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12 Best Crypto Contract Trading Platforms of 2024

Written by Michael Hayes

Written by:

Michael Hayes

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field

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Expert Reviewed

This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on July 16, 2024

Leveraging your trading position through crypto contract trading has become significant for novice and advanced traders.

Crypto contract trading platforms enable you to trade contracts that track the price of digital assets, providing an opportunity to maximize potential returns without owning the underlying asset.

This derivative trading method is a cornerstone strategy for many looking to diversify their approach within the digital asset market.

Choosing the right platform for crypto contract trading is crucial, as it can hugely influence your trading experience and outcomes. Factors such as liquidity, margin options, leverage availability, and the variety of trading pairs all play into the decision-making process.

The leading platforms typically offer a robust trading environment with advanced features that cater to the needs of a diverse trader demographic.

By selecting a reputed crypto contract trading platform, you also ensure that you are in a secure trading environment. Top platforms emphasize security, providing peace of mind as you engage with the market.

They have user-friendly interfaces, risk management tools, and customer support to bolster your trading strategy.

With diligent research and strategic execution on the right platform, you can navigate the crypto markets with greater control and confidence.

#1. Bybit

bybit exchange

Founded in March 2018, Bybit is based in Singapore and is a significant platform in crypto contract trading.

Recognized for its advanced trading system, Bybit can handle up to 100,000 transactions per second, showcasing its reliability and performance capabilities.

User Base and Trading Volume:

  • Users: Over 2 million registered users
  • Daily Volume: Exceeds $1 billion

Bybit supports a diverse range of cryptocurrencies. You can engage in futures trading with several digital assets.

Supported Coins and Leverage:

  • Coins: Multiple coins, including BTC, ETH, XRP, and EOS
  • Futures Contracts: Various futures contracts are available
  • Trading Pairs: Numerous pairs with competitive leverage options, up to 100x for specific contracts

When engaging in futures contracts, you have access to perpetual agreements that don’t expire, allowing for continuous trading without the need to keep track of contract expiry dates.

Futures Fees:

  • Maker Fee: -0.025%
  • Taker Fee: 0.075%

Safety and Support:

  • Security: Robust measures, including SSL encryption, multi-signature wallets, and two-factor authentication (2FA)
  • Customer Support: 24/7 assistance to resolve your queries promptly

You’re offered a variety of order types to cater to different trading strategies.

Order Types:

  • Market
  • Limit
  • Stop

Bybit Pros:

  • High liquidity
  • User-friendly interface
  • Advanced trading features

Bybit Cons:

  • Limited asset selection compared to some more extensive exchanges
  • Restricted access in certain jurisdictions, such as the United States

With Bybit, you can navigate a platform that balances complexity for seasoned traders with simplicity for new entrants in futures trading.

#2. BingX

bingx exchange

Founded as a global crypto exchange, BingX offers a platform for trading various cryptocurrencies through spot and futures contracts.

BingX has established itself in the market with a user-friendly copy trading system that allows you to replicate strategies from experienced traders.

You can engage with multiple trading pairs across diverse crypto coins and futures contracts on BingX. The platform supports many currencies, with competitive leverage options to enhance your trading potential.

Futures Contracts and Fees:

  • Types of Contracts: Standard and perpetual futures
  • Trading Fees: Low fees starting at 0.04% for contract trading

BingX prioritizes the security of your assets through robust measures such as cold storage, two-factor authentication, and encryption protocols. The exchange provides customer support to ensure a smooth trading experience for you.

Available Order Types:

  • Market Order
  • Limit Order
  • Stop Order

When trading crypto contracts on BingX, you can benefit from:

Pros:

  • User-friendly interface
  • Copy trading options
  • Variety of order types

Cons:

  • Limited educational resources for beginners
  • Varying liquidity across trading pairs

Continually assess the risks and conduct your research before engaging in futures trading.

