So, with the new rules, Binance and some other big exchanges have shut out EU users from trading futures and options.
Are there any other spots where we can still get into leveraged futures and options? I’m not talking about those fake games from casinos but real markets with actual order books and stuff. Binance might still be the top player, but with KYC, access to their futures and options is a no-go.
Are there any other platforms or maybe some workarounds to still get these services for us in the EU? What’s everyone using to trade these days?
Those web3 exchanges can be helpful if exchanges like MEXC which also does not require KYC do not allow people from Europe to access their exchange but I am not sure.
I have seen future trading on exchanges like Pancakeswap before up to 200x leverage but I have not gone for it before. So people will prefer to go for those web3 if they are not able to access future trading on web2 exchanges.
After reading through, I'm storming to get you a solution but I need to know if the EU being restricted from access the binance is due to the exchange and regulations dispute? Or the government of EU is in dispute with cryptocurrencies?
I'm asking because if it's just about regulatory policies with the binance, you can just swap to other exchange which MEXC can give you better services and if interested on no Kyc on decentralized platforms, then you can as well check out on these platforms on their sites.
1) DYDX https://dydx.trade
2) Hyperliquid https://hyperliquid.xyz
3) GMX https://gmx.io
Hyperliquid can be an alternative since they got the biggest liquid and people are opening positions with size of millions of dollars fine.
Other DEX also have perpetual like jupiter, there are actually so many derivative and perpetual dex out there you just need to put some attention and find out.
But as always, the bigger the liquidity is the better.
I was shocked to read this, so I dug deeper, and realised that it's not a ban per se but a stricter regulation, and of course, a crypto exchange like Binance must cooperate because the EU is strict with sanctioning. As it is now, it's not all countries that have joined this, but I don't know the stance of Binance to it. If it has banned the EU people from accessing the services, you can move to DEX in the worst-case scenario.
Also, I've seen people advising you to move to MEXC and others, please, ignore it, you can't predict those exchanges, they can leverage on that to steal your money later.
Agreed. More movement and possibilities where the liquidity stays.
And I do think that not all countries implemented such harsh conditions already (it will be done with time), as it was pointed out, so people do have some time to find alternatives that would fit them.
OP layed an appeal proposing if the community could recommend him for an accessible exchange for his trades probably because he got no ideal of any reputable or an existing one if not of the Binance that was recently banned in his region as EU.
With recommendations of other available exchanges in both centralized and decentralized platforms, it will be left for him to do his own research before making a decision towards them.
Not likely that it is a must that he should adopt them. So if it does not seem good for them via trust or preferred service of the exchanges, then he should let go and find himself a reliable one.
This is something about Bitcoin the digital gold Worthy of treasury values involved on this quest and it is not worth being ignorant and acts on strange courses without being verified before jumping in, else, it would lead directly to the lost of his funds.
Always consult from trusted source and also do make your research is the key to stay safe in this digital world.
In defi there's so much option actually, even with leveraged vaults and looping asset through lending platform which more or less the same as future trading, both have leveraged position and have liquidation price.
It's literally the main reason why cryptocurrency exists in the first place, to give access to the unbanked to a decentralized, permissionless world.
Of course, no one can choose for him, it's his choice. At the same time, advising someone to be smarter than the ignoble acts of exchanges, and many other companies for that matter, is not a misrepresentation. This didn't start today. EU residents should be smart, we hear stories daily, exchanges will only use it as an excuse for violating their ToS, they may not even respond. The ban will even ensure that the top exchanges stop offering the service, and only the desperate ones will remain, which makes it riskier. DEX is my best bet if I were him, so I don't expect to advise him otherwise.