How Do They Compare: BitMEX vs. PrimeXBT
It is no secret that the previous year has been the worst one in crypto history. Countless startups have failed, the ICO model died out, the existing cryptocurrencies lost as much as 90% of their value, and investors developed a mistrust and skepticism of the crypto market. The crypto winter continued for an entire year, and even now, its effects can still be felt, although the current crypto market does show signs of recovery.
However, during this crypto winter, many crypto traders needed to find a way to make a profit without having to rely on HODLing and growing prices. This is what eventually led to betting against the price of cryptocurrencies, and especially Bitcoin, also known as shorting.
Over the course of 2018, traders were experimenting a lot with shorting, and most of them deduced that one of the best platforms for taking short positions is BitMEX, which allows advanced trading features, including 100x leverage. However, while BitMEX dominated the sector for a while, it recently got a new competitor that received a fair amount of attention.
The competitor in question is called PrimeXBT, and many see it not only as a direct competitor to BitMEX but potentially even as the platform that will become the new number one.
BitMEX vs. PrimeXBT — Comparing The Features
Both platforms are brimming with advanced trading features, which is why PrimeXBT is seen as quite a threat to BitMEX's rule. Let's take a look at their main trading features and see how do they compare.
First and foremost, both of these platforms are offering traders the ability to short-sell assets, particularly Bitcoin. This is what made them both so well-known and respected in the first place, and while BitMEX may be the first one to go big with this feature, PrimeXBT is not far behind, with over 150,000 users signing up before the platform even officially launched.
Another thing that makes these two platforms stand out are much lower trading fees, especially when compared with other influential exchanges. Bitfinex, for example, charges trading fees which go from 0.1% to 0.2%. BitMEX, on the other hand, offers a fee of only 0.075% on Bitcoin trading, while PrimeXBT goes even lower, with the fee of 0.05%
Furthermore, as part of the special discount during the first month after its launch, PrimeXBT announced that those who join up early would enjoy a trading fee of only 0.025% for an entire month. The discount will only be available for traders who join the exchange before March 10th.
Next is the issue of leverage, as trading with leverage can offer massive returns, but also comes at greater risk. While both platforms offer 100x leverage on Bitcoin trading pairs, at BitMEX, the offer ends there. However, on PrimeXBT, the 100x leverage includes altcoins as well, meaning that all listed assets (Bitcoin, Ethereum, Litecoin, XRP, EOS) can enjoy this feature.
Which Platform Can Offer More?
It is also important to note that the platforms do not offer the same features. The simple fact is that PrimeXBT offers more of them, with this platform's users only ever reporting the lack of ‘order submission errors' feature.
Other than that, PrimeXBT offers all of the tools that traders might require for performing technical analysis, simple and advanced ones alike. Tools are important in the trading sector, as they allow traders to make better decisions regarding certain assets. PrimeXBT is also praised for offering aggregated liquidity from up to 12 suppliers.
BitMEX is also criticized for only allowing traders to deposit Bitcoin, while PrimeXBT also accepts fiat currencies such as EUR or USD, as well as several altcoins, in addition to Bitcoin. Also, PrimeXBT has no minimum deposit limit, while traders cannot deposit less than 0.001 BTC on BitMEX.
Another area where PrimeXBT leads is its potential regarding platform customization. Every trader is allowed to organize the platform in a way that suits their needs best, with a variety of widgets being offered. Furthermore, this platform also supports multiple screens for professional traders.
Finally, another point for PromeXBT is its affiliate program which has allowed the platform to basically go viral in a matter of weeks. The 4-level referral program features as many as ten times the payouts compared to any other platform.
While the two platforms have a lot in common, and both have been used quite a lot due to the effects of the bear market, it is no surprise that PrimeXBT has grown to be one of the larger threats to BitMEX in such a short amount of time. While BitMEX is certainly worthy of the fame attached to its name, PrimeXBT came as quite an innovative alternative brimming with additional features.