As of 2020, PrimeXBT and BitMEX are probably the two most repeated and widely used crypto margin platforms in use throughout the world.
However, choosing one over another is no easy task because, at the first look, they appear similar.
After looking into them profoundly and exploring them on the factors of liquidity, fees, security, stability, etc., I have found noticeable differences that I think are important to convey.
So these are the following factors around which I have explored the differences:
- Trading Fee Comparison
- Leverage & Trading Pairs Comparison
- Liquidity Comparison
- Short Selling Options
- Trading Platform Comparison
- TA Tools & Indicators Comparison
- Order Books Comparison
- Deposit Limits & Deposit Options
- Security Features Comparison
- Customer Support Options
At A Glance: PrimeXBT vs. BitMEX
|Lowest Trading Fee||No (0.075%)||Yes (0.05%)|
|Highest Leverage||No (only on BTC)||
Yes (100x on all pairs)
|Order Submission Error||Yes||No|
Yes (35% Bonus)
|Quick Link||Trade Now||Trade Now|
PrimeXBT is a well established 100x leverage platform since 2018. It allows you to trade 30+ assets, including popular cryptocurrencies like BTC, ETH, LTC, XRP. The platform is accessible in 100+ countries and requires no tedious registration or KYC process to get started with the lowest fees.
BitMEX is serving the cryptosphere since 2015 and has remained at the helm of margin trading of cryptocurrencies since then. It allows for 100x leverage only on Bitcoin and less on other assets. Plus, it is a crypto-only marketplace with no access to forex or traditional markets with high fees.
#1. Trading Fee Comparison
Especially when trading cryptocurrencies on margin, one should pay attention to the fees one is paying. This fee, if not in an appropriate band, can quickly drill a hole in your profits.
Compared to all the leverage trading exchanges, I found that PrimeXBT charges the least. PrimeXBT takes 0.05% on all trades, irrespective of which crypto pair you are trading. This fee is applicable for both the maker and taker
On the other hand, BitMEX takes 0.075% for the taker and 0.025% for the maker when you trade Bitcoin (BTC). The fees become staggeringly huge i.e., 0.25% on all other pairs, which is five times PrimeXBT’s fee.
#2. Leverage & Trading Pairs Comparison
BitMEX and PrimeXBT both offer 100x leverage using which anyone can margin trade. It is like you have 1 BTC, but because of the leverage, you can open positions as if you have 100 BTC.
But BitMEX offers 100x leverage only for Bitcoin (BTC). That means one can long or short only Bitcoin using the leverage on BitMEX exchange.
On the other hand, PrimeXBT’s 100x leverage or margin funding isn’t just limited to Bitcoin (BTC). You can get 100x leverage on all the five cryptocurrencies i.e., BTC, ETH, LTC, XRP, EOS. So feel free to go long or short on any cryptocurrency which PriemXBT supports, by taking any amount of leverage up to 100x.
#3. Liquidity Comparison
Liquidity is another huge factor to pay attention to when choosing your margin exchange.
At the time of writing, BitMEX’s liquidity numbers are north of $1.5 Billion in the last 24 hours, whereas PrimeXBT’s numbers are $500 million. Thought both the numbers are not low, BitMEX wins this liquidity battle.
But one has to be mindful of the fact that BitMEX is operating in this space for more than five years, whereas it has been on two years for PrimeXBT, which looks well on the trajectory of overthrowing BitMEX.
Plus, BitMEX has been accused in the past for inflating its numbers, but for now, let say, BitMEX is the winner, but at PrimeXBT too, you won’t face any liquidity issues because $500 million in last 24 hours is not a small number.
#4. Short Selling Options
Short selling is the main feature you want when trading cryptocurrencies on margin. You want to make a profit whether the market is falling or rising, and that’s the point of having leverage in derivatives exchanges like PrimeXBT and BitMEX.
