Strong competition is good for consumers, and in the cryptocurrency industry it’s no different. The recent competition brewing between margin trading giants BitMEX and PrimeXBT, and now with Binance rumored to be joining the arena, active traders seeking a platform that offers leverage across crypto pairs have never had more solid options to choose from.
With the crypto market finally in recovery and with a profitable 2019 ahead, selecting the right trading platform can mean the difference between meager or massive profits. In this detailed analysis, we compare each of the most prominent margin trading platforms in the crypto market, and break down the unique benefits each platform offers the global community of traders.
Binance: Ready to Launch Margin Trading According to Exchange Code
Recent changes to Binance’s public API have revealed that Binance has enabled margin trading for nine different cryptocurrency trading pairs, after months of rumors. Initially, evidence of margin trading was found in the API code a month ago, but company CEO Changpeng Zhao dismissed the rumors as he and his team merely making the platform “future proof” for enhanced iterations down the line.
That code now appears to be set live, although there isn’t a front-end user interface live yet that allows traders to take advantage of the features seemingly built under Binance’s hood.
Developers wouldn’t invest time and effort into code that simply sits there for ages with no intent to ever use, and given the fact the code has been enabled, suggests that Binance is extremely close to launching its long-anticipated margin trading options.
Margin trading has always been something Binance had intended to roll out, and was outlined in the initial whitepaper. According to the API data discovered, only nine trading pairs will offer margin trading, focusing on Bitcoin, Ethereum, Tether, Tron, and the platform’s native Binance Coin.
While Binance is indeed known for strong security, a reliable trading experience, and positive business practices, the platform being new to margin trading and the challenges it poses could be a sore spot for the exchange.
It’s also unknown at this time the level of margin Binance will offer traders, however, it is believed that Binance will offer leverage similar to Bitfinex who offers a mere 3.3x leverage, or OKEx or Kraken, which offers just 5x.
Binance is primarily known for its vast catalog of altcoins, however, the majority of the listings are for coins that likely will never become an actual working product. It’s not known if Binance will expand its trading pairs for margin-based trading, but given its variety being the platforms main selling point, Binance will need to do so to stand a chance against other major players in the space.
BitMEX: The King’s Throne Is At Risk
BitMEX has long enjoyed its leadership position throughout the 2018-2019 bear market, but due to a lack of positive momentum, progress, or the development of new, exciting features, the popular margin trading platform is being left in the dust.
BitMEX gained fame for offering traders the ability to take long or short leveraged positions throughout the bear market. While most cryptocurrency exchanges only allow for spot buying, offering no “short” position, BitMEX offered traders the chance to profit off of falling cryptocurrency prices. With crypto prices falling as much as 85% or more over the past two years, it’s no surprise that the biggest platform offering ways to short the crypto market stood out as a leader.
But now the crypto markets are turning around, and traders can now profit off of both long and short positions as the market consolidates, BitMEX’s head start is running out as platforms like Binance and PrimeXBT not only catch up, but exceed the once king of crypto markets.
BitMEX offers eight different crypto assets, but only Bitcoin is offered at 100x leverage. The crypto community also appears to be widely fed up with the platform’s “order submission error,” that has since become a running joke across the industry.
PrimeXBT: The Solution For Active Traders
While Binance traders wait for margin trading to launch, and BitMEX traders stare blankly at the screen hoping their orders go through, PrimeXBT continues to build its name for itself as the #1 choice for active traders across the industry.
The platform offers 100x leverage across all cryptocurrency trading pairs with unrivaled liquidity. The trading engine is ultra-fast and reliable, even under extreme loads. PrimeXBT also offers the easiest to use platform, fully-customizable to suit the needs of any trader – beginner or professionals alike. No KYC is necessary, keeping personal data safe and out of the hands of criminals.
Aside from the simple UI and the most innovative trading tools found in the market, PrimeXBT shocked the crypto industry in recent weeks by launching Forex, Commodities, and Stock Indices, making it the platform with the largest variety of assets found anywhere. By adding traditional financial instruments alongside the emerging digital asset class of cryptocurrencies, PrimeXBT presents an opportunity for portfolio diversification that other platforms simply cannot match.
PrimeXBT is on fire lately, generating much buzz for its fast growing trading volumes and for making headlines for bringing traders massive profits during the early April Bitcoin rally. The platform’s lucrative and attractive 4-level referral program has helped the platform “go viral” and experience rapid expansion.
BitMEX is still the current king for a reason – it caters to the basic needs of crypto traders. But because its users often experience reliability issues, it’s caused many to consider looking elsewhere. And with Binance looking to add margin trading, and PrimeXBT’s unstoppable momentum, BitMEX’s throne is at risk.