Deribit Review 2022: How Good Is It For Traders?

Updated: Jun 17th, 2022
Kevin Groves
Kevin Groves
Deribit Review 2022: How Good Is It For Traders?

Deribit is a cryptocurrency exchange that offers options and futures trading for Bitcoin and Ethereum. Established in 2016, Deribit has become one of the best places to trade crypto with leverage. At the time of writing, Deribit accounts for a large portion of the open interest on Bitcoin and Ethereum options which is a testament to the popularity of the platform.

Deribit provides a cutting-edge trading interface that is suitable for experienced retail traders. With access to a wide range of charting tools and indicators, an intuitive order form and up to 100x leverage, Deribit is a professional platform for futures and options trading. While Deribit lacks a variety of trading pairs and broader features, it's a safe and reputable platform with enterprise-level tools for trading cryptocurrency options and futures.

This review will examine the full aspects of the Deribit trading platform such as its features, available crypto, fees, trading experience (on desktop and mobile), and security measures to help you make an informed decision. The methodology for this assessment will include depositing Bitcoin, placing a Bitcoin perpetual contract trade and using the mobile app.

HedgewithCrypto Score
HedgewithCrypto Score
4/5Our 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.
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Deribit

Trading Fees:0.00% / 0.05%
Country:Global (USA not allowed)
Currency:Bitcoin, Ethereum, USDC
Promotion:None available at this time

Key Features

  • Highest volume for options open interest for BTC and ETH
  • Competitive trading fees with rebates on weekly futures pairs
  • Robust and stable trading platform with high uptime
  • Both vanilla and perpetual futures trading
  • Advanced trading terminal with Tradingview charts
  • 99% of BTC deposits held in offline cold storage

Deribit is a cryptocurrency futures and options trading platform that focuses on Bitcoin (BTC) and Ethereum (ETH) trading. Founded in 2016, Deribit allows users to buy, sell, and trade options and futures contracts for both BTC and ETH. Deribit also offers an advanced trading platform for seasoned traders, as well as institutional trading services for enterprise-level clients.

Deribit is a decent exchange for both crypto newbies and veteran investors alike and features a discounted fee structure for higher-volume traders (as low as 0.00%).

Key Features

  • Highest volume for options open interest for BTC and ETH
  • Competitive trading fees with rebates on weekly futures pairs
  • Robust and stable trading platform with high uptime
  • Both vanilla and perpetual futures trading
  • Advanced trading terminal with Tradingview charts
  • 99% of BTC deposits held in offline cold storage

Deribit is a cryptocurrency futures and options trading platform that focuses on Bitcoin (BTC) and Ethereum (ETH) trading. Founded in 2016, Deribit allows users to buy, sell, and trade options and futures contracts for both BTC and ETH. Deribit also offers an advanced trading platform for seasoned traders, as well as institutional trading services for enterprise-level clients.

Deribit is a decent exchange for both crypto newbies and veteran investors alike and features a discounted fee structure for higher-volume traders (as low as 0.00%).

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What Is Deribit?

Deribit is a cryptocurrency exchange that allows users to buy, sell, and trade Bitcoin and Ethereum futures and options contracts. Deribit is based in the Netherlands but has expanded to provide its services in over 200 countries.

The trading platform specializes in trading Bitcoin and Ethereum with a selection of markets that include standard futures, perpetual futures and options contracts. Options contracts are available with up to 10x leverage, Ethereum futures up to 50x leverage and Bitcoin futures up to 100x leverage.

Deribit websiteDeribit websiteDeribit website.

Deribit At A Glance

Deribit is popular among crypto options traders and offers access to both Bitcoin and Ethereum options contracts with leverage (up to 10x). Deribit also offers standard and perpetual futures trading and is one of the higher-volume derivatives platforms on the market. Deribit is a crypto-only exchange, meaning that while users can deposit fiat currencies, they cannot trade in crypto-fiat pairs, such as BTC-USD.

Deribit is not a typical crypto exchange, as it only supports Bitcoin and Ethereum trading, does not offer spot trading, staking or interest-bearing crypto accounts. In short, Deribit is not the best platform for beginners but is a reliable platform for experienced options and futures traders that want to focus on BTC and ETH exclusively.

