Primexbt Vs Binance: Which Crypto Exchange Is Better In 2023

Binance and PrimeXBT are both great options, but which one is right for you? Check out this article to compare the two exchanges and find out Primexbt Vs Binance: which one is best.

Overview

What is Binance?

Hong Kong’s Binance Exchange is a significant cryptocurrency exchange that was created in 2017. Changpeng Zhao is the CEO of Binance (aka CZ). Former manager of Blockchain.com’s Development Department, co-founder and technical manager of OKCoin, a once-famous cryptocurrency exchange.

It is heavily focused on altcoin trading. Binance facilitates crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB) (BNB).

What is PrimeXBT?

PrimeXBT is a platform for trading on margin that was started in 2018. It offers a variety of assets, such as cryptocurrencies, foreign exchange, commodities, and stock indices. It only lets you trade assets on margin using CFDs, so you can’t actually buy any cryptocurrency with PrimeXBT.

Pros and Cons

PrimeXBT Vs Binance: Which is Better?

Features

Binance

Swap Farming

In the previous parts, we had only addressed swap farming in passing. Now, let’s closely examine this special feature offered by Binance. Users have a distinctive means to obtain various cryptocurrencies because to swap farming.

Without the need to deal with third parties, Binance Swap Farming swaps currency pairings using an automated market maker (AMM) approach. Users of the exchange get immediate access to a liquidity pool where they can deposit or trade cryptocurrency pairs.

Typically, pairs of tokens are pooled together, and the swap price is based on the live ratio of those tokens. Swap Farming is a fascinating service that Binance customers may take advantage of, with reasonable access fees to these liquidity pools.

Margin & Leverage Trading

Users of the Binance cryptocurrency exchange can engage in margin and leverage trading. For seasoned investors and traders wishing to purchase futures contracts and speculate on the future price movements of premium assets, these choices are intriguing.

Trades on Binance might have a 20x leverage. While the likelihood of earnings rises as a result, the likelihood of losses also grows. Therefore, only users with a strong tolerance for risk should engage in margin and leverage trading.

Futures and Derivatives

Binance facilitates the trading of futures and derivatives and provides a variety of derivative products in various cryptoassets. Investors have access to leveraged tokens through this account, which stand in for open futures positions.

On Binance, users can access quarterly Bitcoin contracts in addition to the majority of derivatives, which are perpetual contracts.

NFT Marketplace

Binance provides millions of users with chances for diversity in the Web3 industry. In response to the current surge in interest in metaverse NFT projects, Binance has made its NFT marketplace available to investors.

To produce and sell non-fungible tokens, the objective is to unite creators, artists, and crypto fans on a single platform. Users can choose from three primary goods on the Binance NFT marketplace:

• Events: This feature offers premium and limited-edition NFTs by well-known international artists.
• Marketplace: With Binance, users can mint, buy, and place bids on the available NFTs.
• Mystery Box: By accessing a box full of various surprises, customers have the chance to win exclusive rewards and NFT-related goodies via the mystery box feature.

With 770+ NFTs available, the Binance NFT market has a $42 million daily volume. Users can read our article on investing in NFT tokens for more details.

Primexbt

Trading Engine

This makes sure that the trading engine works well and is on more than 99.9% of the time. PrimeXBT only goes down for planned maintenance, which is announced well in advance and done during off-hours to keep users from getting in the way.

Leverage

Leverage lets people trade with less money on the line, which reduces their risk and increases their chances of making money.

Yield Accounts

Yield accounts make DeFi easy for the first time by letting users stake idle crypto assets right from the PrimeXBT dashboard. The tool connects to popular DeFi protocols like Balancer, Curve, Yearn Finance, and many others. There will soon be more DeFi protocols and CeFi platforms.

Technical Analysis Tools

PrimeXBT wants their traders to do well, so they give them these tools to help them learn and compete. This is also why they have technical analysis tools built right into the platform, so traders never have to leave it to get a good read on the market. Traders can make trend lines, turn on or off indicators, and do a lot more.

Margin trading

Margin trading is available on PrimeXBT, with leverage up to 100x. Margin trading is the process of borrowing money from the broker to increase your buying power, and allowing you to trade larger positions than you would be able to otherwise.

Futures trading

Futures contracts are also available on PrimeXBT, with up to 100x leverage. Futures contracts are agreements to buy or sell an asset at a future date, at a predetermined price. Unlike margin trading, futures contracts are settled in cash.

Supported Currencies

Staking, Credit Cards, Other Options

Staking

Binance

DeFi staking can be dangerous, thus Binance carefully selects its DeFi staking partners to reduce risks for its consumers. Despite the high APYs offered by Binance for DeFi staking, there is still some danger since Binance is not liable for any problems with the security of on-chain smart contracts.

