PrimeXBT vs Bybit – Which is Better for Trading?

Cryptocurrency based on blockchain technology gained hype in past years. The world has witnessed the rise of this industry from just millions of dollars to a multi-billion dollar industry. Cryptocurrency derivatives are being traded since 2018. The result of this trading is a mature market and growth of the crypto sphere. PrimeXBT and Bybit are emerging as go to platforms for crypto derivative trading. Let’s understand which of these platforms is better for trading. Primexbt is a derivative exchange with a wide range of trading instruments. It is a higher reward, higher risk derivatives contract that professional trades want. On the other hand, Bybit supports spot trading which involves a smart financial strategy to buy for less and sell for more for increased profit.  When you engage in spot trading, the transaction takes place immediately.

 Let’s have a brief introduction of the two platforms here.

Overview of Bybit

Bybit is a smart cryptocurrency exchange platform. Bybit is an attractive exchange platform for newcomers. It provides a tailored experience according to your level of familiarity with the system. you can buy cryptocurrency directly from the platform which can be used as collateral or for spot trading.

Overview of PrimeXBT

Primexbt is an online multi-asset and multi-currency margin trading platform which support the trading of cryptos, stock, and forex. Primexbt provides market access to investors. PrimeXBT supports the trading of cryptos by market cap. It is known for its more than 100 trading instruments. There are built-in tools for technical analysis.

PrimeXBT is an easy-to-use platform that has a good global presence. Another remarkable feature of PrimeXBT is its high-security system. Now let’s compare Primexbt and Bybit to see which one of these is better for trading.

Difference between Primexbt and Bybit

The two exchanges have a lot in common, but there are also a few important differences. One of the most apparent differences is the number of cryptocurrencies that can be traded on each platform.

Primexbt supports just seven trading pairs (Bitcoin, Ethereum, Tether, XRP, Litecoin, Bitcoin Cash, and Ethereum Classic).

Bybit supports more than 100 cryptocurrencies and crypto trading pairs. This makes Bybit a better choice if you’re interested in diversifying your crypto portfolio. Another notable difference is that Primexbt offers just one type of account (i.e. Standard) while Bybit has three account types: Basic, Standard, and Professional. The account types are mainly distinguished by the amount of daily trading volume that can be executed, the number of funds that can be deposited, and the number of funds that can be withdrawn from the account. A third difference worth mentioning is that Primexbt uses a maker-taker fee model, while Bybit uses a percentage fee model.

We also compare many exchanges with Primexbt such as Bitmex, Binance, Coinbase you can follow in the following articles.

Pros of trading on PrimeXBT

Low Trade Fees: Primexbt seems to be a winner when it comes to trading fees. The universal trading fee of Primexbt is set at 0.05% per trade. It is the same fee for all assets and all types of traders.

primexbt vs bybit exchange

 Extensive Trading Tools: Primexbt offers a wide range of trading tools, including advanced order types (such as stop loss, take profit, one cancels other, trailing stop, iceberg, among others), advanced charting, trading signals, and risk management tools. This makes it a good choice if you’re interested in investing in other cryptocurrencies (such as Bitcoin Cash, Ethereum Classic, Litecoin, or XRP) or commodities (such as crude oil, gold, silver, coffee, sugar, soybeans, coffee, cotton, corn, etc.). If you want to learn more about the trading method at primexbt, check out the article “How to Trade with PrimeXBT Platform

Seychelles Licensing: The fact that Primexbt is regulated by the Seychelles Financial Authority and is authorized to operate in the European Union gives it an edge over many other new exchanges. This means that Primexbt can be trusted to protect your money and that it’s not likely to disappear overnight.

 Easy to Use: The Primexbt trading platform is easy to use, even for beginners. It has a clean and intuitive design, and the lack of complicated bells and whistles makes it easy to navigate and understand.

Leveraged trading: Primexbt offers leveraged trading up to 100 times the amount you contribute. It is also called margin trading. Margin trading is used to increase profit potential.

Cons of trading on PrimeXBT

More Sluggish Support: The fact that Primexbt is a fairly new exchange also means that its customer support team is likely to be slower and less responsive than at an established exchange.

bybit exchange

Few Trading Pairs: Another potential issue with the Primexbt exchange is that it supports just seven trading pairs. This means that if you’re interested in diversifying your crypto portfolio, you’re better off trading on Bybit.

No lending, borrow or staking services: Primexbt does not provide lending or staking services.

No access to several countries: Primexbt is not accessible in 14 countries including Japan, Canada, and the U.S. If you want to know why the US and Canada are not accepted for trading, please read this article “Can i use primexbt in US, Canada

Pros of trading on Bybit

Better for Diversification: As mentioned above, Bybit offers more than 100 trading pairs compared to just seven on Primexbt. This, together with the fact that Bybit does not restrict the number of funds that can be traded, makes it a much better choice for diversification.

No Trading Restrictions: Unlike on Primexbt, there are no trading restrictions on Bybit. If you’re interested in leveraged

Trading Tools: In addition to offering more trading pairs than Primexbt, Bybit also offers more extensive trading tools on TradingView, very smooth and easy to see.

Launchpad and Launchpool support: in crypto is a platform that supports token issuance projects and allows investors to purchase new crypto projects before tokens are publicly sold.

Cons of trading on Bybit

Not available for several countries: due to some legal reasons, Bybit is not serving in certain countries including USA, Cuba, Singapore, Iran, China, and North Korea.

Only 4 CFD products: CFD are financial instruments that allow you to speculate on the price of an asset. CFD is usually offered with leverage. By bit only offers 4 CFD products.

Conclusion:

When compared to other new exchanges, Primexbt and Bybit stand out as two of the best choices for cryptocurrency trading. Both exchanges offer low trading fees, plenty of trading pairs, and a user-friendly interface. However, there are a few significant differences between them, most notably the number of trading pairs and the fee model used by each platform. In the end, it all comes down to what is important to you as an individual trader. If you’re interested in diversification and leveraging your trading capacity, Bybit is probably the better choice. If you like the idea of a trusted and regulated exchange that offers a wide range of trading tools and is easy to use, Primexbt is the better choice.

 

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