As the popularity of cryptocurrencies grew, traders inevitably wanted more ways to trade cryptocurrencies and grow their portfolios. Futures contracts emerged from these wants, and were later modernized and adapted to the crypto markets through perpetual futures, without an expiry.
These days, most modern exchanges offer futures trading. However, each product has certain unique characteristics. In this article we’ll explore the top crypto futures trading platforms available today, comparing the cryptocurrencies supported, leverage, fees, and customer support.
Understanding crypto futures trading
Futures are an important part of financial markets. In spot markets, traders can buy and sell cryptocurrencies at a desired price. If the price is filled, delivery of the assets happens immediately. However, futures contracts are agreements to buy or sell cryptocurrencies at a predetermined price and at a specified time.
Crypto exchanges have gone one step further with perpetual futures contracts. This option doesn't have an expiration date, and the trade can be held indefinitely without the asset being delivered. A funding rate is applied to keep the futures price close to the spot market prices. If the price is higher or lower than the spot market price, the funding rate incentivises traders to take positions on the opposite side of the market. More than $100 billion is traded daily on the crypto perpetual futures market.
Top crypto futures trading platforms
1. OKX
OKX is a leading cryptocurrency exchange for cryptocurrency futures, trusted by more than 20 million users in over 180 regions globally. Our users can trade futures with up to 100x leverage across a wide range of supported cryptocurrencies. On top of perpetual futures, we also offer delivery futures contracts up to six months in the future.
We’ve designed our platform to provide a seamless trading experience for both beginners and experienced traders. The platform also has built-in support for futures grid, futures DCA, signal bots, trading bots, and advanced order types.
Supported cryptocurrencies: It supports perpetual futures contracts for 163 cryptocurrencies and regular futures contracts for 6 major cryptocurrencies, including Bitcoin and Ethereum, across various expiry dates.
Leverage: Up to 100x
Fees: Start at a 0.02% maker fee and a 0.05% taker fee for new users.
Customer Support: A comprehensive support center with 24/7 live chat function.
Pros:
Caters to both beginners and experienced traders.
OKX has high liquidity as one of the top cryptocurrency exchanges.
A wide range of trading options include 100x leverage, bot support, delivery futures contracts, and more.
Strong focus on security and transparency with monthly Proof of Reserves (PoR) reports.
Cons:
The tiered fee structure can be complex for new traders.
OKX is restricted in some regions.
2. Binance
Binance is a widely recognized cryptocurrency exchange, which means it has good liquidity and support for futures trading. However, there’s relatively limited support for delivery futures contracts. This trading option is only available for Bitcoin and Ethereum, and for two time periods. Binance supports over 300 futures pairs and offers leverage of up to 125x with competitive fees.
Supported cryptocurrencies: 300+ futures pairs.
Leverage: Up to 125x.
Fees: 0.02% maker fee and 0.05% taker fee for regular users without using BNB for discount.
Customer support: Reportedly slow customer support.
Pros:
Good liquidity for futures trading.
User-friendly platform and security features.
Trading fee discount for users who pay with BNB.
Cons:
Binance has hit regulatory roadblocks in multiple countries, which could be a risk for users.
3. MEXC
MEXC is a cryptocurrency exchange known for its futures trading features. It offers up to 200x leverage — one of the highest in the industry. Meanwhile, the platform has a low 0% maker fee and 0.01% taker fee for futures market.
Supported cryptocurrencies: 200+, including newer cryptocurrencies.
Leverage: 200x.
Fees: 0% maker fee, 0.01% taker fee.
Customer support: 24x7 live chat support.
Pros:
200x leverage, which is among the highest in the industry today.
Competitive fees.
Cons:
High withdrawal fees compared to other exchanges.
Only GBP, USD, and EUR supported.
Restricted in the U.S. and other countries.
Customer support is sometimes lacking. Customers have reported difficulties in making withdrawals.
4. Bybit
Bybit offers a wide selection of cryptocurrencies for futures trading and six-month delivery contracts for Bitcoin and Ethereum. With reasonable fees, good trading tools, and liquidity, Bybit is a popular choice for futures traders.
Supported cryptocurrencies: 100+ cryptocurrencies supported.
Leverage: Up to 125x.
