Currently, the platforms that use cryptocurrencies are growing more and more, so the level of competition is getting stronger and more innovative trading products are being offered.
If we had to name the most traditional platforms in this market, we would find BitMEX, Binance Futures and OKEx. These are part of those that continue to dominate the market, however, there are a lot of new trading platforms that provide even more innovative services and in addition, they give a twist to the standard experience of trading cryptocurrencies and other derivatives.
One of these new ones is 500-markets, a cryptocurrency and derivatives exchange that aims to stand out from the crowd, offering contracts related to indices, commodities, currency markets and also derivatives linked to a variety of crypto assets.
To find out how good the 500-markets platform is, let’s learn about its main advantages below:
- Offers contracts linked to cryptocurrencies, indices, commodities and currencies.
- Supports deposits with four different cryptocurrencies.
- Excellent implementation of trade operations.
The only downside to consider about 500-markets is that its selection of contracts linked to crypto assets is smaller than what the competition offers. Even with this point against, 500-markets offers a quality service and guarantees users better performance and stability.
500-markets distinguishes itself from its competition in terms of trade products. For example, 500-markets’s Bitcoin trading products are perpetual contracts and similar to those of cryptocurrency derivatives traders. This means that users can choose between isolated and crossed margins in 500-markets.
The exchange has a good assortment of contracts related to cryptocurrencies including contracts denominated in USDT for a greater variety. This list covers the most important crypto assets, so it may be sufficient for most traders, although platforms like Binance Futures support a wider range of crypto assets.
For Bitcoin and Ethereum, users have the option to choose reverse contracts, this allows users to use BTC as margin to trade the Bitcoin-based contract and ETH to trade the Ethereum-based contracts. However, 500-markets also has USDT denominated contracts for Bitcoin and Ethereum.
500-markets has different leverage limitations depending on the product you want to trade. The BTC / USDT contract has a maximum leverage of 150x, higher than most competitors offer. The maximum leverage for Ethereum is 100x. The other cryptocurrency-based 500-markets contracts have 50x or 35x leverage limits.
500-markets has a more conservative interface, as there are no major improvements over the competitors, therefore it will be more familiar to anyone who has used a cryptocurrency exchange before.
There are few security vulnerabilities in 500-markets, so it is worth noting that even the platform has only been operational since 2019 and does not have a long security record. Even so, certain tools are available on the 500-markets platform to help users secure their accounts, this includes a unique background password that involves Google’s 2-factor authentication.
Overall, 500-markets has a compelling platform for all users looking for a cryptocurrency leverage trading platform. This platform stands out for its range of trading products and its great implementation of the demo trading function.