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BitMEX: Top 5 BitMEX Alternatives
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With over 8 years of experience operating and thriving in the crypto market, BitMEX holds the position as one of the biggest and oldest exchange platform in the crypto industry. However, this platform has a few flaws dragging them down and making trading on it difficult, some of them being their rate of technological advancement and service improvement is very slow when compared to other BitMEX alternatives.
BitMEX rate of technological advancement and service improvement is very slow when compared to other BitMEX alternatives
In this review, we will be talking about these flaws as well as the best BitMEX alternatives for you. We also touched on what makes these alternatives stand out, and how they are beating BitMEX at their own game.
Alternative Solution To BitMEX Trading Flaws
Registered in Seychelles in 2014, BitMEX remains one of the oldest and well-established derivatives trading companies in the world.
When it comes to cryptocurrency, BitMEX is an industry leader and a trailblazer. Its consistency, innovations, and resilience as a world-class derivatives trading company have set it apart and drawn a huge following.
Not only that, BitMEXs’ platforms, business model, and dedication to its customers have all been battle tested again and again. BitMEX has managed to stay strong and relevant even as the crypto market entered numerous market cycles and volatility spikes.
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
However, even with all these praises and good reviews, it is important to note BitMEX has its shortcomings and flaws.
You can read the full BitMEX review BitMEX Review: Is It Safe To Trade On BitMEX Exchange? to gain a full understanding of what the platform offers and if it suits your style of trading.
Major Issues Facing BitMEX Crypto Exchange
BitMEX trading interface
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, this is the main reason why traders are looking for BitMEX alternatives.
The BitMEX trading platform is basically useless during moments of extreme volatility in the crypto market.
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 customers. This means that the whole mailing list with all their traders was exposed to the public.
This had a major impact on BitMEX security 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 choosing a crypto trading platform.
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 the crypto exchanges unique.
If you choose BitMEX despite the better alternatives, make sure to read our full BitMEX tutorial. This guide will teach you all you need to know about using the BitMEX trading platform.
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 all contracts are settled in cryptocurrencies e.g Bitcoin. Find the best places and crypto exchanges to buy Bitcoin at the cheapest price.
1. BYBIT
Bybit Home Page
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.
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 better software, company, and 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
A screenshot of the Bybit trading interface
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 with the best trading software to handle large orders.
Scalping orders do not encounter 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 you can sign-up without providing any identification.
However, you will have to complete the KYC process to increase your daily withdrawal limit. Without KYC verification your withdrawals will be limited to 2 BTC per day.
On the other hand, if you complete Level 1 KYC verification you can extend the limit to 50 BTC per day.
To increase it even further to 100 BTC you can opt for Level 2 KYC verification.
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 maker and taker fee structure as that of BitMEX, however, the broker took a step further by offering a lot of rebates, fee discount, 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 into the Bybit wallet.
Supported Currencies: Bybit supports the trading of 4 of the most popular cryptocurrencies on its platform. This list includes; BTC, ETH, XRP, and EOS crypto coins.
2. PHEMEX
Phemex trading interface
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 software and 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 software 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 has a much more technologically advanced trading software that does not experience any lagging, order delays or server overloads usually experienced by users on BitMEX.
This makes Phemex software 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 into different categories or even trade different strategies or crypto coins in separate accounts.
Phemex sub-account opening
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. This means you must have a BTC wallet before you can complete your transactions. This wallet would be used to transfer your BTC into and from your Phemex trading account.
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 cryptocurrency pair requested by the Phemex community. Other crypto coins include ETH, XRP, BTC, XTZ/USD.
3. PrimeXBT
A screenshot of the PrimeXBT trading interface
The PrimeXBT trading platform is another great alternative crypto broker that offers users a lot of the features not present on the BitMEX platform/software.
And although the PrimeXBT 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 and stable trading software.
If you want more information about PrimeXBT, make sure to read our full PrimeXBT review.
PrimeXBT VS BitMEX
Leverage Trading: PrimeXBT 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, PrimeXBT 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 PrimeXTB 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 maker and taker fee structures for trading crypto derivatives on PrimeXBT 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, PrimeXBT, 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/software that allows users to easily exchange their money into cryptocurrencies without the need to own a crypto wallet first.
Currency Support: PrimeXBT 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.
4. KuCoin Exchange
KuCoin is one of the top names you are likely to come across while trading crypto. It was launched in 2017 and is now one of the most versatile and oldest crypto exchanges in the industry.
Over the years, KuCoin has grown and evolved and is now known as “The People’s Exchange”, thanks to the vast variety of cryptocurrencies and services it supports.
There are numerous reasons to use the KuCoin exchange for trading crypto. One of them is the availability of unique and high-end features such as crypto lending and crypto trading bot.
