While BitMEX is a long-standing cryptocurrency trading platform, its complexity for beginners and limited asset selection may lead some users to seek other options. This article will explore what BitMEX offers, delve into the reasons you might look for an alternative, and present other platforms to consider based on your specific needs.
What is BitMEX?
Founded in 2014, BitMEX is a cryptocurrency exchange and derivative trading platform for speculating on price movements without owning the underlying assets. The platform offers high-leverage options up to 100x, a wide array of futures and perpetual contracts, and robust security measures.
It caters to advanced traders with sophisticated tools and charting software for detailed analytics and precise execution. For transparency, BitMEX conducts a bi-weekly Proof of Reserve and Liability process, allowing users to verify their account balances.
What to Consider When Selecting a BitMEX Alternative?
When searching for a platform to replace BitMEX, it's helpful to weigh your options against a clear set of criteria. Here are five key factors to consider:
- Fees and Pricing Structure: Look for a platform with a transparent and predictable fee model to avoid unexpected costs on transactions and conversions.
- Asset and Currency Support: Consider whether the platform supports the specific cryptocurrencies and fiat currencies you need, including easy conversion options.
- Ease of Use: Evaluate if the platform's interface and features match your technical expertise, as some are built for advanced traders while others prioritize simplicity for business operations.
- Business and Operational Tools: Determine if you need features beyond trading, such as payroll processing, expense management, or multi-user access for your team.
- Customer Support and Reliability: Investigate the platform's reputation for customer service responsiveness and reliability, as this can be vital when managing company funds.
If any of these points resonate with your needs, explore the alternatives we've gathered in the next section.
10 Best Alternatives to BitMEX
1. OneSafe
OneSafe is a finance platform designed to modernize banking for businesses, particularly those operating in the Web3 and crypto sectors. We provide essential tools for effortless fund management, quick payments, and access to both traditional and digital assets.
Our platform enables a direct 1:1 conversion from USD to USDC on Polygon, simplifying payroll and expense management for global teams. We also offer streamlined onboarding, rapid account setup, and responsive customer support tailored for organizations handling crypto-based payments.
Pricing
We believe in transparent pricing with no surprises. Here’s a quick look at our fee structure:
- Free Account Services: We charge nothing for account opening, monthly maintenance, or issuing virtual and physical cards. Plus, there's no minimum balance required.
- Low-Cost Domestic Transfers: Pay just 0.1% for US domestic ACH and standard wires, or a flat $25 for Fedwire payments.
- Competitive International Payments: Our fees are 0.2% for SEPA (EUR) payments and 0.2% plus a $50 SWIFT fee for other international wires.
- Transparent Crypto Transactions: Benefit from a low 0.1% fee on USDT transactions and fiat-to-crypto conversions at market rates with no hidden charges.
- 3% Corporate Card FX: A standard 3% fee applies to any non-USD spending on your corporate card.
Reviews
Users consistently praise our platform for its exceptional customer support and for providing a straightforward banking solution that resolves major operational challenges for businesses.
- “OneSafe has the best customer support I've ever experienced from a bank.” — Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” — Marco, CEO of Ensuro
Want to learn more? Check us out here.
2. Wise
Wise, formerly known as TransferWise, is a UK-based financial technology company founded in 2011. It specializes in international money transfers by utilizing the mid-market exchange rate without added markups.
The platform offers a multi-currency account to hold and manage funds in over 40 currencies, along with a debit card for global spending. Services are available for both individuals and businesses, including specialized offerings like Wise Business and Wise Platform.
Pricing
Here is a look at Wise's pricing:
- Starting from 0.57% for Sending Money: Fees for sending money vary by currency.
- Free for Receiving Money: Domestic payments in certain currencies are free to receive, while international wire transfers have fixed fees.
- $9 for Multi-Currency Card: A one-time fee is charged for the card. Spending is free, but fees apply to ATM withdrawals over $100 per month.