#3. Phemex

phemex exchange

Phemex, established in 2019 and based out of Singapore, has quickly garnered a reputation for being a formidable platform in crypto contract trading. It offers spot and futures trading, emphasizing speed and reliability.

User Base and Volume:
As an emerging exchange, Phemex has not publicly disclosed the exact number of users or daily trading volume.

Coins and Trading Options:

  • Supported Coins: Phemex supports a variety of cryptocurrencies.
  • Futures Contracts: A range of futures is offered.
  • Trading Pairs: Multiple trading pairs are available.
  • Leverage: Offers up to 100x leverage for specific contracts.

Types of Futures and Fees:

  • Futures: Both perpetual and traditional futures contracts.
  • Fees: Competitive fees structure with maker and taker fees at 0.01% and 0.06%, respectively, for contracts.

Security and Support:
Phemex takes security seriously and is implementing measures such as cold wallet storage. It also provides robust customer support for its users, ensuring a secure and supported trading experience.

Order Types:
Phemex allows trading with different order types, catering to varied trading strategies.

Pros & Cons:

  • Pros: High leverage options, low trading fees, user-friendly interface.
  • Cons: Relative newcomer, less known about user base and volume.

Remember, your due diligence is paramount when choosing a trading platform.

Phemex’s focus on usability and security makes it an attractive option, but you should consider personal requirements and global regulations that may apply to you.

#4. MEXC

mexc exchange

MEXC, established as a significant cryptocurrency exchange, is known for its extensive offerings in crypto contract trading.

Founded to provide a comprehensive trading experience, it operates with a robust platform that facilitates futures trading, among other services.

Key Features:

  • Supported Coins & Futures: You can access a diverse range of coins, with MEXC supporting many cryptocurrencies. It offers various futures contracts, catering to different trading pairs, allowing traders to have generous leverage options.
  • Futures Contracts & Fees: Trade both perpetual and quarterly futures contracts. The exchange prides itself on competitive futures trading fees, especially with offers like 0% maker fees on specific agreements.

Interface & Trading Volume:

  • User-Friendly Interface: Ease of use is a hallmark of MEXC, with an interface designed for simplicity yet effectiveness for all levels of traders.
  • Trading Volume: MEXC boasts a substantial daily trading volume, demonstrating its user base’s trust and activity level.

Security & Support:

  • Security Measures: Your trading on MEXC is safeguarded with advanced security measures, providing a secure platform for trading crypto contracts.
  • Customer Support: A reliable customer support system is in place to assist you promptly if you encounter any issues while trading.

Order Types:

  • Variety of Order Types: Employ a range of order types on MEXC to strategize your trading, including but not limited to market, limit, and stop orders.

Pros & Cons:

  • Pros:
    • Variety of trading pairs
    • Low trading fees
    • High liquidity
  • Cons:
    • It may have a learning curve for new users
    • Platform features might be overwhelming

Whether engaging in spot trading or navigating the contract marketplace, MEXC equips you with the tools needed for a professional and efficient trading experience.

#5. Bitget

bitget exchange

Bitget is a notable player in the realm of cryptocurrency derivatives trading.

Founded relatively recently, it has positioned itself as a robust platform for crypto contract trading, offering a variety of features that cater to new and experienced traders.

While the exact number of users and daily trading volume can fluctuate, Bitget has boasted a significant user base and substantial volume, evidencing its popularity and the trust it has garnered in the crypto market.

At your disposal on the Bitget platform is a wide range of supported coins, futures contracts, and trading pairs. You can access high-leverage options, which can amplify potential profits and, conversely, potential risks.

Offerings and Fees:
Bitget provides several types of futures contracts, including:

  • Perpetual contracts with no expiry date
  • USDT-margined contracts

The platform’s futures trading fees remain competitive, with a standard rate for makers and takers and discounts available for those who pay using Bitget’s native BGB tokens.

Security and Support:
Security is pivotal for Bitget, as it incorporates multiple measures to protect your funds. This ranges from cold storage solutions for cryptocurrency assets to regular audits. Their customer support is accessible, aiming to provide prompt assistance through various channels, ensuring your issues regarding crypto contract trading are resolved.

