The post PrimeXBT vs BitMex – Which is the best margin trading platform? appeared first on Go Cryptowise.

For people that are looking to margin trade cryptocurrencies most roads often lead back to either PrimeXBT or BitMex.

These two cryptocurrency trading platform are two of the most popular options for day traders, swing traders and I’ll trade once in a while traders.

I myself belong to the latter category. I have tried and enjoyed both PrimeXTB and Bitmex.

And I know from talking to other traders that these are two of the most used options for trading with leverage for Bitcoin, Ether or other popular cryptocurrencies.

I have previously listed both of these two trading sites as my choices for the leading margin trading platforms.

And in this post I wanted to delve a bit deeper into both of them and compare them against each other to see at what areas they excel at, and to find out which comes out at the top?

These are the areas in which I will compare PrimeXBT vs BitMex:

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

PrimeXBT vs BitMex 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 for cryptocurrencies – 1000x for forex).

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.

PrimeXBT is considered to be one the best margin trading platform but it got fierce competition from BitMex.

BitMex was launched a couple of years (2015) before PrimeXBT (2019) so it got a bit of an advantage there.

In other areas BitMex excel for being a simple to use and lightning-fast crypto trading platform.

Like Prime it focused primarily on margin trading with leverage up to 100x. You can trade BTC, ETH, LTC and a few other popular cryptocurrencies at BitMex.

Trading volume and liquidity

For cryptocurrency traders volume and liquidity is essential. It is necessary for you to complete your trades. The higher volume the better chances you’ve got to get your trade triggered.

When comparing the trading volume of PrimeXTB using Coingecko and BitMex I can see that BitMe thumps PrimeXBT’s volume with quite a bit.

BitMex has a $2.7 billion volume reported (Coingecko).

And when I check PrimeXBT’s daily trading volume using Coingecko I can see that it has a daily trading volume of $482 million.

However both of these trading volumes are good, and it wouldn’t make a big difference which of these two trading platforms you used when comparing trading volumes.

So I’d focus on other elements as the favouring factors.

The top volume for both BitMex and PrimeXBT is of course for Bitcoin and Ethereum contracts.

Cryptocurrencies available

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

Finding out what’s available in terms of cryptocurrencies is important if you have a preference to trade a particular asset. Like trading Bitcoin or Ether.

If you just want to trade an asset with good volume at a top trading platform then you are probably more open for any cryptocurrency.

Most people trade BTC for contract and margin trading. As it is the most popular option with the greatest liquidity.

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

BitMex’s supported cryptocurrencies:

BitMex like PrimeXBT only has a limited number of available cryptocurrencies. The full list of cryptos available is; Bitcoin, Ethereum, Cardano, Bitcoin Cash, EOS, Litecoin, Tron and Ripple.

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.

At BitMex you can trade BTC, EOS, ADA and other cryptos using the same order types at PrimeXBT; limit order, market order and stop limit order.

You can also trade with leverage directly from the same order book and increase your leverage easily using the slider in the menu.

Leverage

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

BitMex has leverage up to 100x for cryptocurrency trading. It varies between the different assets, but Bitcoin has 100x leverage for example.

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

I think you can see which of these two options is the newest trading platform. BitMex looks a bit dated. Not to say that it doesn’t work, and perhaps it’s elegance comes from its simplicity and minimalistic look.

PrimeXBT offers a more more modern-looking platform overall.

Both of PrimeXBT’s and BitMex’s trading interfaces are customisable.

You can change the order book after your own preferred settings. As well as adding any technical indicators that you want.

This is the same for both trading platforms.

As mentioned above PrimeXBT has its Turbo trading feature which is really slick and cool. Which makes trading all the much simpler, but perhaps also a bit more addictive.

PrimeXBT also has a dedicated iOS app and Android app which makes trading with your mobile easier, and much sleeker.

Check out the Android app here and the iOS app here.

