Borrowing from the exchange to open a position that is bigger than your balance. The exchange holds your deposit as margin and closes the position if the market moves against you by enough to use it up.
Compare crypto exchanges by licence, fees and features
Updated · Rankings data refreshed (CoinGecko)
Margin trading means you borrow from the exchange to open a bigger position than your balance. Leverage is the ratio, so 10x means a $1,000 deposit controls a $10,000 position. The exchanges on this list offer margin or leveraged trading, and each one advertises a different maximum. The higher the leverage, the smaller the move that wipes out your deposit. At 100x a 1% move against you closes the position. Read the risk section on this page before you use any of them.
Leverage rules depend on where you live. The UK bans crypto derivatives for retail traders. US residents may use only CFTC-regulated venues. EU brokers that sell crypto CFDs are capped at 2:1. The rules section below spells it out.
| # | Exchange | Trust rank | 24h volume | Founded | Markets |
|---|---|---|---|---|---|
| 1 | Coinbase Exchange | #1 | $1.51B | 2012 | Spot, Derivatives |
| 2 | Kraken | #2 | $1.60B | 2011 | Spot, Derivatives |
| 3 | OKX | #3 | $1.88B | 2017 | Spot, Derivatives |
| 4 | Binance | #4 | $5.84B | 2017 | Spot, Derivatives |
| 5 | Bitget | #5 | $697.8M | 2018 | Spot, Derivatives |
| 6 | Gate | #6 | $1.72B | 2013 | Spot, Derivatives |
| 7 | MEXC | #8 | $872.0M | 2018 | Spot, Derivatives |
| 8 | KuCoin | #20 | $1.10B | 2017 | Spot, Derivatives |
| 9 | Bitfinex | #32 | $226.3M | 2012 | Spot, Derivatives |
| 10 | Bybit | #37 | $2.38B | 2018 | Spot, Derivatives |
The exchanges on this page are chosen and ranked using ExchangeCatalogue’s independent review framework – we look at security, regulation, fees, products, user experience, and overall fit for this specific use case or region.
Some platforms may be our partners, but no exchange can pay to change its score or ranking. Sponsorship can affect visibility (for example, “featured” labels), not how we rate risk or quality.
This page is for information only and is not financial or investment advice. Always do your own research.
See our Affiliate & Advertising Disclosure, Methodology and Risk Disclosure for full details.
Use our Exchange Finder Tool to get a personalized recommendation.
These are the maximum figures each exchange advertised on its own pages when we checked on 25 September 2026. Most apply only to bitcoin and ether perpetual contracts, and only in countries where the exchange may offer them. Smaller coins get far less.
| Exchange | Maximum leverage advertised | Note |
|---|---|---|
| MEXC | 500x | On bitcoin and ether futures. Not offered to US residents. |
| Binance | 125x | Futures. Not offered in the US or, since 1 July 2026, in the EU. |
| Bitget | 125x | Futures. Not offered to US residents. |
| Gate | 125x | Futures. Not offered to US residents. |
| Bybit | 100x | Futures. Not offered to US residents. |
| OKX | 100x | Futures. The US app offers spot only. |
| Kraken | 100x | Kraken futures outside the US. In the US, regulated perpetual futures through Bitnomial since May 2026. |
| KuCoin | 100x | Futures. Not offered to US residents. |
| Bitfinex | 10x | Margin trading on the spot market, funded by peer to peer lending. |
| Coinbase | 10x | Perpetual-style futures for US customers through Coinbase Financial Markets since 21 July 2025. |
In the United Kingdom the FCA has banned the sale of crypto derivatives to retail traders since 6 January 2021, and the ban still stands in 2026. The ban on crypto exchange-traded notes was lifted in October 2025. That does not cover futures or margin. A UK resident who opens a margin account at an offshore exchange has no FCA protection.
In the United States only CFTC-regulated venues may offer crypto futures to retail customers. That means Coinbase Derivatives and Kraken's futures through Bitnomial, plus futures brokers that list CME crypto contracts. Bybit, Bitget, MEXC, KuCoin and OKX's global exchange do not serve US residents.
In the EU, a broker that sells crypto CFDs to retail clients is capped at 2:1 under ESMA's rules. Exchanges licensed under MiCA may offer spot trading. Leveraged crypto products fall under the same investor rules as other derivatives. Binance has had no EU service since 1 July 2026.
When you open a leveraged position the exchange sets a liquidation price. If the market reaches it, the exchange closes your position and keeps your margin. Most exchanges charge a liquidation fee as well. Cross margin uses your whole balance to hold positions open. Isolated margin risks only the margin you gave to that trade. Funding payments on perpetual contracts pass between long and short traders every few hours. When the market is one-sided they can cost more than the trading fee.
Sources: each exchange's own futures and margin pages. FCA PS20/10 and the FCA's October 2025 decision on crypto ETNs. CFTC guidance on retail commodity transactions. ESMA CFD measures. Coinbase and Kraken announcements of 21 July 2025 and 29 May 2026. Checked 25 September 2026.