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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/

Blockchain

OCEAN and EWT trading starts March 3 – Deposit Now

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Ocean Protocol (OCEAN) and Energy Web Token (EWT) trading starts on March 3 at approximately 15:30 UTC. 

Deposits for both assets are currently open so you can deposit now and get ready for the launch of trading tomorrow!

Note: EWT trading is not available to citizens or residents of the US and Canada.

Ocean Protocol (OCEAN) –  Built on Ethereum, Ocean is a platform that allows businesses and individuals to exchange and monetize data and data-based services. In this way, it seeks to make datasets, called datatokens, available to startups and researchers without the data having to leave the hands of those who store it. OCEAN is an ERC-20 token and allows users to buy and sell datatokens, participate in Ocean’s governance, or stake in Ocean’s marketplace. 

Energy Web Token (EWT) – EWT is the native cryptocurrency of the Energy Web Chain, a blockchain platform designed to support the development of energy sector applications. EWT plays a key role in the Energy Web Chain, as it is used to pay those who validate transactions on its blockchain and allows those who hold it to pay for services in certain dapps. Note that EWT trading is not available to citizens or residents of the US and Canada.

What time will funding and trading start?

  • Funding: Already available – deposit OCEAN or EWT now!
  • Trading: Trading will start March 3 at approximately 15:30 UTC (order entry and execution will be enabled at this time).
  • Updates will be posted on the status page near launch time.

Trading Pairs for OCEAN and EWT

Each asset will have four trading pairs for trading in USD, EUR, GBP and Bitcoin (BTC):

  • USD (e.g. OCEAN/USD)
  • EUR (e.g. EWT/EUR)
  • GBP (e.g. OCEAN/GBP)
  • BTC (e.g. EWT/BTC)

How to deposit

  1. Navigate to “Funding” > Select the asset. You can find the asset either by ticking “Show all assets” or by searching (e.g for “OCEAN” or “EWT”). Note that we are not supporting EWTB, which is the ERC-20 token for EWT on Ethereum.
  2. Click “Deposit” next to the asset and follow the on-screen instructions.

Confirmations required before deposits credit

  • OCEAN: 20 (about 4 minutes)
  • EWT: 21 (about 1.5 minutes)

Trading Minimums

  • 10 OCEAN
  • 1 EWT

Fees and Funding Minimums 

Which services will be available for OCEAN and EWT?

Available

Not (yet) available

Will Kraken list more assets?

Yes! But our policy is to never reveal any details until shortly before launch – not even about which assets we are considering. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.

Trade with caution

Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).

Invest with caution

Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.

Source: https://blog.kraken.com/post/8093/ocean-and-ewt-trading-starts-march-3-deposit-now/

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Meet The Kraken Bank Executive Team: CEO David Kinitsky

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First revealed last September, Kraken is quietly hard at work gearing up to launch Kraken Bank. This exciting new venture is helping to shape the landscape for both Bitcoin and other cryptocurrency services – and the banking industry – well into the future. 

While we can’t reveal all the details yet, we sat down with Kraken Bank CEO David Kinitsky to get a glimpse into how he’s leading the charge to ensure the next generation of financial firms are built with the next generation of assets in mind. 

David brings more than 15 years of experience in cryptocurrency and financial services. He helped launch a streak of innovations with Grayscale, Fidelity, Circle, SecondMarket, and the private investment funds he’s managed.

He’s full of industry knowledge and always adds a colorful perspective to the conversation. Enjoy!

Hi David! You worked at some of the biggest names in the industry. How did you get into crypto, what were those experiences like?

I first came across Bitcoin when I was working at a company called SecondMarket, which would become Digital Currency Group, one of the largest players in this industry. SecondMarket built marketplaces for illiquid, esoteric, and emerging assets. Eventually we got into Bitcoin and sold the legacy business to NASDAQ. 

I took the lead in setting up Grayscale, structuring it’s first and flagship product – the Bitcoin Investment Trust – and served as GM of the business, which I ran for the next couple years. Today, Grayscale is the largest digital asset manager in the world with some $25-30 billion assets under management. (Big shout out to the team over there that took the baton, executed with remarkable consistency, and grew it into the juggernaut it is today.)

I left Grayscale to join Fidelity as their first digital asset hire, helping them to develop their strategy in the crypto space. I also ran a proprietary crypto fund there as a co-portfolio manager alongside the team that now runs Castle Island Ventures, an early stage VC firm focused on crypto.

My next stop was at Circle where I helped to restructure their business, refocus it around their USDC stablecoin, and relaunch with their payments/treasury platform.

Finally, when I saw Kraken pursuing the SPDI bank, I jumped at the opportunity and went all in, moving along with my family to Wyoming where the bank is based. It’s important infrastructure for Bitcoin and crypto, and is also reshaping traditional banking and financial services.

There is a lot of discussion about regulating cryptocurrencies. What do you find fascinating about bitcoin in this respect and how do you look at regulation of the space?

There’s not just a lot of discussion about regulating, there’s real regulating going on already. I sometimes hear this misunderstanding that crypto is not regulated. It’s regulated in the same way we regulate most financial services and other industries – by regulating the services providers and the actions taken by users. Just look at crypto companies and the licensure/registrations they maintain.

We should want to be especially smart about how we regulate these crypto companies as compared to their more traditional counterparts. There’s a key distinction to consider. In traditional financial services – say banking or brokerage or whatever – end users have no other alternative to access these services. They can’t opt out. If you want to send money across space and time, you need a bank or other financial service provider. Crypto is different. Users can receive, hold, and send their own assets themselves. It may be clunky for some, but they can do it. So there is some level of burden above which users will just not use the key nexus through which regulation is enforced. And the first ones to leave are the “bad guys” you want to be able to oversee.