In those lines, both the exchange are pretty good, but I feel because the leverage limit on PrimeXBT is 100 across all the assets, it has the edge over BitMEX, which provides 100x only for Bitcoin.
#5. Trading Platform Comparison
When you compare PrimeXBT & BitMEX in terms of trading platform’s UI and usability, PrimeXBT wins this battle hands down.
BitMEX’s UI is fast, but it is still old school. There is only one type of UI for all i.e., from beginners to pro-traders and everything between. This approach, one size fits all is not good for the long term.
PrimeXBT understands this way better than BitMEX and provides a highly customizable trading window for all, right from beginners to advanced users. It also provides Pro traders with the option of having multiple screens so that they can fully maximize their trading experience with ease.
#6. TA Tools & Indicators Comparison
Technical analysis is the means through which traders do their magic of reading charts and understand what to do and what not to do. There are 50+ important trading indicators too that help traders verify their research and understand the meaning of the charts they are studying.
PrimeXBT comes with a powerful charting tool that is free to use and different types of charts, along with a plethora of indicators for making your technical analysis as accurate as possible.
On the other hand, BitMEX’s trading tools and charting window is a bit cranky. The indicators are also very less, and in technical analysis, the more signs you have access to, the better it is.
#7. Order Books Comparison
Order books are another vital point to see why choosing between PrimeXBT and BitMEX. Very honestly, both do an excellent job of showing order books in their way.
But BitMEX’s order books are flashy and unresponsive at times throwing too often the error of order submission. When trading on margin with so much pace, the last thing you want is for your order to get an error while submission or your stop-loss to not trigger. This has happened many times in BitMEX.
PrimXBT whereas provides high-frequency trading experience with simple order books that can handle high-pressure situations of margin trading and makes sure there are no order slippages.
#8. Deposit Limits & Deposit Options
PrimeXBT and BitMEX both are Bitcoin focused exchanges where the main funding option is Bitcoin. But PrimeXBT has gone the extra mile, and no allows you to deposit Bitcoin by exchanging your fiat for it.
In terms of deposit limit, PrimeXBT requires you to deposit 0.001 worth of BTC to start with, and BitMEX has not fixed deposit limit. Rather, it is a dynamic one depending upon the price of BTC at the moment, which is not beneficial for the users.
#9. Security Features Comparison
When you compare both the brands for security, both do a reasonably good job.
They both have best security practices like 2-FA, cold storage of funds, DDOS protection, addresses whitelisting and cryptographic hashing of password, and more implemented.
But yet, once in the past, BitMEX was guilty of leaking personal information of its users where names and email addresses of the people singed-up were leaked.
#10. Customer Support Options
I am a lightweight margin trader and have tried both PrimeXBT and BitMEX; I have some experience interacting with support channels of both the exchanges.
Firstly, BitMEX’s customer support is good, but it takes a couple of minutes to hours for your query to get resolved. This is good but not the best, especially in a high pace margin environment. Plus only option to reach them is through email or raising a ticket, and there seems to be no option of live chat.
Whereas PrimeXBT has been active on all possible medium of exchange i.e., support tickets, chatbox, emails, and social media. Their response time has been instantaneous to a couple of minutes for me.
BitMEX vs PrimeXBT: Conclusion
On the other hand, PrimeXBT is more like a CFD platform where the long/short of Bitcoin, including other cryptocurrencies, can be done with fewer fees.
At last, each of them has its plus and minus points, so feel free to choose whichever suits your goals definitely for us it is PrimeXBT.
- At A Glance: PrimeXBT vs. BitMEX
- #1. Trading Fee Comparison
- #2. Leverage & Trading Pairs Comparison
- #3. Liquidity Comparison
- #4. Short Selling Options
- #5. Trading Platform Comparison
- #6. TA Tools & Indicators Comparison
- #7. Order Books Comparison
- #8. Deposit Limits & Deposit Options
- #9. Security Features Comparison
- #10. Customer Support Options
- BitMEX vs PrimeXBT: Conclusion