PrimeXBT Or ByBit? Which Top Margin Trading Platform To Choose?

With cryptocurrency prices plummeting for the last year, once-popular spot trading platforms have seen trading volume dry up. At the same time, margin trading platform volumes have grown due to increased demand in short positions and other benefits like capital protection.

Two platforms that have greatly benefited from the shift from spot to margin trading are PrimeXBT and ByBit. Each of the platforms was launched during the 2018 crypto bear market and has grown alongside one another while both maintaining a positive reputation within the industry.

Buy physical gold and silver online

In this guide, we’ll settle once and for all – which top margin trading platform should you choose?

About PrimeXBT

PrimeXBT, awarded the Most Trusted Crypto Asset Trading Platform of 2022 by Crypto Expo Dubai, is an elite margin trading platform providing professional, user-friendly trading solutions globally. The reliable platform has a positive reputation in the trading community and a clean track record free of any scandals, hacks, or drama.

The platform can be accessed via an always-on mobile app, which includes a way to contact 24/7 customer service chat, make a deposit or withdrawal, and manage positions on the go. It’s also possible to buy crypto using PrimeXBT. In addition to trading tools like margin trading and copy trading, PrimeXBT offers weekly, risk-free trading competitions using virtual funds and an entire educational website called the PrimeXBT Trading Academy.

About ByBit

ByBit offers spot cryptocurrency trading and derivatives contracts with up to 100x leverage, leveraged tokens, a mobile app, and customer support via email and live chat, which is available 24/7. ByBit is known for its presence on social media platforms, such as Twitter and Telegram, where traders can ask questions and receive support from the ByBit team and other users.

In recent years, ByBit has begun to include additional unique features such as an NFT marketplace, yield-generating products, and high-risk crypto loans. Among the latest features introduced consists of a copy trading tool to compete with PrimeXBT and a new market data section that outlines the amount of greed in the crypto market, among other valuable metrics to watch.

Trading Tools Toe-To-Toe

What matters most to traders are the tools and trading instruments available, not the extra bells and whistles like NFTs or loans. Each platform offers an assortment of assets and trading products to consider. In terms of leverage, ByBit caps out at 100x, while PrimeXBT reaches 200x on some cryptocurrencies and up to 1000x on trading instruments like forex currencies.

PrimeXBT has a whole list of traditional trading instruments that can complement a trading portfolio by reducing risk and finding additional opportunities, in addition to a massive list of cryptocurrencies and altcoins. ByBit focuses solely on crypto but features different derivatives products outside of margin trading, such as options or leveraged tokens.

The two platforms allow traders to go long or short, hedge against risk, and overall get more flexibility and power out of their trading experience. PrimeXBT’s user interface is highly customizable and includes advanced built-in technical analysis software. ByBit’s tools aren’t as user-friendly and lack the ability to use basic drawing tools on price charts.

Comparing Copy Trading

PrimeXBT was an early pioneer in copy trading, first introducing the peer-to-peer copy trading community to the platform in 2020. The concept is similar between both ByBit and PrimeXBT – let other, more skilled traders do the work for you and find those traders using transparent trading metrics.

Because the metrics are transparent and public, we can tell a lot about the potential of each platform for those considering copy trading. The top “master traders” on ByBit, as of the time of this writing, are listed as having 44.55% ROI. Meanwhile, top-ranked “strategy managers” at PrimeXBT have more than 4,000% ROI. The difference in performance is staggering and puts a spotlight on the quality of the trading community PrimeXBT has developed over the years.

Other differences between the two platforms include users clicking “follow” on PrimeXBT to follow strategies, whereas, on ByBit, you would click “copy.” Over time, ByBit’s copy trading platform will surely grow, but for now, it has some serious catching up to do to compete with PrimeXBT.

Conclusion

General excellence at PrimeXBT has earned the platform a number of industry awards and made it one of the fastest-growing margin trading platforms in the cryptocurrency market. ByBit has also gained immense popularity since the two platforms launched in 2018.
ByBit might provide a few more features on its platform, but when it comes to the tools that count, PrimeXBT easily has the edge. NFTs are nice to have access to but not a factor for serious traders who care most about margin trading performance. Powerful solutions and an innovative instrument lineup make PrimeXBT stand-out in its category. The next time you are ready to register for a new margin trading platform, make it PrimeXBT.

About the author

Why invest in physical gold and silver?
文 » A