Crypto exchanges are turning into multi-asset platforms where traders buy and sell bitcoin, stocks, and gold from a single account.<\/p>\n\n\n\n
Here’s how TradFi<\/span> products work on five major exchanges, what sets them apart, and what to consider before trading.<\/p>\n\n\n\n Before comparing platforms, it helps to understand the two core models for trading traditional assets on crypto exchanges.<\/p>\n\n\n\n CFD (Contract for Difference)<\/strong> is an agreement on the price difference of an asset. A trader doesn’t buy the stock or gold itself \u2014 instead, they enter a contract with a liquidity provider on the spread between the opening and closing price.<\/p>\n\n\n\n If the asset gains 5% and the trader is long, they pocket the difference. If it drops, they lose. The underlying asset never changes hands.<\/p>\n\n\n\n CFDs are the standard in the forex brokerage world: a broad lineup (currencies, commodities, indices, metals), high leverage (up to 500x), and spread-based pricing where the broker bakes its fee into the gap between bid and ask.<\/p>\n\n\n\n MetaTrader 5 (MT5) is the terminal that powers Bitget’s and Bybit’s CFD models. It’s a professional platform popular with forex traders: it supports algorithmic trading via Expert Advisors, advanced charting, hedging, and multiple order types.<\/p>\n\n\n\n Perpetual contracts<\/strong> are the format crypto traders know best. The contract tracks the price of an underlying asset, settles in USDT, and a funding rate adjusts the price every 8 hours.<\/p>\n\n\n\n Trading happens in a familiar crypto interface with no separate account. Leverage is lower (up to 100x), but pricing is more transparent \u2014 the price forms in an order book, not at a liquidity provider.<\/p>\n\n\n\n Bitget<\/a> is pursuing the most ambitious strategy \u2014 the Universal Exchange (UEX) concept. CEO Gracy Chen introduced it on September 16, 2025, and on January 21, 2026, the exchange published its UEX white paper<\/a>.<\/p>\n\n\n\n Daily TradFi volume on the platform hit<\/a> $2 billion on January 9, 2026 \u2014 four days after the public launch. By the end of the month the figure doubled<\/a> to $4 billion per day. Even during the beta-testing phase, gold alone topped $100 million in daily volume.<\/p>\n\n\n\n Bitget offers three TradFi trading models \u2014 the broadest range among the five exchanges:<\/p>\n\n\n\n MetaTrader 5 is the primary trading terminal for Bitget’s CFD segment. Users create a separate MT5 account; USDT is transferred from the spot wallet and converted<\/a> to USD. Orders are executed<\/a> through external liquidity providers rather than matched against other Bitget users.<\/p>\n\n\n\n Standard MT5 features are available: Expert Advisors for algorithmic trading, hedging mode, stop-loss\/take-profit, and trailing stops. The terminal runs on desktop, mobile, and web.<\/p>\n\n\n\n TradFi CFDs operate through BTGT Mauritius Capital, licensed by the FSC<\/span> Mauritius. Leverage reaches 500x on CFDs (forex, metals, commodities) but is capped at 10x for stock futures.<\/p>\n\n\n\n Bitget serves over 125 million users in more than 150 countries. Its user Protection Fund<\/a> stands at 5,500 BTC ($384 million at the time of writing).<\/p>\n\n\n\n Phemex<\/a> launched TradFi futures<\/a> on February 5, 2026, positioning itself as an alternative to the CFD model.<\/p>\n\n\n\n Trading volume surpassed $100 million<\/a> in the first 24 hours. By March 12, 2026, Phemex <\/a>reported<\/a> $10 billion in cumulative volume for the first month, with daily peaks reaching $1 billion. Active users grew 340% quarter over quarter.<\/p>\n\n\n\n At launch, seven instruments were available: futures on Tesla, Nvidia, Apple, Meta, and Intel stocks, plus gold (XAU) and silver (XAG). Phemex uses a Central Limit Order Book (CLOB), where market participants set the price. The exchange highlights<\/a> key differences from CFD competitors: transparent pricing with no hidden spreads, a unified margin pool shared with crypto positions, and no need for a separate account. Leverage goes up to 100x. Funding rates update every 8 hours.