This is a bit of a nuanced case. I hate wide spread obviously, and more importantly it will remain to be seen how over time hugoway and crypto rocket are vetted, if they are honest; however, compared to the abysmal 5x leverage on kraken and 10x on fxchoice, 22 to 25% on the spread for 100x leverage is not quite as terrible if you consider taker fees round trip on bitmex are 15%. At least for now if crypto is hyper volatile with intraday swings close to 5 to 10% then 300 to 500% ROI on x100 positions are not uncommon, this in october or march would have been impossible though, since bitcoin has peculiar volatility cycles.
Bitmex has recently alluded to a server tech overhaul that might finally put an end to the evil order overload. Bitmex has two good things going for it, liquidity, and the fact that I believe the Seychelles will be a hold out to the bitter end against FATF KYC mandates and bank secrecy acts.
As I’ve mentioned FATF and G20 are planning lots of Stasi hyper intrusive KYC things working with people like cyphertrace and chain analysis. They’re proposing systems that are a threat to crypto in general.
I also have to point out that hugos way does KYC but they at least for the time being accept Americans, I actually kyced myself there. That’s a huge plus against bitmex banning citizens. Hugos way appears to be located in the Seychelles now.
-edit holy crap dude the reviews for hugos way on forex peace army are reallly really bad and scary yikes