As of August 2, 2022, French Binance users will no longer be able to use cryptocurrency derivatives: futures, leverage, tokenized shares, etc. What are the alternatives? On which platforms can you use these financial products?
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Where to trade cryptocurrency futures?
As of August 2, 2022, French Binance users can no longer use leverage on the cryptocurrency platform. While Binance is the industry leader in France, many futures traders are looking for an alternative.
Futures are complex financial instruments, which allow you to bet on the increase or decrease in the price of a cryptocurrency, usually by adding leverage.
The future is part of large group of cryptocurrency derivativeswhich also includes tokenized shares or leveraged tokens.
💡 Before proceeding, know that Using leverage is risky, and that many investors have lost all their funds due to misunderstanding this mechanism. Yes, the potential profits can be significant, but so are the losses. Read our how-to article to learn more.
At the time of writing these lines, even if you live in France, know that you have every right to face the future. AMF measures are only related to the platforms themselves.
This decision by Binance is not the result of coincidence, and is a direct result of the company’s registration as a PSAN with the Autorité des marchés financiers (AMF).
If you are interested in futures trading, many other platforms offer cryptocurrency futures tradingbut others stand out because of their reputation, their liquidity or the number of cryptocurrencies offered.
Here are 3 platforms we suggest if you want to use cryptocurrency derivatives.
Bybit: the most suitable exchange for new traders
A platform suitable for beginners, but which will also delight the most experienced traders, Bybit offers more than 150 cryptocurrency futures contracts, with large volumes.
Bybit is different from other platforms by its ease of usethanks especially for the very valuable features that are rare in the competition, including:
- add orders with a mouse click on the chart;
- change his orders (stop loss and take profit) with his mouse on the chart.
Bybit’s default fee is 0.01% for maker type orders and on 0.075% for taker type orders. Depending on the amount in your Bybit wallet and the volume of your transaction, it is possible to be exempt from fees on maker-type orders.
In addition to cryptocurrency futures, Bybit offers several services: launchpad, launchpool, copy trading, NFTs marketplace, options, and of course spot market.
All details about the fees applied by Bybit can be found on this page.
👉Consult our presentation and our opinion on Bybit
FTX: the platform for pros
A platform more suitable for traders who are already used to futures, FTX offers many different futures contracts, and not only in cryptocurrencies. The platform is now one of the leaders in the sector, and has significant liquidity.
In addition to cryptocurrency futures, it is possible on FTX to trade leveraged tokens and tokenized stocks. There is also a market in the area.
Regarding the fees applied by the platform, it is a function of 2 factors: the monthly number of the user and the number of FTT tokens he owns.
The default charges are 0.02% for maker type ordersand on 0.070% for taker type orders. By staking 25 FTT on the platform, ie almost 800 dollars at the time of writing these lines, Maker type orders do not incur a fee.
To learn more about FTX fees, visit this page.
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Crypto.com: a complete ecosystem
A well-known platform for its crypto-card and mobile application, Crypto.com also offers cryptocurrency futures.
At Crypto.com, futures trading fees decrease proportionally to the user’s monthly transaction volume, but also according to the number of CRO tokens staked.
The default fees are 0.05% for maker type orders and 0.07% for taker type orders. Full Crypto.com fee details are on this page.
Although the fee is more expensive than its competitors, Crypto.com offers a complete ecosystem of solutions for investing in cryptocurrencies. The platform obviously offers a spot market, but also a trading bot, CRO token staking, yield farming and even instant loans covered by cryptocurrencies.
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