Bitcoin Forum

BitMEX has banned all US residents so I am looking for alternatives that allow high leverages and require no KYC. Thoughts?

Bitmex and bybit are the only well recommended ones with high leverages. Can you not just use tor to connect to them?

If not, binance does do a bit of leverage if you get on the scheme. Companies like plus500 seem to always be advertised too for cfd trading...

This site suggests Deribit and quedex (as avaliable in the US) : https://www.bitcoinmarketjournal.com/bitcoin-options/

KYC gives me a headache. Do you think quedex and deribit good?

I think Deribit is good. I have heard a lot of good things with ByBit but haven't tried the exchange so I can't say first hand the experience but there are a lot of good things for sure. One thing that I have read about ByBit is that you could adjust the SL when you are adding position size.

Deribit.com is legit as long as BTCUSD and ETHUSD pairs suffice your needs. Basefex.com can also do if you don’t mind a smaller volume and/or you are interested in more altcoin pairs.

I am not so sure of this Quedex. I took a look at it and found that liquidity was practically non-existent. The latest transactions can be from a few hours ago. And I do not know if my eyes are too sensitive or what their trading interface is a pain in the ass.

Disclaimer: I have been trading on BitMEX for a year.

Try bybit? I think it's better than bitmex as you can use a % on increases so you can stop at 25% profits and set stop losses at 5 or 15%. There's also no server overload errors atm and an autoreleveraging system so you can keep your position if it goes past the liquidation price which I find helpful.

I'm a representative of Quedex, let me clarify a few things:

• We don't accept US customers.
• We have a requirement to complete basic KYC during onboarding.
• We are constantly working on improving liquidity and UI - we welcome any specific feedback you may have. The liquidity is already pretty decent - you can most of the time execute thousands of contracts within ~20bps spread and it will improve significantly soon.
• We've been just awarded a Gibraltar licence: https://cointelegraph.com/news/gibraltar-grants-first-crypto-derivatives-license-to-local-exchange, and strive to provide a transparent and orderly place to trade crypto derivatives - as this milestone has been completed, we are planning to continue improving liquidity and expanding operations.

Deribit has been operating since 2015

Deribit prohibits US traders, same as Bitmex: https://www.deribit.com/pages/docs/terms-of-service


I'm pretty sure there are no legit (good liquidity) high leverage derivative exchanges for US traders. Kucoin just launched a 20x platform called Kumex (https://www.kumex.com/trade/index/XBTUSDM) that seems to operate with the same terms (US traders allowed, no mandatory KYC) but the order books are crazy thin.

lol the bybit shilling is stronk that we better call it shillbit. They pay some lowlifes to shill on twitter and here and they expect people will believe the crap. I doubt if some of these 'influencers' actually do margin trading at all. For example, stop loss function is available on almost every single futures exchange i.e. bitmex deribit basefex. Whoever claims it is some revolutionary innovation developed by shillbit can only be a shill who doesn't trade futures at all. In fact basefex probably has the most interesting function of this type because their 'trigger' can do more things than others equavalents.

Source: https://blog.bitmex.com/stop-limit-orders-now-supported/ https://www.youtube.com/watch?v=hXseGaVb4js https://www.basefex.com/trade/BTCUSD

How about huobi? Because in a few years ago, I used Huobi before I found bitmex, but I don't know what is happening now. Maybe you can visit on their site on hbg.com because huobi global has been changed now.

How if you use private VPN to access bitmex so you can do leverage trading as in bitmex. About the KYC, I think every big exchange now applied the KYC, and we cannot deny that. Besides that, the KYC is something that we can not avoid right now because the exchange wants to know their customer to prevent the money laundering.

You can go to Binance, which is a great exchange and a high leverage. A special thing is that the liquidity is also very high.
Besides, at binance you should only order Long, don't order Short.
Order to order Short is very high.

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Since when Stex support margin trading? If OP's looking for altcoin trading site then there's a bunch of them, but even though that is the case, I wouldn't recommend Stex either.

Bitmax also supports margin iirc, and last time I checked they don't require KYC, at least if you don't do a lot of tx.

Seems like margin traders are having a hard time right now if you come from the US. Let's hope Bakt could change that (if they really start in September).

The OP is looking for US-friendly exchanges. Bybit prohibits trading from the US, same as Bitmex and Deribit.


Huobi Global gave US traders the boot. They have a US-facing site now (huobi.com) but there is no leverage at all.


Binance doesn't allow US traders to use margin and in fact is kicking them off the site entirely next month.