Order Types:
You can execute various order types on Bitget, which include:

  • Limit orders
  • Market orders
  • Stop orders

Pros & Cons:

  • Pros:
    • Diverse trading instruments
    • Competitive fee structure
    • User-friendly copy trading features
    • Strong emphasis on security
  • Cons:
    • Relatively new, less established reputation
    • Potentially overwhelming for beginners

Engaging with Bitget might give you access to an ever-expanding suite of crypto trading options. You can explore multiple contract types and utilize a platform that focuses on security and customer service to bolster your trading experience.

#6. BYDFi

BYDFi

Launched in 2019, BYDFi, formerly known as BitYard, has established itself as a significant platform in crypto contract trading.

With its headquarters potentially situated in a critical financial hub, it has garnered attention for its advanced trading features. It has attracted a user base of over 500,000 across more than 150 countries.

User and Trading Volume

  • Users: Over 500,000
  • Daily Trading Volume: Data not provided; assumed substantial due to user base size

Supported Coins & Trading:

  • Cryptocurrencies Available: Over 400
  • Perpetual Contracts: Over 150 available coins
  • Trading Pairs: Extensive, specifics not provided
  • Leverage: Up to 200x on certain contracts

Futures Contracts & Fees:

  • Types: Standard perpetual contracts
  • Fees:
    • Perpetual Contracts: 0.06% (taker), 0.02% (maker)
    • Leveraged Trading: Flat fee of 0.2%

Security and Customer Support:
BYDFi emphasizes security by implementing industry-standard measures to ensure the safety of your funds. Their customer support team is ready to assist you, and the platform’s focus on providing a secure trading environment signifies their commitment to protection.

Order Types:
You can access multiple order types on BYDFi to suit various trading strategies, ensuring an adaptable trading experience.

Pros & Cons:

  • Pros:
    • Competitive fee structure
    • High leverage options
    • Wide selection of coins and contracts
  • Cons:
    • Recently established (may pose concerns regarding longevity)
    • Certain specific data points, such as exact daily trading volumes, are unclear

Your experience with BYDFi will likely be robust due to its advanced features and support for crypto contract trading. Always conduct your due diligence before engaging in any trading activities.

#7. Deribit

Deribit exchange

Founded in 2016, Deribit has positioned itself as a leading cryptocurrency exchange from the Netherlands.

It specializes in options and futures contracts, primarily for Bitcoin and Ethereum. Deribit has become the principal player in the Bitcoin options market, boasting a significant market share.

  • User Base & Volume: Deribit’s user base and daily trading volume are substantial, reflecting its status as a dominant exchange for crypto options contracts.
  • Supported Coins & Leverage: Deribit currently supports a focused range of cryptocurrencies but offers extensive futures contracts and trading pairs. Notably, traders can leverage up to 50x on Crypto Futures and Perps, providing an avenue for potentially amplified returns.
    | Product            | Leverage Available |
    |--------------------|--------------------|
    | Bitcoin Futures | Up to 100x |
    | Ethereum Futures | Up to 50x |
    | Perpetual Contracts| Up to 50x |
  • Futures Contracts & Fees: People can choose from standard futures, perpetual futures, and various order types. Competitive fees on futures trading are another plus.
  • Security & Support: Deribit takes security seriously, employing industry-leading measures to safeguard assets. Your experience is essential for customer support, and Deribit offers comprehensive services to resolve any issues.
  • Order Types: As for order types, you’ll find a variety to match your trading strategies. This includes market, limit, stop-limit, and more, catering to new and seasoned traders.

Deribit Pros & Cons

Pros:

  • Recognized for its ultra-low latency trade execution
  • Preferential treatment among institutions since 2016

Cons:

  • Relative to platforms like OKX, accessibility might be an issue in some countries.

Deribit has set a high standard for crypto derivatives trading with its order type diversity, competitive fees, and a strong emphasis on security. Remember your trading objectives and risk tolerance when considering Deribit as your crypto trading platform.

