Deribit review
If you want to invest in cryptocurrency you can do so using a broker. With a broker, you can easily buy Bitcoin or another cryptocurrency and sell it later. When you are more experienced in cryptocurrency trading, you can start trading on an exchange like Binance. And when you are very experienced, you can find a platform where you can trade with a leverage. You can do this by using a platform like BitMEX or ByBit. In this Deribit review, we’re going to research this Dutch platform where you can trade options and futures. On this page, you also can leave your own experience through our rating system.
10% discount on al trading fees at Deribit
What is Deribit?
Deribit started in 2016 and was based in The Netherlands. They moved recently to Panama due to the strict laws in Europe.
Deribit is a platform that focuses on international experienced cryptocurrency traders. When you don’t know exactly what options and futures are, it is wisely to look for an exchange with a slightly lower entry-level. For instance of the Bitvavo exchange. Deribit has many videos explaining how the platform works, but they assume that you already have some knowledge.
The site looks clear and the dashboard you get with your account looks good as well. Often it can be quite a jumble of graphs and tables, but that’s bot the case with Deribit. Something that certainly correlates with that, is that Deribit only offers options and futures for Bitcoin and Ethereum. Not a very large offer, but we see more and more traders looking for Bitcoin futures. This platform is certainly suitable for that. Many traders like to use the platform, because the low fees make it a very attractive. You can read more about the fees later in this Deribit review.
If you have any questions, you can contact the Deribit team via e-mail, but also via Twitter and Telegram. Often you can find a question on the FAQ page, but having good support on a platform is important to us.
How to create a Deribit account?
When you open the Deribit site, you will immediately see the login screen that you can use if you already have an account. You will also find a button to create a new account. After filling in all data, and clicking on the link you will find in your mailbox, your account is created. You still need to deposit credit in your account.
Do you want to see what the platform looks like before creating an account? Then click on Trade on the top right of the website. There you can get acquainted with the dashboard which you will be using. You can also use Deribit’s test net, where you can test with 10 fake Bitcoin to see if Deribit suits you. You can find the testnet at test.deribit.com.
The credit you can deposit to your account must be Bitcoin. You can’t use euros or dollars on Deribit. This indicates that Deribit assumes that you know how cryptocurrency works and already hold it. So, if you don’t already own Bitcoin and you still want to use Deribit. Then you will first have to buy Bitcoin from a broker like Bitvavo.
10% discount on al trading fees at Deribit
How does Deribit work?
As mentioned before, Deribit offers a platform for Options and Futures of $10 each. When buying or selling, you can work with a limit, stop market, and stop-limit order on the dashboard. Especially the last option can reduce the risk of substantial losses. If you also use a leverage, your loss or profit can increase rapidly. On Deribit it is even possible to use a leverage of 100x. We advise you not to set a higher leverage than 10x, unless you know what you are doing.
A Future is a contract to sell or buy Bitcoin for a specific price at a predetermined time. So, with Futures, you trade with contracts, not real Bitcoin. You may already know this from a platform like BitMEX.Â
The price of cryptocurrency is never stable. So, it is nice to always be able to keep an eye on your investments. Deribit has a very good app that works on Android and iOS. The app is called Deribit in the AppStore and can be downloaded for free. In this Deribit review, we stick to the Deribit website, but if you want to know how to make best use of the app, you will find an extensive explanation video on the Deribit site explaining how to buy and sell options within the app.
Deribit fees
One thing remains the same with all brokers, exchanges, and other platforms. You have to pay a fee per transaction. Because Deribit has so many different options, it is quite a list to list all the fees here. You can view all current fees via the menu item Fees. In general, you pay a fee between 0.2 and 0.25% as a maker and between 0.05% and 0.075% as a taker. It is, in any case, nice that Deribit clearly indicates what the current fees are.
Also, if you want to withdraw Bitcoin from your account and deposit it back into your wallet, you pay a fee. This fee depends on the urgency of your payout. You have a choice of medium, high, very high, extremely high, and insane. With high you pay a fee of 0.0006 BTC. If you give a higher urgency to your payout, the payout fee will be higher.
10% discount on al trading fees at Deribit
Is Deribit safe?
Deribit is a platform that is appealing to the more experienced traders. These traders are especially positive about the ease of use of the platform. Deribit does everything possible to make payments and keeping credit as safe as possible. For example, they store 95% of the assets in a cold wallet. A cold wallet is not connected to the internet and therefore not susceptible to hackers. This way you can be sure that your investments are always safe. Your account can also be protected by the support of a 2FA. Luckily, we see this on many platforms, and we recommend you to always set this up.
As a Dutch company, Deribit is registered in the Dutch trade register. To do this Deribit review thoroughly, we have requested all information about this company in the Chamber of Commerce. The company is registered under the trade name Deribit B.V. The organization has been registered since 15-08-2017 and is registered at the address Stationsstraat 2B, 3851NH in Ermelo. They were probably registered before 2017 under a different Chamber of Commerce number. They focus on mediation in buying and selling transactions of cryptocurrencies, such as Bitcoin and Litecoin. Deribit B.V. has 1 holding company that is independently competent:
- MJ4FTW Holding B.V. (59614447), where M.A. Jansen is the authorized representative.
Did you trade on Deribit and would you like to share your experience? You can do so via the assessment form below.
Contact details:
Deribit B.V.
Stationsstraat 2B
3851NH Ermelo
Company Details:
69402132
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