Best BitMEX alternatives to leveraging up to 100x

Best Bitmex alternatives
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In this article, consists of the 4 best Bitmex alternatives where the BitMEX is a cryptocurrency exchange that offers futures trading with leveraging up to 100x.

If anybody has a bad experience around the Bitmex exchange, this article will help you to find a suitable similar trading exchange that can be used effectively.

Let’s dive into the article, best Bitmex alternatives,

BitMex Overview

BitMEX means Bitcoin mercantile exchange founded back in 2014 which operates the worldwide and registered company in Seychelles.

BitMEX is largest Bitcoin margin trading platform in the world with over 3 billion daily volumes which enables buy/sell Bitcoin(XBT), Ethereum(ETH), Bitcoin cash(BCH), Cardano(ADA), EOS token(EOS), Litecoin(LTC), Tron(TRX), Ripple(XRP) in Bitcoin as futures & perpetual contracts.

Actually, you can’t buy/sell actual coin or token in BitMEX instead of buying the relevant contract based on Bitcoin. All withdrawal and deposit processes via the Bitcoin-only and user ID verification is not required.

A contract is an agreement between a buyer and seller to buy/sell an asset at a specific price of the specific date. There are few contract types BitMEX using, such as futures contracts, perpetual contracts, upside profit contracts, and downside profit contracts. For example, a futures contract is an agreement between buyer and seller to buy/sell an asset predetermined price in a specific time period in the future. BitMEX uses perpetual contracts which is similar to futures contracts but a major difference is no specific contract expiration time.

BitMEX allows leverage position up to 100X the Bitcoin perpetual contracts where the leverage is increasing the trade amount borrowing money. When you are using high leverage, it is too risky and more chance to get liquidated.

Why you need BitMEX alternatives

IF you are in the US, you can’t use the BitMEX platform without using the VPN service. Still, BitMEX does not comply with US regulations.

A lot of users are complaining about some technical issues such as order submission error, API time out error, logging problems. These issues happen when markets are a highly volatile situation and quick price movement situations. These issues can be caused to liquidated your existing positions in the BitMEX platform.

According to Trustpilot, BitMEX graded as a poor exchange where a lot of people complain of poor customer supports, account sealing, scam attempts, and many more.

BitMEX contracts and leverages

Bitcoin(BTC)

XBT/USD – Perpetual Contracts (no expiry, up to 100x leverage)

XBT/USD – Futures (1-month expiry, up to 100x leverage)

XBT/USD – Futures (4-month expiry, up to 100x leverage)

Ethereum (ETH)

ETH/USD – Perpetual Contracts (no expiry, up to 50x leverage)

ETH/XBT – Futures (1-month expiry, up to 50x leverage)

Cardano (ADA)

ADA/XBT – Futures (1-month expiry, up to 20x leverage)

Bitcoin Cash (BCH)

BCH/XBT – Futures (1-month expiry, up to 20x leverage)

Litecoin (LTC)

LTC/XBT – Futures (1-month expiry, up to 33.3x leverage)

Ripple (XRP)

XRP/XBT – Futures (1-month expiry, up to 20x leverage)

Tron (TRX)

TRX/XBT – Futures (1-month expiry, up to 20 leverage)

Let’s deep dive into the Bitmex alternatives.

BitMEX fees

Trading fees

BitMEX uses the maker and taker trading fee model which is varied with the contracts. Maker is a trader who provides liquidity into the order book and the taker pulls the liquidity for the order book. Always, the maker trading fee is lower than the taker trading fee.

Perpetual trading contract fees

BitMEX charges 0.025% as maker fee and 0.075% for taker fee for every single trade which is affected for the Bitcoin and Ethereum perpetual contracts.

Futures trading contract fees

BitMEX charges 0.025% as maker fee and 0.075% as taker fee for the Bitcoin futures contracts, additionally it charges 0.05% as settlement fee for the Bitcoin futures trading contracts. For other altcoin futures contracts, BitMEX charges 0.05% as maker fee and 0.25% as taker fee and there is no settlement fee for altcoin futures contracts.

Also, Bitmex does not charge any fees for upside profit contracts and downside profit contracts.

Deposit/withdrawal fees

Bitcoin deposit is free of charge and Bitmex will charge a standard Bitcoin network fee for the withdrawals.

4 Best BitMEX alternatives

Here is the summary of 4 best BitMex alternatives to try in 2020.

  1. Deribit
  2. PrimeXBT
  3. ByBit
  4. Binance Jex

In this article, I will explain 4 best BitMEX alternatives in detail.

1. Deribit

Deribit is cryptocurrency futures and options trading platform which is operated since 2016 based on the Netherlands. Currently, it supports the Bitcoin and Ethereum contracts both futures and perpetual contracts with up to 100x leveraging.

Best BitMEX alternatives - Deribit trading interface

Deribit contracts and leverages

Bitcoin(BTC)

BTC/USD – Perpetual Contracts (no expiry, up to 100x leverage)

BTC/USD – Futures (1-month expiry, up to 100x leverage)

BTC/USD – Futures (4-month expiry, up to 100x leverage)

Ethereum(ETH)

ETH/USD – Perpetual Contracts (no expiry, up to 50x leverage)

ETH/USD – Futures (1-month expiry, up to 50x leverage)

ETH/USD – Futures (4-month expiry, up to 50x leverage)

Deribit fees

Trading fees

Deribit follow the maker (provide liquidity into the market), and taker (pull the liquidity from the market) trading fee model.

