The post PrimeXBT vs Binance – Which is the best? appeared first on Go Cryptowise.

When you want to trade cryptocurrencies with ease, great trading volume and margin trading with leverage then there are two cryptocurrency exchanges that I immediately think of.

It is PrimeXBT and Binance.

Both of these two trading platforms offer trading volumes, great trading UI and interface, great leverage options in abundance.

But which one should you go for? Which of PrimeXBT or Binance is the best for you?

I think it depends on what you as a trader need. They share similarities but there are also areas where they differ from each other.

To help you decide which of these two cryptocurrency trading platforms you should use I decided to write a detailed comparison post about them.

One big draw for PrimeXBT is that they are KYC free. Meaning you don’t need to identify yourself before using the platform.

These are the areas in which I will compare PrimeXBT with Binance with:

1. Trading volume and liquidity
2. Cryptocurrencies available
3. Trading options (spot trading, margin trading, long and short, etc)
4. Leverage (1x – 1000x)
5. Trading interface (TA – Technical Indicators, order book, features, UI + UX)
6. Trading fees
7. Deposits and withdrawals
8. Customer support

An overview of PrimeXBT vs Binance

PrimeXBT vs Binance comparison

PrimeXBT is an award-winning trading platform that has focused on creating a spot and margin trading platform that is one of the fastest in the industry and with the best leverage options (100x – 1000x).

If you want to trade BTC, ETH or other popular cryptocurrencies with good liquidity in a fast and easy-to-use trading interface with generous leverage then PrimeXBT is an excellent choice.

PrimeXBT is not your cryptocurrency exchange to chase the next 100x altcoin. It is primarily meant to be a place for cryptocurrency day traders and swing traders.

Binance is one of the leading cryptocurrency exchanges in the world. In many ways it is a full-stop trading platform full of useful features.

Not only can you trade cryptocurrencies here with some of the best trading volume in the business, but you also have one of the best cryptocurrency support.

Add to that some very useful features such as staking and lending and it is easy to see why Binance is so popular.

Trading volume and liquidity

Trading volumes and liquidity essentially means how many sellers and buyers are there and how ‘much’ cryptocurrencies are there out on the market.

This is important because without sellers there would be no option for you to buy, and vice versa. The more volume the easier it will be for you to sell for profits or to buy in.

Therefore this is crucial when comparing exchanges and trading platforms. So let us have a look at the trading volumes of PrimeXBT and Binance

Using Coingecko I can see that PrimeXBT has a daily trading volume of $482 million. A noticeable 75% of this is Bitcoin volume, 20% Ethereum and then XRP, LTC, EOS provides the rest.

This means that you would primarily trade BTC or ETH at PrimeXBT, otherwise you’d need to look elsewhere for options.

Comparing this to Binance we can see that their daily trading volume is $6.2 billion when going by Coingecko.

This is a big difference. And then you should also add to that this is much more distributed over additional cryptocurrencies at Binance.

Overall I’d say the winner is Binance. But if you want to trade BTC or ETH and with other features then PrimeXTB is as good of an option as Binance, if not better.

Cryptocurrencies available

The next area of importance is to find out what cryptocurrencies are available at each platform.

If you are new to both of these two exchanges then this will help you understand if PrimeXBT or Binance have the cryptos available that you want to buy and, or trade.

PrimeXBT’s supported cryptocurrencies:

PrimeXBT has as I mentioned another focus compared to Binance. They haven’t focused on adding tons of cryptos. Rather providing an excellent trading platform.

The cryptos that are available at PrimeXTB are; BTC, EOS, XRP, ETH, LTC

Binance’s supported cryptocurrencies:

Binance however is of a different breed. They are known for adding tons of new exciting altcoins. And therefore have one of the best supports for cryptocurrencies.

In fact, there are over 150+ cryptos available at Binance, for the full list go to their website.

Trading options (spot trading, margin trading, etc)

At PrimeXBT you can buy and sell BTC, ETH, LTC, EOS and XRP with both USD or BTC trading pairs. You can choose from either a market order, limit order, stop order or OCO order.

Market order means that you buy from current market rates. Limit order means that you specify your target price. Stop order is similar to limit order but this order is activated when the price moves beyond your target.

And OCO order are basically two orders when one cancels out the other.

And for trading at PrimeXBT you can easily do margin trading right in the same trading interface. To add increased leverage you just add a multiplier to your held amount. Up to 100x is available.

PrimeXBT also has something called Turbo trading which is really cool. This is trading made super simple. Here you basically can either trade that the price will move up or down (aka go long or short) and press either of those two buttons.

