How to use BitMEX Testnet: A Starter Guide

Want to try trading on BitMEX, but not ready to deposit real bitcoin? This guide is for you! BitMEX is kind enough to provide a sandbox for anybody to play around and learn without risking real funds.

This post will show you how to set up and fund a BitMEX Testnet account. 

Accounts on BitMEX.com and BitMEX Testnet are separate

Even if you have a BitMEX.com account, you’ll need to register on BitMEX Testnet. If you’re not sure which site you’re on, look at the color of the BitMEX logo at the top left of the page.

Account registration on BitMEX Testnet

1. Click on Register near the top right.
2. Complete the form and click the Register button.
3. A message should appear asking you to click on a verification link in an email that BitMEX has sent to you. Do that.
4. Clicking the link in the email should redirect you to the main BitMEX Testnet trading page. It should look like this.
5. Now your account is all set up!

Dark mode

The next—vitally important—step you should take is to switch the display to dark mode (of course that’s up to you, but we’re all about the dark mode at Settle).

1. Click on your email address at the top right to bring up the Main Options box.
2. Under Color Theme, choose the dark square.
3. Feel the darkness overtake you, and then click anywhere outside of the Main Options box to make that box go away.

Fund your account 

Each new BitMEX Testnet account is automatically funded with 0.01 Testnet XBT (BitMEX’s symbol for Bitcoin). Check your balance near the top right of the main trading page. 

But more is always better, right? BitMEX Testnet links a few faucets, so we’ll use one of those.

• Click on Account near the top of the screen.
• Click on Deposit to see your deposit address and QR code.
• Note the reminder, “This is a Testnet Bitcoin Address!” Make sure you don’t send real bitcoin or any other real currency to this deposit address.
• Your deposit address is that string of characters right under the QR code.
• Copy your deposit address to your clipboard (you’ll need to highlight the string and copy it).
• See the three URLs near the top of the screen? Those are links to faucets where you can get free Testnet bitcoin.
• Click the first link, and a new tab will open displaying this form.
• Paste your deposit address into the form, confirm you’re not a robot, and click Get bitcoins!
• The form will refresh with confirmation that Testnet bitcoins have been sent to you (the amount sent may vary).
• This faucet only allows one withdrawal every 12 hours; click the form’s Back button to see how long until you can make another withdrawal.
• It might take 10-20 minutes for your account to be credited (after one confirmation); you’ll get an email from BitMEX Testnet explaining this. 
• Once your deposit has been confirmed, you can see your new balance on your Account page (you’ll also get another email confirming your deposit).

That’s it; now you’re ready to practice trading on BitMEX Testnet!

And if you work your way up to live trading on BitMEX.com, you can import your positions into Settle Portfolio.

Finally, get your popcorn ready and watch BitMEX rekts go down in real time on Concourse Open Community’s live liquidations tape, Rekto.