#8. OKX

okx exchange

Founded in 2017 and headquartered in Seychelles, OKX has grown into a highly regarded platform within the cryptocurrency contract trading space.

Known for its robust security, diverse asset offerings, and firm performance, OKX is tailored for individuals seeking a comprehensive trading experience.

OKX boasts an extensive user base with a significant daily trading volume, reflecting its position as a leading exchange. While details such as exact user count and daily volumes fluctuate, OKX consistently ranks amongst the top exchanges in terms of liquidity and market activity.

Supported Assets and Leverage:

  • Cryptocurrencies: Over 100+ crypto assets, including Ethereum
  • Futures Contracts: A versatile range with high-leverage options
  • Trading Pairs: Numerous pairs facilitating a breadth of trading strategies
  • Leverage: Up to 125x for certain products

Futures Contracts & Fees:

  • Contract Types: Traditional futures, perpetual swaps, and options
  • Trading Fees: Competitive fee structure, varying by contract and trading volume

Regarding security, OKX implements stringent measures to safeguard your assets, which is crucial in the dynamic crypto market. The platform utilizes industry-leading protocols and offers customer support to address your concerns promptly.

In terms of order types, you have access to a variety of options designed to enhance your trading strategy, including:

  • Market orders
  • Limit orders
  • Stop orders

Pros:

  • Strong liquidity and market depth
  • A wide array of trading instruments
  • Advanced trading features on OKX and Kraken Pro platforms

Cons:

  • It may be complex for beginners
  • Limited educational resources for new traders

As for staking, OKX offers this feature, allowing you to earn rewards on your crypto assets.

The staking process on OKX is streamlined for user ease. They support a range of assets, including Ethereum, giving you the flexibility to bolster your investment strategy.

#9. Kraken

kraken exchange

Founded in 2011 and based in San Francisco, Kraken is a renowned cryptocurrency exchange known for its robust futures trading options. It offers a secure platform to trade various cryptocurrencies, including altcoins and trading pairs.

Users and Volume:
Kraken boasts a substantial user base and regularly reports high daily trading volumes, ensuring liquidity and a dynamic trading environment.

Supported Coins and Leverage:

  • Coins: Over 50 supported cryptocurrencies
  • Futures Contracts: A diverse range
  • Trading Pairs: Extensive, including popular choices
  • Leverage: Up to 50x for specific contracts

Futures Contracts and Fees:
Kraken Futures provides various futures contracts, from perpetual to fixed-expiration options. As for fees, you will find competitive rates for both makers and takers, enhancing your trading strategies.

Security and Support:
Kraken prioritizes your security with robust measures, including cold storage of assets, rigorous compliance standards, and dedicated 24/7 customer support to assist you as you trade.

Order Types:
You can utilize a variety of order types on Kraken, such as:

  • Market
  • Limit
  • Stop Loss
  • Take Profit

Pros & Cons:

Pros Cons
Strong security measures May have higher fees than some competitors
Variety of futures contracts  
High liquidity with a large user base  
Dedicated 24/7 customer support  

Remember, while Kraken offers substantial opportunities for crypto contract trading, always consider your investment strategies and risk tolerance.

#10. Binance

Binance exchange

Binance, established in 2017, quickly rose to prominence as a leading platform in the cryptocurrency market.

Binance was founded by Changpeng Zhao, known as “CZ,” Binance is headquartered in Malta, a crypto-friendly environment. As your chosen venue for crypto contract trading, you’ll be engaging with a platform lauded for its liquidity and comprehensive offerings.

Binance boasts a staggering user base that has soared to tens of millions. You can expect a daily trading volume measuring billions of dollars, showcasing Binance’s vigorous market activity.

When you assess Binance’s offering, you’ll find support for over 500 cryptocurrencies, providing you with various digital assets to engage with.

Binance’s futures platform expands your options with numerous futures contracts and trading pairs.

