Bitfinex might be a good option for spot trading but lags severely in terms of features and functionalities regarding derivatives trading. For example, it allows margin trading with a maximum leverage of up to 10X, limited product offering, and low liquidity.
Therefore, if you are looking for better options, the following list includes some of the best Bitfinex alternatives that you can consider.
- ByBit: $2000 Deposit Bonus & 100X leverage. [Recommended]
- PrimeXBT – 35% Extra Bonus On Deposit, 100X leverage on all coins
- Phemex: Up & coming crypto futures and derivatives platform at 20x leverage
- Binance Futures: World’s largest crypto exchange with 100x derivatives
- Deribit: Bitcoin & Ethereum Futures @ 100x leverage
Best Bitfinex Alternative
Bybit is a cryptocurrency derivatives exchange registered in the British Virgin Island and is established in March 2018.
In a very short period, the exchange has become one of the fastest-growing cryptocurrency derivatives exchanges in the market and has over a 1.6 million registered user base. It is ranked within the top 5 list of exchanges by trading volume.
Derivatives products currently offered on the Bybit platform are inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts (BTC/USD) and offer up to 100X leverage.
Other features of the platform include a smart trading system, deep liquidity levels, can process 100K transactions per second, powerful APIs that refresh market data every 20 milliseconds, and a state-of-the-art pricing system.
Regarding trading fees, Bybit has a flat rate structure and offers a maker rebate of 0.025% to market makers, and charges a taker fee of 0.075% from market takers.
Why choose Bybit?
- No-KYC exchange thus offering full anonymity
- Smart trading platform and interface suitable for both beginners and experienced traders
- Deep liquidity levels
- Responsive multi-lingual support team
PrimeXBT is a well-known name in the crypto derivatives trading market. The exchange was established in 2018 and is registered in Seychelles.
It is a multi-asset trading platform that offers to trade in forex, commodities, indices but is more popular for crypto derivatives trading. The exchange offers leveraged trading in Bitcoin, Litecoin, Ripple, Ethereum, and EOS with up to 100X leverage.
The exchange has access to 12 top-tier liquidity providers, ultra-fast order execution capability with less than 7.12 ms order response time, and secure and powerful exchange infrastructure powered by AWS, which helps it provide a safe, secure, and efficient trading environment for everyone.
In 2020, the exchange processed 74.1% of the client’s orders at the requested quote, which is higher than the industry average.
Regarding trading fees, PrimeXBT charges a flat 0.05% commission on all types of crypto trades.
Why choose PrimeXBT?
- No-KYC exchange enables easy and quick sign-up
- Access to 12+ liquidity providers
- Powerful trade engine with real-time risk management
- Low trading fee
Phemex is a Singapore-based cryptocurrency derivatives exchange platform that was started back in November 2019 and was founded by eight ex-Morgan Stanley executives.
The exchange is the fastest crypto exchange globally, with a capacity to execute over 300,000 trades per second and has an order response time of less than 1 ms. Other advanced functionalities include FIX API for institutional traders and access to 30+ integrated liquidity providers.
Phemex allows trading in only perpetual futures contracts in 15 leading cryptocurrencies margined and settled in USD, which can be traded with a maximum leverage of up to 100X.
Phemex has a flat fee rate structure for all types of crypto derivatives trades regarding trading fees, irrespective of volume. It offers a maker rebate of 0.025% to market makers and charges a taker fee of 0.075% from market takers.
Why choose Phemex?
- Supports 100% anonymous account, no identity verification required during sign-up
- Suitable for both retail and institutional traders
- Supports multiple advanced order types
- Supports sub-accounts feature and L3 quotes
Binance offers futures trading through a separate platform known as Binance Futures and is the world’s biggest crypto derivatives trading platform.
The Binance Futures platform was launched in 2019 and offers a wide and diverse range of tradable products in the derivatives segment with up to 125x leverage.
In terms of product offering, Binance Futures primarily offers four types of derivatives trading products that include USDT-margined perpetual futures, COIM-M futures (a token margined with or without expiry futures contracts), European-style Bitcoin Vanilla Options, and leverage tokens which can be traded on the spot market.
Apart from trading products, Binance offers a wide range of trading tools and indicators, multiple advanced order types, and an easy navigation platform interface, making it suitable for both retail and institutional traders.
Regarding trading fees, Binance Futures has a 10-tiered fee structure starting from 0.02% as maker fees and 0.040% as taker fees. On USDT-M futures contracts, Binance offers a discount of 10% when paid using BNB tokens.
Why choose Binance Futures?
- Industry-leading and reputed trading platform
- No-KYC exchange
- Wide range of trading products
- Higher leverage of 125X
Kraken is a US-based exchange founded in 2011 and is one of the most trusted cryptocurrency exchange platforms in the market.
The exchange platform is very different from the new-age cryptocurrency exchange platform and focuses on offering retail traders services. It offers to trade in five perpetual futures contracts that include XBT/USD, ETH/USD, LTC/USD, BCH/USD, and XRP/USD with a maximum leverage of up to 50X.
Regarding trading fees, Kraken has an 8-tiered fee structure based on the last 30-day trading volume, starting from 0.02% as maker fees and 0.05% as taker fees.
Kraken offers an intuitive and simple interface and is a KYC-based exchange.
Why choose Kraken?
- Reputed and established exchange platform
- Offers fiat support
- Competitive trading fee
- Provides personal support and educational content
Deribit is an institutional-grade cryptocurrency derivatives exchange that launched its services in June 2016. It is based in Netherland and only caters to the experienced class of traders.
The exchange offers derivatives trading in only two coins, Bitcoin and Ethereum. It offers to trade Bitcoin and Ethereum perpetual, futures, and options contracts. The platform offers leverage of up to 100X on BTC futures and other contracts; it offers maximum leverage of 10X.
Deribit offers a web-based trading platform and has an intuitive and easy user interface. The platform also includes futures, index, and volatility charts and offers a range of statistics and technical indicators to make an informed trade.
Regarding trading fees, on BTC weekly futures, it offers a maker rebate of 0.01% and charges a taker fee of 0.05%. On BTC and ETH futures perpetual contracts, it charges only taker fees of 0.05% and NIL maker fees. For BTC and ETH options, the maker and taker fees are 0.03%.
Why choose Deribit?
- No-KYC exchange
- Ultra-fast order matching engine
- Competitive trading fee
- A suitable platform for experienced traders
Over To You
All the options discussed above are the industry best and provides you with many opportunities to profit from the crypto derivatives market.
But from all the options, Bybit and Binance Futures stands out from the rest with their diverse range of product offerings and advanced platform functionality.
Therefore, before choosing a platform, weigh all the pros and cons and select a platform based on your trading preferences.