Crypto exchanges are evolving into multi-asset platforms where traders can buy Bitcoin, stocks, and gold from a single account.
We explore how the TradFi products of the five largest exchanges are structured, what sets them apart, and what to consider before trading.
Two Approaches to TradFi
Before comparing platforms, it's essential to understand the two key models for trading traditional assets on crypto exchanges.
CFD (Contract for Difference) — a contract that reflects the price difference of an asset. The trader does not purchase the stock or gold but enters into a deal with a liquidity provider based on the difference between the opening and closing prices.
If the asset rises by 5% and the trader is long, they earn that difference. If it falls, they lose. The asset itself does not change ownership.
CFDs are standard in the forex broker world: they offer a wide range (currencies, commodities, indices, metals), high leverage (up to 500x), and spread pricing, where the broker includes their commission in the difference between the buy and sell prices.
MetaTrader 5 (MT5) is the terminal through which Bitget and Bybit operate their CFD models. This professional platform is popular among forex traders: it supports algorithmic trading via Expert Advisors, advanced charting, hedging, and various order types.
Perpetual contracts — a familiar format for crypto traders. The contract tracks the price of the underlying asset, settlements are made in USDT, and the funding rate adjusts the price every 8 hours.
Trading occurs in a familiar crypto interface without a separate account. Leverage is lower (up to 100x), but pricing is more transparent — the price is determined in the exchange order book, not by a liquidity provider.
Bitget
Bitget is pursuing the most ambitious strategy — the concept of a Universal Exchange (UEX). Company head Gracy Chen introduced it on September 16, 2025, and on January 21, 2026, the platform published the UEX white paper.
The daily trading volume of the TradFi segment on the platform reached $2 billion on January 9, 2026 — just four days after its public launch. By the end of the month, this figure doubled to $4 billion per day. Even during the beta testing phase, the daily volume for gold alone exceeded $100 million.
Bitget offers three TradFi trading models — the broadest range among the five exchanges:
- CFDs via MetaTrader 5 — 79+ instruments at launch, including forex (EUR/USD, GBP/USD), precious metals, commodities (Brent, WTI), and indices (Nasdaq 100, S&P 500, Dow Jones, AUS200);
- Perpetual futures on stocks (AAPL, GOOGL, META, TSLA) with leverage up to 10x;
- Tokenized stocks through a partnership with Ondo Finance — over 100 U.S. stocks and ETFs, including Tesla, Nvidia, Apple, Google, Microsoft, Amazon, Meta, AMD, as well as index ETFs (SPY, QQQ, IVV, IWM) and commodity products (IAU, SLV).
MetaTrader 5 is the primary trading terminal for Bitget's CFD segment. Users create a separate MT5 account, transferring USDT from their spot account, which is then converted to USD. Orders are executed through external liquidity providers, not matched with other Bitget users' orders.
Standard MT5 features are available: Expert Advisors for algorithmic trading, hedging mode, stop-loss/take-profit, and trailing stop. The terminal is available in desktop, mobile, and web versions.
TradFi CFDs operate through BTGT Mauritius Capital, licensed by the FSC of Mauritius. Leverage can reach 500x on CFDs (forex, metals, commodities) but is limited to 10x on stock futures.
Bitget serves over 125 million users in more than 150 countries. The User Protection Fund totals 5500 BTC ($384 million at the time of writing).
Phemex
Phemex launched TradFi futures on February 5, 2026, positioning itself as an alternative to the CFD model.
Trading volume in the first 24 hours exceeded $100 million. By March 12, 2026, Phemex reported a total volume of $10 billion for the first month, with daily peaks reaching $1 billion. The number of active users grew by 340% quarter-over-quarter.
Initially, seven instruments were available: futures on Tesla, Nvidia, Apple, Meta, and Intel, as well as gold (XAU) and silver (XAG). Phemex uses a Central Limit Order Book (CLOB) model — prices are determined by market participants. The exchange emphasizes its differences from CFD competitors: transparent pricing without hidden spreads, a unified margin pool with crypto positions, and no need for a separate account. Leverage is up to 100x, with the funding rate updated every eight hours.
