Despite serious legal issues, BitMEX is still a frequent choice of bitcoin users interested in leveraged trading. Created in 2014 in the United States, the platform has dominated the cryptocurrency derivatives market within a few years. Users generate multi-billion dollar volumes, but the unclear legal situation, lack of regulation and image slip-ups are causing more and more people to look for an alternative. For years there was actually no real competition, but now this is starting to change. Cryptocurrency users are increasingly aware of the importance of security. At the same time, there are still many companies that are not implementing the right measures to provide them with this security. Recently, we heard about the leak of user data from Ledger's database, in turn, in October 2019, BitMEX exchange experienced a similar situation. However, unlike the hardware wallet maker, BitMEX basically gave its users' data on a platter, sending an email in which addresses were included in the "DO" field instead of "UDW". The company's explanation at the time was "an error in the script of the email sending software." However, BitMEX's problems did not end there. At the same time - on Twitter - a troubling message appeared that read: "Take your BTC and run. Last day for withdrawals." Moments later, the company announced that their account had been hacked, explaining the previous tweet. Since then, more and more controversy began to grow around BitMEX. It culminated in September/October 2020. The CFTC - the US government agency in charge of regulating the futures market - issued charges against the exchange, accusing the owners of operating without the required authority. CFTC representatives also expressed their objections to the platform's anti-money laundering procedures. As a result of this information, within 24 hours users withdrew more than 32,000 BTC from BitMEX, which was then about 19% of the exchange's total deposits. It is worth noting that the company was storing almost 1% of all bitcoin in circulation at the time. Given such large volumes, the company had an impact on the entire market, so the BTC exchange rate reacted by falling sharply. While it may have seemed like this would be the end of BitMEX, the service is still operating today, generating multi-billion dollar sales every day. Security and legal issues, however, have prompted much of the community to look for an alternative to the US-based platform. We should certainly ask ourselves a question: does the company, which has already put its users at risk several times, still deserve to be trusted? Let's remember about security Every participant in the cryptocurrency market should be aware of the risks involved. Just like on traditional exchanges, counting on profits, you should also take into account the possibility of losing funds. Let's remember the rule: "invest as much as you can lose". This is especially important for beginners, as learning can be expensive. As important as a well-thought-out strategy is the choice of the right trading platform. Keeping in mind the safety of your funds, it is advisable to choose one that is registered in the EU. Unlike BitMEX registered in the Seychelles, Geco.one, a trading platform created by Poles, is registered in Estonia. The country is at the forefront of regulating the cryptocurrency industry, making it a natural, safe choice for legitimate companies in the industry. The Estonian supervisor's license allows them to operate not only in the EU, but practically all over the world. It is also worth noting that the digital assets deposited on Geco.one are stored on so-called cold wallets using dedicated infrastructure not connected to the Internet. This mechanism makes it impossible for hackers to steal cryptocurrencies, even if by some miracle they managed to break into the platform. The whole process is supervised by BitGo - a company that provides similar digital storage services to such brands as Binance, Bitstamp and BitBay. So we are dealing with the highest security standards. In addition, Geco One OU, along with companies such as PZU and Orlen, was among the founders of the Polish-Estonian Chamber of Commerce, inaugurated on October 19, 2020. Among the objectives of the Chamber is the promotion of Polish-Estonian economic relations and assistance in establishing partnerships between Poland and Estonia. Interface matters Once we've decided that we want to try our hand at leveraged trading, we'd like to have a platform that helps with operations, such as its intuitiveness. Time is money, so instead of wondering where a feature is, we would just want to use it. Most available platforms - with BitMEX at the forefront - have a complicated interface and scare off the number of elements served to the user already at the start. Polish programmers responsible for creating Geco.one,
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