Not sure where to post this, but here goes. I'm looking for an exchange that offers use. I’m in the UK, and it seems like the government has shut down all leveraged trading. I want somewhere that allows 5x, 8x use, and ideally accepts GBP deposits. Any recommendations?
Most major centralized exchanges like Coinbase Pro, Bybit, and Binance provide use options. There's also the decentralized route with platforms like Demex and Hyperliquid.
Just be mindful of KYC on centralized exchanges and keep your keys safe with DEXs. Both have their risks you should consider.
Quick question for you: Have you made any profits with spot trading? Like, are you in the green long-term?
If not, using use can be super risky. And what’s this 5x, 8x stuff? Higher leverages like 10x or even 100x can wipe you out fast.
I’ve had good experiences with use on Pionex. It feels like I have more control over my trades. Just hit the customize option, and it's easier than adjusting settings on other exchanges. I also use Binance, Kucoin, and Bitget for use.
If you're into futures trading, I’d stick to Binance, Coinbase, or MEXC. They’re top-tier globally. Just start with lower use, as the risk of liquidation increases with higher use. And yeah, you can’t deposit straight to exchanges in the UK, so use P2P to get USD.
Good point. We’re nearing the end of this cycle, maybe 6 months left. I’m looking to take some low-risk trades, like £500 with 5x or 10x use. Just small moves, you know?
Someone already mentioned Coinbase or Kraken. Have you checked them out? I think you can access use if you declare yourself as a high net borrower. Just gotta get approved first, which makes sense given the strict regulations.
It’s tricky. If you don’t want to convert to stablecoins, you might use a DEX for leveraged trading like Hyperliquid or Jupiter. They usually have open trading pairs.
Being in the UK, you might run into issues with use trading. Most exchanges require fiat deposits, and many only allow spot trading. Some unregulated ones might let you trade with crypto deposits, but that’s risky.
As mentioned, a DEX could work, but you’ll need to buy some crypto first.
I’ve got accounts with both. Coinbase makes you answer a quiz just to access your account, which is a waste of time! And Kraken says I can’t trade with use because I’m not a high net worth. What do they know?! This is exactly why crypto exists!