PrimeXBT vs Binance comparison, What is better for Trading?

There are so many online platforms for cryptocurrency exchange these days. But which one should you trust? Well, with a lot of options available out there, it’s very easy to get confused about which platform is the best one and gives you more value.

In this article, we have tried to make this quest easier for you and provide you with a comparison of two top market competitors for bitcoin trading namely, PrimeXBT and Binance.

You might think the two platforms are quite similar if you take a glance at both. The fact is that the two platforms are very much different from each other. PrimeXBT is a margin exchange that trades mostly in up and down markets. On the other hand, Binance is a spot floor that mainly deals with buy low and sell high mechanisms to earn profit.

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

However, we give you a deeper analysis so you can decide which bitcoin trading platform suits your unique requirements best.

An Overview Of Primexbt vs Binance

Primexbt trading platform was first launched in the year 2018. It is a bitcoin exchange that gives you more than 50 trading markets across different market segments like traditional stocks, forex markets, and bitcoin.

primexbt trading platform

PrimeXBT gained tremendous popularity very quickly due to 1000x leverage (PrimeXBT offers the following Leverage: Cryptocurrencies up to 1:200 for BTC and ETH, and up to 1:100 for altcoins; Indices and Commodities up to 1:100; Forex pairs up to 1:1000) across all the crypto markets which is specially designed to take the pressure off the margin trades. They have the lowest possible trading fees. The platform offers many lucrative service discounts to its customers. They have amazing referral programs that help the users generate additional income streams.

Binance is considered the largest cryptocurrency exchange on the market. They first started their exchange services in 2016. It offers 5x in margin trading and 20x to 125x for altcoin and Bitcoin in Binance Futures trading which is lesser than what PrimeXBT offers.

binance spot exchange

Binance exchange was born with the development of Blockchain technology, which has strongly contributed to the explosion of the global cryptocurrency market. It is the largest cryptocurrency exchange (crypto) in the world with billions of trading volume per day. The trading volume on binance is up to more than 1000 trading pairs. With its large size, Binance allows trading of many different cryptocurrencies. One of the biggest highlights when it comes to Binance is that transactions can be done reliably, quickly, and securely.

Changpeng Zhao(CZ) is a Chinese Canadian considered the founder of Binance exchange. Binance was first established in China in July 2017. In just 6 months, Binance became the number 1 cryptocurrency exchange platform in the world. Binance then moved its headquarters to the island nation of Malta, where the law is perfectly suitable for the development of money. electronic.

Trading Pairs And Leverage Comparison

PrimeXBT provides you with significant leverage which is pretty huge compared to other trading platforms on the market. It supports BTC, LTC, ETH, EOS, and XRP cryptocurrencies on margin and provides leverage to both short and long them.

Binance on the other hand provides leverage to restricted pairs and not all of them. They provide 125x leverage which is the high on the market but only on certain pairs and futures contracts but the larger the position, the lower the leverage.

Leverage binance

Example(Update Time: 2022/05/11)

  • Position Bracket 0 – 50,000 usd, you can 125x leverage,
  • Position Bracket 50,000 – 250,000 usd, you can 100x leverage
  • Position Bracket 250,000 – 1,000,000 usd you can 50x leverage

Although Binance provides high leverage it is restricted. So, we can say that PrimeXBT is a clear winner here because they don’t have any restrictions on pairs, and it also supports margin trading which is a huge plus point of this trading platform.

Comparison Of Trading Fees

For any bitcoin trader, the most important aspect while choosing a trading platform is the trading fees. If this fee is high more money will erode with time from your account. In terms of fees as well PrimeXBT has an upper hand over Binance.

The fee structure of PrimeXBT is specifically designed to attract and incentivize customers who trade in large volumes and who wish to have lower trading costs. Primexbt offers a flat trading fee of 0.05 percent on all types of trades so there are no complex or hidden costs involved in any of the trading. At Binance platform, the trading fee seems to be very high for newcomers with fee of 0.0750 percent on all types

Comparison Of Liquidity

Liquidity is important to consider when you are choosing a trading platform for cryptocurrency. Bitcoin trading is usually very high-frequency trading. So, there must be no liquidity issues when you are trading.

Binance has the higher trading volume in the market, they have an average daily volume of 60 billion dollars if we include all their trading products. On the other hand, Primexbt  has a 1.5 billion dollars average trading volume daily which is lower compared to Binance.

However, despite the low trading volume of PrimeXBT liquidity is not a problem for this platform. The PrimeXBT provides an integrated liquidity service with more than 12 liquidity providers which help to process orders rapidly.

Comparison Of The Funding Fee

Binance charges a funding fee to both its long and short trades. They have an 8-hour funding rate interval that traders need to follow. The funding rate on Binance is usually calculated based on spot prices and perpetual contracts. The determinants of funding rates at Binance are both the premium as well as the interest rate.

Contrary to Binance, PrimeXBT has a daily funding rate levied on the trade that is carried forward to the next day. On this exchange, the daily funding fee is changed based on the market conditions.

Comparison Of Trading Platform

A friendly user interface makes trading activities much easier. The intuitiveness of the trading platform is something you must consider before signing up.

Here the popular choice of users is the PrimeXBT platform. It is cleaner and more compact. PrimeXBT has a customizable UI which gives you great freedom to make changes and modify the platform interface according to your needs and requirements.

Comparison Of Deposit And Withdrawal Fee

Binance does not charge any deposit fee, however, they have a flat withdrawal fee that is charged with each attempt of withdrawal to cover the total transaction cost which is the blockchain network fee for moving the bitcoin to your crypto wallet from the Binance account.

In the same manner, PrimeXBT also does not charge any deposit fee to its clients. On the other hand, for the withdrawals, a flat fee of 0.0005 BTC is charged for covering the total network cost.

Comparison of customer support options

PrimeXBT has exceptional customer support for its users. It provides a flawless service that is painless and very user-friendly. You have a wide range of options such as emails, live chat, ticket systems, and social media contacts to help your large customer base.

Binance also has great customer service. They have a robust customer support team who is available around the clock to solve the problems of every customer. They have live chat, telegram bots, social media, and ticket systems to support the clients in the best way.

Conclusion:

Binance and PrimeXBT both provide exception exchange services to their clients. You need to decide which platform suits you best based on your unique needs. Both of these trading platforms have tremendous popularity and following, and they provide a trusted and stable platform to their customers.

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