This is contracts trading made easy.

Binance provides its customers with similar spot trading options and same order types bar OCO orders.

You can trade simple spot trading in a basic mode (for beginners) and then classic trading interface with the different order types.

Binance also have margin trading available with leverage (up to 10x).

Other trading options on Binance are O2C, derivatives and P2P trading.

Leverage

PrimeXBT offers up to 100x leverage on cryptocurrencies, and then 1000x on forex.

Binance offers up to 10x margin trading for cryptocurrency pairs. And up to 125x on futures contracts.

Trading interface (TA, Technical Indicators, order book, features, UI + UX)

Both PrimeXTB and Binance offers standard trading views. You can change the trading charts to your set preferences. Draw lines, change time, add common technical indicators, etc.

Both of PrimeXBT and Binance offers seasoned traders with the TA tools that they need. You can add probably every Technical Indicators to your trading interface that you could possibly need.

I myself have used both for trading and I can’t fault either of them for trading.

Add to that the execution speed of PrimeXTB makes it an obvious choice for day traders.

I can’t fault either of them, and they provide seasoned traders with what they need I feel.

For beginners Binance have their basic trading mode which simplifies buying and selling cryptocurrencies quite a lot. Otherwise I feel neither is better or worse than the other for using the order book and charts.

Trading fees

Both Binance and PrimeXTB have decent trading fees. Here below I will give you an overview of what the current trading fees are. For up to date information always check on their respective websites.

PrimeXBT have a straight 0.05% trading fee for all order types on cryptocurrencies. 0.001% for Forex and 0.01% for Indices and Commodities.

For borrowing funds for leverage trading you can see the full list here.

Binance offers flexible trading fees based on your past 30-day trading volume, and if you own and hold any BNB cryptocurrencies on the exchange. If you do then you’ll get trading fee discounts.

The fees at Binance ranges from 0.1% maker and taker fee down to 0.02% and 0.04% with added discounts.

For the full list of Binance trading fees visit this link.

For more information how you can purchase BNB (Binance Coin) easily use this guide.

Deposits and withdrawals

You can easily fund your account at PrimeXTB with a BTC deposit accessed by the main account menu and then deposits.

You can also buy Bitcoin directly from PrimeXBT’s site using a CEX.io plugin. For withdrawals you access this in the account menu also.

But you can only withdraw BTC from PrimeXBT and the withdrawals are processed once per day at 14.00 UTC time (you need to request your withdrawals at 12.00 latest for same-day withdrawals).

This is not the best use case when compared to more flexible approaches for withdrawals at other exchanges.

At Binance you can withdraw and deposit much more freely. With support of deposits for all supported cryptos and similar for withdrawals.

You can also purchase cryptos with a card at Binance as at PrimeXBT. But you also have options to use a connected 3rd party supplier and make bank transfers to your Binance account.

Customer support

Lastly I wanted to give you an indication of the current customer support of both exchanges.

To help you use PrimeXBT they have a useful tutorial section with helpful videos, then there is a help centre with the answers to most of the common questions you might have.

If that doesn’t help you then you can reach out to them via the chat for personal support from one of the team members at PrimeXBT.

PrimeXBT have a 4.4* rating at Trustpilot which is very good.

Binance like PrimeXBT has a help centre with most of common questions to user issues and queries.

They also have a helpful educational academy that gives you additional insights into common topics and useful cryptocurrency guides.

You can also speak with someone from Binance via a chat, or submit a request for further guidance via a ticket (Zendesk).

Binance have a 2.6* rating at Trustpilot, which is fairly poor.

Summary PrimeXBT vs Binance

We have now come to the end of this comparison of PrimeXBT and Binance. I hope this has given you a good insight into both of them. And an overview of these two exchanges.

Now which is the best of these two trading platforms then? I don’t think you can call one outright winner that easily. It depends on what you’re after. A trading platform that’s fast and with great leverage? Then go for PrimeXTB.

If you are more looking for a place to buy lots of different altcoins? Go for Binance.

If you are a bit interested in both then Binance edges over PrimeXBT. And if you want to stake coins or lend them out then Binance have these options too. Which is not currently available at PrimeXTB.

I also have to remind you that PrimeXTB right now has a great bonus offer availalbe for new customers.

You can get a 35% deposit bonus when using this link and using the promo code gocryptowise.

To provide you with a nice bonus offer at Binance too we at Go CryptoWise have created this kickback option for 5%. That means you can get 5% of all the referrals that go through our site. That’s not too shabby.

Use this link and sign up to get that deal.

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