5 Best Bitmex Alternatives For 2023

    Updated: Jan 23rd, 2023
    Kevin Groves
    Kevin Groves
    5 Best Bitmex Alternatives For 2023

    BitMEX has been a popular cryptocurrency trading exchange for quite some time. It was one of the best crypto leverage platforms in the world for trading derivative products in terms of traffic, volume and liquidity. However, the platform has experienced number of issues in the past that has resulted in an exodus. This article will compare reputable and trustworthy alternatives to BitMEX to consider.

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Best BitMEX Alternatives

    These are the best alternatives to BitMEX for leverage trading:

    1. Bybit (best for mobile trading app)
    2. Binance Futures (best for reputation)
    3. PrimeXBT (best for variety of markets)
    4. Delta Exchange (best for altcoin trading)

    Comparison of Exchanges Like BitMEX

    We have researched to find BitMEX alternatives that are comparable in terms of available assets, maximum leverage, trading fees, liquidity, and overall trading experience.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Bybit Logo


    810.06% / 0.01% (leverage), 0.1% (spot)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Deposit bonus up to $30,000Visit BybitBybit Review


    600+0% to 0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Prime XBT Logo

    Prime XBT

    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    None available at this timeVisit Prime XBTPrime XBT Review
    delta exchange

    Delta Exchange

    100+0.05% / 0.02%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    None available at this timeVisit Delta Exch...Delta Exchange Review

    BitMEX Alternatives: Reviews

    1. Binance

    Binance is one of the best cryptocurrency trading exchanges in the world. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support. 

    The exchange has launched a derivatives cryptocurrency market for its customers to trade futures with leverage. Binance is currently ranked #2 for derivatives exchanges based on trading volumes according to Coinmarketcap.com.

    binance tradingbinance trading

    Binance user-interface and order entry window is significantly improved compared to BitMEX, which is dated to say the least. The charting package is provided by TradingView which includes all of the features, indicators and tools to perform technical analysis on the charts. Binance also offers a variety of order types including limit, market, stop-limit and One-Cancel-Other (OCO). 

    Binance users can automatically enter trade amount using percentages (e.g. 25%). By clicking on these buttons, it will determine the amount based on your current account balance for the particular cryptocurrency. Once you have selected an amount, simply click on the green 'Buy' button to execute an order.

    Read the full Binance review and how to claim the referral bonus.

    2. Bybit

    Bybit is aiming to revolutionize today’s cryptocurrency market by combining the best of cryptocurrencies and traditional finance to bring about the industry’s safest, most reliable, fairest, and most user-friendly exchange to date. The exchange has recently surpassed BitMEX in terms of trading volume and claims 'No server downtime', with their systems stated to be available up to 99.99% of the time. 

    bybit trading interfacebybit trading interface

    You should trade with Bybit if:

    • You are tired of 'system overload' and downtime on BitMEX
    • You want fair and transparent trading fees
    • You are familiar with using TradingView charts and advanced tools
    • You want to adjust take-profit and stop-loss prices on the chart
    • You are frustrated with price manipulation on other exchanges
    • You want to paper trade with real crypto markets and prices
    • You want to participate in global trading competitions with huge prizes

    Related: ByBit Review (the BitMEX KILLER) – Should You Make The Switch?

    Bybit promises that the data of accounts and transactions will not be compromised due to system errors mainly due to the State-of-the-Art Matching Engine at 100,000 transactions per second which can complete a trade within 10 microseconds.

    Bybit has also come out and guaranteed to bear the full cost of financial loss due to system error or as a result of downtime. This is obviously about BitMEX to attract its customers – we think it's working too!

    Create a new account with a ByBit referral code to claim a deposit bonus.

    3. PrimeXBT

    Prime XBT is a popular Bitcoin-based cryptocurrency trading exchange that allows speculating on traditional financial products. Traders can trade a broad spectrum of markets including Forex (FX), cryptocurrency, commodities and indices using Bitcoin as collateral. This feature is not offered on many cryptocurrency exchanges.

    You should trade with Prime XBT if:

    • You want to earn Bitcoin by trading Forex (FX), commodities and indices
    • You want fair and competitive trading fees
    • You like having the ability for quad screen display
    • You like fast, responsive and smooth charting interfaces
    • You want to trade with leverage up to 100x
    • You are looking for a global crypto exchange
    • You need a leverage crypto platform that is safe

    Founded in 2018, Prime XBT has experienced exponential growth and currently serve clients in more than 150 countries and an average daily volume of $375,000,000. The exchange provides access to top-tier liquidity and wide range of trading tools while maintaining security, liquidity, enabling a safe and efficient trading environment for everyone.

