ByBit in a relatively short period has emerged as one of the leading crypto margin trading platforms. Offering up to 100X leverage on BTC futures contract, capacity to handle 100,000 TPS, and support for advanced order types has helped it to attract large user groups worldwide.
However, ByBit has a few limitations like lower leverage levels on futures contracts other than BTC futures, offers only 4 different crypto futures contracts, and limited BTC withdrawals.
If such limitations are impacting your trading experience, the following are the best suitable alternatives to ByBit, where you can trade crypto futures contracts.
Top Alternatives to ByBit in 2021
Here is the list of best alternatives to Bybit that one should use in 2020:
- PrimeXBT – 35% Extra Bonus On Deposit, 100X leverage on all coins
- Binance Futures Exchange– Best in the business but limited leverage on coins
- FTX– Innovative exchange similar to Bybit
- BitMEX– Legit Bybit alternative but costly
- StormGain– New entrant but making a mark
- Deribit– Pure leverage exchange like Bybit
PrimeXBT is a Seychelles-based crypto derivatives exchange, offering a best-in-class trading experience to its users. The exchange has witnessed exponential growth in a very short period and offers its services in over 150 countries. However, due to unfavorable local regulations, PrimeXBT does not offer its services to users from the USA and Canada.
The exchange has a 24 hours average trading volume of $545 million and more than 12,000 orders are executed per second. PrimeXBT does not require KYC verification of its users for account opening, which means a 100% anonymous account and you can start trading in just 40 seconds.
It offers up to 1:100 leverage while trading BTC, ETH, LTC, XRP, and EOS futures contracts. And, with its advanced trading platform integrated with multiple chart types, various indicators, and drawing tools, it is suitable for both professional traders, as well as beginners.
PrimeXBT charges two types of fees: a trading fee and overnight financing, as instruments traded are leveraged products. It has a flat trading fee of 0.05% for all types of contracts and 0.083% Daily Funding Rate for both long and short positions. The withdrawal fee is 0.0005 BTC.
Why choose PrimeXBT?
- Best-in-class trading platform with advanced charting features
- Up to 100X leverage across all major crypto assets
- Low trading and withdrawal fee
- Trustpilot rating of 4.6 stars out of 5
FTX is a relatively new crypto derivatives platform incorporated in Antigua and Barbuda and has an average trading volume of $50 million. It offers 15 perpetual futures contracts, tradable indices, and leverage tokens for more than 45 different crypto assets.
It offers up to 101X leverage, but on all accounts, the exchange has set maximum leverage of 10X by default. The exchange requires KYC verification of withdrawals of more than $1,000.
FXT has a flat trading fee of 0.02% as a maker fee and 0.05% as a taker fee. The VIP account receives a 50% discount on all maker and taker fees.
It operates in over 100 different countries except for the USA, Crimea, Antigua, and Barbuda, and countries with economic sanctions.
Why choose FTX?
- Wide range of perpetual swaps
- 45+ leveraged token and tradeable altcoin indices
- Competitive trading fees
BitMEX is a P2P crypto trading platform and is one of the oldest crypto exchange platforms to function. It is one of the most liquid exchanges with a 30 Day volume at $72.36 billion. The exchange specializes in crypto margin trading and offers perpetual futures contracts in BTC, ETH, and XRP. It also offers traditional futures contracts in BTC, BCH, ADA, EOS, ETH, LTC, XRP, and TRX.
For Bitcoin perpetual contracts, it offers up to 100X leverage, for Ethereum and XRP contracts, the leverage offered is up to 50X and 25X respectively. In respect to the trading fee, the maker fee is 0.025% and 0.075% for all perpetual contracts.
BitMEX is unregulated across all territories, therefore, users do not need to do identity verification or KYC verification. And, services may be restricted in a few jurisdictions where local laws are unfavorable like the USA.
Why choose BitMEX?
- Unmatched liquidity across all futures contract
- Highly secure platform
- Supports advanced order types
- Supports anonymity
One of the newest exchanges in the block and is a well-known ByBit alternative. The exchange is packed with unique features and functionalities that most professional traders look for. Founded in 2019, StormGain is making its presence felt in the cryptosphere and is giving some hard competition to well-established crypto exchange platforms.
StormGain offers leveraged trades with a multiplier ranging from 50X to 200X on crypto futures contracts. It offers crypto futures contracts on six major coins. Moreover, it enables you to buy bitcoin with your credit card, which only a few crypto exchange platforms can offer. The platform includes a host of advanced trading features like a limit order, stop loss, and AI-generated trading signals.
The exchange does not require KYC verification of its users and registration requires just your email and password. As of the date of writing i.e 14th April 2020, it has over 120,000 clients from over 100 countries. To start trading with StormGain, you need a minimum account balance of 50 USDT.
There is no concept of trading fee but charges a commission of between 0.06%- 1% on leveraged trading instruments. And, it charges a daily fee of 0.40% on swap buy/sell for all USDT pairs.
Why choose StormGain?
- Offers a leverage of up to 200X in six major coins
- Multiple deposit option including fiat to crypto support
- No KYC requirement
- All deposits are eligible for u to 15% bonus
5. Binance Futures Exchange
Binance, the world-leading crypto exchange platform recently launched its crypto derivatives platform called Binance Futures. In a short period, the futures segment has exceeded the volume of its spot exchange with 24 hours trading volume is just over at 4.2 billion USDT or equivalent to $4.2 billion.
The Binance futures platform scores well above other exchange platforms in terms of UI/UX, security, liquidity, and coin variety. At present, it offers 24 futures contracts all traded against USDT.
It offers up to 125X leverage on BTC futures contracts, whereas for Ehtereum and other alt-coins, it offers up to 75X leverage. And, its industry-leading trade matching engine can manage up to 100,000 TPS with a minimum latency of 5 milliseconds.
However, trading with Binance Futures requires you to complete the identity and KYC verification process, which means no anonymous trading. The fee structure is quite straightforward and depends on the 30 days average trading volume of users. For the default level (VIP 0), the maker fee is 0.020% and the taker fee is 0.040%.
Why choose Binance Futures?
- Wide range of futures contract
- Low trading fee
- Client funds protected against hacking under SAFU Fund
- Available across the globe through its mobile app and web
Deribit, the name derived from combining the first few letters of word derivatives and bitcoin, is a Netherland based crypto derivatives exchange platform founded in June 2016. The platform offers two perpetual futures contracts in Bitcoin and Ethereum and offers leverage of up to 100X.
The services are available in well over 100 countries, except the US, Quebec province of Canada, and countries with economic sanctions. It has an ultra-fast trading matching engine with a latency of less than 1 millisecond has the fastest API in the industry.
It has a two-level of KYC verification (Level 0 & 1), as per which you will have access to the different levels of services.
The exchange has a maker-taker fee model, and orders which provide liquidity receive a rebate of 0.025%, and orders that take liquidity are charged a fee of 0.075%.
Why choose Deribit?
- Low and competitive trading fee
- No deposit and withdrawal fees
- Fast trading engine
- Real-time liquidation and risk management
For trading in crypto derivatives instruments, the exchange platform matters the most for traders, as it helps to successfully place profitable trades. While all the discussed alternatives are good and are industry-leading platforms, PrimeXBT and Binance Futures stand out with their features and functionalities.
Both have the most advanced, stable, and highly scalable platform with a wide range of futures contracts available on the platform and the highest liquidity. If you have no issues with the KYC verification process, then you should for Binance Futures, else PrimeXBT is a good option.