<\/p>\n\n\n\n On February 20, 2026, Phemex integrated<\/a> Ondo Finance tokenized stocks \u2014 14 instruments<\/a>, including Nvidia (NVDAon), Tesla (TSLAon), Apple (AAPLon), Amazon (AMZNon), plus Nasdaq 100 (QQQon) and S&P 500 (SPYon) ETFs. Tokens trade on Phemex’s on-chain platform (Solana, Base, BNB Chain) as spot tokenized securities \u2014 separate from TradFi futures.<\/p>\n\n\n\n Phemex also just completed a three-month zero-fee period for TradFi futures to mark the launch, designed to bring traders in and help them get familiar with the product.<\/p>\n\n\n\n Phemex exchange review: fees, security, trading bots, and Earn products<\/a><\/p>\n\n\n\n Bybit was the first major crypto exchange to enter the TradFi market. Its Gold & FX platform, built on MetaTrader 5, went live in August 2024. In June 2025, the service was rebranded<\/a> as Bybit TradFi, adding CFDs on U.S. stocks, indices, and commodities.<\/p>\n\n\n\n The trading model is contracts for difference. Traders don’t own the underlying asset \u2014 they speculate on price movements. Settlements use 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 \u2014 over 100 CFDs, including AAPL, TSLA, NVDA, META, and COIN.<\/p>\n\n\n\n Maximum leverage reaches 500x on currencies and metals. Two fee tiers<\/a> are available:<\/p>\n\n\n\n TradFi services operate through Infra Capital Limited, a Mauritius-based company with an SEC-2.1B license from the local Financial Services Commission (FSC).<\/p>\n\n\n\n Trading requires a separate TradFi sub-account and a USDT transfer with conversion to USDx<\/a>. Level 2 KYC<\/span> verification is mandatory.<\/p>\n\n\n\n OKX took a different path \u2014 it built perpetual futures on stocks with USDT margin and signed a partnership with Intercontinental Exchange (ICE), owner of the New York Stock Exchange.<\/p>\n\n\n\n The Stock Perpetuals category launched<\/a> in stages starting February 25, 2026. HOOD, TSLA, and MSTR came first, followed by INTC, PLTR, AMZN, COIN, and CRCL on February 26. By March 4, NVDA, GOOGL, MSFT, AAPL, META, plus QQQ and SPY ETFs had been added. As of March 20, 2026, 23 instruments are available: 19 stocks and 4 ETFs. Leverage goes up to 5x. Contracts trade 24\/7 with no expiration date.<\/p>\n\n\n\n On March 5, 2026, ICE announced<\/a> a strategic investment in OKX at a $25 billion valuation. According to Bloomberg<\/a>, the amount was roughly $200 million. Under the deal, OKX’s 120 million users will gain access to ICE’s regulated futures markets in the U.S. and tokenized stocks listed on the NYSE. Tokenized stock integration is expected<\/a> in the second half of 2026.<\/p>\n\n\n\n OKX became the first global exchange to obtain<\/a> a full MiCA<\/a> license and passport its services across the European Economic Area.<\/p>\n\n\n\n Binance entered the TradFi race later than its competitors, but a community of 300 million users drove explosive volume growth.<\/p>\n\n\n\n Its first product in this direction \u2014 a perpetual contract on gold (XAUUSDT) \u2014 launched on January 5, 2026. Silver (XAGUSDT) followed on January 7, and on January 8 the exchange unveiled the TradFi Perpetual Contracts category. Platinum (XPTUSDT) and palladium (XPDUSDT) appeared on January 30, rounding out the precious metals lineup.<\/p>\n\n\n\n Starting in late February, stock futures began rolling out: Tesla, Intel, and Robinhood came first, then Strategy, Amazon, Circle, Coinbase, and Palantir.<\/p>\n\n\n\n As of March 2026, Binance offers 12 TradFi instruments: 4 precious metals and 8 stocks. The model is perpetual contracts settled in USDT, identical to crypto futures. The minimum entry is 5 USDT for gold. Multi-Asset mode lets traders use BTC or ETH as collateral.<\/p>\n\n\n\nTwo Approaches to TradFi<\/strong><\/h2>\n\n\n\n
Bitget<\/strong><\/h2>\n\n\n\n
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Phemex<\/strong><\/h2>\n\n\n\n
Bybit<\/strong><\/h2>\n\n\n\n
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OKX<\/strong><\/h2>\n\n\n\n
Binance<\/strong><\/h2>\n\n\n\n