The information provided on this page is for educational purposes only and is not intended as investment advice, an endorsement of a cryptocurrency, or a recommendation to trade or use any services. We may receive compensation from our partners if you visit their website. Read our disclaimer for details.
Finding the perfect trading platform is a complex task made more difficult by the many available options. While BitMEX is a popular choice, several BitMEX alternatives offer lower fees, better security, and more features. This guide will look at nine of the best BitMEX alternatives, comparing their performance, functionality, and more.
Best BitMEX Alternatives
Below, we've included a brief overview of the best BitMEX alternatives. However, more detailed reviews of each platform can be found further down the page.
- Binance/Binance Futures - Largest Crypto Exchange by Volume
- ByBit - Low-Fee Crypto Derivatives Platform with Copy Trading
- Kraken- Secure and Advanced Trading Platform
- KuCoin- Well-Known Crypto Exchange with Thousands of Markets
- PrimeXBT- User-Friendly Crypto Trading Platform
- OKX- Secure Platform with In-Built Trading Bots
- MEXC- Trade Futures with Up to 200x Leverage
- Phemex- Unique Exchange Platform with Crypto Launchpad and Prediction Market
- Deribit- Exchange with Crypto Options Trading
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|None available at this time||Visit Prime XBT||Prime XBT Review|
|349||0.08% (maker) / 0.10% (taker)|
|None available at this time||Visit OKX||OKX Review|
MEXC Global Exchange
|1521||Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)|
|10% discount on trading fees||Visit MEXC Globa...||MEXC Global Exchange Review|
|BTC, ETH, XRP, and 334 Others||0.1% (spot), 0.06% / 0.01% (futures)|
|Up to $6,050 Crypto Sign Up Bonus||Visit Phemex||Phemex Review|
|Bitcoin, Ethereum||0.00% / 0.05%|
|None available at this time||Visit Deribit||Deribit Review|
BitMEX Alternatives Reviewed
1. Binance and Binance Futures Exchange
Why we picked it
Binance is the world's most popular regulated crypto exchange in average daily trading volume and has been operating since 2017. With support for spot markets, derivatives trading, and various earn products, Binance is an all-in-one platform that has significantly more features than BitMEX. In addition to the popular BNB token, Binance offers P2P trading, OTC services, advanced trading and analytical tools, auto-investment capabilities, and staking products.
On top of the additional features offered by Binance, the exchange offers many tools designed specifically for trading, including its own propriety chart and complete TradingView integration with many drawing tools and technical indicators. Additionally, Binance is one of the most liquid crypto exchanges on the market, making it great for high-volume traders.
Another benefit of trading on Binance is its massive quantity of supported cryptocurrencies and trading pairs. Users can trade 384 cryptocurrencies denominated in BNB, BTC, stablecoins, various altcoins, and fiat currencies, including USD, GBP, EUR, and 13 others. In total, Binance offers 1,637 tradeable crypto pairs, with 228 available for derivatives trading.
On the Binance futures exchange, users can access USD-M futures contracts denominated in USDT/USDC and COIN-M futures contracts, which are settled via crypto, with up to 125x leverage. Additionally, Binance has recently released a crypto options market, enabling traders to speculate on price movements without exposure to underlying assets.
Binance offers some of the best base trading fees in the industry. Spot trading incurs a 0.1% trading fee while accessing leverage-based products incurs maker/taker fees starting at 0.0200%/0.0400% and dropping as low as -0.0090%/0.0240% with sizable volume.
There's a reason why Binance is the most popular BitMEX alternative. The platform offers lightning-fast leverage trading, an excellent range of digital assets, and an extremely efficient trading environment. Overall, Binance is a far more feature-rich and less costly exchange for leveraged margin trading than BitMEX. There is also a $100 USDT Binance referral bonus for new accounts.
Why we picked it
Founded in 2014, ByBit is a popular unregulated crypto exchange specializing in derivatives trading. Although the platform offers spot trading and fiat-to-crypto support, it's rapidly grown in popularity in the wake of the FTX collapse thanks to its exceptional trading tools.
One of the most significant reasons for ByBit's growth and status as a BitMEX alternative is its rich set of features. On ByBit, it's possible to automatically copy the trades of other users, create bots that use predetermined trading strategies, find newly released projects on the launchpad, and access crypto loans to get cash without exiting a position. None of these products are available on BitMEX.
Users looking to trade frequently will be happy to know that ByBit offers an impressive 349 different crypto assets and offers 190 derivatives markets. As such, traders have plenty of assets to browse through, meaning they should never be left without an opportunity to make a profit.
ByBit offers a substantial range of derivatives-based products to its users similar to BitMEX. Customers of the exchange can access USDT/USDC Perpetual contracts, futures contracts, and even USDC-collateralized options. Additionally, users can access up to 1:125 leverage, meaning it's possible to earn significant profits from small movements in price.
On top of being one of the best BitMEX alternatives in terms of features, ByBit also offers highly competitive trading fees. While there's a 0.1% fee for spot trading, users can buy and sell derivatives with a trading fee of 0.01% and 0.06% (maker/taker). Moreover, ByBit is one of the few no-fee crypto exchanges to offer zero spot trading fees which is a major advantage over BitMEX.
