BiTMEX drama + Deribit VS BitMEX no bullshit comparison.
What’s up, my friends.
TraderTyler here about to uncover some bull.
With all the recent drama between BitMEX and crypto manipulation I think it’s time to switch exchanges.
Personally I don’t want to trade on an exchange that’s ‘Number 1’ in being affiliated with Pumps and Dumps together with manipulating price into liquidating shorts or longs depending on the market situation.
Register on Deribit now with 10% off fees using the GetGood affiliate link.
Before diving into the comparison let’s bring to light what BitMEX has been doing recently.
August 22nd , 01:00 UTC — BTC Pumping 10% soon as BitMEX resumes trading
Same day…
August 22nd , 15:46 UTC — BTC Dumping 5% soon as BitMEX encounters an alleged ‘DDOS’ attack.
This is just ONE case study showcases by these screenshots I took recently of the fishy price action happening whilst BitMEX is ‘under maintenance’
I recommend everyone to take a look at the following video which goes in-depth displaying NUMEROUS cases with similar ‘DDOS’ attacks and scenarios where they go into ‘maintenance’ only for the price to pump or dump whilst liquidating a large number of innocent traders.
This shit goes to 2017 and further back.
Author of the video is @Bitraged on Twitter.
With the drama now out the way, let’s simply move our BTC to safer, more secure exchanges like Deribit.
What Deribit has that BitMEX doesn’t:
- ZERO downtime. You can login anytime.
- LOWER FEES.
- Lightning fast API, much faster execution of trades. Meaning you can jump on the bandwagon during erratic price action.
- System is never ‘overloaded’ during pumps or dumps.
- Cross trading with 50x max leverage.
Deribit VS BitMEX
1. Fees
BitMEX: Perpetual Contract (XBT) 100x
Taker Fee: 0.075%
Maker Fee: -0.025%
Deribit: Perpetual contract (BTC)
Taker Fee: 0.05%
Maker Fee: -0.02%
Deribit is 30%~ cheaper in accumulative fees.
2. Leverage
Whilst BitMEX provides Isolated and Cross margin trading, Deribit only provides Cross margin trading.
The difference between Isolated and Cross is the following:
Isolated — A percentage of your portfolio is isolated and used as collateral with which you pay BitMEX in case you get liquidated. Isolated margin goes from anything above 1x to 100x leverage.
Cross — Your whole portfolio is used as collateral in case you get liquidated but you can use ANY position size with this leverage.
In my opinion Cross has always been the way to go and with Deribit having it automatically on it just means that the maximum position size for you will always be 50x of your entire portfolio.
3.User interface
BitMEX prevails in the category of user interface, in the end UI comes down to preference but being able to drag and drop orders around the chart is something most traders are used to.
I found it annoying I can’t immediately close the position on Deribit, if I was long I had to close the entire position by going short. On BitMEX I can easily click ‘close’ and be done with it.
BitMEX:
- Drag and drop trades on the live chart.
- You can edit your layout to your preferences.
- Immediately edit and close positions.
Deribit:
- Can’t drag and drop trades.
- Compared to BitMEX you have to click around much more to edit positions and add new ones.
4. Products
BitMEX: XBT Futures, XBT Perpetual, ETH Futures, ETH Perpetual, LTC Futures, XRP Futures, TRX Futures, EOS Futures, ADA Futures, Bcash Futures.
Deribit: BTC Futures, BTC Perpetual — Soon adding ETH Perpetual.
5. Conclusion
Deribit is lightning fast, has no downtimes and doesn’t do any shady shit like BitMEX does. Even so, BitMEX for me personally still has a better UI for trading and has more products such as the altcoins to trade with which provide more trading opportunites during the day.
What Deribit needs to become the top exchange:
- A cleaner, simpler UI with everything in one place.
- Drag and drop trades, faster edits for trades.
- Close positions with one click.
- More products to trade with though this isn’t necessarily the priority right now.
Personally I’m still trading 80% of my time on BitMEX but am slowly moving the 20% to Deribit.
I’ll leave you all with some words from the CEO of BitMEX.
Register on Deribit now with 10% off fees using the GetGood affiliate link.
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