BitMEX is a very old name in the crypto derivatives segment and is considered a big boy in crypto trading. The main reason for its success is its deep liquidity and faster order matching, no matter the size of the order. The exchange handles a daily trading volume of over $2 billion, which is quite astonishing.
As a crypto derivatives platform, BitMEX has covered many miles, setting benchmarks for other players. However, in the recent past, many exchanges have emerged as a suitable alternative to BitMEX, offering an enhanced trading experience.
Therefore, let’s check out the top 7 BitMEX alternatives to try in 2021.
Best BitMEX Alternatives to BitMEX
(2022's Most Popular Choice)
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There has been a lot of fuss around the BitMEX exchange in the last few months whether it’s due to regulators or enough liquidity in the market or the complexity of their platform.
If you had caught between this don’t look anywhere you’re at the right place to look for Exchanges similar to BitMEX.
ByBit is a well-known alternative to BitMEX and was founded in March 2018. It specialized in perpetual swaps and offered four different perpetual contracts on the platform, including BTC/USD, ETH/USD. XRP/USD and EOS/USD. It also offers a BTC USD futures contract, only for hedging purposes.
It offers leverage of up to 100X on BTCUSD and BTCUSDT futures contracts and up to 50X on the remaining futures contract. The exchange generates over $500 million worth of daily trading volume, indicating its market depth and liquidity.
The exchange platform uses an advanced mark & index pricing system to provide the most reliable pricing. Through an advanced order system, users can directly set take profit & stop loss entry orders. ByBit fully supports anonymous trading, meaning no KYC or identity verification is required.
It offers a makers rebate of 0.025% and taker fees of 0.075% for all futures contracts concerning trading fees. The exchange offers its services worldwide, except in countries like the USA, Quebec Province of Canada, and countries with economic sanctions. Currently, it serves almost 300,000 clients worldwide.
Want to know more? You can always check out our detailed ByBit Review
Why choose ByBit?
- One-click coin swap
- Unlimited trades and withdrawal
- Good and stable platform suitable for both professional and beginners
- No KYC exchange
FTX is a kind of exchange that traders build for traders to understand the segment’s emerging needs. However, the exchange is new in the segment but is powerful enough to support retail and institutional traders’ requirements.
Backed by Alameda Research, a top liquidity provider, FTX gives access to a wide range of trading instruments. It includes 45-plus leverage tokens, perpetual swaps for 15 assets, and altcoin indices. The exchange offers maximum leverage of 101X. However, the exchange has a default setting of 10X as maximum leverage for all accounts.
FTX follows a tiered fee structure divided into different slabs according to the last 30D trading volume. The maker fee ranges between 0.01% – 0.2% and taker fee range between 0.04%- 0.07%.
Users are not required to go for KYC or identity verification to operate the trading account. However, KYC verification is a must for withdrawals above $1,000. It offers its services in 100-plus countries, excluding the USA, Crimea, Antigua, Barbuda, and countries with economic sanctions.
Want to know more? You can always check out our detailed FTX Review
Why choose FTX?
- Wide range of trading instruments
- Competitive trading fee
- Simple UI/UX
- Attractive referral program
Founded in 2018, PrimeXBT has emerged as a preferred alternative to BitMEX. It offers trading options in 30 plus assets, including cryptocurrencies, stock indices, commodities, and forex.
The crypto assets include 9 different crypto-fiat and crypto-crypto trading pairs offering max leverage of up to 100X. The exchange has an average daily trading volume of $545 million and has a pool of over 12 liquidity providers for seamless trading experience and faster order execution. The exchange executed 74,1% of client market orders at the requested quote in 2019, much higher than the industry average.
PrimeXBT offers five standard order types to its users, viz, limit order, market order, stop market order, protection order, and one-cancels-the-other (OCO) order. It follows a flat fee per trade pricing model with a trading fee fixed at 0.05% for all types of crypto futures contracts. The daily funding rate (overnight financing rate) for both long and short positions is 0.083% and has a withdrawal fee of 0.0005 BTC.
