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PrimeXBT vs BitMex – Which is the best margin trading platform?

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Some of our posts may have affiliate links including this one. That means if you make a purchase I may get a commission (at no extra cost for you). To find out more about it read our Disclosure page

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

Up to 100x (1000x for forex)

Up to 100x

Trading fees

From -0.0250% (maker fee) 0.0250% taker fee)

Trading options

Spot trading, margin trading, derivatives, forex, commodities

Spot trading, margin trading for contracts (derivatives, perpeptual, etc), futures

Fiat gateway (buy with card/bank transfer)

Yes – card payments

Yes – 35% welcome bonus

Yes – 10% trading discount

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).

BitMex daily trading volume from 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.

PrimeXBT daily trading volume - Coingecko

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

Cryptocurrencies available for trading at PrimeXTB

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.

BitMex available cryptocurrencies

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.

PrimeXTB order types

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.

Turbo trading at PrimeXTB

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.

BitMex trading interface

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.

PrimeXBT's interface with added indicators

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.

PrimeXBT Android app on Google Play
BitMex adding technical indicators

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.

BitMex's trading fees

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.

PrimeXBT trading fees

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.

35% welcome bonus at PrimeXBT

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*

PrimeXBT Trustpilot rating

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.

BitMex on Trustpilot

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.

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

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Global Business Week: Who services who in the Crypto custody business?

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WEEKLY BUSINESS ROUNDUP

The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics

Investors shrugged off the report showing that U.S inflation could rise 5% — its fastest rate since 2008. U.S stocks overcame earlier losses on Friday to pick up steam towards the close, with S&P 500 barely notching a new record high. The bigger story, however, was that Nasdaq continued to outperform, rising nearly 2% on the week, making it four straight weeks of gains for that index. U.S. Treasury yields had their worst week of declines in a year, which may have something to do with these new record highs we are finally seeing in the S&P 500.

Despite this optimism in stocks, money flows into stocks have slowed down significantly since their record highs earlier in the year. According to BofA Research, only $1.5 billion flowed into global equities in the past week, the lowest all year, while $12.5 billion flowed into bonds and $3.5 billion went into cash and money markets. And it seems that the rotation from growth and stay-at-home stocks to value seems to have reversed in the past few weeks, as tech benchmark index Nasdaq, continues to outperform the other two major indices.

On the forex front, the DXY Index managed to gain +0.42% over the past five days, its best weekly performance since the last week of April. But if the inflation does provide transitory and risk appetite in stocks continues to escalate, it might be difficult for the benchmark dollar index to hold onto gains. With the Federal Reserve’s June policy meeting this week, the US Dollar is very much in the crosshairs.

The U.S. Dollar Index has been quietly staging a trend reversal over the past two weeks. DXY has broken through the downward trendline and has since found support and made a short-term high after today’s trading. Closing the week at 90.51, it has a mixed bias heading through the middle of June.

Similar to U.S stocks, another interesting rotation seems to be playing out in Bitcoin, associated cryptocurrencies & the rising interest in Cybersecurity. A spate of cyberattacks, which were settled in digital ransom payments eventually may have chipped away at the trust investors had bestowed upon the digital assets. Especially, when it came to light that U.S investigators were able to recover most of the Bitcoin ransom paid to Colonial pipeline attackers. The extremely tight range bearish consolidation persists in Bitcoin, as it makes lower highs — trading close to $35k at the time of writing.

Today’s featured infographic from Blockdata features how the business of crypto custody solution works. Looking at the visual above, it shows what the complete custody business looks like at a high level. The companies listed in each section are not exhaustive and were selected to give us some examples. If you are interested in exploring more providers for a specific section, check out their custody solution providers page.

And finally, before moving on to some other statistics, here are the weekly & YTD numbers from various markets and different assets (Figure 1).

Source: https://medium.com/technicity/global-business-week-who-services-who-in-the-crypto-custody-business-cdf6b4893cd7?source=rss——-8—————–cryptocurrency

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South African Billionaire Believes Musk Manipulates BTC For His Benefits

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South African billionaire Magda Wierzycka accused Elon Musk of manipulating the bitcoin market for his own benefits while she indicated that bitcoin is here to stay in one form or another. In our bitcoin news today, we are reading more about it.