Looks like there are no Bitmex alternatives for US traders....

I'm talking to the guy I quoted? It's a discussion forum, we don't just talk to the OP...


Huh? It's got a high enough liquidity and doesn't have "system overload" errors as much as bitmex does. If bitmex ran it's operations like coinbase does rather than looking as if it puts everything on one server and having a really bad responsiveness then it would be better other than the auto-deleveraged function that I haven't seen on bitmex (it's probably on more places than bybit it's just the only place I have personally seen it)... I'm still going to use both though because some of the charting s tuff with bitmex is better since it adjusts to where you set limit prices to include the full thing which bybit can't.

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If binance leverage trading get a license from the SEC (which I think they were going to since they teamed up with an exchange in the US) then they'll probably be the best for it if you can't use a vpn/tor...

I dint understand what is happening about exchanges banning United State citizens,  does anyone really have explanation to this because I just learnt too recently that by next month, Binance also would be banning the United State citizens from also using their platform, and I am beginning to think if there is something that they know that we are not familiar with.

Anyway, the leverage part off it will be an issue now because there are so may exchanges that would be willing to accept the US citizens like Kucoin, coinbase and some other lines, but I don’t know if they are into merging trades, the only exchange that I still know is Binance and they will be banning you guys very soon also, so there is no point making any registration with them, so you might have to do some Google search man.

you can try Kucoin and bitmax . they are also good and kyc is not recommended for withdrawal expect the leverage might not be favorable. another wonderful exchange that doesn't required KYC is mercatox exchange.

Thank you guys, really, for all your recommendations. So I took a bit of time to go through the list. I have documented my experiences and findings below.

Bybit:
The chart and the order book look decent with good liquidity. And I do appreciate live support because no one will help you in Bitmex’s trollbox. A wide range of altcoin paris which perfectly fits my need.
However, when I started doing my due diligence, things began to look different. I found they have been intentionally misrepresenting themselves claiming they are Singapore or HK-based, but in fact, is a Chinese company.
What they claim:

https://i.ibb.co/HdxGGWF/2019-08-21-1-14-51.png

The truth:
https://i.ibb.co/GCT1cy2/2019-08-18-2-55-26.png
I mean I am no racist and tbh I don’t care where the exchange is located. In the crypto space more often than not you register in one place and operate from another. But what they are doing is TOTALLY different. How can I believe this is a legit exchange to put money in when I have realized they are NOT who they say they are the whole time?
The FINAL nail in the coffin would be the scam accusations concerning some ‘forced closing algorithm’ that automatically closes a profit-making position without a trader’s permission. I saw more than one cases of it on twitter.
https://i.ibb.co/dmvT1bY/2019-08-21-1-08-58.png
I don’t know what ‘good things’ some folks here have heard about them, but sorry, personally I don’t think putting money here is a good idea. Maybe I am overreacting maybe someone here feels it is okey to be phoney. But I am out.

Deribit:
Initially looks like a great place although not many altcoin pairs. Very decent liquidity, good team transparency, and they have been around for a long time. In fact, I almost decided to partially settle here (yes I started to trade with some small deposit) despite the fact that I was also told they used to have A LOT OF downtimes in the past. I didn’t take the advice seriously, until their very recent ‘maintenance time’ WITH NO PRIOR WARNING.
This is really worrisome. I don't want to get liquidated because I cannot close a position when I need to. And even with proper compensation, it is still gonna be frustrating. So far it seems the history keeps repeating itself at Deribit...considering they only have ethusd I began to wonder if it really worth the hassle…

Hong Kong is now in the legal jurisdiction of China (I think) - the UK returned it to them...

The Chinese government seem very volatile about cryptocurrency markets (sometimes they hate them, then bitmain starts to move and they get worried and bring them back or whatever happened)... I have to sayt my issues with bybit were that it doesn't have the litecoin/bitcoin pair and it's very over advertised to the point where they may find it more profitable to exit scam than people trading (they also don't display the fees they'll charge when you make an order on their site which has started to greatly annoy me).

Bitmex has it's issues, I'm not sure what yours were or if it's just being in the US but sometimes things didn't work properly - you get liquidated too early and whenever you try to put in a trade when it's volatile or even just moving a bit you start to be unable to place orders...

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I spotted there was a release of a decentralised leverage trading exchange on this forum but I didn't get chance to take a look at it, it seems that decentralising or adding more servers is the way to go for bitmex so maybe once they've evolved a bit the decentralised exchanges will be better but no one seems to make a DEX mobile app.

