Key Takeaways
- • Six exchanges hold EU licences to offer crypto futures to retail clients in Germany: Kraken, Coinbase, OKX, Gemini, Robinhood and One Trading, all capped at 10x leverage on Bitcoin for retail clients.
- • Futures and perpetuals are classed as MiFID II financial instruments, so providers need a second authorisation beyond a MiCA licence, typically via entities in Cyprus, Malta, Lithuania or the Netherlands.
- • ESMA's February 24, 2026 statement suggests perpetual futures may fall under national CFD rules, which carry a 2:1 retail leverage cap; providers offering genuine perpetuals face residual risk of a 2x limit.
- • Coinbase and OKX use five-year futures with funding rates rather than true perpetuals, a structure that sidesteps the CFD requirements.
- • Taker fees range from 0.05 percent (Kraken, OKX) to 0.20 percent (One Trading's futures fee page), so a €10,000 round trip can cost €10 or €40.
Summary
As of November 4, 2026, retail clients in Germany can legally trade crypto futures on six exchanges holding EU licences: Kraken, Coinbase, OKX, Gemini, Robinhood and One Trading, according to a comparison published by CryptoTicker.io. All six cap retail leverage on Bitcoin at 10x. The providers differ in contract design, fees, collateral currency and the regulator responsible for client money.
Because futures are derivatives under MiFID II, a MiCA crypto licence alone is not sufficient. Most providers have set up separate EU entities, with Cyprus (CySEC) and Malta (MFSA) popular choices. Kraken operates through Payward Europe Digital Solutions in Cyprus, Coinbase through Coinbase Financial Services Europe in Cyprus, OKX through OKX Europe Markets in Malta, and Gemini through an entity in Malta. Robinhood Europe is licensed in Lithuania, and One Trading runs its own trading venue in the Netherlands under AFM supervision. Under the EU passport, these entities can serve German clients, though BaFin oversees distribution rules.
According to the report, ESMA stated on February 24, 2026 that derivatives marketed as perpetual futures are likely to fall under national CFD measures. Crypto CFDs have been limited to 2:1 retail leverage since 2018. Coinbase and OKX sidestep this by offering five-year futures with funding rates, which behave like perpetuals but have a fixed term. Kraken, Gemini, Robinhood and One Trading list genuine perpetuals, so they carry residual risk of a 2x cap if regulators apply the ESMA line strictly.
Fee structures also vary. Kraken and OKX charge 0.02 percent for makers and 0.05 percent for takers at the lowest tier. One Trading's fee page lists 0.10 percent maker and 0.20 percent taker for futures, with a 3 percent liquidation fee. On a €10,000 position at 10x, both as takers, the report estimates a round trip costs €10 at 0.05 percent versus €40 at 0.20 percent. Funding rates add ongoing costs, with One Trading settling every four hours and Coinbase hourly.
Collateral choices differ as well. One Trading settles in euros, Gemini in USDC, and OKX accepts Bitcoin, Ether, Solana and stablecoins. The report notes that posting volatile crypto as collateral can accelerate liquidation during price declines. The source article could not be independently verified beyond the retrieved text and search snippets.
Because futures are derivatives under MiFID II, a MiCA crypto licence alone is not sufficient. Most providers have set up separate EU entities, with Cyprus (CySEC) and Malta (MFSA) popular choices. Kraken operates through Payward Europe Digital Solutions in Cyprus, Coinbase through Coinbase Financial Services Europe in Cyprus, OKX through OKX Europe Markets in Malta, and Gemini through an entity in Malta. Robinhood Europe is licensed in Lithuania, and One Trading runs its own trading venue in the Netherlands under AFM supervision. Under the EU passport, these entities can serve German clients, though BaFin oversees distribution rules.
According to the report, ESMA stated on February 24, 2026 that derivatives marketed as perpetual futures are likely to fall under national CFD measures. Crypto CFDs have been limited to 2:1 retail leverage since 2018. Coinbase and OKX sidestep this by offering five-year futures with funding rates, which behave like perpetuals but have a fixed term. Kraken, Gemini, Robinhood and One Trading list genuine perpetuals, so they carry residual risk of a 2x cap if regulators apply the ESMA line strictly.
Fee structures also vary. Kraken and OKX charge 0.02 percent for makers and 0.05 percent for takers at the lowest tier. One Trading's fee page lists 0.10 percent maker and 0.20 percent taker for futures, with a 3 percent liquidation fee. On a €10,000 position at 10x, both as takers, the report estimates a round trip costs €10 at 0.05 percent versus €40 at 0.20 percent. Funding rates add ongoing costs, with One Trading settling every four hours and Coinbase hourly.
Collateral choices differ as well. One Trading settles in euros, Gemini in USDC, and OKX accepts Bitcoin, Ether, Solana and stablecoins. The report notes that posting volatile crypto as collateral can accelerate liquidation during price declines. The source article could not be independently verified beyond the retrieved text and search snippets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.