If you have been trading cryptocurrency, you have come to discover there is almost an endless amount of exchanges to choose from. In this article, we are going to compare two of the biggest and most popular exchanges: PrimeXBT and Bitmex.
What is PrimeXBT?
PrimeXBT is a cryptocurrency derivatives exchange that allows traders to trade in contracts for difference (CFDs) on various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
You can’t use PrimeXBT to acquire cryptocurrencies. Go here if you want to buy cryptocurrency from a reliable exchange.
The greatest drawback of PrimeXBT is that it is not appropriate for the majority of cryptocurrency investors. There’s no spot trading; you can only use fixed leverage to trade on margin, and you can’t own the underlying asset.
We recommend Uphold for spot trading crypto.
What is Bitmex?
Bitmex started out as a Bitcoin-only exchange but has since expanded to include altcoins. Bitmex offers margin trading with up to 100x leverage on select contracts, which makes it one of the most powerful exchanges in the market.
Bitmex also offers a futures platform and a Perpetual Swap Contract (XBTUSD) that allows traders to bet on the future price of Bitcoin without taking delivery of the underlying asset.
One thing to keep in mind about Bitmex is that it is not for inexperienced traders. Bitmex has been known to be quite volatile, and you can lose your entire investment if you’re not careful.
Bitmex offers a variety of contracts with different expirations.
Bitmex also offers a spot trading option, so you can buy and sell cryptocurrencies for real-world currency.
So, which exchange should you choose? The answer depends on your needs and experience level. Keep in mind your location will also determine what exchanges are available for use.
Both exchanges offer a wide variety of features that appeal to traders of all levels of experience. Let’s take a look at some of the key features of each exchange:
- Minimum trade size of 0.1 Bitcoin
- No commissions on trades
- Leverage up to 100x
- 24/7 customer support
- Minimum trade size of 0.001 Bitcoin
- Commission of 0.025% on all trades
- Leverage up to 100x
- 24/7 customer support
Both PrimeXBT and Bitmex offer high leverage, which can be both a pro and a con, depending on your trading style.
Comparing PrimeXBT and Bitmex
Now that we know a bit more about PrimeXBT and Bitmex, let’s compare the two platforms. PrimeXBT is newer to the scene, but it has quickly become a popular choice for traders. Bitmex, on the other hand, has been around for a while and is well-known in the crypto community.
So, what are the key differences between PrimeXBT and Bitmex? First of all, PrimeXBT offers higher leverage than Bitmex. This means that you can trade with a higher margin and increase your profits. PrimeXBT also has a much smaller minimum trade size than Bitmex (0.001 vs 0.01 BTC), making it ideal for new traders.
Bitmex, on the other hand, offers a wider range of products, including futures and swaps. Bitmex also has a higher maximum trade size than PrimeXBT (100 vs 20 BTC).
Account management and security is another key consideration. Bitmex uses cold storage and two-factor authentication with a host of security features to protect your account.
PrimeXBT’s security features are incorporated into an extensive cyber-security architecture that is intended to safeguard client assets. PrimeXBT also performs periodic stress tests and security inspections to verify that it is in line with regulations. Two-factor authentication, as well as anti-fraud mechanisms, are employed.
Cost and fees
PrimeXBT has a transparent fee structure, only charging for each trade and holding a position open overnight. You cannot deposit fiat currency into the platform, but if you want to purchase Bitcoin to directly fund your PrimeXBT account, you can do so via their third-party payment providers, who may charge a fee.
Commission rates for cryptocurrencies are 0.05%, forex and precious metals are rated at 0.001% and the commission for commodities and indices is 0.01%.
BitMEX doesn’t charge deposit fees or withdrawal fees for Bitcoin. Only Bitcoin network fees apply for withdrawals. Bitmex has a 0.1% maker fee and a 0.05% taker fee.
Both PrimeXBT and Bitmex offer excellent customer support, so you can rest assured that you will receive help if needed. You will find PrimeXBT offers 24/7 customer support, while Bitmex offers 24/7 customer support only on weekdays
As you can see, both exchanges offer a number of advantages, such as high leverage and no deposit or withdrawal fees. However, PrimeXBT also offers trading in USD, EUR, and GBP, while Bitmex is limited to BTC, ETH, LTC, XRP, and BCH. Additionally.
Overall, both exchanges are excellent choices for traders of all levels of experience. PrimeXBT may be a better choice for those who want to trade in multiple currencies, while Bitmex may be a better choice for those who want to trade in larger quantities.