The exchanges do not require any identity or KYC verification process to set up a trading account or for withdrawals. The exchange is supported in over 170 countries except for the USA due to unfavorable local laws.
Want to know more? You can always check out our detailed PrimeXBT review
Why choose PrimeXBT?
- Advanced trade settings
- Low trading fees
- Wide range of trading assets including major altcoins
- Lowest trade slippage percentage in the industry
Phemex is the latest entrant to the block and features a compelling trading platform designed to handle the needs of emerging market conditions effectively. Founded by ex-Morgan Stanley executives, the exchange has successfully attracted the attention of traders worldwide.
It claims to be the world’s fastest exchange can process 300,000 TPS with a latency speed of 1 millisecond. The exchange supports both BTC and USD-settled contracts. USD settled contracts ease the trading and risk-mitigation process. Apart from this, it supports six different cryptocurrencies, including BTC, ETH, XRP, LTC, LINK, and XTZ, all paired against the dollar.
It offers leverage of up to 100X on the BTC/USD pair and up to 20X on the rest of the crypto trading pairs. In respect to the trading fee, it offers a maker rebate of 0.025% and charges a taker fee of 0.075%. It has a withdrawal fee of 0.0005 BTC per withdrawal. And, for registration or account setup, no KYC or identity verification is required.
Soon, Phemex plans to provide L3 market data and traditional financial products like stocks, indices, commodities, forex, etc.
Want to know more? You can always check out our detailed Phemex review
Why choose Phemex?
- BTC and USD settled contracts
- High platform performance and stability
- Advanced trading platform with state-of-the-art FIX API
- Good affiliation program
The exchange is designed for serious traders, offering them the capabilities that other exchanges fall short of. With its solid platform design, high leverage on crypto futures contracts, and low trading fees, the exchange has shot to fame in a very short period.
StormGain offers trading in six different cryptocurrencies (BTC, BCH, ETH. LTC, XRP & USDT), offering a leverage of up to 200X. The advanced order types like the limit order, market order, stop-loss & take profit, and AI-generated trading signals help users execute different trading strategies and secure profits.
It connects to users from over 100 countries, excluding the USA, and serves over 120,000 clients worldwide. The exchange does not require its clients to undergo KYC or identity verification, which means anonymous trading.
StormGain charges a commission of between 0.06%- 1% for every trade from its users and has an overnight financing rate of 0.40% on swap buy and sell trades. It is also one of the few exchanges that support fiat deposits through credit cards. Users need to make a minimum deposit of 50 USDT to start trading on StormGain.
Why choose StormGain?
- High leverage of up to 200X
- A bonus of up to 15% on every deposit
- Supports fiat deposits
- Competitive trading fee
6. Binance Futures Exchange
The name doesn’t need any introduction. Within months of its launch, the Binance Futures Exchange has successfully established itself as a major player in the segment, surpassing its parent exchange’s daily trading volume. It is now the largest perpetual futures exchange and the largest BTC futures venue.
Binance Futures offers 24 perpetual swaps, with leverage up to 125X on BTC futures and up to75X on ETH and other futures contracts. Its trade matching engine can handle 100,000 TPS and executes ultra-fast trades with a latency of 5 milliseconds.
All Binance users need to fulfill the KYC verification requirements to make a trade on the platform. The platform provides higher protection to users for their highly-leveraged trades through its robust risk management system, including a sophisticated risk engine, smart liquidation model, and insurance fund.
The exchange has a pretty straightforward tiered pricing structure. It is divided into ten different levels (VIP-0 to VIP-9) according to 30 days of trade volumes. The first level or VIP-0 has a maker & taker fee of 0.020% and 0.040%, respectively. For level VIP 9, the maker & taker fee of 0.00% and 0.020%, respectively.
Why choose Binance Futures Exchange?
- Wide range of different crypto futures contract
- High liquidity
- Competitive trading fee
- An advanced risk mitigation system
- Users funds protected against hacking under SAFU Fund
Established in 2016, Deribit is a Netherland-based exchange whose name is derived from the combination of initials of two terms, Derivatives and Bitcoin. It offers perpetual futures and options in Bitcoin and Ethereum.
