Deribit Review | Is it actually good in 2024?

Is Deribit Legit or a Scam?

Yes, Deribit is a scam broker. They don’t have the proper regulation from their base country. Also, this platform is based only the cryptocurrency. This is a huge problem along with the regulatory problem. Read further to disclose the dark sides of this scam broker to know more.

What is Deribit?

Deribit is a cryptocurrency derivatives exchange, specializing in Bitcoin and Ether futures and options contracts. Launched in 2016, it boasts high liquidity, margin trading, and anonymity. However, its lack of regulation and association with past controversies fuel its dubious reputation.

Deribit Details

Deposits and Withdrawals

You are limited to transferring Bitcoin to and from your account when it comes to deposit and withdrawal choices. Just sign into your account to obtain the deposit address and deposit your Bitcoin. To get the address, you can also scan the QR code. We recommend that you deposit at least 0.001 BTC to prevent errors.

The procedure for withdrawing is the same as for making a deposit. To access the withdrawal page, log into your account and select Withdrawal. Next, enter the wallet’s address where you wish to receive the withdrawal. Following your entry of the desired withdrawal amount, the charge will be computed automatically.

Account Types

There are no offers related to any particular account type on the deribit.com website. However, all of the trading conditions are reasonable and appealing in our opinion. Particularly after you see that manufactures charge relatively little.

In general, bigger trading volume clients receive better fees from certain exchanges. Traders on Deribit USA would likely find it appealing because they frequently receive offers similar to this.

Red Flags and Warning Signs

The majority of businesses in the bitcoin industry are unregulated, and one of the main causes of this is the absence of legislation requiring their registration. Nevertheless, because Deribit is a Dutch derivatives exchange, the Autoriteit Financielle Markten (AFM) needs to regulate them. We were unable to establish such a link.

The recent ESMA pronouncements, which unequivocally say that while cryptocurrency derivatives are not and should not be regulated, they are, are, and are not financial instruments, led us to this conclusion. Even while this has significant ramifications for CFD brokers, futures and options are undoubtedly included in this. In contrast, the UK’s Financial Conduct Authority (FCA) is in charge of Crypto Facilities, a company that provides a very similar service.

Customer Complaints and Negative Reviews

Deribit’s customer service faces repeated criticism for slow response times, lack of resolution, and dismissive treatment of user concerns. Reviews on platforms like Trustpilot are peppered with allegations of account freezes, missing funds, and ignored support tickets.