on the hour chart at 14:00, 14th march. Wiped me out, before bouncing right back up.
Now the bit that is really annoying is looking at the chart the price only went down as low as 3781$. My stop was 25$ below this, {about 0.7%}
My stop was fulfilled at 3770, 14$ above where i place it..
Additionally I managed to buy some at 3770, before the stop was hit seconds later. However - none of the charts show the price going this low. (buy included)

I'm very confused how I got stopped out like that... Looking at the other exchanges' charts that spike wouldn't have wiped out my stops over there...
I know the charts for bitmex don't show the true price. However as far as i'm aware the charts for other exchanges are accurate; coinbase, bitfinex, binance e.t.c.
So why over at bitmex did the price come down considerably further than other exchanges..?

Lost a fair bit as a result of this trade.
I've grabbed some screens of the charts involved, I had to keep them fairly big so you can see the text.
My stops are the purple line. As you can see - none of these exchanges are marked as hitting my stop. What's going on here..? I'm so confused.

Bitmex


Coinbase


Bitstamp

[N0sferatu]

Bitmex is calculating prices via data from Bitstamp and GDAX (50/50).

Also, most exchanges show the BTC price in USDT (Tether), not in USD like Bitmex! Since the price of Tether varies (mostly between 0.99$ and 1.02$), you will almost never get the same value.

[thegoatiest]

But neither Bitstamp or GDAX charts show that it went as low as Bitmex did to wipe out my stops.?
Apart from my stops getting triggered  - there is no evidence in any of the charts that it happened  

[hipSter]

I think, that Bitmex is very unfair to their clients and it uses the power that it have against them. Manipulating the price included.

[cryptocointrade.com]

There are alternatives to BitMEX and if you are looking for trading derivative futures, check these out

Deribit
Delta Exchange
Prime XBT
Crypto Facilities

You can read more about each exchange and also a comparison in this article, Where to trade cryptocurrency derivatives - parallel review

[hugeblack]

I know the charts for bitmex don't show the true price

What is the "true price"? Do you mean the price that appears on Coinmarketcap and Coingecko.
Coinmarketcap calculates average prices "For more details see this page [1]" but there are large differences between prices on the exchange based on supply and demand at that platform. So if there is a big whale selling on a platform you will find that the price is very different from the other platforms. "The market tends to balance at some point."
If we go back a bit, "the end of 2017," the difference between some platforms was more than $ 1,000, especially on the South Korean platforms.

[1] Coinmarketcap |Price (Market Pair)

[thegoatiest]

Hey,
By true price I meant the price of bitcoin on Bitmex exchange.
The charts for Bitmex are borrowed off other exchanges. So they don't represent the actual price on Bitmex. (coin drops... )
So I was trying to use another exchanges charts to trade on Bitmex. In essence.. I think.

However I would've thought as a result of the high liquidity on Bitmex that it would have less volatile swings? but this particular swing was way bigger than on other exchanges.. and it cost me.
1000$ difference. wow that is insane.

--
It's just really annoying not even being able to see the candle that wiped me out. It's like it never happened... Feel cheated.

[hugeblack]

However I would've thought as a result of the high liquidity on Bitmex that it would have less volatile swings? but this particular swing was way bigger than on other exchanges.. and it cost me.

You are unlucky, the probability of loss is mainly contained in cryptocurrencies.
High liquidity is a guarantee to reduce scam, but this does not prevent volatility, especially if there is a BTC/USD pair trading.
Some big whales sell at a certain price and in large quantities, causing a loss of more than $ 100 in spite of high liquidity.

Also, as I mentioned above, the end of 2017 was a cover-up, because of high transactions fees, the difference between a platform and another was horrible.

Bitmex Price = 3954$ but the trading price on the platform that I use is 4010$.

[dr.hopkins]

I honestly do not really trust Bitmex. They manipulate the price. I have not used it for a long time. Almost no difference what to choose, the main thing that it was something reliable

[Salauddin1994]

Every exchange they use their own something that does not match with others And because of that, they survived in the market The price of a token or a coin is not equal in all places, And there are some indicators of each exchange that do not match with others, Ita's trading market's features.

[butka]

A question: did you use "stop market" or "stop limit"? If I remember correctly there is a difference how the price is calculated in one versus the other type of stop loss. But I don't think this would explain why your stop was triggered.

So I was trying to use another exchanges charts to trade on Bitmex. In essence.. I think.

I don't think using other exchanges charts is a good practice. On https://www.tradingview.com you can actually find the XBTUSD Bitmex chart, which I think is the best chart to use if you trade there.