Slippage is absolutely brutal with Bitmex market stop losses- limit stops almost never work, and even market stops in profit after fees often end up in a loss if price is swinging fast in one direction or the other, unfortunately. Any leveraged trading sites similar to Bitmex including Bybit will likely require KYC for American traders in the future as well, and if you really want to trade on these sites, a VPN's the best way to go. Your ping's generally not increased by a whole lot with VPNs, and a simple Canadian VPN (no Quebec IPs, though) should be enough.

Interesting, if you find the link to the exchange you're talking about, it'd be great if you could drop it here but there might be problems with liquidity for the exchange you're talking about initially after launch which could cause problems with trading. Not a big fan of decentralized exchanges as of right now, and most of them don't seem to be very popular but I'm always looking for something new.

BaseFEX:
The chart and the order book is not as good as Deribit and Bybit but seems, like someone said, still acceptable. Wide range of altcoin pairs that I need. What I found I love is, unlike a lot of other exchanges, they don’t ask for your email address before you ask questions in the live chat while I don’t want to be bombarded with junk emails.
To my surprise, THEY HAVE THE CEO ANSWERING MY QUESTIONS IN THE LIVE CHAT. I mean in the crypto space this is damn impressive considering 60% of the time people won’t even know the CEO’s name. In sharp contrast to their competition, Jess has been rather forthcoming about where they base - registered in Seychelles and operate mostly from China. They also claimed they haven’t had any downtimes for two months so let me at least give them the credit that they seem to score high where Bybit and Deribit are lacking.
However, their trading UI has some details that I am not really comfortable with. It seems they are trying to make a more intuitive UI but sometimes the needed intuition does not come naturally. I had to have Jess instructed me on where to set a few things.
I haven’t deposited yet but I will. I plan to see how things go from there. Seems like a legitimate, hard-working, smaller team who are proud of what they do, and how they do it.

Bitmax and a few others:
I need an American-friendly exchange that offers altcoin pairs and high leverages. So I didn’t bother.

It doesn't seem like BaseFEX is US-friendly either. They might allow US-based IP addresses but this is posted on their registration page:


Back to square one? :-\

Volume on Kumex's XBTUSDM contract isn't great yet, and I think that's their only market for now after launching a few weeks ago. They appear to allow US residents.

I was going to pm as I'm not sure on this one but I was checking cex.io yesterday and they offer up to 10x leverage trading so it might be one to look at (I have no idea if they accept us customers though)...

1. HK is its own jurisdiction and bybit does not base in HK either. Bybit primarily base in Shanghai, China, according to my linkedin research.

2. This convenient ‘Chinese government volitable about crypto’ excuse is completely out of touch with reality whatsoever. These days the Chinese authority sees cryptocurrencies in a positive light.

Many things in China started as a grey area, but once it brings benefits, be it social stability or employment rate, the authority will happily accept it, and even support it. Crypto, as my Chinese friend believes, is getting to this 2nd stage. Don’t you know that the People’s Bank of China has a Digital Currency Research Lab and is about to introduce the first central-bank-backed cryptocurrency?

Even during that 2017 crackdown, many legitimate crypto teams just moved their business registration to somewhere offshore, while the majority of their Chinese operation remained intact. Huobi is still there. OKex is still there. Kucoin is still there. The crypto industry is still there and vividly alive.

3. So why would small-time bybit worry about getting arrested and therefore choose to misrepresent themselves?

It probably has nothing to do with any local regulation, and has everything to do with their real plan. My Chinese friend confirmed bybit has almost zero Chinese customer base, which I also confirmed on Similarweb. Now I feel it all adds up - they are afraid of being prosecuted like some of their exit scam precursors e.g. PlusToken, EtherDelta and HeroChain, if they have many local Chinese victims. So they made the deliberate decision to scam people from other countries that the Chinese authority can not care less lol.

Source:
https://www.coindesk.com/cryptocurrency-in-china-over-the-counter-under-the-table
https://www.coindesk.com/is-chinas-digital-fiat-a-cryptocurrency-heres-what-we-know

The core of this series of ‘no American allowed’ events is the fact that SEC and CFTC think any futures exchange operating outside US shall not be allowed to accommodate US residents. In their eyes, this market can only be reserved for regulated, taxable US companies such as CBOE. I figure IRS will also have access to all the KYC info as well as all the trading records.