Exchange NameDeribit
Fiat CurrencyUSD, EUR, CAD, AUD (through Banxa)
CryptocurrencyBitcoin & Ethereum
MarketsFutures, perpetuals & options
Deposit MethodBitcoin and Ethereum only
Max. LeverageEthereum (10x), Bitcoin (100x) & Options (10x)
Trading Fees-0.01% / 0.05% (Futures) & 0.03% / 0.0003 (BTC/ETH options)
Mobile AppYes (Android and iOS)

Deribit Pros & Cons

The advantages of Deribit include access to high leverage on BTC and ETH products, a sophisticated trading terminal, a responsive mobile app and APIs for connecting trading bots or other 3rd party applications. On the downside, new crypto investors may feel overwhelmed with the trading interface and limited to BTC and ETH contracts only. Moreover, Deribit does not support USDT/USDC perpetual or inverse contracts to hedge against market risks which is a negative.

Is Deribit Safe To Use?

Deribit is a secure cryptocurrency exchange that holds 99% of customer deposits offline (in cold storage) and protects funds in stored vaults with multiple bank safes. Users can secure their accounts with two-factor authentication (2FA) and delayed withdrawals on newly-added wallet addresses. Deribit can also lock user accounts, which prevents any access or activity from happening. Access can be enabled by sending an email to the support team.

Are US Investors Allowed?

Traders from the States are not allowed to use Deribit, as it is not licensed or registered exchange in any U.S state or territory. It also offers leveraged trading and futures contracts, which are highly regulated in the United States and unlikely Deribit will be made available to users in the USA.

Tip: Kraken is one of the few crypto exchanges in the US that is a regulated provider that allows up to 5x margin trading.

Deribit Compared

Low fees, fast trade execution and up to 100x leverage on Bitcoin trades make Deribit an ideal trading platform for advanced traders. The table below shows how Deribit compares with HedgewithCrypto’s top-rated platforms based on the number of supported crypto assets, trading fees, and overall rating.

Deribit Top Features Overview

Advanced Charting & Trading

Deribit has a superior charting terminal for futures and options trading that can be fully customized to suit the individual. Powered by Tradingview charts, users are fully equipped with a modern and advanced interface with live-feed market data on Bitcoin and Ethereum contracts. The entry-order window is clean with multiple tools to visually monitor positions, risk exposure and active P&L.

Charts, order book and recent trades on DeribitCharts, order book and recent trades on DeribitCharts, order book and recent trades on Deribit.

Futures Market

Deribit offers futures trading for Bitcoin and Ethereum with vanilla and perpetual futures contracts available for trading. Futures contracts are an agreement to buy or sell the asset at a predetermined price in the future. Each futures contract is the equivalent of $10 USD.

While Ethereum futures contracts can be traded with up to 50x leverage, Bitcoin futures contracts can trade with up to 100x leverage. While vanilla futures contracts have a fixed expiry date, perpetual contracts don’t expire and can be traded at any time.

Options Trading

Deribit is a leading platform for Bitcoin and Ethereum options trading, with the majority of the market share for ETH options (90%) and BTC options (80% at the time of writing. Deribit options are “European Vanilla Style” options, which require the option to be in the money upon expiration to exercise it. If the option is not in the money, the contract cannot be exercised. These contracts can be traded up to the point of expiry. Deribit offers trading with up to 10x leverage on both Bitcoin and Ethereum options.

Deribit Bitcoin and Ethereum options market shareDeribit Bitcoin and Ethereum options market shareDeribit Bitcoin and Ethereum options market share.

Educational Content

Deribit offers a wide range of educational materials for users, including a detailed options-trading course with over 40 lectures. As the crypto options leader for Bitcoin and Ethereum, Deribit helps users learn the details of using the platform to execute options trades. There is also a support Telegram group to ask questions about options trading which is quite difficult to master for newer traders.

In addition to the course, the Deribit Insights section of the platform offers market research, educational articles and even a podcast that discusses the derivatives and options trading markets.

