One Trading Perpetual Futures (EU)
⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
One Trading — the Amsterdam-based venue that grew out of Bitpanda Pro — is the most structurally distinctive of the regulated perps wave: it operates its own MiFID II trading venue (the ONEX Organised Trading Facility), and its retail perpetuals are margined and settled in euros — BTC/EUR, ETH/EUR and XRP/EUR — rather than the dollar-denominated contracts everywhere else. For a euro-based trader that removes a whole layer of currency exposure. The trade-off is cost, covered below.
The essentials
| Provider | One Trading Exchange B.V., Amsterdam (KvK 88528766) — AFM-licensed OTF operator ("OTE", licence dated 19 Jul 2024, confirmed on the AFM's own register); separate MiCAR CASP authorisation since 1 Jul 2025 |
|---|---|
| Venue | ONEX — One Trading's own MiFID II Organised Trading Facility |
| Retail perps | BTC/EUR, ETH/EUR (retail since 2025-05-12), XRP/EUR (added 2025-08-18) — cash-settled, EUR-margined, no expiry |
| Retail countries | Germany, Netherlands, Austria at the May 2025 rollout — current full list unverified (see below) |
| Max leverage | "Up to 10x", "subject to product & client category" |
| Funding | Every 4 hours for crypto futures, 24/7 (premium index recalculated every minute + interest-rate differential) |
| Base fees | 0.10% maker / 0.20% taker below $10k 30-day volume — falling steeply with volume; 3% liquidation fee |
| Onboarding | KYC; retail clients pass an appropriateness test |
The fee catch — read this first
At the entry tier, One Trading's perps cost 0.10% maker / 0.20% taker (their own fee schedule) — five to ten times OKX's and Kraken's 0.02%/0.05% EEA base rates. The schedule drops fast with volume (0.04%/0.08% from $10k monthly; 0.02%/0.05% — parity with the majors — from $1M), so the penalty mostly hits small, active accounts. There is also a 3% fee on liquidated positions — an unusually explicit liquidation charge that makes over-leveraging here strictly worse than elsewhere. If your 30-day volume is under five figures and you don't need EUR margining, the fee table alone may decide this comparison.
Two product lines — don't confuse them
One Trading also lists a separate line of dated futures: USD-denominated contracts with 5-year expiries across ten crypto pairs plus equity and index futures. Those are documented with a uniform 10x margin framework (de-risk at 75% of initial margin, margin threshold at 50%). The EUR perpetuals this review covers are a different product on the same venue, and their per-instrument contract specifications were not publicly retrievable this pass — another reason to read specs in-app before sizing a position.
Protections — with an unusually honest document
One Trading's own Investor Compensation Scheme disclosure deserves credit for clarity: the Dutch scheme pays "up to EUR 20,000 per person if an investment firm can no longer meet its obligations", but it "is expressly not intended to compensate for losses resulting from investments" — and payment obligations tied to instruments on ONEX fall outside the scheme, as do MiCAR crypto services. In plain terms: the €20,000 figure you may see quoted does not backstop your perps positions here. We could not find any negative-balance-protection statement either (unlike Kraken's documented guarantee) — only the margin/liquidation framework. Ask before trading; don't assume.
What we could not verify
- The current retail country list beyond the May 2025 Germany/Netherlands/Austria rollout (One Trading's own launch post 404s; the sign-up country selector would settle it).
- Per-instrument contract specs for the EUR perpetuals (margin tiers, contract/tick size).
- Any referral or affiliate program — none found on their site surfaces we checked; we state that as "not found", not "doesn't exist". We have no referral relationship with One Trading; every link here is a plain link.
- Appropriateness-test specifics (the client-categorisation document wouldn't render to text).
Verdict
One Trading is the niche pick of the regulated wave: the only EUR-margined retail perps on an EU venue, from an operator whose licence is verifiable on the AFM's own register, with unusually candid legal documentation. Against that: the narrowest market list (three pairs), the steepest entry-tier fees, an explicit 3% liquidation charge, and a geographic footprint we could only confirm for three countries. Euro-denominated traders with volume enough to reach the mid fee tiers should shortlist it; most others will be better served by Kraken or OKX. Background: regulated vs offshore.