So it is not about who says what in their TOS because under US law they all should ban US traders. They just put things there to please US regulators who are fond of long-arm jurisdiction. However, in reality, they may unspokenly welcome US traders. What really matters here is how much risk they are willing to take, and withstand pressure from US regulators.

I can say from my own experience that BaseFEX doesn’t ban US traders atm regardless of what they say in their TOS, and I learned from friends that KuMEX neither does but liquidity isn't good there. And correction on my previous comment: Deribit now bans US IPs.

No doubt, I've been trading from the US on a number of platforms where I'm technically banned. Bitmex and all these derivatives exchanges know they are tempting the CFTC to crawl up their ass if they aren't careful. In fact, the CFTC is already investigating Bitmex (https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades) for allowing Americans.

Even those who are tacitly allowing US traders right now should be expected to clamp down more in the future in this environment. I just don't want to get my funds frozen. My biggest worry is that non-KYC exchanges will eventually begin banning VPN usage. That'll be the end of all these shenanigans for us Americans.

Kumex has definitely been disappointing. Hopefully they (and Kucoin) see an influx of volume when Binance formally bans US traders next month, but I'm not sure whether that'll really happen.

Bybit (https://www.bybit.com/app/register?ref=pkoz6) is superior to Bitmex in a lot of ways (order submission, customer support, etc.) though if your main purpose is to avoid the region ban, not going to make any difference.

I believe Kraken offers margin trading for US residents, no? Bitmax is worth a shot as well, though hasn't been around as long so doesn't have quite the same track record.

Leverage is capped at 5x and requires KYC. It's the best "legit" option we have, but it's no replacement for Bitmex or Deribit.


It looks like the maximum leverage is 10x (which is okay for me) but liquidity is really bad. Check out this wick down to the $8,000s a few days ago: https://bitcointalk.org/index.php?topic=5178197.0

I wouldn't recommend margin trading with such thin order books. Same problem at Kumex......only safe for really small positions.

The crypto exchange you are looking for is non-existent in your case. That's why we are already seeing a lot of crypto exchanges pulling out of their U.S. operations as they are not allowed to operate their exchange internationally without the U.S. approving it like Binance voluntarily suspending their operations in that country, the ones who are cleared to run their operations in the U.S. are required to ask KYC from their clients as part of their requirements issued by the SEC. It's either sacrifice your non KYC requirement or don't really be involve in leverage trading at all.

Agreed, but at this point the options are:

1) Go with Kraken, do KYC
2) Use a VPN, use Bitmex or ByBit
3) The only alternatives are less established which by default means order books are going to be thinner

Paid shill alert. 'cryptoadvocate' consciously embedded a bybit referral link while bashing other exchanges and intentionally neglecting Deribit that has much better track record and thicker order book. That ‘pkoz6’ in the link is probably his/her bybit id.
Bybit should be called shill-bit instead.

What do you think of this exchange - bitfinex? Can this be used as an alternative that the topic starter is looking for? Here https://revain.org/exchanges/bitfinex in the reviews write that KYC is not required, if prefer cryptocurrency trading. Is this really so? It is difficult to find exchanges without KYC or there are restrictions on the deposit now.

This is their FAQ about verification: https://support.bitfinex.com/hc/en-us/articles/115003424209-Verification-Frequently-Asked-Questions

If you deposit/withdraw crypto only, you can trade and lend without KYC. If you deposit/withdraw fiat money (or stablecoins like USDT), KYC is required. Keep this little tidbit in mind though:


They began exercising that right earlier this year so be careful!
https://www.reddit.com/r/bitfinex/comments/by15zs/bitfinex_is_locking_accounts/
https://www.reddit.com/r/bitfinex/comments/bzeh9t/warning_bitfinex_kyc_scam_is_in_full_play/

Thanks a lot. 3.3x is way below my range of needs so never considered Bitfinex in the first place. So was Binance.

Update regarding my experience on BaseFEX:
I have been trading there for a week. With $700 BTC deposit, I ended up $1600 BTC in my balance before my withdrawal yesterday. I trade exclusively on their BTC pairs.

The liquidity is way better than I thought. I can have my orders fulfilled or taken most of the time. I also began to develop some familiarity with their interface that I had criticized about. Their API is neat and comprehensive, pretty easy to integrate with my tools.

