Deribit Review | Options, Fees, APIs and Testnet

Security Deribit uses cold storage to secure its users’ funds. Approximately 95% of the funds are stored in this manner. This makes it safe from any hacking attempts but reduces the speed of customer withdrawals. It also has two-factor authentication (2FA). It is not enabled by default. You can set it up after login. Additionally, it has a feature of IP pinning; if there is a change of IP address during a session, it terminates the session. You can adjust their session timeouts and the default timeout period. Cryptocurrency support Deribit supports Ethereum and Bitcoin. If you have to trade in Bitcoin futures, perpetual contracts, or options, you have to deposit Bitcoin and the same for Ethereum. It does not support any other cryptocurrency. User Experience It has an intuitive and user-friendly UI. It has a trade matching engine with less than 1ms latency. TDeribit website supports both light and dark themes. Deribit App is available on both Android and iOS. Deribit API integrates with trading bot software, for example, HaasOnline, Actant, and others. This way you can use run Deribit trading bots. Deribit User Interface Deribit Review: Deposits and withdrawals To make a deposit, you need to select “ Deposit” from the dropdown in the upper right-hand corner. It generates a unique Bitcoin address. You can deposit your fund at that address. It generates a new address each day. Depositing BitcoinFor your withdrawals, you need to create a new wallet profile and attach your external wallet address. Your withdrawals will be processed immediately if funds are present in hot storage else it will take time. If your withdrawals are pending, it is due to the busy bitcoin network. If you want your transaction to be accelerated, you can try the BTC.com transaction accelerator. Deribit Fees and Charges It follows a maker-taker model. There are two types of order. A “maker” order adds liquidity to the order book. It is executed instantly. A “taker” orders removes liquidity from the order book. It is not executed instantly. Deribit FeeThe options fee can never be more than 12.5% of the options price. There is also an additional fee for options and futures delivery. It is 0.025% and 0.015% for futures and options respectively.The additional fee for options can never be more than 12.5% of the options price. There is also an additional fee for liquidation. It is added to the insurance fund automatically. Deribit Liquidation feeThere are no fees charged for deposits. If the amount you want to withdraw is present in the cold storage, there is no fee deducted. Only a percentage of coins is present in hot storage. The rest of it is in cold storage. So there is a chance that the withdrawal cannot be completed immediately. If it is required, then once a day, balance can be added from cold storage to hot. So the withdrawal fee actually depends on the state of the network. Learn more about Deribit Fee here. Languages and supported countries Deribit is supported in all the countries except if you are located or a resident of the following countries - Canada (Quebec) United States Panama Cuba Japan Guam Sudan Iraq Panama Virgin Islands (U.S) Iran Samoa Republic of Korea Syrian Arab of Republic Puerto Rico Sudan It supports English, Chinese, Korean, Japanese, Spanish, Russian, and Turkish. Deribit Referral Incentives Like many other crypto exchanges, Deribit also has referral incentives through its “Deribit Affiliate” program. All the new users who join through the affiliate program get a 10% discount for the first six months. The users who refer get a 20% commission for the first 6 months and a 10% commission after that. To participate in this program, you have to agree to the terms and conditions. Use our Deribit referral link and support our work. Deribit review: Insurance Fund Deribit offers an insurance fund that helps in covering the loss of bankrupt traders. It ensures that the winning trader receives full payment and the losing trader is not in debt. It helps in giving negative equity protection to you. If insurance funds get exhausted, then the amount is balanced from the winning traders though there is a margin involved. It is not used to cover the losses of the traders but used to cover any difference between the bankruptcy price and the execution price of the liquidation order. They publish all the real-time occurring bankruptcies and the state of the insurance fund. Deribit Customer support Deribit always pays a lot of importance to its customers. It has a live chatbox. and you can also use Deribit Telegram channel for interacting with its users. Zqoon and MrJozza are the community managers in the channel to help you solve your queries. To contact their support staff you can raise a ticket in deribit.zendesk.com. You can also email them at [email protected]. For feedback, you can write to them at [email protected] If you have any technical queries regarding their API or any bug reports, you can write to them at [email protected]. For business and press and investor relations, you can contact them at [email protected] and [email protected], respectively. They also run a Youtube channel that has a lot of explanatory videos. They can also be contacted via Twitter. Deribit API It is helpful for traders who develop their own trading algorithms and bots. Deribit APIs have a lot of scope for developers. It has a Websocket API and a REST API. The REST API has both public and private parts. If you want to develop something using the market data, you can use the public API. Or, if you want to use the private API, it must be signed with your API key. You can get your API key under your account in the API tab. You should keep your API key safely. It is the only way to recover your API keys if it is lost. Deribit Testnet Deribit offers live testnet. It can be accessed on test.deribit.com. You can create another account or use the same one and get 10 BTC as demo funds. Deribit Demo account is helpful for beginners or traders who want to get used to the Deribit UI. It can also be used to develop bots on the Deribit API. You can try your cryptocurrency algorithms before using it on live accounts. It cannot replicate the “slippage” of live orders. This feature is only provided by a few cryptocurrency exchanges. Deribit Pros and Cons Pros Transparent team. Offers high leverage. Trading fees are competitive. Deribit has insurance fund protection. It is a safe and trustworthy platform. It has never suffered from any major attacks. Once their trading engine malfunctioned, they paid all the affected customers. Cons It is not beginner-friendly. It does not have fiat support. Conclusion In conclusion, we can summarize that Deribit has a lot of features such as futures and options, insurance funds, Deribit API, Testnet, strong customer support, and a very secure platform to perform cryptocurrency exchanges. Deribit is a legit exchange, build for professional traders. Also, Read Get Best Software Deals Directly In Your Inbox