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Kc  · 09/01/22

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Deribit KYC

Deribit requires KYC for new traders since 9 November 2020.

The current KYC requirements are a government ID and a bill that proves your residential address.

The KYC at Deribit is largely automated - the documents get verified near real time. For the bill, online-only document is accepted as well (such as online banking statement)

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Does Deribit Serve US Customers?

  • Deribit does not serve US customers.
  • Deribit started requiring KYC on 9 November 2020.

There are several Deribit alternatives for US customers:

Perpetual swap and contract trading is available without KYC with VPN on the Singaporean Phemex exchange.

Another new crypto derivative exchange, Bitforex, offers contract trading in crypto, commodities and forex without KYC with no policy specified for US traders.

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Trading on Deribit

Deribit is an advanced crypto trading platform for cryptocurrency derivatives.

The Deribit platform is custodial, but trusted. Representatives can be found in crypto traders’ communities.

The flagship Deribit product are cryptocurrency options, but Deribit also runs crypto perps (the perpetual swap) and crypto futures markets.

Trading options on Deribit

Options can be very lucrative, but if you don’t know how to trade them, you can get hammered in a pretty bad way. On the other hand, using options instead of stop-loss can be a very sensible idea, especially if you trade on exchanges like Kraken that are notoriously unrealiable with order execution.

Deribit is building up an educational section at insights.deribit.com where they go into detail about how options work and how you can use them. For the more complex positions, you get a Google Spreadsheet to understand how your Profit/Loss would change depending on spot price.

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Deribit Crypto Bots

Deribit is a platform that focuses on advanced derivatives traders, high net worth individuals who know how to hedge, and on professional scale market makers.

Due to that, Deribit encourages the use of trading bots and API integrations. They even list several crypto bot platforms among their partners on their website.

Coinrule and Deribit

The most user-friendly among the crypto bots that are listed as Deribit partners is definitely CoinRule. Coinrule is a no-coding-required crypto bot platform for beginner as well as advanced trading strategies. If you are new to bot trading or if you do not want to run your own server for your bot trading, Coinrule is the right choice.

TIP: Coinrule is FREE for traded volumes below 3K USD per month. It’s good enough to test it, for after that get your 25% off with this link. Depending on seasonal offers, paid plans start at 9.9 USD per month, tiered by the number of active crypto bots you’re running.

Deribit derivatives 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.

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