The ever-growing popularity of cryptocurrencies and crypto derivatives trading has seen a massive influx of both traders, institutional investors, and trading algorithms into the crypto market. BitMEX is still one of the biggest platforms, but we will show you the best BitMEX alternatives.
This high demand has also led to the creation of numerous crypto derivatives trading companies, platforms and mobile-friendly apps focused on meeting this high demand and providing traders with a technological edge in the crypto market.
And although this growth rate, diverse brokerage options, and healthy competition is good for the crypto industry and the traders in general (especially when it comes to helping make the crypto market more liquid and the fees more competitive), it can also become very problematic when it comes to searching for and picking the right trading broker for you.
The numerous options to choose from can easily seem overwhelming at first and can lead to making the wrong choices, but in this article, I will be helping you zero in on the right crypto derivatives broker for you by focusing on Bitmex, one of the best brokers in town. I will talk about how it stands out from the crowd and the top 5 BitMEX alternatives you can easily make use of instead. If you choose BitMEX despite the better alternatives, then make sure to read our full BitMEX tutorial to learn how to use the platform.
If you’re new to Bitcoin trading you should read our full guide How To Trade Bitcoin. This will give you an intro to the art of trading cryptocurrencies.
Bitmex: The Pros
Registered in Seychelles and founded as early as 2014, Bitmex remains one of the oldest and well-established derivatives trading companies in the world.
Its consistency, innovations and resilience as a world-class derivatives trading company has set it apart as an industry leader and a trailblazer when it comes to cryptocurrency. Not only that, its trading platforms, account security and dedication to its customers have all been battel tested and tried over and over again over the years even as the crypto market entered numerous market cycles, volatility spikes and diverse market conditions. Some of the features that made them stand out includes:
- An efficient and well knowledgeable customer care unit
- An amazing and technologically advanced platform
- Unrestricted access to traders from all over the globe
- Very high leverage and low margin requirements
- Numerous cryptocurrency pairs to trade on
- Very low fees and
- The ability to open completely anonymous accounts
BitMEX: The Cons
However, even with all these praises and good reviews, it is important to note that Bitmex still has its shortcomings and flaws. BitMEX has major issues with “system overloads”. During volatile moments in the Bitcoin price, it’s often impossible to submit an order. The exchange is basically useless during these moments, and this is the main reason why traders are looking for BitMEX alternatives.
There are also theories surrounding BitMEX and insider trading taking place on the exchange. Basically, there is information online that suggests that BitMEX is trading against their own customers.
Also, back in November 2019, BitMEX made a huge mistake. They sent out a mass email to their customers and accidentally CC’d all other BitMEX costumers. This means that the whole mailing list with all their traders was exposed to the public. This has a major impact on the security of BitMEX, and was yet another reason for traders to look for BitMEX alternatives.
This might make BitMEX the wrong choice for you when it comes to picking it as the crypto trading platform you trade with. Make sure to read our full list of Bitcoin trading platforms, for the full list of BitMEX alternatives.
Here are the top 5 Bitmex alternatives you should use and the various features that make them stand out.
List Of The Best BitMEX Alternatives
Below is our full list of the best BitMEX alternatives in crypto. Make sure to choose the exchange that suits your needs. All of these exchanges have good customer service and a great easy-to-use platform. All of these Bitcoin trading platforms are so-called crypto-to-crypto, just like BitMEX. This means that you need to buy Bitcoin before you can trade on these platforms.
Although still a much younger broker than Bitmex, Bybit has over time grown to hold as much of a market share in the crypto trading industry as its older counterpart. And one of the many reasons for this sporadic growth is the ability of Bybit to work on eliminating the various critical flaws users complain about Bitmex. This focus has led them to create a better company and building a better, faster and more advanced trading platform to rival that of Bitmex.
Make sure to read our full Bybit review for more details about this very popular BitMEX alternative. Bybit is still the most popular of the BitMEX alternatives, so we actually made a list of the top 5 Bybit alternatives as well.
Bybit VS Bitmex
Leverage Trading: Bybit offers its numerous users the ability to trade various cryptocurrency derivatives using a leverage of up to 100x. The platform also allows multiple types of trading styles and strategies including: scalping, hedging, algorithmic trading and institutional trading. This versatility makes them the best for all kinds of traders.
Trading Volume: While Bitmex has one of the highest trading volumes in the crypto industry, Bybit has the highest processing power and shortest processing time for trades. With 100,000 transactions per second, the Bybit platform is fully equipped to handle large orders, scalping orders and more without encountering server overload, order delays and platform freeze constantly being experienced a lot on Bitmex with their mere 500 transactions per second.
