Top best BitMEX alternatives for leveraged trading in 2023

By | June 7, 2023

BitMEX is the largest and one of the best margin trading platforms globally. There are not many cryptocurrency trading exchanges like BitMEX that have served clients for over a decade. But still, we continue to see an urgency for BitMEX alternatives, curious to know the reason behind this I began researching the matter. 

In my findings I found that there are 4 major reasons why users look for BitMEX replacements, they are: 

  • System overload error
  • Price manipulation
  • Data leak
  • Email Leak

Further, I then continued my research to find the best BitMEX alternatives and these are the best exchanges in terms of trading volume, trading volumes, trading fees, and user handling.

Top best BitMEX alternatives: Quick Summary

The below table will give you a quick comparison of the trading fees of the best exchanges like BitMEX in this list. 

Cryptocurrency ExchangeTrading FeesRating
bybit0.025% + 0.075%4.5/5
FTX Exchange0.025% + 0.075%4.5/5
delta exchange0.02% + 0.05%4.5/5

BitMEX Alternatives: In-depth analysis


Bybit is the ideal alternative to Bitmex to solve the ‘system overload’ and downtime faced in Bitmex. It is one of the first cryptocurrency exchanges that introduced both crypto and traditional finance on the same platform.

Currently, Bybit is not available for US citizens but still maintains a larger trading volume than BitMEX. 

Based on Bybit’s track record of being a safe and efficient platform for trading crypto’s I can merit it with being a safe place to store your crypto holdings.

Top features of Bybit

  • Trading fees is fair and transparent
  • If you prefer reading crypto charts through TradingView charts and advanced tools
  • Adjustable take-profit and stop-loss prices on the chart
  • No price manipulation
  • Gives you the opportunity to participate in global trading competitions with massive prizes
  •  Safest exchange to paper trade with real crypto markets and prices
bybit interface

I would like to highlight two announcements made by Bybit which proves that it aims to be a direct BitMEX replacement.  1. It has vowed to bear the total cost of financial loss of every single user if there is any downtime or system error.

2. Through its revolutionary Matching Engine at 100,000 transactions per second that completes a trade every 10 microseconds  Bybit claims that it is almost impossible for the data of accounts and transactions to be compromised.

Delta Exchange

Delta Exchange is a cryptocurrency derivatives exchange that specializes in altcoins.  The exchange offers up to 100x leverage for Futures and Perpetual swaps on Altcoins and Bitcoin. Crypto investors from all over the world can register for an account on Delta Exchange. It is acknowledged as the first exchange globally to offer stablecoin-settled futures.

You can long/short altcoins like ATOM, MATIC, ENJ, EOS, XTZ, TOMO, LINK, RVN, and BAT on Delta Exchange. It is the first preference of crypto experts for trading altcoin derivatives. I believe this is because there are several perpetual swaps that are exclusively listed only in Delta Exchange. 

delta exchange

Top features of Delta Exchange

  • competitive trading fees and higher liquidity
  • Trading pairs of leading altcoins like Ethereum, EOS, ENJ, MATIC, XTZ, LINK, ATOM, Raven, and more.
  • The first exchange that starter offering Stablecoin Settled Contracts for users from all over the world.  
  • Users can trade perpetual contracts and crypto futures with over 100X leverage
  • The exchange allows  advanced orders

Delta Exchange is backed by an illustrious lineup of MNCs like Barclays, UBS, Citi, and Macquarie. That has a combined experience of decades in the cryptocurrency space. This Delta Exchange review will answer all your questions regarding the exchange.

Delta Exchange is known to store client funds in multi-signature wallets to provide enterprise-grade security which makes it a good alternative to BitMEX. The only aspect that I found rather surprising was that users cannot buy Bitcoin directly on Delta Exchange, but all trade profit and loss settle in Bitcoin on the exchange. Meaning a user will first have to make a BTC deposit before trading.

Prime XBT

Prime XBT is one of the first Bitcoin-based cryptocurrency trading exchanges where you use Bitcoin as collateral to trade in several markets like crypto currency, Forex (FX), indices, and commodities. Prime XBT also features an option to speculate on traditional financial products which is an upgrade from BitMEX.

Prime XBT is a good BitMEX alternative for traders who like to customize the charting interface. You can opt to display one or multiple price charts on a quad screen. For instance, traders can use the quad chart display to view multiple time frames simultaneously.

Top features of Prime XBT

  • Clients can earn Bitcoin by trading Forex (FX), indices, and commodities 
  • The trading fee is competitive and cheap
  • Features quad screen display
  • Clients can trade with leverage of almost 100X
  • It is available worldwide
  • You like fast, responsive, and smooth charting interfaces

Since its launch in 2018, Prime XBT is one of the few crypto exchanges that has managed to remain secure. Constant updates are an indication of an efficient trading platform for years to come. prime xbt chart

FTX  (Not Recommended)

FTX is a relatively new platform to enter into the market with a bold motto,” by traders, for traders.” The platform differentiates itself from its competitors by offering a wide variety of indices and leveraged tokens that can be traded on the futures or options market. 

While the daily average trading volume is smaller than competitors, the gap will not last for long. Through innovation, the platform offers new and exciting ways to invest and speculate on cryptocurrency that make it a better alternative to BitMEX.

ftx interface

Top features of FTX

  • Users can trade the world’s first cryptocurrency index futures and leverage tokens 
  • You can choose to settle trades with Stablecoins
  • The trading fees of FTX is competitive 
  • If you wish to replace BitMEX due to its downtime and ‘System overload’
  • Opportunity to featur on the FTX Leaderboard that is elusive to professional crypto traders
  • Allows high leverage trade of over 100X

A unique feature on FTX that BitMEX does not offer is the innovative assets that are available to FTX users. For instance, FTX offers Leveraged Tokens which are ERC20 tokens that have leveraged exposure already applied to cryptocurrency assets. You even get access to EFTs that have leveraged exposure to several existing and popular cryptocurrency assets. Additionally, there is no margin required for trading FTX Leverage Tokens. This FTX review will give you a more detailed insight into the exchange.  


This list would remain incomplete if I Ieft out the world’s largest exchange by trading volume. In my opinion, there is not any exchange that is better than Binance. Here you can trade with almost all crypto trading pairs at reasonable fees. Moreover, Binance has its own mobile app that is easy to use and can be used by beginners as well. But what really stands out for me is its responsive customer support that is almost nonexistent on BitMEX. 

Back in 2019, Binance announced that it has stopped new registrations for US-based citizens which was a minor setback for the exchange but it now seems to be back on track.

binance advanced trading

Binance has a better order entry window when I compared it with BitMEX. Binance users can trade in spot, futures, derivatives, and margin with a single registration. In its latest update, Binance has introduced Fiat trading as well which is currently not available on BitMEX. 

 Binance also offers a wider range of order types like market, limit, stop-limit and One-Cancel-Other (OCO). 

Top features of Binance

  • World’s largest exchange by trading volume
  • Allows Fiat trading
  • Users can invest in spot trading, margin trading, and derivatives
  • Has its own crypto token BNB

To sum it up, Binance is one of the safest cryptocurrencies available. It is centralized and looking at its trading volume I can say that the future is bright for Binance. You can go through this in-depth Binance review if you wish to learn more about this exchange.


I believe that BitMEX is fairly outdated and simply hasn’t been able to keep up with all the latest developments in the cryptocurrency industry. Exchanges like Binance and Huobi have made investing in cryptocurrency much more efficient. All indications show that users should switch to BitMEX alternatives for a safe crypto trading experience. 

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