While BitMEX is a well-rounded platform, it lacks the range of assets and additional features offered by exchanges like ByBit. Furthermore, BitMEX charges maker/taker fees of 0.02% and 0.075% for derivatives markets. As such, ByBit doesn't just offer a superior range of features, but it's also much more cost-effective for trading compared to BitMEX.
Claim the ByBit referral code and start trading with a deposit bonus.
Why we picked it
Since its doors opened back in 2011, Kraken has grown to become one of the most secure and prolific Bitcoin trading platforms out there. Today, Kraken is registered as a Money Services Business (MSB) with FinCEN and provides access to perpetual futures contract trading for over 9 million users in 190 countries worldwide.
The regular Kraken crypto exchange is primarily a spot trading platform with support for trading NFTs and staking tokens, including Polkadot (DOT), Kusama (KSM), and Cosmos (ATOM). However, users can also access Kraken pro to access a suite of advanced trading features provided by TradingView.
Kraken enables users to trade 222 cryptocurrencies and 725 trading pairs, hundreds more than BitMEX, which supports 18 cryptos and 38 crypto pairs. Furthermore, the story is similar for supported derivates markets, with Kraken boasting 91 versus BitMEX's 23.
While Kraken supports a substantial number of additional markets compared to BitMEX, the exchange only supports futures trading with a 50x leverage, while BitMEX supports 125x. As such, while Kraken enables users to access far more markets, BitMEX could be a better option for traders without much capital.
Although Kraken offers a solid range of trading tools, its trading fees are far more costly than Binance, with the platform charging a maker fee of 0.02% and a taker fee of 0.05% for leverage trading and 0.16% and 0.266% for spot markets.
Kraken is a well-rounded exchange that enables users to engage in leveraged trading in many more markets than BitMEX. Furthermore, Kraken users can enjoy trading fees around 33% lower than BitMEX. However, while Kraken is one of the top BitMEX alternatives, exchanges like Binance and ByBit are notably better for spot and derivatives trading.
Why we picked it
KuCoin is a world-renowned trading platform launched in 2017. Despite being unregulated, KuCoin now serves more than 20 million users globally. In addition to its cryptocurrency trading features, KuCoin offers a P2P marketplace, crypto lending, cloud mining, a token launch platform, a wealth management program, and support for NFT trading. Furthermore, KuCoin offers a propriety token called KCS which grants holders reduced trading fees.
KuCoin is known for supporting a massive number of crypto assets. The exchange has 789 cryptocurrencies and 1,420 tradable spot markets. However, with only 119 markets supported for futures trading, ByBit, Binance, and OKX all offer more diversity for derivatives trading.
KuCoin offers unique ways for its customers to access the derivatives markets. While the exchange supports standard futures trading with up to 100x leverage, it also offers a 'Lite' version removing analysis tools and technical indicators to provide a simplified experience.
When it comes to trading fees, KuCoin is relatively competitive. Spot trading fees are 0.1% per transaction, while futures trading fees are 0.02% and 0.06% (maker/taker). However, spot fees can be lowered by 20% when being paid using KCS.
Overall, KuCoin is a popular exchange that makes the derivates market accessible for beginners as well as experienced traders. It features a far more user-friendly interface and a substantially greater range of supported assets compared to BitMEX, making KuCoin worthy of consideration if regulation isn't a strict requirement.
Why we picked it
The features offered by PrimeXBT are primarily centered around trading, with users able to participate in trading contests, automatically mirror the trades of other users, and earn passive rewards through yield accounts. Additionally, PrimeXBT has exceptional propriety charting tools with access to drawing tools and technical indicators. While PrimeXBT offers 107 trading pairs denominated in USD, EUR, AUD, and BTC, only 39 of the markets supported by PrimeXBT are crypto-based, with the rest being indices and forex pairs.
The margin trading fees for cryptocurrency on PrimeXBT are 0.05% but get calculated every time a position is opened or closed. Additionally, the exchange enables users to trade Contracts for Difference (CFDs) with up to 1000x leverage, making it an excellent platform for crypto traders needing access to high leverage.
Although the crypto trading fees on PrimeXBT are on the high side compared to options like ByBit, the ability to access multiple financial markets and trade with 1000:1 leverage makes it a great BitMEX alternative.
Why we picked it
Despite being unavailable to US traders, OKX is a popular platform providing access to the crypto market for millions of users across more than 100 countries. The exchange was founded in 2017 and today offers a simple way for users to access various tools for trading digital currencies. OKX offers its own propriety charting tools in addition to TradingView integration, making the platform great for traders looking for an alternative to BitMEX that doesn't use TradingView.
OKX offers a suite of earning products for people looking to grow their holdings, including staking and flexible savings accounts. Furthermore, the exchange supports crypto demo trading, trading bots, P2P trading, and copy trading, meaning there are plenty of options for people who want to avoid going the traditional route.
