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Trading on Deribit
Deribit requires KYC for new traders since 9 November 2020.
Deribit is a crypto trading platform for cryptocurrency derivatives.
Their flagship product are cryptocurrency options, but Deribit also runs crypto futures markets. Options can be very lucrative, but if you don’t know how to trade them, you will get hammered.
The exchange is custodial, but trusted.
Representatives can be found in crypto traders’ communities.
Deribit as a BitMEX alternative
Why is BitMEX no longer a good place to trade, to such extent that we need Deribit as an alternative?
Up until August 2020, BitMEX was your trusty exchange where no KYC was necessary. You could even trade there from Tor or VPN - it breached the TOS but compliance was not enforced, as was the custom.
In August 2020, BitMEX announced they will be requiring KYC from all users starting 28 August 2020. Shortly after it transpired they got into serious legal troubles, and a while later that they are possibly using their (massive!) insurance fund to make their profits unavailable to the authorities.
In plain English, this won’t end well.
The BitMEX KYC procedure includes government documents, selfie and a questionnaire. As a reminder, BitMEX does not serve US traders, but according to reports everyone who had money on BitMEX was able to withdraw.
Deribit and US Customers
Deribit does not serve US customers.
Deribit started requiring KYC on 9 November 2020.
Traders based in United States are also restricted to trade on Bitfinex, but KYC is not yet required on that platforms.