I trade a lot during the period of volatility. Some exchanges of even longer history often have the server overwhelmed(such as BitMEX) or error out(such as Deribit as I heard) during these times. BaseFEX is an exception, as I hoped, not much difference when the volume is up. I was told by the support that their backend is built and maintained by some former Huobi and OKEX engineers so I guess it's worth the trading fees I pay. I know it could be just that they haven't got to the overwhelming volume yet, but from where I can see they still have a long way to go to get there so I say this smoothness will be pretty much the case for a year or so.

I also got the feeling that they don't do inside jobs, at least not at this moment. I mean BitMEX is known for counter trading traders even though they never admitted it but they make you 'Order Submission Error' when you are close to liquidation. BaseFEX has very similar liquidation and ADL policies, BUT, a HUGE BUT here, no 'Order Submission Error' when I closed my position right before liquidation.
I also don't think they have insider traders that feeling I always got on BitMEX.

I'd also like to comment on BaseFEX's app. It is very fast and neatly designed! It is very useful and offers the same features as the desktop version. I mean I don't trade on app in general, but it is nice that I can manually close a position to prevent liquidation when I am outside.

I feel I am converted. Seriously considering relocating parts of my trading activities to BaseFEX.

Hopefully they justify my trust.

 

You're in the US, right? I assume you are trading through VPN? Sounds like there were no issues with getting your IP address flagged by BaseFEX, or server lag?

Let us know if you run into any concerns/problems. I'm all about having more options as far as trading platforms. Their fees aren't quite as competitive as Bitmex, but if the UI and order matching engine is decent then I'm interested. Bitmex server performance under load is disappointing, and now that the US authorities are digging into them, they are getting less attractive.

No I have been using US IP addresses all along and nothing bad happened. The response time has been fast for both desktop and app.
I think either they don't do anything special to US IP addresses, or they simply don't tag IP locations. My best guess is, as a China-based exchange, they might simply be less concerned about CFTC investigations.
Their engine is definitely strong. As for the interface, different people have different views. For me it took me time to get used to but once I got there, it turned out to be efficient.

I think OKEx is suitable for you. You just need to pass KYC1 which is very simple (only provide your name and ID number), then you can try Perpeptual Swap with 100x leverage. They currently is top 2 exchange, and high volume trading. They have a complete Futures trading system, you should try it :)

OKEx banned US residents too. Level 1 verification requires your nationality and passport number, which means providing fake information......no thanks. I've also heard some reports of OKEx/Okcoin users being forced to complete Level 2 verification. Plus the liquidity isn't even that good; OKEx is notorious for fake volume. (https://cryptobriefing.com/okex-wash-trading/)

My preference is for a derivatives platform that has no established KYC process whatsoever. So Bitmex or Deribit > OKEx.

You can use it at Bitmax or Binance. but you really need to have a KYC, because when you are having trouble trading or encounter some technical errors, they can support you very quickly if you already have KYC.
I used to trade without kyc, when it was difficult to trade, the team needed to confirm a lot of things and it took more than 1 week to process them all. Really very inconvenient.

Oh i don't have problem with my KYC level 1, maybe you was forced to pass KYC2 when you need a higher withdraw limit.
But I have another option for you, a derivatives exchange: https://www.emx.com/en/
They have a diverse and complex trading ecosystem with a variety of assets, and are designed for pro traders. The project has received many positive projects, and I am also looking into it.

Bybit (https://www.bybit.com)
Deribit (https://www.deribit.com)
PrimeXBT (https://www.primexbt.com)

Just choose which one fits you.

I was looking forward to using bybit recently but saw a couple of scam accusations against it( can seem to locate the threads right now). Is there anybody here who has ever used it hands on.(i mean depositing, trading and withdrawing successfully without any challenges at all)

I traded on bybit months ago. My profitable position was mysteriously closed without me even knowing it. It wasn’t a huge amount but I still decided to migrate out of it.

Bybit isn’t an average scam exchange. It is a well-designed, sophisticated one that manipulates trades and the market for their own illegitimate profits, but they do that in a pretty hideous way. In the system, they set unpublished, secret rules that are unfair to users and favorable to themselves, such as forcefully closing a user’s profitable position. And these are not something you will immediately realize in the first couple days of trading.

And they have people on every corner of crypto community actively promoting them. When you look deeper into the way they say things, however, you will realize they probably have no idea what futures trading is at all.

But still, if there are any questions raised by real users who speak out against these secret rules, these shillers will raise their voice to drown out the user questions.

There are a few legitimate futures exchanges out there. Some have been mentioned here in this post.

Regarding Bybit, you may also want to read this one: https://bitcointalk.org/index.php?topic=5170709.0

I will NEVER consider a KYC-requiring exchange as long as legit alternatives like BaseFEX are available.