Account Creation: Bybit account creation is a pretty straight forward process and requires no identification documents from you, this allows you to run completely anonymous trading accounts on the platform. The platform also offers you a demo account for practice, unlike Bitmex. If you want to learn more about how to use Bybit, then make sure to read our full Bybit tutorial.
Fees: Bybit has the same competitive fee structure like that of Bitmex, however, the broker took a step further by offering a lot of rebates, price discounts, and various referral programs in order to get the fees even lower. This feature makes them the best alternative for Bitmex who has a more rigid fee structure. Not only that, Bybit charges no withdrawal fees and the mining withdrawal fees are also 41% lower than the industry average including that of Bitmex.
Deposit/Withdrawal: A lot of traders would find it interesting that Bybit allows up to 3 withdrawals per day at various specific times of the day unlike other brokers including Bitmex who only allows one withdrawal per day at a specific time. Not only that, but Bybit has also gone a step further to make funding of trading accounts easy for their customers by accepting BTC, ETH, XRP and EOS for deposits.
Supported Currencies: Bybit supports the trading of 4 of the most popular cryptocurrencies on its platform. This list includes; BTC, ETH, XRP and EOS.
Founded in late 2019, Phemex is a relatively newer and much younger broker than its counterpart Bitmex. However, this age difference has not stopped the broker from gaining mainstream popularity and a large chunk of the crypto market. This rapid growth is mainly because of the brokers’ innovations, technological advancements and its customer-first business approach that looks to create the best trading environment millions of crypto traders are constantly searching for.
Make sure to read our full Phemex review for more details about this very popular trading platform. Phemex is a great alternative to BitMEX, but also a great competitor to Bybit.
Phemex VS Bitmex
Leverage Trading: Just like its older counterpart, Phemex offers its users the ability to trade various crypto derivatives using a leverage of up to 100x. Not only that, but the Phemex trading platform is also very equipped to accept various complex order types, hedging and scalping strategies.
Trading Volume: Although Phemex trading volume is much lower than that of Bitmex, the Phemex trading platform is a much more technologically advanced trading platform that does not experience any lagging, order delays or server overloads usually experienced by users on Bitmex. This makes Phemex the best alternative for traders looking for a broker with a fast order execution process.
Account Creation: Phemex account creation process is straightforward, easy and not time-consuming. You also do not need to go through the KYC process in order to get an account. Not only that, but the Phemex platform also allows users to create multiple sub-accounts within an existing account, unlike other brokers. This is very important for traders who plan to segregate their trading funds or even trade different strategies or crypto pairs in separate accounts.
Fees: The fee structure for Phemex is quite competitive and mostly the same as that of Bitmex. The platform makes use of the makers and takers fee structure with 0.025% and 0.075% respectively. They also do not charge a withdrawal fee except for the mining fee you would have to pay to the crypto miner you use to complete your transactions.
Deposit/Withdrawal: Just like Bitmex, Phemex at the time of writing this accepts only BTC for both deposits and withdrawals.
Supported Currencies: Although still relatively new, Phemex supports the trading of a wide range of the most popular cryptocurrencies on its platform. This list includes a proprietary made LINK/USD pair requested by the Phemex community. Other currencies include: ETH, XRP, BTC, XTZ/USD.
3. PRIME XBT
Prime XBT is another great alternative crypto broker that offers users a lot of the features present on the Bitmex platform and more. And although the Prime XBT platform is not as old as Bitmex, this broker is still very experienced and battle-tested, making it a favorite for traders looking for a broker that offers a large array of instruments.
If you want more information about PrimeXBT, make sure to read our full Prime XBT review.
Prime XBT VS Bitmex
Leverage Trading: Prime XBT offers traders the ability to trade numerous cryptocurrencies and other asset classes like forex, CFDs, bonds, indices and commodities on its platform. For cryptocurrency trading, traders can expect to trade with a leverage of up to 100x on some certain crypto pairs.
Trading Volume: With multiple high liquidity providers and customers spanning over 150 countries, Prime XBT has a very high trading volume like that of Bitmex. This high liquidity and trading volume means the trading spreads are tighter and very competitive.
Account Creation: The account creation process for Prime XTB is quite easy and straightforward and does not require traders to provide any documents or identifications. The platform also does not support demo account trading or US-based traders.
Fees: The fee structures for trading crypto derivatives on Prime XBT are very much the same as that of Bitmex, making them very competitive and the best alternative for Bitmex.
