Deribit Review 2023 - Is It Safe?
Deribit is a Netherlands-based cryptocurrency exchange platform that has been around since 2016. Its primary focus is on providing futures and options trading for Bitcoin and Ethereum, and it has become one of the most popular platforms for this kind of trading. In this review, we will take a closer look at the features, trading options, security, and fees of Deribit.
Trading Options
Deribit specializes in futures and options trading, with a particular focus on Bitcoin and Ethereum. Users can trade on Deribit in the following ways:
Futures Trading: Deribit allows traders to trade futures contracts for both Bitcoin and Ethereum. These contracts have an expiration date and are settled in BTC or ETH. Traders can take either long or short positions, and can leverage their trades up to 100x.
Options Trading: Deribit also allows users to trade options on Bitcoin and Ethereum. Options contracts give traders the right to buy or sell an asset at a predetermined price and date, and are settled in BTC or ETH. Deribit offers both European and American style options, and traders can also leverage their trades up to 10x.
Perpetual Contracts: Deribit also offers perpetual contracts for Bitcoin and Ethereum. These are similar to futures contracts, but have no expiration date. Traders can leverage their trades up to 100x.
Fees
The fees for trading on Deribit are relatively low, especially for futures and options trading. The platform charges a maker fee of 0.02% and a taker fee of 0.05% for futures contracts, and a maker fee of 0.04% and a taker fee of 0.05% for options contracts. Perpetual contracts have a maker fee of -0.025% and a taker fee of 0.075%.
Security
Deribit has implemented several measures to ensure the security of its users' funds. The platform uses cold storage to store the majority of its users' funds, which makes it much harder for hackers to steal them. Deribit also employs two-factor authentication and requires users to set up a personal key that must be used to withdraw funds.
User Interface
Deribit's user interface is straightforward and easy to use, which makes it ideal for both beginners and experienced traders. The platform provides all the necessary tools to conduct trades, including charts, order books, and order types.
Customer Support
Deribit has an excellent customer support team that is available 24/7 via email and chat. The team is highly knowledgeable and can assist users with any issues they may encounter on the platform.
Conclusion:
Deribit is a popular and highly reputable platform for futures and options trading. Its low fees, excellent security, and user-friendly interface make it an ideal platform for both beginner and experienced traders. Its focus on Bitcoin and Ethereum futures and options trading also makes it an attractive platform for those interested in cryptocurrency trading. Overall, Deribit is a highly recommended platform for anyone looking to get involved in cryptocurrency futures and options trading.
From time to time, difficulties arise with the withdrawal of funds, and this is upsetting. Support helps me out, but it can't last forever.