Trading fees

BitMex has two different types of trading fees, the maker fee and the taker fee. Where they actually give you a rebate on your maker fee.

Meaning that you get money back when create liquidity as a maker.

The maker fee at BitMex are -0.0250%.

And then you have a taker fee (take liquidity off the market) which range from 0.0250% up to 0.750%.

Check BitMex’s fees here for the latest updates.

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.

Deposits and withdrawals

To fund your accounts at either BitMex or PrimeXBT you will have different options. Here PrimeXBT is the easier option as they not only let you deposit cryptocurrencies but also act as a fiat gateway.

That means you can buy cryptocurrencies directly at PrimeXBT with your credit card or debit card.

BitMex only allows for cryptocurrency deposits (BTC, ETH, LTC, etc).

To fund your account at PrimeXBT follow this guide:

1. Create an account at PrimeXBT’s website
2. Go to your account page and deposit funds / buy with a card – note use gocryptowise promo code to get 35% bonus!
3. You are ready to start trading

For withdrawals at PrimeXBT:

1. You also find this via your account page -> withdrawals
2. Complete your withdrawal before 12.00 UTC time

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 perhaps not optimal, but once per day is ok considering.

To fund your account at BitMex follow this guide:

1. Go to BitMex’s website and create an account
2. Go to your account page
3. You will now see your Bitcoin deposit address – note you can only deposit Bitcoins at this time

That’s it. Simple enough, but a shame it is only BTC withdrawals.

For withdrawals from BitMex:

1. Go to your account page
2. Click on withdrawals and complete your transfer – note only BTC withdrawals are possible

Same with PrimeXBT you can only withdraw once per day and to get included in that batch you will have to complete your withdrawal request before 13:00 UTC .

Customer support

For the final comparison area I will look into the customer service of both platforms.

If we ever do have an issue we want to get it resolved quickly and without complications. So let us see how we’d deal with PrimeXBT and BitMex in those cases.

If you have any issues with Prime then you can first look at their help centre with the answers to most of the common questions you might have. It is full of useful tutorial sections and helpful videos

You can also talk with someone directly from the customer support team via the chat feature if necessary. I haven’t found an email address to them. There is also a Reddit page for PrimeXBT.

For a general overview of what others think about PrimeXBT, I have checked out Trustpilot for their rating, which is 4.4*

With BitMex you also have the FAQ section that covers the most common questions.

Then they also have a help section with additional guides and instructions.

You can also contact BitMex via an on-site form at the contact page (you will get the replies sent to your email address).

And what did BitMex score on Trustpilot you ask? A 2.4* rating, which is far worse than PrimeXBT.

But there is a problem with Trustpilot as it is full of fake reviews and ratings so I wouldn’t trust Trustpilot too much.

Summary PrimeXBT vs BitMex

To conclude, which is the best margin trading platform? Is it PrimeXBT or BitMex?

Overall I feel that PrimeXBT is a more modern margin trading platform. It has everything BitMex does, but in a more modern-looking package.

Add to that some added features such as turbo trading, fiat gateway and of course the option to trade not only cryptocurrencies but forex, commodities and indices.

That makes for me PrimeXBT perhaps a more attractive all-round choice.

Where BitMex wins over PrimeXBT is the daily trading volume. Which is about $2.7 billion, compared to Prime’s which is about $480 million.

That is 5.6x times more. Which is quite a lot. But will it actually make a difference?

$480 million USD trading volume is enough to create the liquidity you need. So I wouldn’t perhaps focus too much on that difference.

Instead, I’d try both trading platforms out and see which one felt better. Focus on trading interfaces, and the user experience rather than trading volume would be my suggestion.

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.

BitMex doesn’t have this bonus offer going on, but they are offering a 10% trading fee discount if you use this link. Which isn’t too shabby.

The post PrimeXBT vs BitMex – Which is the best margin trading platform? appeared first on Go Cryptowise.

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Source: https://gocryptowise.com/blog/primexbt-vs-bitmex/