Deribit Verification Requirements

Deribit requires Know Your Customer (KYC) verification on all user accounts in compliance with regulatory authorities to use the platform. These measures are designed to help prevent money laundering, financing of terrorism and other illegal activities as per international requirements.

To verify an account, the following information will need to be submitted:

  • Name, address, and date of birth
  • Photo of government-issued ID
  • Webcam or cell phone selfie picture
  • Proof of residence (such as a utility bill with an address on it)

Funding & Limits

Deribit supports BTC deposits and has partnered with payment gateway service, Banxa, to allow users to deposit fiat currency using several payment methods. While this helps Deribit offer a fiat onramp, the service is hired out to a third-party that does charge high fees. Deribit explicitly states they are not responsible for those transactions.

There are no maximum deposit limits on Deribit but the minimum deposit is 0.001 BTC. Futures contracts for BTC and ETH positions are limited to $10 million USD in value (1 million contracts). Options contracts have no position limits currently. At this time, there are no withdrawal limits on Deribit, but larger transactions may be delayed, depending on the BTC or ETH network traffic at the time.

Supported Coins

Deribit only supports Bitcoin and Ethereum trading pairs. While this is far fewer coins than most crypto exchanges, Deribit focuses exclusively on derivatives and options contracts. Crypto exchanges with futures markets such as Binance, Bybit, FTX, OKX and KuCoin have much larger selections of cryptocurrency and a better option for traders that want to diversify or hedge a broader portfolio of coins.

Volume & Liquidity

Deribit has reasonable trading volume for Bitcoin and Ethereum derivatives, with over $1.3 billion in daily trading volume. While this is lower compared to the top platforms, it is comparable with other reputable derivatives exchanges such as BitMEX and Delta Exchange. Deribit does not have a liquidity rating from CoinMarketCap, as users are trading contracts, and not the actual asset itself. This is typical of derivatives platforms.

Deribit trading volume and liquidityDeribit trading volume and liquidityDeribit trading volume and liquidity. Source: Coinmarketcap.com

Trading With Deribit

User Interface

Deribit offers futures trading for both BTC and ETH, with vanilla and perpetual futures contracts available. Users can choose an expiry for the contract to trade, or select perpetual to trade a contract with no expiration. The order form offers limit, market, and stop orders. High position traders can hide orders from the order book (if desired). BTC futures trading offers up to 100x leverage, and ETH futures offers up to 50x leverage.

Hovering over the supported assets along the top shows live data based on any active positions the current balance, P&L and margin requirements. There is an initial margin status indicator that shows the percentage of the user's margin balance to the position margin requirements. This is a highly useful feature to track margin requirements to avoid liquidation.

Deribit charting and trading user interfaceDeribit charting and trading user interfaceDeribit charting and trading user interface.

Deribit also offers an options trading interface, with varying position sizes, as well as mark and strike prices available. Users can select a standard call and put options for a specific date, or view the options chain for every date available. These options are European vanilla style, and automatically exercise at expiry if the option is “in the money.”

Overall, the user interface for Deribit futures and options trading is extremely responsive, easy-to-use with a modern appearance that is geared for professional traders. The order entry window, contract details, charts, recent trades and positions windows are well laid out and can be fully customized to suit the individual.

Indicators & Drawing Tools

Deribit offers TradingView charts that includes a wide selection of indicators and views available. The integration with TradingView gives Deribit users the best place to chart the cryptocurrency pairs. Any drawing tools or technical patterns overlaid to the charts remain there when switching between Bitcoin and Ethereum contracts. Examples of the technical indicators that can be used on the Deribit user interface include - but not limited to:

  • Moving Averages
  • Volatility Index
  • RSI
  • Volume
  • Bollinger Bands

Placing Orders

To place an order on Deribit, users can select from standard futures, perpetual futures, or options contracts. All choices allow Market, Limit, and stop orders, and the order window offers different selections, depending on the contract.

Futures order can be placed with the order form, with a stated quantity (in USD), as well as the ability to add leverage to the trade. For options contracts, both call and put options are available with specific expiry dates, with various bid and ask prices and multiple Time in Force choices.

