Poloniex Alternative You Should Look Into In 2021

Poloniex is one of the oldest cryptocurrency exchanges in the market, established in 2014, and was initially based in Wilmington, Delaware.

Under new owners (Circle), it relocated to Seychelles to loosen the burden of regulatory compliance and enhanced product offering.

However, despite a wide range of product offerings, Poloniex lags in providing market depth in the crypto derivatives segment, and the fee schedule is also higher compared to other exchanges. Also, customer support is known to be slow, thus making it an unfitting exchange for experienced traders. 

In this blog, we will look at some of the Poloniex alternatives and check which exchange offers better than Poloniex. 

Best Poloniex Alternative

  1. ByBit: $90 Deposit Bonus & 100X leverage. [Recommended]
  2. FTX: Many exotic cryptocoins & tokens here for 50x levergae
  3. PrimeXBT – 35% Extra Bonus On Deposit, 100X leverage on all coins
  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 one of the leading and fastest-growing crypto derivatives platforms in the market. It offers trading in inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts with up to 100X leverage.

The exchange was established in March 2018 and had a registered user base of over 1.6 million users.

The exchange platform features a smart trading system, ultra-fast trade matching engine, state-of-the-art pricing system, 99.99% system functionality rate, strong platform security framework, and responsive, multilingual customer support team.

Also, the trading fee on the platform is very competitive. The market makers are offered a maker’s rebate of 0.025%, and market takers are charged a taker fee of 0.075%.

Why choose Bybit?

  • No-KYC exchange
  • Suitable for both beginners and experienced traders
  • Powerful exchange interface
  • Deep liquidity levels
  • Competitive trading fee
  • Good customer support

#2. PrimeXBT

PrimeXBT is a Seychelles registered crypto exchange company established in 2018. The exchange supports multiple assets, including forex and commodities but is more popular for crypto derivatives trading. It was awarded the best platform for margin trading by ADVFN International Financial Awards.

The exchange offers leveraged trading in Bitcoin, Litecoin, Ripple, Ethereum, and EOS and offers up to 100X leverage.

Some of the platform’s unique features include ultra-fast order execution, an industry-leading trade engine with real-time risk management, and secure infrastructure powered by Amazon AWS.

The exchange provides deep liquidity and offers a wide range of trading features and tools, including 50+ trading indicators, the ability to execute trades directly from the chart, multi-monitor platform functionality, and 24/7 customer support. 

Also, the exchange charges a flat trading fee of 0.05% on all trades. 

Why choose PrimeXBT?

  • No-KYC exchange
  • Highly liquid platform
  • Low trading fees
  • Intuitive and advanced platform functionality
  • High leverage of up to 100X on all crypto assets

#3. FTX

FTX was founded in 2018 and is backed by Alameda Research Ltd., one of the world’s leading cryptocurrency liquidity providers, and many other leading crypto VC firms, including Binance.

FTX offers a wide range of products in the crypto derivatives segment, including over 150 perpetual and quarterly futures markets, leveraged tokens, BTC options, and MOVE (FTX’s proprietary derivative product).

It offers maximum leverage of up to 101X and provides an option to set default leverage levels (20X, 50X, 100X) as per your trading preference and risk appetite. 

The exchange has a six-tiered fee structure for all futures contracts based on the last 30-day trading volume. For the initial level (Level 1), the maker fee is 0.020%, and the taker fee is 0.070%. The exchange also puts additional trading fees of 0.02% for using 50X leverage and 0.03% for 100X leverage. 

You need to complete the identity verification and other KYC processes to access all the exchange features. 

Why choose FTX?

  • Wide range of trading products
  • Fiat support
  • Highly liquid platform
  • Good customer support

#4. Phemex

Phemex is a Singapore-based crypto exchange established in November 2019 by eight former Morgan Stanley executives. 

The exchange claims to be one of the fastest cryptocurrency exchanges in the market with less than 1-millisecond order response time, can execute over 300,000 orders per second, and has 30+ integrated liquidity providers. 

Phemex provides futures contract trading in 15 different cryptocurrencies and offers up to 100X leverage. 

The exchange has a flat-rate trading fee structure and charges a taker fee of 0.075%, and offers a maker rebate of 0.025%. 

Why choose Phemex?

  • No-KYC exchange
  • Ultra-fast trading platform
  • High liquidity and instant order execution
  • Competitive trading fee
  • Good customer support

#5. Binance

Binance is the leading crypto exchange platform globally and is known to offer the widest range of crypto derivative products in the market.

You can trade USDT margined perpetual and quarterly futures contracts with up to 125X leverage, cryptocurrency-based perpetual futures contracts margined and settled in Bitcoin (COIN-M Futures), Bitcoin Options, and Binance Leveraged tokens that allow you to take a leveraged position in a cryptocurrency, which can be traded in the spot market. 

Binance is known for its highly liquid and stable platform and clocks over $40 billion in average daily trading volume. 

The Binance platform is very responsive with less than 5 ms of latency rate and can process over 1.4 million transactions per second. 

Binance has a ten-tiered trading fee structure based on the last 30-day trading volume. The initial level, VIP-0, with a cumulative trading volume less than 250BTC, has a maker fee of 0.02% and a taker fee of 0.04%. 

Why Choose Binance?

  • No-KYC Exchange
  • Highly liquid platform
  • High leverage of up to 125X
  • Wide range of crypto derivative product
  • Stable and powerful trading platform

#6. Kraken

Kraken is one of the first crypto exchanges in the market, established in 2011. It offers to trade in top cryptocurrencies with up to 50X leverage.

The exchange allows trading in perpetual futures contracts that include XBT/USD, ETH/USD, LTC/USD, BCH/USD, XRP/USD. 

It has a six-tiered trading fee structure based on 30-day trading volume. The initial level with a cumulative trading volume of less than $100,000 has a maker fee of 0.02% and a taker fee of 0.05%.

Why choose Kraken?

  • Reputed and secure trading platform
  • Fiat support
  • Competitive trading fee
  • Good customer support

#7. Deribit

Deribit is an institutional-grade crypto derivatives platform launched in 2016. The exchange caters to experienced traders’ needs and allows them to trade in both futures and options. 

It allows trading Bitcoin and Ethereum perpetual futures, traditional futures, and options with up to 100X leverage. 

Deribit claims to be the world’s fastest exchange with a latency rate of fewer than 1 millisecond and supports multiple trading software, including FMZ Quant, Haasonline software, and Actant.

Speaking about the trading fee, for BTC weekly futures, the maker fee is -0.01% (rebate), and the taker fee is 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?

  • No-KYC exchange
  • Fast trade matching engine
  • Reasonable trading fee
  • Good platform for experienced traders

Final Words

For trading in crypto derivatives products, selecting the right trading platform is very important. Poloniex is a traditional crypto exchange and falls short of the features and product offering compared to the new-age crypto derivatives platforms.

The exchange options discussed above are good and industry-leading platforms, but Bybit, FTX, and Binance stand out with their wide range of product offerings and platform functionality.

All three platforms are suitable for beginners and experienced traders and provide a full anonymous trading capability, except for FTX.

One feature that separates the three platforms from the rest is its highly liquid order book, which is crucial for success in this high-paced trading environment.

So happy trading !!

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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.