However I would've thought as a result of the high liquidity on Bitmex that it would have less volatile swings?

My experience is that Bitmex has among the most volatile swings. Someone is manipulating the price heavily on that exchange.

There is no other way to explain these violent swings and immediate pull backs.

[thegoatiest]

Hey.
Butka. I just realised the mistake i made. You're right - I was indeed using the XBT index chart on Trading View instead of - XBTUSD perpetual contract chart.
Looking at the chart of XBTUSD - I can see that bastard candle that wiped me out. Which is a relief to be honest. That really left me salty.
So I was literally using the wrong chart to plan my trade. ... ugh.. that would've been a superb trade for me. My first noticeable success.
I've spent 3 weeks trading with the wrong chart . Lol. That explains a few things.

Anyhow - I have left Bitmex. I don't trust them. And the system overload thing is criminal.
Other day I market fomo'd in on a bull candle (I'm new) I hit buy. nothing. Then hit it again - got the overloaded message. Hit it a third time, nothing - nothing for about 5 seconds. Then it informs me it's submitted the order and it executes significantly higher than when I hit BUY the third time. I literally watched the price go up, up up - then my order triggered.
That is   BS.
Granted - don't fomo, especially on an exchange where you need to do everything in advance as it crashes as soon as anything happens.
--

So is the XBTUSD chart on TradingView - accurate? As in; does it show the actual swing highs and lows on bitmex exchange, accurate to the 0.01$ in real time?
Or is it 50%GDAX 50% Bitstamp?


I'm also curious as to what use  the 'XBT' /index chart is of.

TG

[butka]

I've spent 3 weeks trading with the wrong chart . Lol. That explains a few things.

Glad you figured that out.

Anyhow - I have left Bitmex. I don't trust them. And the system overload thing is criminal.

Let me know if/when you find a replacement for Bitmex you are satisfied with. I would like to try them too.

So is the XBTUSD chart on TradingView - accurate? As in; does it show the actual swing highs and lows on bitmex exchange, accurate to the 0.01$ in real time?

I think it is accurate, but I don't know about real time updates. I trade the day chart, so real time updates don't matter for me so much.

[Tytanowy Janusz]

Answer to your question is here my friend:

Price will always vary along exchanges and swings will never be in the same place. Why should they? If whale came to bitstamp to buy coins he is buying on bitstamp pumping there. Why should that pump price on other exchanges if they have separate order books. Arbitrage traders earn on that price differences but they are not that fast to create 100% accurate charts on every exchange. And we can't say that bitstamp chart is the one we should look at because another day big whale can pump on binance making swing appear there first.

On bitmex users trade on very high leverage on both sites. Long and shorts. While on binance users trade only long without leverage. It means that when price go up on binance (together with other exchanges) you have only take profit orders waiting to be fulfilled. On bitmex you have take profit on longs, short stoploss, short liquidations due to overleverage - margin call. Those order push price even more triggering another stoplosses and margincalls. That's why bottom is always lower than on other exchanges same as top which is higher than on other exchanges.

Bitmex is - to my knowledge - the best choice for leverage trading but I will not give head under this opinion.

Last thing. If you need that accurate chart to know where to put your trade line exactly with 0.01$ accuracy than you need to think about your trading once again and ask yourself a question. Why price is moving. Due to magic wand that prescribe price to go exact there or due to transactions made by traders under emotion pressure. Read this in free time : https://bitcointalk.org/index.php?topic=4420866.msg39412664#msg39412664

[Raboug]

I honestly do not really trust Bitmex. They manipulate the price. I have not used it for a long time. Almost no difference what to choose, the main thing that it was something reliable

Why do you say that? Many trust Bitmex. https://revain.org/exchanges/bitmex. As you can see, there is a reason to trust this exchange - 4,7 / 5. 4,7 stars -this is a good indicator.

[leowonderful]

I honestly do not really trust Bitmex. They manipulate the price. I have not used it for a long time. Almost no difference what to choose, the main thing that it was something reliable

Why do you say that? Many trust Bitmex. https://revain.org/exchanges/bitmex. As you can see, there is a reason to trust this exchange - 4,7 / 5. 4,7 stars -this is a good indicator.

That really doesn't mean much at the end of the day, and from skimming through a few of these reviews people don't mention very many flaws that Bitmex has, such as the site overloading when the price of a contract starts swinging fast in one direction (which means it's extremely difficult to submit orders during overloads), even though there's now a revamped order queue system that's somewhat eliminated the overloads. While it's true that there's plenty of people that trust the site, it's definitely not a 4.7/5 exchange in my eyes even though I trade very often on it.