OKEx Alternative To Trade Crypto In 2021

OKEx is one the biggest and leading cryptocurrency exchanges in the market, offering trading services in both the spot and derivatives segment.

If you are looking for a better option, you can consider the following list of OKEx alternatives.

Best OKEx Alternative

  1. ByBit: $90 Deposit Bonus & 100X leverage. [Recommended]
  2. PrimeXBT – 35% Extra Bonus On Deposit, 100X leverage on all coins
  3. FTX: Many exotic cryptocoins & tokens here for 50x levergae
  4. Phemex: Up & coming crypto futures and derivatives platform at 20x leverage
  5. Binance Futures: World’s largest crypto exchange with 100x derivatives
  6. Deribit: Bitcoin & Ethereum Futures @ 100x leverage

#1. Bybit

Bybit is a leading crypto derivatives trading platform ranked fifth in top crypto derivatives exchanges by trading volume. 

The exchange is known for its innovative and smart trading platform that offers a superior trading experience to retail and professional traders worldwide. Some of the platform’s key features include a smart trading platform system, deep liquidity, a powerful order matching engine that can process 100K TPS, an advanced pricing system, and a 99.99% system functionality rate. 

It offers to trade in inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts (BTCUSD quarterly only) with up to 100X leverage.

Regarding trading fees, Bybit has a flat fee rate structure for all its derivatives contracts. It offers a maker rebate of 0.025% to all market makers and charges a taker fee of 0.075% from market takers.

Why choose Bybit?

  • Easy sign-up process because of No-KYC requirement
  • Smart and powerful trading platform with no downtime
  • Offers deep liquidity
  • Responsive 24/7 multilingual customer support team

 

#2. PrimeXBT

Established in 2018 and registered in Seychelles, PrimeXBT is a popular crypto-derivatives trading platform. The exchange boasts a powerful trading platform loaded with important trader tools, making it suitable for both retail and professional traders.

The exchange has been awarded as the best forex and crypto broker by Forex Awards and the best platform for margin trading by ADVFN International Financial Awards. 

PrimeXBT offers to trade in Bitcoin, Litecoin, Ripple, Ethereum, and EOS with up to 100X leverage. With access to 12+ liquidity providers, the orders are filled instantly and mostly at requested quotes. In 2020, the exchange processed 74.1% of the clients’ market order at the requested quote, which is significantly higher than the industry average. 

Other platform features include ultra-fast order execution capability with an order response time of less than 7.12 ms, an industry-leading trade matching engine with real-time risk management, and the platform infrastructure is powered by AWS, which helps it to provide a safe and efficient trading environment.

The exchange charges a flat fee of 0.05% on the types of crypto trades regarding trading fees. 

Why choose PrimeXBT?

  • No-KYC verification, thus providing 100% anonymous account
  • Powerful trading platform integrated with advanced features
  • Access to top-tier liquidity providers
  • Low trading fee

 

#3. FTX

FTX was founded in 2018 by veteran wall-street trader Sam Bankman-Fried and ex-Google executive Gary Wang. Alameda Research incubates the exchange, a leading global crypto liquidity provider backed by top crypto VC firms, including Binance. 

The exchange offers to trade in perpetual and quarterly futures, leveraged tokens, BTC options, and MOVE (a proprietary derivative trading product) with a maximum leverage of up to 101X.

With a wide range of crypto derivative tradable products and high leverage, FTX caters to both retail and institutional traders. The FTX’s intelligent liquidation engine helps manage liquidations and close positions before turning negative, thus offering a robust risk-management framework. 

Regarding trading fees, FTX has a six-tiered fee structure based on 30-day trading volume for all its futures contracts. The rate starts from 0.02% as maker fee and 0.07% as taker fee. 

Why choose FTX?

  • Wide range of trading products
  • Deep liquidity level
  • Low fees
  • Robust risk management framework

 

#4. Phemex

Launched in November 2019, Phemex has established itself as a leading crypto derivatives trading platform in a very short period. 