    4. Delta Exchange

    Delta Exchange is an altcoin-focused emerging cryptocurrency derivatives exchange that enables investors across the globe to trade Futures and Perpetual swaps on Bitcoin and other leading altcoins with up to 100x leverage. Many of the altcoin perpetual swaps listed on Delta are exclusive to the exchange. Delta Exchange is the go-to place for trading altcoin derivatives. So, if you want to long/short altcoins such as ATOM, MATIC, ENJ, EOS, XTZ, TOMO, LINK, RVN and BAT.

    delta exchange tradingdelta exchange trading

    Trade profit and loss are settled in Bitcoin so you will need to make a BTC deposit before trading. The security and safety of client funds is one of the most important considerations when looking for alternate crypto trading platforms. Delta Exchange prides itself on its enterprise-grade security with client funds stored offline in multi-signature wallets.

    Why Trade With Delta Exchange?

    • Delta Exchange offers some exciting features for margin trading along with higher liquidity and competitive trading fees.
    • You want to trade altcoins like Ethereum, EOS, ENJ, MATIC, XTZ, LINK, ATOM, Raven and many more with leverage
    • Stablecoin Settled Contracts: All the futures and perpetual contracts on Delta Exchange are margined and settled in one of the two digital assets: either Bitcoin or USDC(Stablecoin). Settlement in stablecoin is a very useful feature for traders, especially in a bear market. Delta Exchange was the first exchange globally to offer stablecoin-settled futures.
    • You want to trade crypto futures and perpetual contracts with leverage up to 100x
    • You are familiar with using TradingView charts and advanced tools
    • You like an exchange with advanced order types with a well laid out and responsive trading interface

    The Delta Exchange team brings a wealth of knowledge and experience from top global financial companies such as Barclays, Citi, UBS and Macquarie. You can read more about the team by clicking here.

    What's Wrong With BitMEX?

    BitMEX is currently one of the most popular and widely used leverage exchanges. Users can buy and sell contracts for cryptocurrencies (not the actual coins themselves) combined with margin trading up to 100 times. This means only Bitcoin deposits and withdrawals are permitted. It is a platform for cryptocurrency digital traders looking to increase their BTC holdings by trading the market.

    In the last few years, the exchange has run into several issues that has caused frustration for traders on the platform such as:

    • System overload error
    • Price manipulation
    • Data leak

    System Overload Error

    The infamous 'System Overload Error' on BitMEX has been ongoing on for quite a few years now. In a nutshell, there is a cap on the maximum number of requests that can enter BitMEX engine queue that means new requests (orders) are rejected until the queue has reduced. This results in the “System Overload” error message that appears in the bottom right of the screen.

    bitmex errorbitmex error

    During periods of load spikes caused by sudden volatility in the market, new orders are not fulfilled within the acceptable response time and are rejected due to the overload on the BitMEX server. Users are not able to enter into a position or worse yet, their position is liquidation because they couldn't set a stop-loss order in time before the network overload.

    While BitMEX have repeatedly announced improving the performance of their engine is the highest priority, it appears nothing has changed and is still occurring. Based on the number of complaints on Reddit, we can only assume this has caused several traders on BitMEX to lose money or profit potential. We also love the fact the feared BitMEX system overload error has even become a popular meme.

    Price Manipulation

    BitMEX has been the center of many accusations for manipulating the price of BTC. As the most liquid crypto exchanges on the market, BitMEX does have a lot of influence on the Bitcoin price across other exchanges. In a down-trend, consistently declining volume leads to a lower fee revenue for the exchange. This can provide an incentive for exchanges to manipulate the market to earn revenue through liquidations as opposed to collecting trading fees.

    We are not pointing the finger here, but there have been several cases such as the flash crash on Bitstamp where the price of Bitcoin lost about $4,000 in value within a few days that result in a high number of liquidations on BitMEX.

    Sources have stated that a whale or group of traders collectively acted to crash the market by putting in a massive sell move of 15,000 ETH on Bitstamp. This is relevant as BitMEX collects price for contracts from Bitstamp, Kraken and Coinbase which have much lower liquidity than BitMEX.

    The sudden drop in prices on Bitstamp resulted in BitMEX contracts being liquidated in a matter of seconds. We will finish the point with a question, 'why does BitMEX, the largest derivatives exchange in the world, collect price data from low liquidity providers?' 

    Email Data Leak

    BitMEX was compromised as recent as November 2019 that sparked panic among bitcoin traders and investors after accidentally exposing thousands of its users' email addresses. The crypto exchange's Twitter account was then compromised shortly after to top it all off.

    Staff at the exchange issued a statement explaining that they had attempted to BCC its customers on a newsletter. Unfortunately, they used the CC address. While this doesn’t necessarily explain the Twitter fiasco, customers could see the private addresses of other traders.

    bitmex data leakbitmex data leak

    If you still want to continue trading with BitMEX, you might want to have a look at your security preferences and turn on Two Factor Authentication immediately. However, this does not mean all is well. The BitMEX email leak has exposed its users to targeted phishing attacks that could use personal information and/or gain unauthorized access to customer's digital assets. This includes other personal accounts that are linked to the leaked email address.


    There are several alternatives to BitMEX that offer leveraged cryptocurrency trading. With the recent issued faced by BitMEX, there is no reason to continue trading on the platform with more exchanges that offer greater features and security to consider.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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