It also allows the users to trade more than 200 digital assets and offers a distinctive feature called Instant Exchange Tool as well.
In short, KuCoin is an impressive crypto exchange and is a good alternative to BitMEX as well. If you want to learn more about KuCoin, you should read our detailed review.
KuCoin vs BitMEX
Leverage trading: The KuCoin exchange is one of the best platforms for traders out there. One of the reasons for its popularity is the fact that it supports leverage trading.
The margin trading feature was added in 2019 and it allows traders to open bigger trading positions by borrowing funds (leverage) from brokers.
This is a good opportunity to get potential profits but they are never guaranteed and if the trade does not go well you can also face huge financial losses.
As a KuCoin user, you can have access to 15 crypto assets to trade with leverage and can get up to 100x leverage.
Safety: This is an undeniably important aspect to consider before using any exchange. The KuCoin exchange has had years to work on its level of security and implements the use of leading-edge blockchain technologies and security protocols such as two-factor authentication (2FA), KYC (know your customer) verification and more.
Account Opening: The process to open an account is very simple and does not consist of any complex steps. The users are not required to provide any documents for opening an account.
Here are the steps you can follow to easily open an account on KuCoin.
- Get code verifications on your email or a valid mobile number
- Sign-up with KuCoin
- Add a strong password
Fees:
Deposit and Withdrawal: The fee structure of the KuCoin exchange is one of the lowest in the industry. It is also transparent, which means free of any hidden charges.
As a user of the KuCoin exchange, you will not be required to pay any fee while making deposits. However, buying a digital asset using simplex will require you to pay a 3.5% fee per purchase.
For withdrawals, you will only have to pay 0.0005 BTC if you withdraw Bitcoin.
Trading fee: There are discounts offered to the users for fees charged while trading crypto. The trading fee follows the market maker and taker fee model and varies based on 30-day trading volume.
- Maker fee: 0.09% to 0.03%
- Taker fee: 0.1% to 0.07%
5. Binance
Binance Trading Interface
Founded in 2017, Binance is one of the most successful and popular cryptocurrency exchanges in the world. Binance offers a user-friendly platform that has a wide variety of features and trading tools. As of today, Binance is among the most well-known cryptocurrency exchanges across the globe.
Make sure to read our full Binance review for more details about this very popular trading platform and why it is really one of the best alternatives to the BitMEX exchange platform.
Binance vs. BitMEX
Binance services
Leverage Trading: When it comes to leverage trading Binance might not be a great option for all kinds of users, but it is still highly secure. Binance is an exchange that believes in regulations and has made some significant changes with its derivatives products recently.
It has changed the max leverage from 125x to 20x recently and is also discontinuing its derivatives products across Europe.
BitMEX, on the other hand, offers you leverage of up to 100x. However, Binance is more reliable and is an ideal option for those who trade with moderate leverage and are outside of Europe.
Trading Volume: Binance is best in the business when it comes to trading volume. It is the biggest exchange in the world in terms of trading volume and hosts billions of dollars worth of crypto on daily basis.
Most exchanges including BitMEX do not compare well in front of Binance when it comes to trading volume. So, if you do not want to face any liquidation issues, Binance is the ideal option.
Account Creation: The account creation process for Binance is quite simple, and you can use the platform without providing any identification poof. However, you would not be able to access some of the features if you do not complete the verification process.
The withdrawal limit for non-verified users has also been reduced to 0.06 BTC so it is recommended that you use Binance after completing the KYC-verification.
Fees:
The maker and taker fee structures for trading crypto derivatives on Binance are very much the same as that of BitMEX, making it a very competitive and the best alternative for BitMEX.
Binance charges a fee of 0.02% to 0.1% for the market makers and 0.04% to 0.1% for the market takers
Deposit/Withdrawal: Unlike BitMEX, Binance offers you multiple ways of depositing crypto and FIAT. The platform supports credit/debit cards, bank transfers, PayPal, and direct cryptocurrency deposits and withdrawals.
The rules for these withdrawal methods can vary depending on your region, so you might not be able to access all of them.
Currency Support: When it comes to currency support, Binance is simply one of the best options out there. The platform offers over 500 cryptocurrency pairs and is ideal for those who love trading altcoins.
BitMEX Alternatives For USA
It is important to note that none of the crypto exchange listed above offer their services to traders based in the USA.
However, most of the exchanges in the list above allow the creation of completely anonymous accounts on their platforms.
Conclusion
BitMEX remains one of the biggest crypto exchange platforms in the industry.
However, if you are looking for
- Innovation,
- A faster trading platform, and
- Top of the line software,
Then these listed BitMEX alternatives are the best option for you to explore and choose from.
If you choose BitMEX despite the better alternatives, make sure to read our full BitMEX tutorial. This tutorial will teach you 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.
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