The Best Bitcoin Broker in 2020 - Deribit

Bitcoin has undoubtedly earned its name as the world’s most popular cryptocurrency. And surely its entitlement as a coveted asset for trading is well justified. It is for this reason that trading Bitcoin comes with a lot of considerations. The specifics make it essential to find a reliable Bitcoin Broker to make the trade. In this article, we bring you a comprehensive review of Deribit, a renowned bitcoin broker in the trading realm.

What is a Bitcoin Broker?

With millions of users jumping into the crypto trade bandwagon, using a Bitcoin Broker will set you apart. Primarily Bitcoin Brokers can be attributed as the gatekeepers who convert your flat currency into Bitcoins. Many exchanges offer personalized programs to carry out the exchange. So, why do Bitcoin Brokers exist at all? The existence is solely for saturated convenience. They are essential for novice brokers who are just starting with the realm of Bitcoin. They reduce the volatility in the market. In the next section, we will discuss Deribit, the most reliable broker in 2020.

Deribit - Overview

The makers of Deribit wanted to bring forth the true essence of Bitcoin exchange, hence the name. Deribit is a combination of two words, such as ‘Derivatives’ and ‘Bitcoin.’ The website has been operational since 2016, with its headquarters in Amsterdam, Netherlands. Deribit offers contracts of perpetuity, several trading options, and a promise of a versatile trade for its customers. It is one of the very few exchanges to provide a trading solution. Even with small amounts, Deribit trading allows more substantial profits, one of the critical features of leverage trading. The User interface of Deribit is stunning, with user convenience kept under consideration. If you are a beginner, Deribit also hosts several short demo accounts. The demo account will allow you to familiarize yourself with the jargon and operational trading. The platform also has a mobile application that supports both iOS and android devices.

Fee Structure – Deposits and Withdrawals

When trading fees on Deribit are straightforward, keeping the operations transparent and fair. Takers fees, Makers fees, Liquidation fees, Delivery Fees, and funding fees are the five main types of exchanges on Deribit. We will throw light on each model for better awareness.

Takers Fees and Makers Fees

The is a fee on both Takers and makers for all future transactions on Deribit. The percentage is subject to fluctuation as it is evident based on the statistics. The commission varies primarily based on what trading equipment is being employed. For the Bitcoin contract, the Exchange rates are 0.075% of the taker fee, and a -0.025% is payable to the makers.

Liquidation Fees

On Deribit, for Bitcoin transactions, the liquidation fees are capped at a constant 12.5 % of the total price. The precise funding rates are subject to change.

Withdrawal Fees

Withdrawal fees on Deribit mimic the patterns of the existing network load. As of now, the Bitcoin Withdrawal charges are within the ranges of .0005 BTC (lowest priority) to 0.0001 (highest priority)

Opening an account on Deribit

If you are reading this, perhaps you would want to try a hand at trading via Deribit. To do that, you must first open an account on the platform. Once you have entered all the necessary credentials on the sign-up page, you will receive a confirmation email. After you follow up on the link present in the email, you are ready to start the endeavor. For added security, you can also set up two-factor authentication on Deribit.

Deribit Customer Support

Having an incompetent customer support team will push your frustrations to a whole different level. However, that is not the case with Deribit. The platform offers multiple emails for you to send your quandaries. Besides the mails, you can also reach out to them on Twitter. The lack of online support and phone support seems like a significant disparity. However, considering how timely the maintenance and improvements are conducted, we are sure those two options will soon be available on the platform.

Our Verdict

Deribit is a competent Bitcoin broker and crypto derivatives exchange. They have all the features that make a platform reliable and robust to carry out successful endeavors. Deribit’s main agenda is BTC trades. Creating an account is relatively hassle-free. They do need to work on their online customer support availability. Conclusively, we see a lot of potential for Deribit shortly.