Quick overview
LedgerX launched in 2017 as the first US-regulated crypto derivatives platform. It evolved from a swap execution facility to a designated contract market and clearinghouse. Now operating under the name FTX US Derivatives, and owned by MIAX, it remains focused on institutional-grade bitcoin options and futures.
What It Offers
LedgerX provides trading in bitcoin derivatives - both options and futures. It allows for physically settled contracts, which means actual bitcoin is delivered at expiration, unlike most cash-settled products. The platform is also built with compliance-first architecture - clearing, custody, and recordkeeping are all handled internally and under regulatory supervision.
Regulation and Trust
LedgerX holds CFTC designations that let it operate as a swap execution facility, a clearinghouse, and a contract market. It was among the first to receive these approvals for crypto. That means the exchange runs under US financial law, and its operations are subject to ongoing oversight. For traders who care about legal structure and counterparty risk, that’s a big deal.
The Volume Story
Despite the heavy regulation and strong infrastructure, volume remains low. LedgerX never became a hub for retail or altcoin trading. It’s focused strictly on bitcoin, and even then, mostly for institutions. Contract sizes, product complexity and compliance requirements create a high barrier to entry. As a result, it's quiet - but deliberate.
Pros
- Fully regulated by US authorities
- Offers both cash and physically settled contracts
- Focused on one asset - bitcoin - with tight infrastructure
- Custody and clearing are integrated and compliant
Cons
- No support for altcoins or spot trading
- Retail usage is minimal due to complexity
- Limited public data on current volume or users
- Branding and visibility lag behind modern platforms
Who Might Use It
LedgerX is best suited for institutions, hedge funds, and sophisticated investors. If you’re looking to hedge BTC positions with structured products under US law, it fits. But for everyday users, yield farmers or altcoin fans, there’s simply nothing here.
Quick Overview
- Launch Year: 2017
- Focus: Bitcoin options and futures
- Regulation: CFTC - SEF, DCM, and DCO licenses
- Ownership: MIAX, under FTX US Derivatives
- Spot Trading: No
- Mobile App: Not available
- Public Activity Data: Minimal
Final Take
LedgerX is one of the most compliant crypto exchanges in the US, but it’s not for everyone. Its specialization in bitcoin derivatives, its regulated design, and its quiet presence make it ideal for a narrow audience.
If you're looking for deep liquidity, casual spot trades, or altcoin markets, this isn't your place. But if regulation matters and bitcoin options are your game, LedgerX still holds a unique spot in the crypto landscape.