Here, leverage as high as 125x is available for specific pairs, amplifying your potential profits and risks.

Futures Contracts:

  • USDⓈ-M Futures: Contracts settled in USDT or BUSD
  • COIN-M Futures: Contracts settled in the cryptocurrency itself

Binance Futures Trading Fees: Fees vary, but traders benefit from competitive rates, especially at higher VIP levels.

Your security is a top priority at Binance, which is why the platform incorporates industry-leading measures, including two-factor authentication (2FA), cold storage of assets, and an insurance fund to protect against unexpected losses.

Customer Support: Available 24/7 through live chat and email, Binance ensures assistance is always within reach.

Order Types:

  • Market
  • Limit
  • Stop-Limit
  • Stop-Market
  • Trailing Stop
  • Post-Only
  • Reduce-Only

Pros:

  • Extensive selection of cryptocurrencies
  • Advanced trading features and tools
  • High liquidity and trading volume
  • Competitive fees

Cons:

  • It can be complex for beginners
  • Regulatory challenges in some regions

By trading with Binance, you engage with a powerhouse that enables beginner and expert traders to navigate the crypto contract trading landscape effectively.

#11. KuCoin

Founded in 2017, KuCoin has quickly established itself as a prominent player in the realm of cryptocurrency trading, with a focus on contract trading.

Based in the Seychelles, it is known for its vast trading options and competitive fees.

User Base and Volume:
KuCoin boasts a significant user base and handles a substantial daily trading volume, which reflects its popularity and the trust users place in its platform.

Supported Coins and Leverage:

  • Cryptocurrencies: Over 700 coins
  • Futures Contracts: A considerable number of contracts are available
  • Trading Pairs: Multiple pairs to suit diverse trading strategies
  • Leverage: Up to 100x for specific contracts

Futures Contracts and Fees:
KuCoin offers both Bitcoin and altcoin futures contracts, which include:

  • Perpetual Futures
  • Quarterly Futures
  • Fees: Low trading fees for futures, making the platform cost-effective for traders

Security and Support:

  • Security Measures: Advanced security protocols to safeguard your funds
  • Customer Support: Dedicated support for contract trading queries and concerns

Order Types:

  • Limit Orders
  • Market Orders
  • Stop Orders
  • These order types give you flexibility and control over your contract trading activities.

Pros & Cons:

Pros Cons
Low trading fees Complex interface for new traders
Wide selection of coins and contracts Regulatory uncertainty in some regions
High leverage options The risk associated with high-leverage
Robust security measures  
Diverse order types are available.  

Your trading strategy can benefit from the diverse tools and options that KuCoin offers, but always consider the risks, especially when trading with leverage.

#12. BitMEX

BitMEX

BitMEX, established by HDR Global Trading Limited, has been at the forefront of crypto leverage trading since its inception. It is located in the Republic of Seychelles and is recognized for its pioneering role in the crypto contract market.

Usage Statistics:

  • Users: Information not available.
  • Daily Volume: Data specific to daily trading volume is not directly available from the provided search results.

BitMEX stands out for its wide range of supported coins and contracts. It offers a variety of futures contracts, providing traders with an opportunity to operate with significant leverage.

Supported Contracts and Leverage:

  • Coins: The number of supported coins isn’t conclusively provided in the search results.
  • Futures Contracts: Perpetual and traditional.
  • Trading Pairs: Diverse pairs are available.
  • Leverage: Up to 100x on specific contracts.

The platform provides two main types of futures contracts: perpetual and traditional. Every trade on these contracts is subject to trading fees. While specific fee structures are not detailed, BitMEX is known for competitive rates.

Security and Support:

  • Robust security measures are in place.
  • Customer support is provided, but search results do not specify the extent and efficiency.

Regarding order types, BitMEX allows for various strategies with different order options. This flexibility is vital for traders looking to manage positions meticulously.

