Where To Trade On Margin? PrimeXBT, ByBit, & Binance Side-by-Side Comparison

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Competition is undoubtedly fierce across the financial market, and in the emerging cryptocurrency market, things are even more ferocious. After a period of low volume and volatility, the cryptocurrency market is exploding once again. 

For those looking to take full advantage of the return to the cryptocurrency market’s signature volatility, and are looking to consider margin trading, we have put together this head-to-head-to-head comparison to guide you through your selection to make a well-informed choice.

Return to Volatility Reignites Crypto Market Profitability And Interest

This week, major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and XRP broke out and began soaring alongside precious metals gold and silver. These hard assets perform particularly well as the United States debases its dollar currency with each new round of economic stimulus.

It has resulted in quite a shakeup in markets, with USD nosediving against other national currencies, precious metals, and, as we’ve seen with Bitcoin, crypto. The return to greed, surging trading volume, and significant volatility have made the cryptocurrency market extraordinarily lucrative and attractive once again.

To maximize returns, investors often look toward margin trading platforms, like PrimeXBT, ByBit, and Binance. The three platforms each offer up to 100x leverage, with Binance edging out the competition with 125% on their futures product.

Other aspects of each platform offer similar benefits; however, there are a few key distinctions between each platform that can differentiate which platform best suits your unique individual needs as a trader.

Choose Your Weapon: Which Margin Trading Platform To Pick

Which trading platform you select ultimately comes down to personal preference and how that influences a trader’s needs. For example, if a trader plans to stick to Bitcoin trading only, altcoins or other traditional assets may not matter.

Traders that aren’t familiar with technical analysis tools may not see that feature as a benefit. Due to this, comparisons between platforms can be particularly helpful in sorting through the sea of features each platform highlights to attract users.

Each platform touts its unique features, as well as many of the same features found across each competitor. Together, these attributes make up the most critical factors in selecting a platform. Each of these top trading platforms offers very similar order types and positioning. Among the most important areas of differentiation include each platform’s asset offering.

ByBit offers the least variety, with a less is more approach. The platform offers just four cryptocurrencies trading against USD or Tether: BTC, ETH, XRP, and EOS. PrimeXBT offers that same set, plus the addition of LTC. However, unlike ByBit, PrimeXBT also offers its altcoins trading against BTC alongside USD. 

Binance offers too many cryptocurrencies to mention, which is both a blessing and a curse. With so many exotic altcoins, there’s a chance of stumbling upon that diamond in the rough. But it is also like sorting through a haystack for a needle. Finding a winner in a sea of projects with little to no use case is akin to gambling in a casino. Roll the dice, and you may get lucky. 

PrimeXBT offers tried-and-true traditional markets such as forex, stock indices, and commodities alongside its crypto markets. All major forex currencies are included, and the platform recently added more exotic cross currency pairs. CFDs for stock indices and commodities are also offered, ranging from the S&P 500 to gold, silver, oil, gas, and many more.

Bitcoin Battle: Standout Features In a Sea of Similarities Decides The Winner

All three platforms offer a mobile application, a strong reputation, a reliable trading engine, and dependable customer service. However, more stand out differences between the trio of heavy hitters includes referral programs, technical analysis software, native exchange tokens, and a variety of features not found elsewhere.

Trading tools are nearly as essential as the assets a platform offers. While there’s plenty of parity on these platforms in terms of long and short positions and order types, they differ significantly in the charting software provided.

ByBit offers standard price charts with very few indicators. Binance provides a similar experience, but also an advanced interface with custom-built, in-house charting software. The toolset includes everything from trend lines to fib retracement and more. PrimeXBT provides custom, in-house charting software similar to Binance, but recently debuted a new analysis section with full TradingView implementation. 

Binance is unique in the fact that it offers a native exchange token: Binance Coin. This utility token has a valuation that ebbs and flows like Bitcoin, but it also enables a variety of benefits on the cryptocurrency exchange. For example, it can offer certain voting privileges or discounts on trading fees. It also increases the rate of commissions on Binance’s referral program. Binance advertises up to 40% commissions on referrals. However, that requires the user to hold over 500 BNB, valued at nearly $10,000 USD.

PrimeXBT offers up to 40% commissions also but is clear on how to get there. The four-level referral program is designed to create a viral network of users. First-level referrals generate 20% commissions, and then each time users refer someone else, the commission increases for up to four levels and 40%.

ByBit has held firm against Binance and PrimeXBT in many comparisons outside of asset listing, but the referral program is an area where it stumbles. ByBit offers just $10 per referral, and the user must deposit a minimum of 0.2 BTC for the commission to be credited.

PrimeXBT also is nearing the final stages of the Covesting beta, and will soon introduce the full product to the public. Covesting allows traders to create or follow strategies from top traders, which can benefit both sides significantly. Investors can place capital in top-performing strategies and sit back to make money. Top traders can create strategies and trade with a larger pool of capital from any investments made, and earn a portion of the profit share investors generate for a win-win situation.

Searching For the One-Stop-Shop, All-In-One Trading Solution

In review, each platform offers several of the same features to keep the competition healthy and platforms in parity in some instances. It then lies in each platform’s signature differentiators to help them stand out in the crypto market.

All three platforms offer several benefits that the other doesn’t, making it challenging still to choose in the end. To recap, the chart below outlines each platform’s key features, their similarities, and differences:

Supported CryptoBTC, ETH, XRP, LTC, EOSBTC, ETH, XRP, EOSOver 50 crypto assets
Traditional AssetsOver 50 assets across Forex (USD, EUR), Stock Indices (S&P 500, FTSE), and Commodities (oil, gas, gold, silver)NoNo
LeverageUp to 100xUp to 100xUp to 125x
Technical Analysis ToolsYes, TradingView & CustomNoYes, Custom
Referral ProgramUp to 40% commissions, 4-level program.$10 per user, 0.02 BTC deposit required.Up to 40% if user account holds 500 BNB or more. Up to 20% otherwise.
Customer Service24/7 Live Chat, Email, Help Center, Tutorials24/7 Live Chat, EmailSupport Chat, Email, Help Center, Tutorials
Mobile ApplicationYesYesYes
Exchange TokenNoNoYes, Binance Coin (BNB)

ByBit offers straightforward simplicity and an elementary set of features and assets. Binance provides a figurative casino with altcoin slots galore next to the big tables like Bitcoin, Ethereum, and others. PrimeXBT boasts more of a one-stop-shop, featuring assets from nearly every market, from digital to traditional. 

In the end, it will come down to things like risk tolerance, which markets are most attractive to the individual user, and more. For example, those with larger social followings may find a platform with the most robust referral program the most appealing, while newcomers may not yet see the benefit. Using the intel above, and some additional self-research, the right choice for you will become increasingly clear.

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