When the cryptocurrency market becomes volatile, traders switch from spot platforms where they can buy and hold to derivatives platforms where they can hedge the market, trade long and short, and rely on powerful tactics such as adding leverage to positions.
The demand for derivatives has led to an explosion of competition throughout the cryptocurrency industry, making it much more challenging to find a platform with unique differentiators and quality throughout all products and services. The list below represents the top ten best crypto derivatives platforms for 2023, helping you start the year on the right foot and immediately begin making serious profits in the new year.
The Best Crypto Derivatives Platforms By Rank
#10) Bitget
Bitget is among the less popular cryptocurrency derivatives trading platforms on the list but deserves mention among the list due to being ranked in the top five platforms by trading volume globally by CoinGecko. It’s been around since 2018, which is a positive sign. Bitget futures are settled in USDT, USDC, or via specific coins for up to 125x leverage.
In addition to cryptocurrency futures, Bitget has spot trading, copy trading, and a launchpad program. Recent coin launches include Revoland, an esports game based on blockchain technology; Kyoko, a DAO-to-DAO credit provider; and Bot Planet, a multichain ecosystem with Play-To-Earn and NFT elements.
#9) Phemex
Phemex is currently celebrating its third anniversary, priding itself in being “safe, super, and simple,” as well as one of the “fastest” crypto exchanges around. The company’s founders in the past served as senior executives at Morgan Stanley but left the traditional banking system seeking to spread universal financial access globally.
Phemex doesn’t offer much more than our number ten pick but does have more prominence in the trading community. Phemex also has a launchpad, spot trading, and of course, derivatives contracts. Derivatives include copy trading and perpetual swaps with up to 100x leverage.
#8) MEXC Global
Another platform launched in 2018, MEXC Global, boasts of its “mega transaction matching technology,” capable of 1.4 million transactions per second. In 2021, it was awarded the Best Crypto Exchange Asia by Crypto Expo Dubai.
MEXC Global lets users buy crypto with a debit or credit card and trade spot crypto and leveraged EFTs, in addition to a wide range of futures with up to 200x leverage, settled in stablecoins or top crypto assets. MEXC also has a futures leaderboard and copy trading.
#7) ByBit
While Phemex was on its third anniversary, ByBit is now celebrating its fourth year in operation. It has since grown to include a Web3 wallet, high LTV crypto loans, a varied earn program with liquidity mining, crypto savings accounts, and a launchpool for staking new tokens. There’s also a launchpad, much like others on the list.
We will start to see a trend among some of the platforms listed. For example, top platforms will each offer the ability to buy crypto. ByBit is known best for its derivatives, with copy trading, options, and perpetual swaps with up to 100x leverage.
#6) Deribit
Although other platforms on the list are much more significant in terms of market share in futures and perpetual swaps, Deribit is the leader in cryptocurrency options. For many, options are the derivative contract of choice, while others prefer futures and perpetual swaps. Deribit offers BTC, ETH, and SOL options.
Because Deribit has the highest open interest out of all options platforms, it utilizes its unique market data through its insights blog, which traders can use to predict cryptocurrency market volatility or possible price movements. For example, when puts are at a record high, higher prices are possible if a contrarian move unfolds.
#5) OKX
OKX recently saw a rebrand that removed the “E” from its name to diminish the influence of the word exchange on its products and services lineup. OKX seeks to be viewed as a decentralized platform at the center of Web3. The platform offers solutions for developers, and a set of official decentralized applications users can take advantage of.
OKX has it all in terms of derivatives, with futures, options, perpetual swaps, and margin trading at up to 125x leverage. There are also trading bots, a learn program, crypto loans, and a jumpstart program offering access to new projects from around the world.
#4) Huobi Global
Huobi Global is one of the longest-running platforms on the list, with a shocking zero security incidents in the past nine years of operation – a true testament to the platform’s top-tier security and risk management protocols. It commands a massive amount of crypto derivatives trading volume but has lost market share in recent years.
Huobi’s longevity has given it time to develop a wide range of products and services, which include crypto loans, passive income, spot trading, and trading bots. In terms of derivatives, there’s once again a lot to offer, with futures, copy trading, and both American and European-style options to choose from. Supported leverage reaches 100x at maximum.
#3) KuCoin
KuCoin does everything it can to compete with Binance, complete with biting its logo and feature set. Others have also sought to go toe-to-toe with Binance regarding products and services, but the carbon copy is less blatant elsewhere. But being on par with Binance isn’t necessarily a bad thing – and market leaders are often copied.
What KuCoin does offer is reliable and proven, with the ability to buy crypto, earn interest on crypto, trade spot, and access a web3 wallet. It also includes an NFT platform. Leveraged tokens are offered in addition to crypto futures at up to 100x leverage.
#2) Binance
You might be surprised to find that Binance is no longer the number one cryptocurrency derivative platform in the market. The ongoing drama and close distance to the FTX fallout have tarnished the cryptocurrency platform’s reputation and made it a target of the US SEC and Department of Justice. World-renowned financial analysts call the platform and its CEO a “ticking time bomb.”
There has recently been a mass exodus of withdrawals of BTC – the largest ever recorded – due to fear over Binance potentially having similar issues as FTX. Fears include the BNB token being worthless in the event of a collapse, much like what occurred with the FTT token. Others believe Binance is too big to fail.
Binance still dominates the cryptocurrency market in terms of overall trading volume, making it a mandatory inclusion in this list. It also has one of the most extensive ranges of products and services, including an NFT marketplace, an earn program, loans, a Binance card, spot trading, and derivatives. Futures, options, and leveraged tokens all max out at 125x leverage.
#1) PrimeXBT
PrimeXBT has become the quintessential platform in the cryptocurrency market because it is the only one on the list to provide access to traditional asset classes like stock indices, commodities, metals, and forex currencies, in addition to a wide variety of popular cryptocurrencies. Using BTC, ETH, USDT, or USDC as collateral, traders can open long and short positions on more than 100 different trading instruments simultaneously.
Cryptocurrencies are becoming an increasingly important asset class, highly sensitive to macro factors such as recessions, inflation, pandemics, and interest rates. This makes the inclusion of assets like gold, the S&P 500, oil, and others more important to consider when trading crypto. With PrimeXBT, you don’t need to sell your crypto and can instead use it to margin trade with up to 200x leverage on Bitcoin, Ethereum, and other top cryptocurrencies. Leverage on traditional assets runs even higher, up to 500x.
PrimeXBT was also a pioneer in copy trading, making its Covesting service among the most battle-tested, with the largest communities of top traders from around the globe. As of the time of this writing, the leaderboards have traders in the top five ranging from 1,000 to 4,000% ROI. Followers can, with a click, start automatically copying the trades of highly successful traders with proven performance metrics.
Other bells and whistles include an award-winning crypto trading app for Android and iOS, the PrimeXBT Trading Academy educational website, PrimeXBT Contests, interest-bearing yield accounts, the best referral program in finance, and much more. What really put the platform over the edge was the recent award from Crypto Expo Dubai for the Most Trusted Crypto-Asset Trading Platform. Trust in 2023 will be more critical than ever before, giving the platform an advantage with the broader crypto community.
Conclusion
While you can’t go wrong with any of the platforms on this list, PrimeXBT was picked as number one for a reason. For serious profits in 2023, the best crypto derivatives platform is PrimeXBT.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