The platform offers trading in only perpetual futures contracts in 15 leading cryptocurrencies with a maximum leverage of up to 100X, all margined and settled in the USD.

Phemex is known for its powerful trading platform, which can process over 300,000 trades per second and has an order response time of less than 1ms and access to 30+ integrated liquidity providers making it one of the fastest cryptocurrency exchanges in the market.

The platform also caters to professional and institutional traders’ needs by offering advanced functionalities like FIX API for institutional traders, sub-accounts feature for quantitative traders, and L3 market data. 

Phemex has a very competitive trading fee structure. It charges a taker fee of 0.075% and offers a maker rebate of 0.025%.

Why choose Phemex?

  • Non-KYC exchange
  • Supports multiple advanced order functionality
  • Suitable for both retail and institutional traders
  • Good customer support

#5. Binance

Binance Futures is the world’s largest crypto derivatives trading platform and registers an average daily trading volume of over $40 billion, which is more than double that of the world’s 2nd largest crypto derivatives trading platform. 

The exchange allows trading in a diverse range of crypto derivatives products that include USDT-margined perpetual futures, COIN-M (token margined with or without expiry futures contracts), BTC Options, and leveraged tokens. 

Binance Futures offers maximum leverage of up to 125X, which is the highest in the industry. It also features a powerful trading platform that boasts a wide range of trading tools and indicators, multiple order types, a responsive trading platform having a latency rate of less than 5ms, the ability to process a large volume of trades, etc. 

The trading fee is very competitive and has a 10-tiered fee structure starting from 0.02% as maker fee and 0.04% as taker fee. On USDT-margined futures contracts, Binance offers a discount of 10% and when the trading fee is paid using the BNB token.

Why choose Binance Futures?

  • Reputed crypto exchange with industry-leading security
  • Offers the highest leverage in the industry of 125X
  • Highly liquid platform
  • Suitable for both retail and institutional-grade traders

#6. Kraken

Kraken is one of the oldest cryptocurrency exchanges in the market, established in 2011 and based in the US.

The exchange platform is known for its high liquidity, industry-leading security measures, and advanced features and functions. 

The platform’s futures segment offers to trade in five perpetual futures contracts, including XBT/USD, XRP/USD, ETH/USD, LTC/USD, and BCH/USD, offers maximum leverage up to 50X. 

The trading fees depend on your last 30-day trading volume and start from 0.02% as maker fees and 0.05% as taker fees. 

Kraken requires its users to complete the identity verification process before starting to trade.

Why choose Kraken?

  • Reputed and secure platform
  • Allows fiat deposits and withdrawal
  • Competitive trading fee
  • Advanced trading options

#7. Deribit

Deribit is a Netherlands-based crypto derivatives exchange, which started its services in June 2016.

It offers to trade in Bitcoin and Ethereum perpetual, futures, and options and offers maximum leverage of up to 100X. 

The exchange platform is suitable for experienced traders and supports multiple advanced trading software like FMZ Quant, Haasonline software, and Actant. It also offers a range of trading tools, statistics, technical indicators, and key data related to futures and options trading. 

Regarding trading fees, on BTC weekly futures contracts, it offers a maker rebate of 0.01% and charges a taker fee of 0.05%. For BTC and ETH perpetual, it charges only taker fees of 0.05%, and the maker fee is NIL. For BTC and ETH options, it charges 0.03% as a trading fee for all contract types. 

Why choose Deribit?

  • Anonymous accounts
  • Suitable for professional traders
  • Competitive trading fees
  • Good customer support

Conclusion

The above listed seven crypto derivatives exchange platform are some of the best in the market and offers similar features and functionality to OKEx.

But, exchanges like Bybit, FTX, and Binance Futures score ahead in platform functionality and product offering. Also, the platforms are suitable for both beginners and experienced traders in the market.

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Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.