Fees: Start at a 0.055% taker fee and a 0.02% maker fee
Customer support: Email and live chat.
Pros:
Supports advanced trading tools for experienced traders.
Good leverage and liquidity.
Cons:
Delivery futures offering is only available for Bitcoin and Ethereum.
Restricted in certain regions.
5. Kraken
Established in 2011, Kraken is the oldest cryptocurrency exchange on this list with a well-established history. However, the exchange lacks some features. It has limited cryptocurrency support for futures trading and offers leverage only up to 50x. The exchange has wide availability, including in most U.S. states.
Supported cryptocurrencies: Less than 100 cryptocurrencies listed.
Leverage: 50x.
Fees: Start at a 0.02% maker fee and a 0.05% taker fee.
Customer support: Good customer support, including 24/7 live chat, email, and phone.
Pros:
Long history as a reliable cryptocurrency exchange.
Good customer service.
Cons:
Low leverage and fewer cryptocurrencies supported when compared to other exchanges.
Slow identity verification process for some users.
How to choose the right crypto futures platform
Choosing the right cryptocurrency exchange for futures trading is fundamental to meeting your goals. Consider the following characteristics when selecting an exchange for trading crypto futures.
Liquidity: Liquidity is one of the most important requirements for any cryptocurrency exchange, and it’s even more critical for futures trading. Exchanges with low liquidity could present significant price deviations when compared to the wider market.
Leverage: The best cryptocurrency exchanges offer high leverage. Although leverage can significantly increase potential gains, it also raises the risk of larger losses.
Cryptocurrencies listed and trading pairs: While most cryptocurrency exchanges typically list the most popular cryptocurrencies, only a few can offer less popular altcoins with adequate liquidity. With more cryptocurrencies available, traders have greater opportunities to make gains.
Futures types: Perpetual futures swaps, which are unique to the cryptocurrency market, are convenient to trade and have no expiry date. However, only certain exchanges support the delivery of conventional futures with expiration dates. So, if you’re looking to trade such futures, make sure the exchange supports them.
Fees: Exchange fees may initially seem small. However, they can quickly add up if you regularly trade with leverage. That’s why it's important to compare fees between exchanges. Some exchanges also have a tiered fee system, where the fee charged is based on your trading volume.
Security: The best cryptocurrency exchanges take security and reputation seriously. This includes publishing regular reports of the reserves held and creating insurance funds.
User interface: A solid user experience is another essential factor for trading crypto futures. Look for exchanges with a clear trading interface that's accessible everywhere.
Trading tools: Most cryptocurrency exchanges differentiate themselves through the trading tools offered. If you want to step up your trading beyond the basics, look for exchanges that offer bots and advanced order types.
Customer support: Finally, customer support is crucial to any cryptocurrency exchange. Round-the-clock support is essential given that crypto markets never close. Only some exchanges offer phone support, but a fast and intelligent chat function should be enough.
The final word
There’s boundless opportunity while trading crypto futures, and the first step in that journey is choosing the right exchange. When comparing futures trading on multiple exchanges, keep in mind that each has their own pros and cons.
If you’re interested in choosing OKX, check out our guide to futures trading on OKX and also explore the best crypto futures strategies. Meanwhile, we’ve put together helpful resources on making gains from futures spreads and futures spread trading on OKX liquid marketplace.
Remember: for the best chance of success with futures trading, it’s wise to have a solid plan and to execute it with discipline. This includes formulating risk management techniques you’re comfortable with, and always completing ample research before committing any funds.
© 2024 OKX. Có thể sao chép hoặc phân phối toàn bộ bài viết này, hoặc dùng đoạn trích từ 100 từ trở xuống trong bài viết này, cho mục đích phi thương mại. Mọi hành vi sao chép hoặc phân phối toàn bộ bài viết đều cần nêu rõ: "Bài viết này thuộc bản quyền của © 2024 OKX và được sử dụng với sự cho phép". Các đoạn trích hợp lệ phải trích dẫn tên của bài viết và đưa phần ghi công vào, ví dụ: "Tên Bài viết, [tên tác giả nếu có], © 2024 OKX". Không được tạo tác phẩm phái sinh hay dùng bài viết này cho mục đích khác.