Anyone with a trading account on OKX can access major digital assets and smaller altcoins without hassle. The platform supports 349 cryptocurrencies for spot trading, with 789 trading pairs denominated in stablecoins and popular altcoins. For perpetual contracts, futures, and margin trading, OKX enables users to trade an impressive 183 markets.
OKX offers up to 5x on margin trading and 125x on perpetual contracts, on par with other cryptocurrency exchanges enabling trading crypto derivatives. However, despite the platform offering some of the most competitive fees for spot trading, at 0.08% maker and 0.1% taker, its futures fees are more costly at 0.02% and 0.005% (maker/taker).
Compared to BitMEX, which focuses exclusively on trading, OKX is a far more all-encompassing platform. With automation tools, educational material, and a seamless trading experience, OKX is a suitable platform for new and professional traders needing access to a diverse range of financial products.
Why we picked it
Launched in 2018, MEXC is one of the fastest-growing cryptocurrency exchanges on the market. The platform specializes in futures trading but also offers spot-based products and P2P capabilities.
MEXC is a feature-rich exchange suited to traders of all preferences. For spot trades, MEXC offers zero-fee P2P trading, a crypto debit card, and advanced charting tools courtesy of TradingView. Additionally, the exchange supports quantitive grid trading, copy trading, staking, and a launchpad for early access projects.
Few trading platforms can match MEXC in terms of available spot trading assets. The exchange boasts a hugely impressive 1501 cryptocurrencies and 1783 tradable markets. However, users engaging in derivatives trading will only be able to access 180 markets, comparable to OKX and ByBit.
MEXC supports USDT-M and COIN-M perpetual futures contracts with up to 200x leverage, making the platform ideal for traders looking to take advantage of small price movements or high-frequency trading strategies. Furthermore, MEXC offers 3x to 5x leveraged tokens, which boost profits and losses without a liquidation risk.
Another reason why MEXC has grown so quickly is its competitive fees. While the exchange charges a 0.1% fee on spot-taker orders, there are no maker fees. For derivates transactions, MEXC has a base fee of 0.03% for taker orders and, again, no maker fee.
MEXC is a solid crypto exchange but excels in its derivates-based offerings. Compared to BitMEX, the platform boasts a vast number of supported assets, extremely low fees, and sizable leverage, making it an excellent choice for traders looking for an alternative to BitMEX.
Why we picked it
Phemex has been operating since 2019 and has become one of the most popular platforms for trading futures contracts, with over 5 million customers across over 200 countries. The exchange offers features such as various savings products, crypto staking, copy trading, and a prediction market enabling users to bet on real-world events, which BitMEX does not offer to the same extent.
Phemex has a comparable number of assets to the other BitMEX alternatives we've looked at. The exchange provides access to 205 unique cryptocurrencies and 260 trading pairs for spot traders, and 250 derivatives markets.
Users wishing to access contract-based products on Phemex can do so via USDT-M, COIN-M, and USD-M perpetual markets with up to 100x leverage. In addition, the exchange is relatively cost-effective, with spot trades charged 0.1% and futures transactions 0.01% (maker) and 0.06% (taker).
Phemex is an intriguing exchange likely to appeal to spot and derivatives traders. Although the platform offers better fees and a more significant number of assets than BitMEX, it's overshadowed by the options higher on our list. However, Phemex's prediction markets are unique and could appeal to traders looking to speculate on real-world events.
Why we picked it
Deribit is an extremely popular futures and options exchange that opened its doors in mid-2016. While the platform offers futures contracts, the main draw to Deribit is its cryptocurrency-based options trading.
While Deribit lacks much-loved features like staking and savings accounts, the platform offers its users custom indexes highlighting critical data like volatility, past BTC price, and general market data. Additionally, Deribit provides the ability to create sub-accounts, making it possible to open multiple positions on the same asset simultaneously.
Although Deribit handles over $1 billion daily trading volume frequently, the exchange doesn't offer many crypto assets. Additionally, spot trading is unsupported on Deribit compared to BitMEX, and only 18 futures markets are available. A major point of difference to BitMEX is the ability to trade crypto options on Deribit, with 20 markets available.
Deribit provides access to USDC-based futures contracts as well as BTC and ETH perpetual contracts with up to 50x leverage. Additionally, Deribit provides a 0.01% maker rebate with a fee of 0.05% placed on taker orders, making the exchange extremely attractive for anyone adding liquidity to its order books.
Despite not offering many trading pairs, Deribit is a valuable exchange for traders who frequently create maker orders. Furthermore, with some of the most diverse crypto features available, Deribit could be an ideal BitMEX alternative for traders looking to speculate on BTC and ETH prices over extended periods.
Throughout this guide, we've taken an in-depth look at nine of the best BitMEX alternatives on the market, comparing the fees, features, and leverage of each. However, after concluding our research, we found ByBit to be the best overall platform for derivatives trading and the number one alternative to BitMEX.
With that said, each platform we've looked at offers unique features and selling points. As such, anyone looking for an alternative to BitMEX should carefully consider their needs and then make a decision based on which platform best matches their requirements.