On February 20, 2026, Phemex integrated tokenized stocks from Ondo Finance — 14 instruments: Nvidia (NVDAon), Tesla (TSLAon), Apple (AAPLon), Amazon (AMZNon), as well as ETFs on Nasdaq 100 (QQQon) and S&P 500 (SPYon). These tokens trade on Phemex's on-chain platform (Solana, Base, BNB Chain) as spot tokenized securities — separate from TradFi futures.
Phemex also completed a three-month zero-commission period for TradFi futures coinciding with the launch. This promotion helped attract traders and familiarize them with the product.
Bybit
Bybit was the first major crypto exchange to enter the TradFi market. The Gold & FX platform based on MetaTrader 5 launched in August 2024. In June 2025, the service was renamed to Bybit TradFi and added CFDs on U.S. stocks, indices, and commodities.
The trading model involves contracts for price differences. The trader does not own the underlying asset and speculates on price movements. Settlements are made in USDx — an internal unit pegged to USDT at a 1:1 ratio. Five asset classes are available: currency pairs (major, minor, exotic), precious metals (gold, silver), energy (oil), global indices (S&P 500, Nasdaq, Nikkei 225, HK50), and U.S. stocks — over 100 CFDs, including AAPL, TSLA, NVDA, META, and COIN.
Maximum leverage is up to 500x on currencies and metals. There are two fee modes:
- Zero-Fee — the spread is built into the quote;
- Tight-Spread — from $0.02–6 per lot, requires a deposit of at least 3000 USDT.
TradFi services operate through Infra Capital Limited — a Mauritius-based company licensed under SEC-2.1B by the FSC.
To trade, a separate TradFi sub-account is required, and USDT must be transferred with conversion to USDx. KYC level 2 verification is mandatory.
OKX
OKX took a different approach — it built perpetual futures on stocks with margin in USDT and partnered with the owner of the New York Stock Exchange, Intercontinental Exchange (ICE).
The Stock Perpetuals category launched in phases starting February 25, 2026. Initially, HOOD, TSLA, and MSTR were introduced, followed by INTC, PLTR, AMZN, COIN, and CRCL (February 26). By March 4, NVDA, GOOGL, MSFT, AAPL, META, as well as ETFs QQQ and SPY were added. As of March 20, 2026, 23 instruments are available: 19 stocks and 4 ETFs. Leverage is up to 5x. Contracts trade 24/7 without an expiration date.
On March 5, 2026, ICE announced strategic investments in OKX, valuing the company at $25 billion. According to Bloomberg, the investment was around $200 million. Under the terms of the deal, 120 million OKX users will gain access to ICE's futures markets in the U.S. and tokenized stocks listed on the NYSE. The integration of tokenized stocks is expected in the second half of 2026.
OKX became the first global exchange to obtain a full MiCA license and passport its services in the European Economic Area.
Binance
Binance entered the TradFi race later than its competitors, but its base of 300 million users fueled explosive growth in trading volumes.
The first product in this direction — a perpetual contract on gold (XAUUSDT) — launched on January 5, 2026. Silver (XAGUSDT) was added on January 7, and on January 8, the exchange introduced the TradFi Perpetual Contracts category. Platinum (XPTUSDT) and palladium (XPDUSDT) were added on January 30, completing the lineup of precious metals.
Since late February, the exchange began adding stock futures: first Tesla, Intel, and Robinhood, followed by Strategy, Amazon, Circle, Coinbase, and Palantir.
As of March 2026, Binance offers 12 TradFi instruments: 4 precious metals and 8 stocks. The model consists of perpetual contracts settled in USDT, similar to crypto futures. The minimum entry is from 5 USDT for gold. The Multi-Asset mode allows using BTC or ETH as collateral.
The total volume of TradFi trading exceeded $130 billion by early March 2026, with 90 million trades.