Deposit/Withdrawal: At the time of writing this article, Bitmex only accepts BTC for both deposit and withdrawals, Prime XBT, on the other hand, allows users to complete their deposit and withdrawal transactions with the use of bitcoin, altcoin and credit cards. Even though the broker accepts credit cards, the platform, however, does not support any fiat currency, instead, it has an API directly connected to its platform that allows users easily exchange their money into cryptocurrencies.
Currency Support: Prime XBT supports a wide array of asset classes including forex pairs, commodities, indices and 4 of the major cryptocurrency pairs. This pair includes ETH, BTC, XRP, and LTC.
A fourth alternative to the Bitmex crypto company is the FTX crypto trading platform. Although this platform is still relatively new and much younger than Bitmex, this broker has experienced rapid growth in the crypto trading industry mostly due to its innovations and unique offers of trading instruments. The analysis predicts that this growth rate will continue for some time longer as more and more traders all over the world keep flocking to their more advanced, innovative and highly versatile trading platform.
FTX is a popular BitMEX alternative, and if you want more information about FTW then make sure to read out full FTX review.
FTX VS Bitmex
Leverage Trading: FTX offers traders the opportunity to partake in the crypto market and trade various crypto derivatives with leverage as high as 101x. This makes them the highest leverage providers in the industry, it also provides traders to take on more risks and exposure to the market with even lesser money and margin requirements.
Trading Volume: With more traders switching to the FTX platform per day, FTX has seen its trading volume skyrocket over the years. This volume is expected to keep on increasing even as more institutional traders are beginning to use the services of the broker. Not only that, but FTX high liquidity providers also ensure that the platform has low spreads and high liquidity for all crypto pairs offered on the platform.
Account Opening: The account opening of FTX is a little bit tedious as all traders are required to undergo the KYC identification process before they can fully open a trading account.
Fees: FTX fees are very competitive and much lower than that of Bitmex. With a makers and takers fee of just 0.05% and 0.02% respectively, FTX has one of the lowest fees in the industry. Active trading can also qualify you for the numerous discounts and bonuses constantly being offered on the platform.
Deposit/Withdrawal: FTX supports more deposit and withdrawal methods than its older counterpart Bitmex. Users can complete their funding or withdrawal transactions through the use of numerous cryptocurrencies other than BTC. They can also fund their account using supported leverage tokens, making FTX the first crypto derivatives trading platform that accepts this type of deposit method.
Supported Currencies: FTX supports the trading of the 4 most popular cryptocurrencies; BTC, ETH, XRP and LTC on its trading platform. The broker also offers traders the ability to invest in baskets of cryptocurrency funds by providing them access to the world’s first crypto index funds. These funds include; Altcoin index, Midcap index, Shit coin index, and Exchange token index. With these indexes, traders can easily gain exposure to a wide variety of cryptocurrencies and leveraged tokens simply by investing in one index fund.
Founded in 2016, Deribit is way younger and less experienced than Bitmex but has grown to become a major key player in both innovations, market shares and growth rate in the crypto trading industry. The platform only focuses on trading Bitcoin and offers traders from all over the world the ability to trade BTC on its platform in both the futures and options market using the same trading account, unlike Bitmex who only offers traders access to the futures market.
Deribit has a lot of liquidity, making it one of the most popular BitMEX alternatives. Make sure to read our full Deribit review for more detailed information.
Deribit VS Bitmex
Leverage Trading: Deribit offers traders the ability to trade BTC with a leverage of up to 100x in the futures market. For the options market, traders can trade BTC with leverage as high as 1:50.
Trading Volume: Deribit as an impressive trading volume, handling trades worth millions of dollars per month from clients scattered over 150 different countries in the world. They also have a large number of institutional traders that make use of the platform, making it very active and liquid.
Account Opening: The account opening process is quite the same as that of Bitmex and requires no identification details from traders. The account provides traders access to both the options and futures market. Deribit also offers demo trading, unlike Bitmex, making it the best platform to learn and trade with.
Fees: Deribit fees are a little higher than that of Bitmex as the platform charges traders a flat fee of $10 for every opened futures trade and a 0.04% fee for every opened options trade. The platform also charges a 0.02% and 0.05% makers and takers fee on all trades.
Deposit/Withdrawal: Deribit funding process is quite easy as the platform accepts only BTC for both withdrawal and Deposit.
Supported Currencies: Deribit focuses only on trading BTC on its platform, and allows traders to enter trades in both the futures market and the options market from the same account.