- $31 for Business Account Setup: A one-time fee is required for businesses to receive account details in multiple currencies.
- Free Account Maintenance: There are no monthly fees or charges for holding money in the account.
Reviews
User reviews indicate the platform is used for international money transfers, but some have encountered issues like payment processing problems and delays. Reports also mention account freezes and unresponsive customer support. Check out more Wise reviews here.
3. Airwallex
Airwallex is a financial technology company founded in 2015 that provides services like cross-border payments, multi-currency business accounts, and expense management. The platform is designed to support businesses with a range of financial operations.
It offers multi-currency accounts in over 20 currencies and applies a markup of 0.5% to 1% above interbank rates for foreign exchange. The service also provides corporate cards with no international fees and integrates with accounting software like Xero and QuickBooks.
Pricing
Here is a look at Airwallex's pricing:
- Free Explore Plan: Designed for small businesses, this plan is free for users who deposit at least $5,000 per month or maintain a minimum balance of $10,000. It includes multiple business accounts, free transfers to over 120 countries, and access to interbank FX rates.
- $99/month Grow Plan: This plan is suitable for growing businesses and includes all features of the Explore Plan, plus international batch transfers, expense management, and bill pay services.
- $499/month Accelerate Plan: Catering to large businesses, this plan includes all features of the Grow Plan, along with centralized management of finances across global entities and single sign-on capabilities.
- Custom Plan: For high-volume businesses or those needing custom API implementations, pricing is tailored based on specific requirements.
Reviews
User reviews mention issues with customer service, including delayed responses and limited support options. Some have also reported account suspensions without clear explanations and challenges with the Know Your Customer (KYC) process. Check out more Airwallex reviews here.
4. Hype
Hype is an Italian fintech company established in 2015, offering digital banking services to simplify financial management for individuals and businesses. The company provides services like HYPE Business, which is tailored for professionals and small enterprises.
Its platform operates through a mobile app that provides real-time notifications and includes tools for budgeting, savings goals, and instant payments. Users can also access cashback opportunities through the app.
Pricing
Here is a look at Hype's pricing:
- €2.90/month for HYPE Business: This plan includes a World Elite Mastercard, free SEPA transfers, free F24 payments, and access to features for expense monitoring. It also provides free cash withdrawals in euros from any ATM.
- Additional Services: For more detailed pricing information or to explore other services, it is advisable to contact HYPE directly.
Reviews
User reviews for Hype indicate varied experiences. Common issues reported by users include unresponsive customer support, account access problems, and concerns about the app's reliability. Check out more Hype reviews here.
5. Vivid Business
Vivid Money is a financial platform that provides services for personal, business, and freelance accounts. It operates as an all-in-one solution for managing various financial activities.
The platform supplies users with up to 30 German IBANs, virtual and physical cards, and access to investment opportunities. It also provides high interest rates and cashback rewards on spending.
Pricing
Here is a look at Vivid Business's pricing:
- €0/month Free Start: Includes 12 accounts, 1 team member, and an interest rate of 4% p.a. for the first 4 months, then 0.1% p.a.
- €7/month Basic: Includes 15 accounts, 15 team members, and an interest rate of 4% p.a. for the first 4 months, then 0.5% p.a.
- €19/month Pro: Includes 20 accounts, 30 team members, and an interest rate of 4% p.a. for the first 4 months, then 1.3% p.a.
Reviews
User reviews mention issues such as accounts being frozen or funds being held without clear explanation. Check out more Vivid Business reviews here.
6. N26
N26 is a German fintech company founded in 2013 that provides a mobile banking experience. It offers services such as transaction accounts, debit cards, overdrafts, and investment products.
The platform delivers real-time banking notifications through a mobile app interface. It also includes tools for managing spending and savings.
Pricing
Here is a look at N26's pricing:
- Free N26 Standard: A free account with a virtual Mastercard for online and mobile payments.
- €4.90/month N26 Smart: Offers tools for spending and saving, including the ability to add up to 10 sub-accounts.
