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Deribit is a crypto futures and options exchange that was started in 2016. They are perhaps best known for being one of the only retail Bitcoin option exchanges currently on the market.
They have a range of instruments that you can trade on their platform including options with a number of different expiries, futures and perpetual futures. Leverage on the exchange goes all the way up to 100x.
Currently, the exchange only has instruments on Bitcoin.
In terms of security, they have not suffered any hacks and appear to have pretty standard security procedures. These include the likes of effective cold storage management as well as risk mitigation techniques. They also operate an insurance fund that covers traders in a shortfall.
Due to the fact that this is a futures and options exchange, they have a pretty complicated fee structure. They have trading fees, liquidation fees, funding fees etc. Looking at the trading fees, they operate a maker / taker fee model that will reward market makers and charge a fee to those that take liquidity. These range from 0.075% fee and a 0.025% rebate.
Liquidation fees are charged across the board at 0.15%. Liquidation is done through the use of the Deribit Liquidation engine that is quite effective.
Deribit also has their “testnet” which will allow traders to practice their trading skills and algorithms with demo funds before they actually invest any funds. The demo fund comes with 10BTC.
Deribit is a crypto only exchange which means that you cannot fund in Fiat. You will have to first get your hands on some Bitcoin through a fiat gateway exchange before you can trade here.
However, they make up for the lack of Fiat funding with their fully anonymous accounts. You do not have to complete any sort of KYC on this exchange in order to start trading.
Taking a look at the trading platform, Deribit seems to operate a pretty advanced platform. They will have a different platform for their futures and their option markets. You can toggle between these different markets on the exchange.
There is also a mobile application that will allow those of you who are on the go to trade effectively. Moreover, for those developers among you, there is an advanced API that can execute programmatic trading for you.
In conclusion, Deribit seems to be a pretty advanced exchange with a range of instruments that could satisfy most traders. They are also the only retail exchange that you can currently trade Bitcoin options.
If you are going to be trading on Deribit, make sure to practice risk management!
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