In fact, I don't trust KYC conducted by cryptocurrency exchanges at all. Even Binance was recently hacked and thousands of KYC info including user id, selfie, name, email address, or maybe even physical address are currently being listed for sale on the dark web as we speak.

I mean, if you like to trade your own financial security for some short time convenience, that's your own business. But please don't attempt to convince me here because I’ve learned my lesson the hard way.

A few years back, I had $5000 scammed off my credit card in Luxembourg despite I never set foot there for my entire life. And the goddamn bank still wanted me to pay for it. And you know what's the source of the leak? Amazon! Yes, THE Amazon.com!

Now, try to say it again that you feel comfortable entrusting your personal financial security to Binance, or even ‘Bitmax’? Do you plan to tell me this ‘Bitmax’ has better cybersecurity than Amazon?

But almost exchanges now require KYC for users, or you can only withdraw a very limited amount if you do not proceed with KYC. Yes, it'll not problem if you don't trade much. But if you invest a lot in crypto, that's a must. DEX is an alternative but it lacks variety and liquidity.

There are still options that are pretty liquid. BaseFEX doesn't have any KYC process at all as he mentioned. Deribit and Bitmex have no regular KYC process either. It only happens when they flag your account for suspected terms violations, which appears to be rare.

Binance and Kucoin still have their 2 BTC daily withdrawal limit for unverified users too. That's more than $20K allowed per day. I wouldn't call that "a very limited amount." That's more than enough for most traders around here, especially considering that it's wise to spread funds around to multiple exchanges. Having all your eggs in one basket (in case of hack or exit scam) is never wise.

He makes a damn good point about data protection. That's the #1 reason I avoid KYC.

Hi!

Are you looking bitmex alternatives for futures? Or perpetual swaps? Or options? Or only margin trading (spot markets)?

You can see all of derivative exchanges and it's turnover, products and much more: ContractMarketCap (https://test.contractmarketcap.com/exchangestat.html).  With my team, we created world's first derivative market data tracker. You may choose preferreble exchange. based on our data.

For examples: exchanges by 24h volume
https://contractmarketcap.com/images/exchanges_stats.png

As you see, BitMEX only at Top-3. And Quedex has the lowest turnover (~300K/24h). Deribit sounds good and up to 10x more volumes.

But if you interest trading not only BTC or only top-5 coins, maybe you check Delta Exchange, Gate.io or FTX?

Thanks for this, bookmarked for future reference. Do you do anything to address questionable/fake volumes? Huobi and OKex are the fake volume masters, so it's not surprising to see them at the very top.

Lot of thanks!

Yes, we think about this, after launch platform 2.0 with full realtime data. There are still many open questions about the methodology, given the complexity of the products traded - this is more false than in the spot market. We will work on it.

some interesting bedtime reading about basefex: https://bitcointalk.org/index.php?topic=5160738

TL;DR basefex faked volume using using real market orders with their own money. a trader figured out their algo and made 11+ BTC profit gaming it. basefex caught him, banned his accounts and froze the money he hadn't withdrawn yet. then they made up some story about how he DDOS attacked them.

so i'm not sure how "legit" they are. they seem really amateur. exchanges like this are liable to exit scam. not necessarily because they are malicious but because they are small-time and incompetent.

This exchange is less well known so traders don't want to see it, and only limited coins are there.

Because they are new exchanges, I believe that there lot of new traders migrating from Bitmex or other margin exchanges to these exchanges like Deribit and Bybit.
I also know some people hate Bitmex because of their KYC, some of them are surprised why they tagged that they are living in the US while they are not.

Ironically I feel more favorable towards Basefex after reading that entire post. It is actually good to know their incapabilities in internal market making and were burnt by that, thus they are unlikely to attempt to do that again.

And if they do that again, still, that’s another wonderful chance for traders like me to take advantage of the platform. Even the dude complaining made big bucks from it, am I right?

(Sophisticated) internal market making gives a platform strong incentives to trade against traders, which is what everyone suspect Bitmex has been doing.

The real question is, do you want to put your money in scam-capable exchange or an exchange that is incapable of internal trading scams at all?

I will pick the second one.

I know this is pathetic. But the market calls for more naive fools than clever cons…

Deribit is awesome I had used it before. If KYC is the only issue for you then why do not you try Binance <2BTC there is no KYC required. They are many such platforms which allows traders to trade without KYC like Changelly, CoinSwitch etc.,