Please read this carefully before using our derivatives service
The value of derivatives and digital assets can rise or fall, and the risk of loss can be substantial. As with any asset, you may lose money when buying, selling, holding, or investing in these instruments — and in some cases you may lose your entire investment. For more detail, see Part A, Section 15 (Risks) of the Coinbase Bermuda User Agreement and the Retail and Institutional Help Center disclosures.
Consider whether these products are right for you
Before engaging with any instrument, make sure it is appropriate for your individual circumstances, investment objectives, and financial situation. Trading and holding derivatives and digital assets is not suitable for everyone.
We do not provide legal, financial, or tax advice. You should consult your own financial advisor, legal or tax professional about your specific situation, and seek independent professional advice if you have any questions or doubts about these disclosures.
How our service works
CBBM offers derivatives through a Brokerage Service and, for eligible institutional customers only, a Settlement Service. For how each model works, see What does "Contracting entity" mean in my institutional application?
CBBM provides its Brokerage Service on a non-advised basis. This means:
We do not provide personal recommendations or assess whether an instrument is suitable for you.
Any factual information we provide about an instrument does not constitute advice.
If you are unsure whether an instrument is suitable or appropriate for you, you should obtain independent professional advice.
Capital at risk
Engaging with instruments involves capital risk. The value of your investment may fall as well as rise, and you may get back less than you invested — in some cases, you may lose your entire investment. Past performance is not an indication of future performance. You must be able to bear these losses when using our service.
Third-party information
We may provide financial and market data, news, research, charts, or other third-party information. This information is indicative only, may not reflect the price at which a transaction can be executed, and does not take your individual circumstances into account. It is provided solely to help you make your own investment decisions and does not constitute investment advice or a personal recommendation.
Availability of instruments
The instruments available through our Brokerage Service may change from time to time. We cannot guarantee that any specific instrument will remain available, and we reserve the right to suspend or remove any instrument at any time at our sole discretion.
If an instrument is removed, you will no longer be able to submit orders to buy it. Where the law permits, we will endeavour to allow you to close any existing positions.
Circumstances that may lead to an instrument being removed include, but are not limited to, changed market conditions, business decisions, and regulatory requirements.
Under the Settlement Service, the instruments available to you are decided by Deribit FZE.
Brokerage Service: trading on the Deribit Exchange
CBBM is a broker and member of the Deribit Exchange. Your trades on the exchange are governed by the Deribit Rulebook (as defined in the Coinbase Bermuda User Agreement). This means:
You agree to comply with and be bound by the Deribit Rulebook, which the exchange operator may change at any time.
The Rulebook is the authoritative source for margin requirements, mark price, settlement, liquidation, and the insurance fund and socialised loss.
Your positions may be liquidated, or losses applied to you, at times and in circumstances determined by the Rulebook and the exchange.
If anything in our agreements or on this website conflicts with the Deribit Rulebook, the Rulebook prevails.
Read the Coinbase Bermuda User Agreement together with Deribit Rulebook before you trade.
Settlement Service risks (eligible institutional customers only)
If you use the Settlement Service, the following additional risks apply:
You trade directly with Deribit FZE. Your trades, positions, margin and liquidations are governed by your agreement with Deribit FZE and the Deribit Rulebook. Actions by Deribit FZE affect you directly, and CBBM is not responsible for them.
CBBM follows Deribit FZE's instructions. You authorise CBBM to act on instructions and data it receives from Deribit FZE, including instructions to lock, release, transfer, debit or credit your collateral. CBBM will not check the underlying circumstances. CBBM is not liable for acting on these instructions, except in cases of gross negligence, wilful default or fraud.
Deribit FZE's records prevail. Balances shown by CBBM are based on data from Deribit FZE. If CBBM's data and Deribit FZE's data differ, Deribit FZE's data prevails unless there is a manifest error.
Withdrawals may be restricted or delayed. You can withdraw collateral only once Deribit FZE confirms it is no longer needed to support your trades. CBBM is not liable for delays caused by Deribit FZE.
Ending the Settlement Service. If the Settlement Service ends, your relationship with Deribit FZE and any open trades continue. You are responsible for managing them and for arranging alternative custody and settlement that Deribit FZE accepts.