Phemex Alternative: You Should Look Into In 2021

Phemex is one of the leading crypto derivatives trading platforms in the market, launched in November 2019. It has become one of the most preferred trading platforms for both retail and professional traders in a short span.

However, despite being a leading and preferred platform, the exchange lags in the product offering. It only offers to trade in perpetual futures and a lower leverage rate of up to 20X except for the BTC/USD contract, which affects the trading experience.

Therefore, if you are looking for exchanges providing a wide range of trading options with higher leverage, the following Phemex alternatives you can consider.

Best Phemex Alternative

  1. ByBit $90 Deposit Bonus & 100X leverage. [Recommended]
  2. FTX
  3. PrimeXBT
  4. Binance Futures
  5. Kraken
  6. BitMEX
  7. Deribit

#1. Bybit

Bybit is a leading crypto derivatives trading platform launched in March 2018. It is known for changing the face of the crypto derivatives trading segment, which used to lack transparency and efficiency. 

It is one of the fastest-growing crypto derivatives trading platforms and has a registered user base of 1.6 million coins. Bybit offers a smart trading system, best-in-class market depth, and ultra-fast matching engine that helps it to provide a professional, smart and innovative trading experience to both retail and professional clients. 

The derivatives products currently available on the platform are inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts (BTC/USD quarterly futures). And, you can trade with a maximum leverage of up to 100X. 

Trading fees on the platform are quite competitive and as per industry standards. It offers a maker rebate of 0.025% and charges a taker fee of 0.075%. 

Why choose Bybit?

  • Top 5 exchanges by trading volume
  • Advanced trading platform
  • 24/7 multilingual customer support team
  • No-KYC exchange

 

Can’t decide between Phemex and Bybit? Read our comparison Phemex vs ByBit Exchange

#2. PrimeXBT

PrimeXBT is a dynamic multi-asset exchange that also specializes in cryptocurrency margin trading. Established in 2018 and registered in Seychelles, it has grown exponentially since its launch and gets an average daily trading volume of $545 million. ADVFN International Financial Awards awarded it the best margin trading platform. 

In the crypto derivatives segment, it offers to trade BTC/USD, ETH/USD, LTC/USD, EOS/USD, ETH/BTC, LTC/BTC, and EOS/BTC and offers a maximum leverage rate of 100X on each trading pair, which is first in the industry.

PrimeXBT platform offers both browser and mobile app-based trading platforms equipped with all the advanced charting functionalities, indicators, and analysis tools. Apart from this, the platform’s average order execution speed is less than 7.12 ms, can execute more than 12000 orders per second, and have access to 12+ liquidity providers. 

 The trading fees on the platform are quite low and charge a commission of 0.05% per transaction. 

Why choose PrimeXBT?

  • High leverage rate
  • Access to the top-tier liquidity provider
  • Competitive fees
  • No-KYC exchange

 

#3. FTX

FTX is an institutional-grade crypto derivatives platform originally incubated and developed by Alameda Research, a global cryptocurrency liquidity provider. And is backed by leading crypto VC firms, like Binance, Circle, Bitfinex, etc. 

The exchange offers a wide range of trading options in the crypto derivatives segment like perpetual and quarterly futures, leveraged tokens, BTC options, and MOVE contracts for trading price volatility. It offers maximum leverage of up to 101X, with an option to adjust the default leverage limit based on your trading preferences. 

FTX trading fee on the platform is divided into a six-tiered structure. The maker fees range from 0.020% to NIL. At the same time, taker fees range from 0.07% to 0.04%. Traders using 50X leverage are charged an additional 0.02% per contract, while for 100X and higher, the trading fees increase by 0.03%. 

FTT token holders are offered a discount based on the quantum of holding. 

Why choose FTX?

  • Suitable for both beginners and professional traders
  • Wide range of crypto derivatives trading products
  • Competitive trading fees
  • Highly liquid platform

#4. Binance Futures

Binance Futures was launched in September 2019, and in a short span, it has established itself as an industry-leading platform. It gets an average daily trading volume of over $40 billion, which is twice that of the second-biggest exchange. 

