Since August 2, 2022, French Binance users can no longer use cryptocurrency derivatives: futures, leverage, tokenized shares, etc. What are the alternatives ? On which platforms can you use these financial products?
Where to trade with cryptocurrency futures?
Since August 2, 2022, French Binance users can no longer use leverage on the cryptocurrency platform. While Binance was 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 rise or fall in the price of a cryptocurrency, most often by adding leverage.
Futures are part of the large group of cryptocurrency derivativeswhich also includes tokenized shares or leveraged tokens.
💡 Before going any further, know that using leverage is risky, and that many investors lose all of their funds because of a misunderstanding of this mechanism. Yes, the potential gains can be significant, but so are the losses. Read our article on how leverage works to learn more.
At the time of writing these lines, even if you live in France, know that you have every right to deal in futures. The AMF measures only concern the platforms themselves.
This decision by Binance is not the result of chance, and is the direct consequence 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 to trade cryptocurrency futuresbut some stand out thanks to 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 relatively large volumes.
Bybit stands out from other platforms by its ease of usethanks in particular to very valuable features that are rather rare in the competition, including:
- add orders with a single 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 of 0.075% for taker type orders. Depending on the amount contained in your Bybit wallet and your transaction volume, it is possible to be exempt from fees on maker-type orders.
In addition to cryptocurrency futures, Bybit offers a multitude of services: launchpad, launchpool, copy trading, NFTs marketplace, options, and of course spot market.
All details regarding the fees applied by Bybit can be seen on this page.
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👉Consult our presentation and our opinion on Bybit
FTX: the platform for pros
A platform more suitable for traders 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. A spot market is also available.
Regarding the fees applied by the platform, these are a function of 2 factors: the user’s monthly volume and the quantity of FTT tokens he owns.
Default charges are 0.02% for maker type ordersand of 0.070% for taker type orders. By staking 25 FTT on the platform, i.e. almost 800 dollars at the time of writing these lines, maker type orders are exempt from fees.
To learn more about FTX fees, visit this page.
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👉 Find our full review on FTX
Crypto.com: a complete ecosystem
A well-known platform for its crypto-card and mobile application, Crypto.com also offers cryptocurrency futures.
On Crypto.com, futures trading fees are proportionally decreasing to the user’s monthly transaction volume, but also according to the number of CRO tokens placed in staking.
Default charges are 0.05% for maker type orders and 0.07% for taker type orders. Full details on Crypto.com fees are on this page.
Although costlier in fees 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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