PrimeXBT Or BitMEX Market Is Bigger?
BitMEX and PrimeXBT are examples of derivative platforms and exchanges that provide access to leveraged margin products. Both offer 100X on BTC and other crypto derivatives, but PrimeXBT goes one step further with 1,000X leverage on forex trades.
That’s a staggering amount of leverage for even the most seasoned of forex traders to be handling. It’s, for this reason, that newbie traders should steer clear of this amount of leverage.
1,000X leverage can build your account overnight when the trade goes the way you planned. However, if it goes the other way, you could end up owing the exchange a heap of money you don’t have after blowing up your account.
BitMEX only offers 100X leverage on BTC pairs while PrimeXBT provides it on BTC, ETH, XRP, LTC, and EOS. BitMEX also offers the most liquid market in the world for XBT/USD. With a $3.71-billion daily volume and 100 audits per second, BitMEX is a top choice for Bitcoin derivatives.
PrimeXBT is the better choice for traders that are looking to dabble in different markets. However, for those traders focusing on Bitcoin, BitMEX is the better platform.
Which One Is Cheaper? PrimeXBT Or BitMEX?
The fees for running a margin account can get expensive, especially if you hold positions overnight. Always pay attention to the margin fees, as they can eat into your profits, and your risk tolerance. PrimeXBT has the lowest fees when it comes to margin trading with leveraged accounts.
PrimeXBT charges customers 0.05% on all trades, regardless of the crypto pair you’re trading. The fee applies to both sides of the market is taking and providing liquidity. PrimeXBT allows you to fund your account using a credit or debit card if it’s a Visa or MasterCard. BitMEX only allow credit card funding on the BitMEX Global platform.
The industry average fee for withdrawals is 0.000812-BTC. However, when you withdraw your BTC from PrimeXBT, you only have a 0.0005-BTC charge.
BitMEX offer a sliding scale using the maker/taker model, with taking liquidity costing you 0.075% of the total order value, and the platform will actually pay your 0.025% for adding liquidity to the market (selling on the ask).
BitMEX also doesn’t charge you anything when you withdraw your BTC from the platform. Withdrawal fees are in-line with network fees, meaning that you’re only paying the network fees and no additional charges by BitMEX.
Is PrimeXBT More User Friendly Than BitMEX?
US passport holders can trade on PrimeXBT. However, to withdraw from the platform, you’ll have to provide your KTC information, including copies of your photo ID and a proof of address, like a utility bill with your name on it.
The Prime XBT platform wins this round. IT has the best UI and runs fast. Executions are quick, and the charts are crisp, with multiple times frames and technical indicators for your chart analysis. PrimeXBT built the platform for pro traders, allowing you to hook up multiple screens to look at your broker window, charts, and level 2 at the same time.
Charting is nowhere near as good on BitMEX, and the platform feels slow in comparison. Customers complain about BitMEX order book being glitchy at times, and slow to fill orders, adding up to large amounts of slippage in critical moments of the trade.
The last thing traders need is to have a stop loss fail as the market rolls over. PrimeXBT doesn’t have any of these issues, and you’ll always get clean, crisp executions with minimal slippage.
Can We Trade Via Mobile In PrimeXBT And BitMEX?
PrimeXBT has an official Android and iOS app available for traders. The app lacks many of the features of the desktop version, but it’s a great way to check on the market and do a bit of technical analysis while you’re away from your trading station.
BitMEX does not have any official apps, but there is an unofficial Android app available, although we didn’t see many good reviews about its performance.
PrimeXBT Or BitMEX Has Better Support?
BitMEX offers customer support through ticketing. While they do manage to resolve most issues, it takes up to 245-hours to receive a reply from the helpdesk. In the high-paced margin trading environment, that can cost you money.
PrimeXBT does it right, with live chat assistance, social media accountability, and email ticketing.