Deribit Trading Fees

The trading fees on Deribit vary across its trading products and use a traditional maker and taker fee structure. For BTC and ETH perpetual pairs, there is a transaction fee of 0% (makers) and 0.05% (takers).

Trading ContractTrading Fee
BTC Weekly Futures-0.01% (maker) / 0.05% (taker)
BTC/ETH Futures/Perpetual0.00% (maker) / 0.05% (taker)
BTC/ETH Options 0.03% of the underlying or 0.0003 BTC/ETH per options contract
LiquidationsBTC Futures: 0.75% Maker, 0.70% Taker ETH Futures: 0.90% Maker, 0.85% Taker Options: 0.19% of the underlying asset or 0.0019 BTC per options contract

BTC weekly futures contracts have different fees that rewards users that provide liquidity. The fees are -0.01% and 0.05% for makers and takers respectively. For options contracts, both maker and taker fees are identical at 0.03% of the underlying or 0.0003 BTC/ETH per options contract.

Overall, the fees on Deribit's futures market are competitive when compared to similar derivatives platforms such as Binance Futures, FTX and Bybit. The fees provide excellent value-for-money for users that provide liquidity to the exchange and will pay 0% fees on BTC/ETH perpetual contracts.

The table below shows the range of fees for the major exchanges.

Trading PlatformTrading Fee (Maker/Taker)Token Discounts
Binance Futures0.02% / 0.04%Yes (10% off)
FTX0.02% / 0.07%Yes (Up to 30%)
Bybit-0.25% / 0.75%No
Huobi Futures-0.015% / 0.02%No
Deribit0.00% / 0.05%No

Deribit Mobile App

Deribit offers a mobile app for trading on the go which it is available for both iOS and Android devices. Users can download the app, connect it to their main account via the Deribit API and execute BTC/ETH futures and options trades. The mobile app also is secured with biometric access for increased account safety.

Deribit’s trading app has an overall 4-star rating on the Android marketplace based on about 100 reviews. There are very few recent reviews and mostly complaints due to the inability to log into the app. Apart from a few negative comments, Deribit's mobile app experience is modern, intuitive with responsive charting and rapid trade execution speeds.

Security of Assets

According to the Deribit website, the exchange holds 99% of all deposited crypto assets in cold storage. This means that BTC deposits from users are transferred to encrypted vaults that are not connected to the Internet. Since Deribit only moves crypto assets for deposit and withdrawals, the vast majority of the BTC is protected by institutional-grade vaults that are used as collateral for futures and options trading. Although, Deribit does not carry crime insurance against theft of crypto assets.

Frequently Asked Questions

Deribit is available in over 200 countries around the globe, but there are a few restricted regions that Deribit does not support. Of note, residents of the U.S., Japan, and Ontario, Canada cannot use Deribit.

Deribit is a secure crypto trading platform that has not been hacked. The exchange secures 99% of user deposits in offline and encrypted server vaults. Deribit employs strong KYC identity verification processes to help prevent fraud and money laundering, as well as two-factor authentication for user accounts.

Deribit keeps user funds stored on the platform, utilizing both hot and cold wallets. However, Deribit is not a wallet service and its users will need to connect their own Bitcoin hot wallet, or a hardware wallet for transferring Bitcoin on and off the platform.

For users that want to test out Deribit before funding an account with Bitcoin or Ethereum, there is a full testnet available. The testnet is virtually a mirror of the live website which can be used to learn about the platform and trade contracts. While it can be useful for beginners, it does take a bit of effort to set up. For a list of better demo options, read this article on the best Bitcoin demo trading exchanges.

Verdict

Deribit is a cutting-edge platform for cryptocurrency futures and options trading. Equipped with a state-of-the-art, reliable and robust platform, Deribit is shaping up to be one of the best places for leverage trading. The biggest pitfall with Deribit is the lack of variety when it comes to trading pairs which may not suit retail traders. However, this will not concern advanced users and institutions that will benefit from the 0% trading fee on BTC/ETH futures and receive a rebate on weekly contracts for providing liquidity.

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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. In 2019, 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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