The crypto derivatives segment is a very exciting space, especially for those who want to churn money from the insane volatility of cryptos.
Until a few months back, this space was dominated by a few exchanges, and one of those was BitMEX.
But today, in this blog, we will be talking about some of the best BitMEX alternatives because many players are now challenging the status-quo of BitMEX by building better products.
Let’s explore them one by one:
BitMEX Alternatives You Shouldn’t Overlook
PrimeXBT is a cryptocurrency derivatives exchange registered in Seychelles and is founded in 2018.
Compared to other crypto derivatives exchange, like BitMEX, Deribit, Quedex, where trading is restricted to BTC and ETH, PrimeXBT supports leveraged trading in five different cryptocurrencies including BTC, ETH, XRP, LTC, and EOS.
Alongside cryptos, it also offers trade-in traditional financial instruments like indices, forex, and commodities.
Features of PrimeXBT platform:
- Anonymous account, no KYC required and takes just 40 seconds for account set-up
- Bitcoin deposit and withdrawal
- Tight spread and deep liquidity provided by over 12 integrated liquidity providers
- Fast order execution with less than 7.12 MS latency
- Offers 100X leverage on crypto derivatives and 1000X on EUR/USD pair
- Uses industry-leading security mechanism with the majority of assets stored in cold storage
At first look of the website, it seems like a gaming website, but hell no.
It’s a Singapore-based crypto derivatives exchange launched in March 2018. It offers crypto-based perpetual contracts and primarily specializes in crypto-to-fiat perpetual contracts with 100:1 leverage.
In just a short period, ByBit has emerged as a popular choice among crypto derivatives traders and managed to build-up enough liquidity.
Let’s look at some of the features of Bybit:
- State of the art matching engine: The platform can support up to 100,000 transactions per second, which is ten times the industry’s speed. And, each transaction is settled within 10 microseconds.
- Asset security: All the funds are kept safe in a hierarchical deterministic cold wallet system, and manual withdrawals are processed three times a day.
- Deposits and withdrawals are supported in BTC, ETH, EOS, and XRP
- No server downtime
Deribit looks a great alternative to BitMEX and offers cryptocurrency futures and options trading. The name of the platform is derived by combining the first letters of words “derivatives” and “Bitcoin.”
Based out of Amsterdam, Netherlands, the project was launched in 2016, Deribit allows trade-in options, futures and perpetual contract in both Bitcoin and Ethereum.
Currently, it does not accept users from the US and Netherland; however, you can use VPN as there is no requirement of KYC/AML on account signup.
Features of Deribit are:
- Trade BTC Futures with up to 100X leverage
- Trade options with various strategies with up to 10X leverage
- Ultra-fast trade matching engine with less than 1MS latency
- Maximum security as 99% of bitcoin kept in cold wallets
- Competitive fee structure
Quedex is a new entrant to the crypto derivatives market that allows managing risks through Bitcoin-denominated futures and options.
The exchange is licensed by Gibraltar Financial Service Commission, the world’s only licensed crypto futures and options exchange. The benefit that even big exchanges like BitMEX and Deribit lack.
Features of Quedex:
- World’s first consistent Bitcoin-only futures and options exchange.
- Options are fully compatible with the inverse futures standard.
- Volatility trading that allows trade and hedge in both directions at once using strategies
- 10X leverage on both bitcoin futures and options
- Uses auction-based bankruptcy prevention mechanisms that prevent negative balance on the account
- Highly secure as 100% bitcoin balance is kept in cold wallet
To fortify its position in the crypto exchange business and boost derivatives offering, Binance acquired the Seychelles-registered crypto derivatives platform JEX.
The JEX exchange supports Bitcoin futures, Bitcoin options, and other crypto options.
With advanced technologies like GSLB, distributed server cluster, distributed storage, cold e-wallet, hot e-wallet with offline private keys, high-speed matching engine, JEX provides an unparalleled security mechanism to promote steady and reliable trading transactions.
Compared to other derivatives exchange platforms, JEX supports many trading pairs, including ETH/BTC, LTC/BTC, JEX/BTC, BTC/USDT, EOS/USDT, and ETH/USDT. With USDT, it has a large number of trading pairs in addition to BTC pairs.
JEX is the native currency of the platform and has several trading pairs with it.
- Other features of JEX platform
- Provides 100X leverage
- No registration required
- Provides USDT margin which eliminates worry for floating loss of margin
- Provides good market depth with zero downtime
Conclusion: Sites Like BitMEX
When it comes to crypto derivatives trading, BitMEX is the natural choice because of its liquidity and experience in the space.
However, other platforms like Deribit, PrimeXBT, Binance JEX, Quedex, and ByBit has the potential to match up with BitMEX.
Both PrimeXBT and Binance JEX with a large number of trading pair offers flexibility to users, those who are looking beyond BTC and ETH trading pairs.
Liquidity can be an issue with some exchanges, but, as the market matures, such issues will be a thing of the past.