Contracts trade around the clock, including outside standard exchange sessions. They are executed on the regulated platform Nest Exchange Limited, with clearing conducted through Nest Clearing and Custody Limited. Both companies are licensed by the Abu Dhabi Financial Services Regulatory Authority (ADGM).
Comparison Table
ParameterBitgetPhemexBybitOKXBinanceTrading ModelCFD (MT5) + perpetual futures + tokenized stocksPerpetual futures + tokenized stocksPerpetual futures (MT5)Perpetual futuresPerpetual contractsNumber of TradFi Instruments79+ (CFD) + 100+ (tokenized stocks)7 (futures) + 14 (tokenized stocks)100+ (CFD)23 (19 stocks + 4 ETFs)12 (4 metals + 8 stocks)Asset ClassesForex, metals, commodities, indices, stocks, ETFsStocks, gold, silverForex, metals, commodities, indices, stocksStocks, ETFsPrecious metals, stocksMaximum Leverage500x (CFD), 10x (stocks)100x500x (currencies/metals)5xNot disclosedSeparate AccountYes (for MT5)NoYes (TradFi sub-account)NoNoPricingSpread (CFD) / order book (futures)Order book (CLOB)Spread (CFD)Order bookOrder bookSettlement CurrencyUSD (CFD) / USDT (futures)USDTUSDx (pegged to USDT)USDTUSDTTokenized Stocks (Ondo)Yes (100+)Yes (14)NoPlanned (H2 2026)NoCFD Brokers vs. Crypto-Native Futures
The competitive landscape is divided into two camps.
Bybit and Bitget have built classic CFD brokerage platforms within a crypto exchange framework — through licensed structures in Mauritius based on MetaTrader 5. This approach provides the widest selection of instruments and a familiar environment for forex traders.
The downside is the need for a separate account, spread pricing, and an offshore regulatory model. However, Bitget has expanded its offerings beyond CFDs: perpetual futures on stocks and tokenized securities through Ondo Finance make it the only platform with three TradFi trading models.
Binance, OKX, and Phemex have opted for a crypto-native approach — perpetual contracts settled in USDT on the same infrastructure as crypto futures. A single account, transparent order book, no reliance on MT5, but a narrower range of instruments.
The ICE deal with OKX is the most notable institutional recognition in this race. It could open access to NYSE tokenized stocks for 120 million crypto users as early as the second half of 2026. Ondo Finance has become a key provider of tokenization infrastructure — integrated by Phemex and Bitget.
FAQ
How do TradFi products on crypto exchanges differ from traditional brokers?Crypto exchanges allow trading traditional assets — stocks, gold, currencies — from a single account, without opening a brokerage account. Settlements are made in USDT or USD, and contracts operate 24/7, including outside standard exchange sessions. The trader does not become a shareholder in the company — they trade a contract that tracks the asset's price.
What are tokenized stocks and how do they differ from futures?Tokenized stocks are digital representations of real securities issued on the blockchain. Unlike futures, they trade as spot assets without leverage and funding rates. Ondo Finance is the main provider of such instruments for Bitget and Phemex.
CFD (contract for price difference) is an instrument from the forex broker world. The price is determined by the liquidity provider, the commission is included in the spread, and trading is available through the MetaTrader 5 terminal or the exchange's built-in interface. Perpetual contracts are a familiar model for crypto traders: the price is formed in the exchange order book, the funding rate is recalculated every 8 hours, and trades occur in the standard crypto interface.
Which exchange is suitable for forex traders?Bitget and Bybit both offer CFDs based on MetaTrader 5 with a familiar set: Expert Advisors, hedging, trailing stop. Bybit has also integrated CFDs into its own app. Bitget additionally offers perpetual futures and tokenized stocks through Ondo Finance.
Binance, OKX, and Phemex do not require a separate account or additional software. Perpetual contracts on stocks operate in the same interface as crypto futures: familiar order types, settlements in USDT, and a unified balance.