Bitcoin futures trading fees

Maker fee: 0.02%
Taker fee: 0.05%

Bitcoin perpetual trading fees

Maker fee: 0.025%

Taker fee: 0.075%

Ethereum futures + perpetual trading fees

Maker fee: 0.025%
Taker fee: 0.075%

Deposit/withdrawal fees

Deribit Bitcoin deposits free of charge and withdrawal is charges standard network fee.

Deribit Pros

  • Competitive trading fees
  • Relatively good customer support
  • No KYC verification
  • User-friendly trading UI

Deribit Cons

  • Only supports the Bitcoin and Ethereum
  • Deposit BTC only
  • Restricted for US and Netherlands customers

2. PrimeXBT

PrimeXBT is a Bitcoin-based leverage trading platform operated since early 2019 based in Seychelles which supports Bitcoin, Ethereum, Litecoin, EOS, and Ripple with leveraging with 100x.

Best BitMEX alternatives - PrimeXBT trading interface

PrimeXBT trading pairs and leverages

PrimeXBT all trading pairs can be considered as perpetual contracts and the leverages are predetermined by the platform which is decided upon the trading pair, trading amount. Let’s find out leveraging with trading pairs.

PrimeXBT fees

Trading fees

PrimeXBT charges a 0.05% fee of every trade position for cryptocurrency trading pairs.

Deposit/withdrawal fees

PrimeXBT does not charge any Bitcoin deposit fee and standard Bitcoin network fee charges for the Bitcoin withdrawals.

PrimeXBT pros

  • Competitive trading fee
  • Relative good liquidity
  • Up to 100x leveraging
  • Credit card deposits
  • 100% privacy and No KYC verification
  • 2FA authentication
  • App for both Android and iOS

PrimeXBT cons

  • Relatively good customer support
  • Not regulated yet

3. Bybit

Bybit is a cryptocurrency perpetual contract trading platform operated since the end of 2020, based on Singapore which allows leveraging up to 100x and supports Bitcoin, Ethereum, EOS, and Ripple perpetual contracts. Also, it offers the 90$ bonus for the first time Bybit platform users.

Best BitMEX alternatives - Bybit trading interface

Bybit contracts and leverages

Bitcoin(BTC)

BTC/USD – Perpetual Contracts (no expiry, up to 100x leverage)

Ethereum(ETH)

ETH/USD – Perpetual Contracts (no expiry, up to 100x leverage)

Eos(EOS)

EOS/USD – Perpetual Contracts (no expiry, up to 25x leverage)

Ripple(XRP)

XRP/USD – Perpetual Contracts (no expiry, up to 25x leverage)

Bybit fees

Trading fees

Bybit follows the maker and taker trading fee model that charges 0.025% as maker fee and 0.075% as taker fee. Trading fee similar to all assets in the platform.

Deposit/withdrawal fees

Deposit is completely free of charge and withdrawal fee will charge for the standard network fee.

Bybit pros

  • Competitive fees
  • Deposit bonus
  • No KYC verification
  • Relatively good liquidity

Bybit cons

  • No mobile applications

4. Binance JEX

Binance JEX is cryptocurrency futures and options trading platform which is formerly JEX exchange acquired by the Binance exchange and it has own token named JEX token. Binance JEX allows up to 100x leveraging Bitcoin, Ethereum, and EOS futures contracts. 

Best bitmex alternatives - Binance JEX trading interface

If you own the Binance account that can be used to log in to the Binance JEX new account or you can create the new account on Binance JEX.

Binance JEX trading contracts and leverages

Bitcoin(BTC)

BTC/USDT – Perpetual Contracts (no expiry, up to 100x leverage)

Ethereum(ETH)

ETH/USDT – Perpetual Contracts (no expiry, up to 100x leverage)

Eos(EOS)

EOS/USDT – Perpetual Contracts (no expiry, up to 100x leverage)

Binance JEX fees

Trading fees

Binance JEX also follows the maker and taker trading fee modes for contracts, options, and regular trading. It charges 0.00% as maker fee and 0.06% as a taker fee for each trade position.

If you are holding the JEX token, Binance JEX is offered a 50% discount for the trading fees.

Deposit/withdrawal fees

Deposit is completely free of charge and withdrawal fee will charge for the standard network fee.

Binance JEX pros

  • Owned by big Binance exchange
  • Amazing trading UI
  • A deposit via the Bitcoin, Ethereum, EOS, and Ripple
  • Good customer support
  • Mobile apps for both Android and iOS

Binance JEX cons

  • Only supports the Bitcoin, Ethereum, and EOS

Conclusion – Best Bitmex alternatives

In this guide, I have concluded some of the 4 best BitMEX alternatives exist in the current cryptocurrency market that is Deribit, PrimeXBT, Bybit, and Binance JEX exchange which provides up to 100x leverages for the Bitcoin.

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