BitMEX alternatives?

[rose9696]

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

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.

[1715085068]

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[1715085068]

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[yangongear]

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

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.

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

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.

[stomachgrowls]

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

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

Just choose which one fits you.

[logfiles]

Bybit (https://www.bybit.com)

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)

[RodneyKings]

Bybit (https://www.bybit.com)

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

[300pips]

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

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.

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?

[yangongear]

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.

[exstasie]

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.

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.

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.

[indexprotocol]

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.  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


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?

[exstasie]

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

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.

[indexprotocol]

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.

[figmentofmyass]

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

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.

[Fesatmas]

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

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

Just choose which one fits you.

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

[GreatArkansas]

Bybit (https://www.bybit.com)
Deribit (https://www.deribit.com)
PrimeXBT (https://www.primexbt.com)
Just choose which one fits you.

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.

[Dyn@styN3rd]

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

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

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…

[Rose_btc]

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.,