It offers to trade in USDT-margined perpetual futures, COIN-M (BTC margined with or without expiry futures), leveraged tokens, and BTC options. The maximum leverage it offers is up to 125X. 

Binance Futures trading platform includes a wide range of trading tools and indicators, supports multiple advanced order types, unparalleled order book liquidity, etc. It has an industry-leading matching engine that can manage up to 100,000 TPS with minimal latency of 5 ms. 

Binance has a ten-tiered trading fee structure based on the last 30-day trading volume. The maker fee starts from 0.02%, and the taker fee is 0.04%. On USDT-M contracts and while paying through BNB tokens, Binance offers a 10% discount on the trading fee. 

Why choose Binance Futures?

  • Reputed and leading exchange
  • Highest leverage rate in the industry
  • A wide and diverse range of crypto derivatives products
  • Low trading fees

 

Read our detailed analysis: Phemex vs Binance Futures to decide the best trading exchange for yourself

#5. Kraken

Kraken is a US-based cryptocurrency exchange and has more than a decade of experience operating in this market. It has established itself as the most secure cryptocurrency exchange platform with digital ledger technology and offers trading in both the spot and futures market.

The exchange offers trading in only perpetual futures in the futures segment, including XBT/USD, ETH/USD, LTC/USD, BCH/USD, and XRP/USD, with maximum leverage of 50X. 

The exchange provides an intuitive and flexible trading interface that includes customizable workspaces, added tooltips, and simplified order forms. It also offers seamless transfers between Kraken spot and the Kraken futures market.

Kraken has an eight-tiered trading fee structure based on 30-day trading volume, starting from 0.02% as maker fee and 0.05% as taker fee. 

Why choose Kraken?

  • Good platform for beginners
  • Allows fiat deposits and withdrawals
  • Highly liquid platform
  • Low trading fees

#6. BitMEX

BitMEX is the first crypto exchange for popularizing the concept of futures trading in cryptocurrencies with high leverage. Founded in 2014 and based in Hong Kong, BitMEX offers trading in perpetual futures, traditional futures, and Quanto futures with maximum leverage of up to 100X. 

The platform is suitable for professional traders and provides powerful streaming WebSocket API,  fully-featured REST API, BitcoinChartsAPI, and UDF API. It also provides two automated trading bots, BitMEX market maker (a version of Liquidbot) and FMZ, the largest algorithmic trading platform in China. 

To prevent loss of funds due to auto-deleveraging or due to erratic market movement, BitMEX uses an insurance fund to cover the losses from unfiled liquidation. 

Regarding trading fees, BitMEX charges 0.075% as a taker fee and offers a maker rebate of 0.025%. 

Why choose BitMEX?

  • Established and reputed exchange
  • Series of features for professional traders
  • Offers high liquidity
  • Secure exchange

#7. Deribit

Deribit is a Netherlands-based institutional-grade crypto derivatives trading platform launched in 2014, and the platform is suitable for professional traders. 

It offers to trade in Bitcoin and Ethereum options and perpetual futures with up to 100X leverage. You can trade on Deribit via its web-based platform, mobile, or using pro-trading software like FMZ Quant, HAASONLINE, and Actant. 

The exchange allows you to trade various options strategies with up to 10X leverage and has an ultra-fast order matching capability with a latency of less than 1ms. It also has a robust risk-management framework with real-time auditing, liquidation, and risk management. 

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 perpetual, the maker fee is NIL, and the taker fee is 0.05%. And, on BTC and ETH options, the maker and taker fee per contract is 0.03%. 

Why choose Deribit?

  • Industry-leading security and transparent team
  • Suitable for professional traders
  • Low trading fees
  • Robust risk management framework

Conclusion

The selection of exchange should be based on your trading preference and objectives.

For example, if you are a retail trader and beginner in the segment, Bybit, PrimeXBT, FTX are best. For professional and experienced traders, platforms like Bybit, Binance Futures, and BitMEX offer the best value.

And, before signing up, always use the demo version to check the platform interface and capabilities.

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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.

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