Sygnia’s CEO accused Elon Musk of manipulating the markets for his personal benefits at least that is what the South African Billionaire Magda thinks. The founder of Sygnia commented further on the recent BTC volatility and Tesla’s involvement. During an interview on the Money Show, the 52-year old businesswoman accused Musk of publishing controversial tweets and engaging on social media to impact the crypto market on purpose. Every tweet coming from the CEO of Tesla nowadays resulted in a huge price fluctuation in either direction. Once he started praising the asset, it skyrocketed to new highs while when he talked about the energy consumption, BTC plummeted.

Magda Wierzycka. Source MyBroadBand
Magda Wierzycka. Source MyBroadBand

Wierzycka thinks that Musk’s actions are well thought out to serve his own interests and added:

 “if that had happened to a listed company, Musk would be investigated and severely sanctioned by the SEC. What we have seen with Bitcoin and its volatility is manipulation by one very powerful and influential individual.”

Although Wierzycka admitted that she is not entirely familiar with the BTC fundamentals she outlined a change of heart coming. After the 2018 parabolic price increase, she went all out against the cryptocurrency and called it a tulip bubble, and didn’t want anything to do with it anymore. That was after purchasing sizeable amounts of prices of up to $18,000 and selling them at a huge loss during the end of the bear market. However, she was more positive on the asset now and said that BTC is here to stay in one form or another. She thinks that BTC has to stop depending on one person’s tweets and engagement price-wise before really becoming a store of value.

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Musk Hints, tesla, btc, bitcoin, doge,

Francis Suarez is the current mayor of Miami who also expressed a similar opinion about Tesla’s CEO relationship with the main cryptocurrency.

Recently, Musk got negative publicity worldwide for posting about BTC on Twitter and causing the price of the asset to drop heavily.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/south-african-billionaire-believes-musk-manipulates-btc-for-his-benefits/

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Dfinity Token ICP Lost 80% Since May, The Community Reacted

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The Dfinity token ICP lost 80% since May from a high of over $700 to around $67 so the community reacted. But, what went wrong? Let’s find out in our altcoin news today.

The Internet Computer Protocol or the Dfinity Token ICP lost 80% since May while a month ago it was trading to a volume of $500 million showing that the token was enjoying a bullish season against the rest of the market that was bearish. The developers of the ICP labeled their projects as a way of getting more power back from big tech as they were focused on building a more decentralized network.

dfinity icp token
IMAGe ICPUSD VIA TRADINGVIEW.

However, the value of the project has badly capitulated and lost over 80% of the value-form its May all-time high and now trades at $66. ICP dropped out of the top 10 rankings in crypto-assets and it is now ranked on number 17 with a market cap of $8 billion. Crypto enthusiasts already started giving their opinion on why the project dropped as users on the social forum Reddit said that while the idea of the technology behind the project is great, the decline can be tied to greed and bad distribution:

“The coin itself doesn’t even sound that bad judging from reading about their tech, it’s just the distribution that’s disgusting.”

The same user pointed out:

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“Early investors bought anywhere from as little as 3 cents to around 5$ per coin…. Every month new supply gets unlocked, increasing sell pressure.” He also noted that the tokenomics of the asset shows that “1% airdropped, 50% to the team, rest sold to VC’s who recently were able to dump their coins.”

Another user said that the ICP is actually a centralized shitcoin that peddled as a decentralized coin to the elites and their cronies in IMF and WEF while another user said that the price of the asset could likely drop as low as $0.005 by 2025. Some users said they felt as they were lied to as the protocol was being decentralized on paper but centralized since they control the DNS.

icp weekly
ICP 7-day Price, Source: Coinmarketcap

As recently reported, The Dfinity Foundation launched $200 million funds to promote the development of the Internet Computer and the founder of the non-profit Dominic Williams and chief scientist made the announcement. Dfinity gives developers a chance to work on something incredible-a decentralized blockchain network which aims to expand the internet’s functionality.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/dfinity-token-icp-lost-80-since-may-the-community-reacted/

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