The exchange offers up to 100X leverage on BTC perpetual swaps and 10X leverage while trading in options. The platform’s trade matching engine handles four types of orders, including market, limit, stop-limit, and stop-market. Deribit claims to be the fastest exchange engine in the industry, with a less than a 1-millisecond latency rate.
The exchange has two levels of KYC verification process (Level 0 & 1), and each offers a different level of trading capabilities to users. For Bitcoin perpetual swaps and futures, the maker rebate is 0.025%, and the taker fee is 0.075%. While for Ethereum perpetual swaps and futures, the maker rebate is nil and the taker fee is 0.05%.
For BTC & ETH options, it is 0,04% of underline or 0,0004 BTC per contract. The fee could not exceed 12.5% of the value of the option. Deribit’s services are available worldwide. However, it is restricted in the USA and its region, Quebec Province of Canada.
Why choose Deribit?
- Ultra-fast trade matching engine
- Offers all instruments of the derivatives segment
- Competitive trading fees
Bitfinex is one of the oldest crypto exchanges globally as it has been in operation since 2012. The company was founded in Hong Kong, but it now has several other offices worldwide and has remained an industry leader with one of the largest average daily trading volumes.
The company initially started as a P2P margin lending crypto platform that supported Bitcoin only but has since added more crypto assets and products. The exchange currently supports over 150 digital assets that allow crypto traders to form hundreds of trading pairs.
Bitfinex now allows for margin trading with a maximum leverage of 10x and also has derivatives contracts to allow traders to wager on the price of different assets without holding them.
The crypto exchange has an advanced trading platform with impressive trading tools meant to make trading easier and more profitable, even for absolute newbies. The trading platform includes advanced charting functionalities, a variety of order types, a customizable interface, and API Access.
The order types on the platform include limit, market, stop, trailing stop, and stop-limit. Additionally, traders can also use more advanced ones that not many cryptocurrency exchanges offer, such as fill, kill, and scaled orders.
Bitfinex provides several deposit methods for funding accounts as it accepts both crypto and fiat deposits. Currently, the exchange supports several major currencies, including the USD, GBY, EUR, and JPY.
The trading fees are also relatively low. The exchange utilizes a maker-taker fee model, and the fees start at 0.100% and 0.200% for maker and taker fees, respectively.
Why choose Bitfinex
- Advanced trading platform with highly useful tools
- Customizable user interface
- Variety of order types
- Supports fiat deposits
Kraken is also one of the oldest crypto trading platforms globally, as it has been live since 2011. The company is one of the few registered and licensed to operate in the US. It was founded in San Francisco but now has several offices worldwide.
Kraken supports over 100 digital assets that allow traders to form dozens of trading pairs. Also, it supports at least 7 different fiat currencies, including the USD, GBP, EUR, AUD, and JPY.
The exchange supports both spot and crypto derivatives trading with maximum leverage of 50x. Also, it has the main platform and the Kraken Pro platform that aims to cater to the more experienced crypto traders looking for advanced trading tools and products.
Besides being one of the few exchanges licensed and regulated in the USA, another of Kraken’s top perks is its security. The company is a crypto-security industry leader. Despite being around for over a decade, it has never been hacked.
Kraken also offers advanced trading features that include crypto short sales and several order types. Moreover, the exchange provides 24/7 customer support via several avenues like live chat, email, and phone.
Krake fees will depend on the market you are trading in and whether you are using Kraken or Kraken Pro. However, the maker and taker fees for Kraken Pro start at 0.16% and 0.26%, respectively, and reduce as your 30-day trading volume increases.
Why choose Kraken
- Secure platform with advanced security features
- Regulated exchange licensed to operate in the use
- Advanced trading features and orders
- 24/7 customer support
BitMEX is an excellent platform for trading in crypto derivatives. Still, it lags on several fronts like complex UI/UX, not suitable for beginners, and no mobile app, making it a little unattractive for users.
Therefore, if you are looking for a suitable option, the above-discussed options stand out well. However, my preference goes to Binance Futures Exchange and PrimeXBT. They both match the standard of BitMEX and offer a superior trading experience.