- €9.90/month N26 Go: Designed for travel, this account includes benefits like free ATM withdrawals abroad and travel insurance.
- €16.90/month N26 Metal: A premium account that includes a metal card, travel insurance, and priority customer support.
Reviews
User reviews point to issues with customer support, including slow response times and unhelpful replies. Some customers have also reported account closures without clear explanation and frozen funds. Check out more N26 reviews here.
7. Brex
Founded in 2017, Brex is a financial technology company that provides a suite of financial services. It offers corporate credit cards, expense management, travel booking, and business accounts integrated into a single platform.
The platform includes AI-powered custom rules, real-time reporting, and integrations with accounting software. These tools are designed to provide scalable financial solutions for startups, mid-sized companies, and global enterprises.
Pricing
Here is a look at Brex's pricing:
- Free Essentials: This plan is for startups and growing companies and includes features such as global card acceptance, AI-powered custom rules, accounting integrations, travel booking, and bill pay.
- $12 per user per month Premium: Includes all features from the Essentials plan, plus multiple expense policies, advanced approvals, and multi-entity support.
- Custom Enterprise: This plan is for global enterprises and includes all Premium features, a named account manager, and customizable implementation services.
Reviews
User feedback points to issues with customer service, including unresponsiveness and challenges with complex queries, as well as limitations with receipt syncing and expense categorization. Check out more Brex reviews here.
8. Wallester
Wallester is a financial technology company that specializes in corporate expense management solutions. It provides these services through the issuance of both virtual and physical Visa cards.
The platform offers real-time expense control, detailed financial reporting, and integrations with accounting software. It also supports instant virtual card issuance, multiple currencies, and advanced API integration to help manage financial operations.
Pricing
Wallester provides a free plan that comes with up to 300 virtual cards and unlimited physical cards, with no account or minimum balance fees. Additional virtual cards are priced at €0.20 per card per month, and premium plans are available for businesses with greater needs.
Reviews
User feedback often mentions the platform's interface and customer support, though some have reported challenges with integration and occasional delays in technical support. Check out more Wallester reviews here.
9. MuralPay
MuralPay is a financial technology company focused on updating international transactions for global businesses, with an emphasis on operations across the Americas. The company aims to address issues stemming from outdated financial infrastructure and the large unbanked population.
It offers a platform and API for pay-ins, payouts, invoicing, and compliance, all powered by stablecoins. The infrastructure supports instant global payments, multi-currency invoicing, virtual accounts for different currencies, and tools for batch payments and real-time currency conversion.
Pricing
MuralPay does not publicly disclose its pricing details. The company offers a free demo, and prospective users are advised to contact them directly for information tailored to their business needs.
Reviews
User reviews mention occasional transaction processing delays and a complex interface on smaller devices. Other feedback points to the platform's cost for large teams, limited offline access, and issues with compliance checks leading to failed transactions. Check out more MuralPay reviews here.
10. Propulse by CA
Propulse by CA is an online banking and management platform designed for entrepreneurs, freelancers, and small businesses. It provides a suite of tools intended to manage financial and administrative operations.
The service includes an online business account with a French IBAN and a Visa Business card, along with features for automated invoicing and expense tracking. Additionally, users can file URSSAF contributions through the application and access insurance coverage tied to the payment card.
Pricing
Here is a look at Propulse by CA's pricing:
- Starter Plan: €8 per month.
- Start+ Plan: €17 per month.
For more detailed information on each plan, the company advises contacting them directly.
Reviews
Some users have reported difficulties contacting customer support, leading to delays in account creation and issue resolution. Check out more Propulse by CA reviews here.
Which One Should You Go With?
Choosing the right BitMEX alternative depends on your specific business needs, and any of the platforms listed can be a great fit. If you're a business looking for modern banking solutions tailored for the Web3 space, we recommend OneSafe for effortless fund management and global payments. Ready to simplify your finances? Sign up for OneSafe today.