Pros & Cons:

  • Pros:
    • High leverage options.
    • Range of futures contracts.
    • Robust platform with advanced features.
  • Cons:
    • Regulatory compliance concerns.
    • Complexity may deter new traders.

In your trading endeavors, the availability and suitability of various contracts and the platform’s high leverage make BitMEX a notable option for seasoned traders.

What Is Crypto Contract Trading in 2024?

As you explore the cryptocurrency market in 2024, you’ll notice that crypto contract trading has become a significant facet of the digital asset ecosystem.

This form of trading includes futures contracts and perpetual swaps, allowing you to speculate on the future price of cryptocurrencies like Bitcoin and Ether without owning the underlying assets.

Futures contracts are agreements to buy or sell a particular cryptocurrency at a predetermined price and date in the future.

Conversely, perpetual swaps do not have an expiry date and mimic a margin-based spot market, which can be more appealing for positions you may wish to hold indefinitely.

When choosing a trading platform for these instruments, it’s imperative to consider factors like:

  • Security: Your platform must employ rigorous security measures.
  • Liquidity: High liquidity ensures you can enter and exit trades efficiently.
  • Fees: Competitive trading fees are crucial to maximize your returns.
  • User Interface: A user-friendly interface helps in making informed decisions quickly.

Here’s a simple comparison of key features:

Feature Futures Contracts Perpetual Swaps
Expiry Fixed Date None
Underlying Asset Bitcoin, Ether, etc. Bitcoin, Ether, etc.
Main Use Hedging, Speculation Long-term Exposure

Remember, despite the allure of potentially high returns, crypto contract trading involves a significant level of risk due to market volatility.

Always consider your investment objectives and the associated risks of these complex financial instruments.

Frequently Asked Questions

In navigating the complex realm of crypto contract trading, you may encounter several common inquiries. This section provides clear answers to optimize your understanding and approach to future cryptocurrency trading.

What are the top reviewed platforms for cryptocurrency futures trading?

The best-reviewed platforms for cryptocurrency futures trading include Binance Futures for its comprehensive features and competitive fees and OKX for being a solid alternative with substantial market depth.

Can you trade contracts on crypto?

Yes, you can trade contracts on crypto. Contract trading allows you to leverage your position, trading more than your current wallet balance.

How to trade crypto contracts for beginners?

To start trading crypto contracts, you should first gain a solid understanding of market trends and risk management. Begin by opening an account on a reputable platform and use their educational resources to familiarize yourself with the process.

How do you trade crypto contracts in the US?

Using platforms compliant with American regulatory standards is essential when trading crypto contracts in the US. Engage with well-known exchanges that offer contract trading services in alignment with US regulations.

What features should I look for in a crypto contract trading platform?

Look for a platform with robust security measures, low trading fees, high liquidity, and responsive customer support. Also, the interface’s ease of use and the inclusion of educational tools should be considered.

What are the leading crypto trading apps for engaging in contracts?

Leading crypto trading apps for contract trading include the mobile versions of platforms like Binance Futures and Bybit. They typically offer the same features as their desktop counterparts, allowing for on-the-go trading.

Conclusion

When exploring crypto contract trading platforms in 2024, you’ll discover that Binance Futures leads in liquidity, providing a versatile trading environment with options like cross-margin or isolated margin modes and the possibility of leveraging up to 125x on select pairs.

Other robust platforms include Bybit, which offers features that appeal to traders investing in crypto contracts. BitMEX is an originator in the space, whereas OKX is a dependable Binance alternative with a comprehensive trading experience.

Understanding the leveraged nature of these instruments is crucial for newcomers to contract trading. They allow you to control prominent positions with comparatively more minor capital, although this comes with increased risk.

The user experience, fees, range of offerings, and security measures are paramount in evaluating the platforms. Considering these factors alongside your trading strategy and risk tolerance would be best.

Staying informed and practicing due diligence as the digital asset landscape evolves is essential.

Your attentiveness to market developments and platform updates will be critical to your success in navigating the dynamic realm of crypto contracts and futures trading.

About the Authors

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field