To cater to these active investors, markets have encountered countless trading platforms vying for the support of Bitcoin and crypto traders, but it can be difficult to overcome. through the noise and determine which platform is the best.
There are three main factors to consider when determining which platform to patronize, with some exchanges offering significantly better features than others.
Just a few months ago, users on the popular cryptocurrency exchange Binance had a significant amount of personal data leaked after photos and information related to the user's KYC procedure were released on the platform. a Telegram group.
This data leak is believed to have affected 60,000 customers who signed up for accounts and underwent KYC procedures in 2018 and 2019 and appears to be directly related to the Binance hack that occurred in May. last year..
This data contains deeply personal information, including selfies, names and more, and puts the privacy and security of all these customers in grave jeopardy.
One of the only major margin trading platforms available to privacy-focused investors is PrimeXBT, which allows traders to use 100x leverage on Bitcoin and other crypto assets. Other assets.
The platform also allows users to set up completely anonymous trading accounts without the need to transfer any personal information or go through KYC procedures – which can reveal significant amounts of data. extremely private, as seen in the aforementioned Binance data leak..
PrimeXBT trading also utilizes industry-leading security features to protect users from potential threats, utilizes a multi-layered security system, and stores the majority of customers' digital assets in cold storage.
After finding a platform that offers comprehensive protections for user privacy and security, the next important factor to consider is how much the transaction costs will be.
Transaction fees are fairly straightforward and can be easily compared across platforms.
Currently, Binance charges the highest collector fee of all the major margin trading platforms at a whopping 0.1%, but users can reduce this fee by using the native digital asset. of the platform – BNB – as the main trading pair and by having a high BTC turnover in 30 days.
BitMEX and Deribit both charge a user fee of 0.075%, which is a bit lower than Binance, although they don't offer much of an opportunity to get a discount.
PrimeXBT currently has the lowest fees, charging a fixed transaction fee of 0.05% for all BTC transactions. Like Binance, PrimeXBT recently introduced a tiered fee structure that offers generous discounts to active traders based on their 30-day BTC turnover.
Around the time the world was shocked by the severe Binance data leak, Deribit also faced controversy when a data breach resulted in an unusual and isolated Bitcoin flash crash that left many traders in the dark. traders lose assets when their positions are stopped or liquidated.
While BitMEX hasn't faced any single flash issues recently, traders often complain about inconsistencies when placing orders and modifying existing orders – especially during times of great volatility.
Traders who want to successfully turn Bitcoin's massive volatility into profits cannot accept the risk of trading on a platform where instability can expose them to unnecessary risks, that's why why it is imperative to choose a platform like PrimeXBT or Binance that has a track record of providing stable and consistent customers.
A single key feature of PrimeXBT is the fact that it provides traders with access to a wide variety of markets beyond digital assets, providing access to commodities, FOREX trading pairs and stock index.
All exchanges have pros and cons that need to be weighed carefully, but while considering the three main factors discussed above, it is clear that BitMEX – which has long been the king of margin trading Bitcoin – can no longer be considered a viable option for traders..
Bakkt, which gives users access to physically-settled Bitcoin futures, launched this past September and is aimed at large traders and institutions, while offering users a secure and regulated means of trading and storing BTC.
It's important to note that the platform had a lackluster start but has since grown in popularity. It is likely that it will continue to grow further in the coming months and years as Bitcoin becomes mainstream and gains wider adoption.
While Bakkt has the potential to be a great platform, it is not ideal for active traders looking to trade with leverage, as its market offering is currently limited to Bitcoin and it does not give users access to leverage.
While considering the remaining options that provide users with access to leverage, the relatively high fees and lack of stability on Deribit have eliminated it as a good option for traders, leaving Binance alone. and PrimeXBT are the two best options.
PrimeXBT trading has slightly lower fees than Binance and privacy-conscious traders will appreciate the fact that they don't have to reveal any personal information when signing up for an account on PrimeXBT, while they must go through the required KYC procedures if they want to use Binance.
With this in mind, PrimeXBT gains a valuable advantage over Binance and becomes the best margin trading platform available for Bitcoin traders.
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