I’ll also say that crypto provides new tools and abilities. For example, financial institutions can incorporate verifiable proof of reserves or to build other auditable assurances into their operations to ensure they’re solvent and doing what they say they are.

I’m optimistic that we’ll be able to thread the needle on the right regulation in the long term, and just hope we don’t shoot ourselves in the foot nearer term.

What about political and public opinion? How is Bitcoin and crypto currently being viewed and how might that affect its status and regulation?

It’s a good question. Absolutely foundational. After all, law and regulation arise out of policy objectives that take into account certain cost-benefit tradeoffs. Historically, we haven’t been able to have these serious conversations about Bitcoin or crypto here in the US because of some absolutist or ill-informed opinions. 

The most common is that there’s no use case other than speculation or illicit activity, and no reason to make any accommodations within the existing system. I do think that more recently – especially in this macro environment – there’s an increasing appreciation for the benefits that Bitcoin provides as a store of value and in terms of censorship resistance, as well as an openness to the other opportunities crypto could create in the future. There’s also starting to be some recognition that Bitcoin and crypto will continue to operate regardless, and will simply do so outside of the existing financial system if we don’t pave a path for them within it.

Another is that they’re necessarily adversarial to America somehow, or simply incompatible with our laws, regulation, and institutions. But, Bitcoin is as American as apple pie. Its values are exactly the same as American values – free speech, free association, free enterprise, individual liberty, property rights, and so on – all the principles this country was founded on and the engines for growth throughout our history. And either way, the fact is that Bitcoin exists and other countries are getting involved. It’ll be critical that the U.S. maintain a position in this emerging industry to ensure its global competitiveness and national economic security.

What is it about Kraken Bank that makes this a venture worth building? 

I do actually think that this initiative has some symbiotic elements to it, but – and maybe it’s gauche to say these days – we’re building Kraken Bank because it achieves some very clear organizational objectives of ours. 

It provides the business with better legal/regulatory positioning, improved infrastructure and resultant customer experience, and more product/market opportunities. More broadly, it supports Kraken’s mission of promoting crypto adoption to enable more financial freedom, by seamlessly connecting crypto all the way down to the bottom of the financial services stack, which is entirely buttressed by banking. It puts us in a position to help shape the future of banking and it incorporates crypto.

Finally, I’m excited to help develop the ecosystem right here in Wyoming. Banks have always played important roles and re-invested within their communities. Kraken will be no different. We’re not carpetbaggers. We want to be connected to communities where, and with which, we conduct business – and to build something special together. 

Want to help? Kraken and Kraken Bank are actively hiring, with new jobs posted periodically on the company’s careers page.  If you don’t see a role at the bank that’s right for you today, stay tuned for more listings soon!

Thank you David. 

-The Kraken Team

Source: https://blog.kraken.com/post/8049/meet-the-kraken-bank-executive-team-ceo-david-kinitsky/

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Institutional Clients: Get Free Real-Time USD Transfers Through Signature Bank

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Institutional clients at Kraken now have a new way to transfer USD that is free, near-instant and available 24/7. The new funding option is available through our integration with the Signet™ payment platform offered by Signature Bank. 

Fees

  • Deposits: $0
  • Withdrawals: $0

Available currencies

Requirements

  • Kraken Pro business account
  • Account with Signature Bank
  • Both accounts must be under the same name

How to get started  

Note that you must have an account with Signature Bank, so the process is different depending on whether you already have an account or not. Follow the link below for complete instructions and requirements.

Learn more about Signature’s relationship with Kraken and the Signet platform in the Q&A below with Signature CEO Joseph DePaolo. 

Can you talk about your relationship with Kraken? 

We are thrilled to have been working with Kraken for almost three years. Kraken continues to showcase thought leadership and technological innovation in the digital space, which are the critical qualities we look for in a partner. Kraken not only has top security protocols in place for their clients, but also the platform has seen extreme growth recently. I am excited to see what the future holds as the exchange connects to our Bank’s Signet platform and API. 

Can you give a quick overview of the Signet Platform and how it leverages blockchain tech?

Signet is the first proprietary, blockchain-based, digital payments platform that can be integrated directly into client’s businesses and technology systems. Signature Bank launched Signet on January 1, 2019, to enable its commercial clients to make instant and free payments in U.S. dollars. 

Through Signet’s design and features, Signature Bank clients have used Signet’s API to merge their proprietary systems with the Signet platform for full transactional capabilities. These API enhancements allow clients to continue to leverage Signet’s real-time, 24/7/365 benefits and transactions safety and securely. 

Signet’s blockchain technology is largely influenced by Ethereum’s code and allows for the minting of signets, which are tokenized representations of USDs, to instantly send and settle payments between clients. However, rather than operating a public ledger where anyone has access to the transaction history, Signet is a private, closed loop blockchain for use by Signature Bank clients only.

Why did you start a niche for small businesses? What is missing among the “big banks”?

Signature Bank was founded 20 years ago with a mission to provide excellent client service and care to small- and mid-sized businesses, values that we share closely with Kraken. Our private client banking teams serve as a single point of contact to meet all clients’ banking needs – unique when compared to mega-banks where clients are typically parsed out to different departments. This single-point-of-contact approach has become the hallmark of the Signature Bank franchise.

As the Bank grew and diversified, it appointed a Digital Assets private client banking team in January 2018 to serve the rapidly evolving digital asset community. 

Kraken is proud to offer our institutional clients this fast and convenient new funding option. For more information and instructions on how you can enable Signet for your account, visit our support page here.

Source: https://blog.kraken.com/post/8020/institutional-clients-get-free-real-time-usd-transfers-through-signature-bank/

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