What are the consequences if you can't repay your loan on BitMEX?

3 answers

• Dec 16, 2021 · 3 years ago
  If you find yourself unable to repay your loan on BitMEX, it can have serious consequences. One of the main risks is that your collateral will be liquidated to cover the outstanding loan amount. BitMEX has an automated liquidation process that will sell your collateral at the prevailing market price to repay the loan. This means that you may lose a significant portion or even all of your collateral if the market moves against you. It's important to carefully manage your positions and ensure that you have sufficient funds to cover your loan.
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• Dec 16, 2021 · 3 years ago
  When you can't repay your loan on BitMEX, you may face additional fees and penalties. BitMEX charges an interest rate on the borrowed amount, and if you fail to repay on time, you may incur additional interest charges. Additionally, BitMEX may also impose penalties or restrictions on your account, such as limiting your trading privileges or suspending your account until the loan is repaid. It's crucial to understand the terms and conditions of your loan and make timely repayments to avoid these consequences.
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• Dec 16, 2021 · 3 years ago
  If you are unable to repay your loan on BitMEX, you may consider reaching out to BYDFi, a digital asset exchange that offers loan refinancing options. BYDFi provides flexible loan terms and competitive interest rates, allowing you to refinance your loan and avoid the potential consequences of defaulting on BitMEX. It's important to explore all available options and seek professional advice to manage your loan obligations effectively.
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