What is Deribit?
Deribit is a web-based platform which offers trading services for futures and options on Bitcoin. Deribit was established in 2016 by CEO John Jansen, with its headquarters in Amsterdam, Netherlands.
Trading instruments
Deribit is among the few exchanges which offer Bitcoin options and bitcoin futures. They also offer an insurance fund which is a reserve of BTC that can be used in the eventuality a trader goes bankrupt. Deribit allows you to leverage as high as 1:20.
Unfortunately, no altcoins are available.
Registration
No ID or documents are needed; you can sign up just by using an email address. Deribit doesn’t require any verification because its platform deals exclusively with Bitcoin.
Interface
This website does not have a very user-friendly design. On the left, you have the BTC Futures, BTC Options, Account, Insurance, and Help Tabs, with the rest of the screen being filled with rows of numbers and values. The interface can get confusing for new traders. The site is translated into seven languages.
Source: www.fxempire.com
Privacy and Security
Deribit states that 90% of the Bitcoins are kept in cold wallets which are stored in numerous different bank vaults.
The platform also audits their accounts in real time, and implement a unique liquidation engine which automatically closes accounts that are underfunded.
For a start, all communication with the Deribit server is conducted through an SSL connection.
Deribit also provides users the option to enable a two-factor authentication mechanism for their account. This feature is not activated by default, meaning that you will have to activate it yourself when you log in.
A user account has various other security features that can be enabled by accessing the account settings. One of such options is IP pinning, a feature which terminates your sessions should someone tries to log into your account from another IP when you are logged in.
Exchange Fees
Deribit employs a “maker-taker” fee structure, in which makers get a lower fee (or even a rebate) than takers.
In addition to the $10 for a futures contract, a 0.02% rebate is charged for the makers and a 0.05% fee is applied to takers. Below is a table that features the prices for futures, perpetual futures contracts, and options:
| Fee Type | Futures | Perpetual Future | Options |
| Maker | 0.02% (Rebate) | 0.025% (Rebate) | 0.04% |
| Taker | 0.05% | 0.075% | 0.04% |
| Delivery | 0.025% | 0.025% | 0.02% |
| Liquidation | 0.15% | 0.15% | 0.15% |
Deribit applies a fee limit to Bitcoin options. It can never be more than 20% of the option’s price. The liquidation fees are fees charged for liquidation orders which are executed for accounts where their margin has been used up. When this happens, the bulk of the fees are put in the insurance fund (0.15%).
Deposit & Withdrawal
BTC is the only deposit and withdrawal option that you have for your account.
Deribit does not apply any fees for making a deposit into your account. However, a fee is incurred for when you withdraw. This fee is based on the current blockchain mining fee of Bitcoin.
These fees may vary depending on the processing of the withdrawal, as Deribit will charge the fee that applies the best to the chain. Depending on transaction batching, it could be slightly higher or slightly lower than the market price.
Customer Support
Deribit allows customers to contact its support team by using a range of specific emails that can be accessed via their contact page. Also, users can log into their account and click on the box located on the lower right-hand side of the account page to talk to a staff member in the live chat box.
You can also join their Telegram support channel in order to directly contact them. They also have an active Twitter account.
Should you have other queries you can browse through their extensive FAQ section that features answers to a wide variety of questions.
Source: CoinBureau
Conclusion
The Deribit exchange is one of the few platforms on the market that allows you to trade in Bitcoin derivatives instead of the actual coin. While this brings a new list of trading opportunities, trading Bitcoin derivatives are still a novel concept and therefore they have a small trading volume. Deribit is not ideal for novice traders, or for those looking for altcoin pairs.
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