With the help of this tool on the Binance exchange, you can get paid for holding a particular cryptocurrency for a predetermined amount of time. A coin like BEL, for instance, might offer a 15-day staking period with, let’s say, a yearly interest rate of 18%.

The staking process comes to an end after those 15 days because activities staking possibilities do not last indefinitely. The activities area of Binance is a good place to look because these deals change every month.

Primexbt

The platform has a native token called PrimeXBT coin (CBT). The coin is a utility token that was created in order to provide additional benefits to customers, such as lower fees and privileges.

You can stake your CBT tokens on the platform and receive rewards based on your account balance and trading activity. The staking period lasts for one month, and you can stake your tokens multiple times during this period.

The more CBT tokens you stake, the higher the reward you will receive. Rewards are paid out in BTC, so you will need to have a BTC balance in your account in order to receive them.

Credit cards:

• Binance does not accept credit card payments. This is because crypto exchanges are prohibited from collaborating with institutions that issue credit cards.
• One of the most popular ways to make a deposit into your Primexbt account is by using a credit card. Credit cards are accepted from all over the world and are processed instantly. You can use your Visa, MasterCard, or American Express card to make a deposit.

Other options: Benefits for VIP account

Binance

Whether you’re trading Spot, Futures, or Margin, your VIP tier entitles you to fee breaks and other advantages throughout the whole Binance ecosystem. Below are a variety of benefits:

• Over-the-counter (OTC) support for orders of $10,000 and above
• Exclusive Binance APIs with dedicated developer support
• Higher borrowing rate for Margin trading
• Sub-account services exclusive for VIP
• 1-on-1 support from our dedicated VIP account managers
• Gifts and merchandise to celebrate special occasions
• Exclusive annual VIP dinner with the Binance team and partners
• The market-maker program for eligible VIP partners

Primexbt

Primexbt VIP clients enjoy exclusive benefits and privileges such as:

• 8% increase in the bonuses
• VIP discord channel
• Exclusive events
• Personal account manager
• Personal analyst
• Personal success manager
• Higher leverage limits
• Tailored bonuses
• Customized trading conditions
• Faster transaction processing

Security

Binance

SAFU, or secure asset fund for users, is the most effective method through which Binance safeguards your funds. This fund is a part of all fees collected by Binance in the event of a financial loss to their users. Their 2018-implemented SAFU would reimburse users for any Binance-related financial losses.

In addition, Binance offers other security mechanisms, including two-factor authentication, whitelisting of IP addresses, and device restrictions. All of these features make it nearly impossible for anyone else than yourself to access your Binance account!

Primexbt

Prime XBT exchange has a large and powerful cybersecurity network to make sure that their customers have strict practices and measures in place to keep their assets safe from any threats. It also runs tests and audits on a regular basis and makes sure that strict security standards are met on the platform.

PrimeXBT’s trading platform is made to meet the highest standards in the business. These systems are coded in a unique way to speed up order execution and reduce latency. It keeps track of all the risks that come with an order size, buying power factor, maximum position size, profit or loss, and other factors, and when the order is placed, it does a full risk management.

This platform offers wallet security by keeping the customer’s digital assets in a cold storage that is not connected to the internet. Also, only a small amount of their digital assets are kept in their best crypto wallet, hot wallet, or online trading wallet.

Geographic Availability

• Binance: Currently, Binance is accessible in more than 180 countries including the UK, Belgium, France, Germany, Italy and others.
• Primexbt is available in over 150 countries including Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, etc.

Fees

Binance

Binance offers a very straightforward and well-organized fee structure. Trading charge rates are classified into ten categories, ranging from VIP level 0 to VIP level 10.

• VIP level 0 customers have a balance of 0 to 50 BNBs and a monthly transaction volume of less than 50 BTC.
• The VIP 9 level is designated for people who have more than 15,000 BTC in monthly transaction volume and/or a balance of at least 11,000 BNB.

Maker fees range from 0.0200% to 0.1000% between VIP 9 and VIP 0, while taker fees range from 0.0400% to 0.1000%. BNB holders are eligible for a 25% trading fee reduction and a 10% reduction in the charge for trading USDS-M futures

Primexbt

PrimeXBT has a page called “Fees & Conditions” that has a detailed list of all the fees that come with using the platform.

Fees for trading can be summed up as follows:

Costs you have to pay every time you buy or sell something on the market (i.e., each time you open and close a position).

• 0.05% for cryptos.
• 0.001% for forex.
• 0.01% for indices and commodities.

All trade fees can be cut by up to 50% if you have made a lot of trades in the last 30 days or if you use one of several promo codes.

Ease of Use

Binance

• Quick and simple onboarding – The site allows for a quick onboarding procedure, allowing you to sign up and acquire cryptocurrency in less than 10 minutes. While signing up, a basic sliding verification is utilized to confirm you are not a robot or a computing system.
• Visibility and access – The platform provides multiple degrees of trading screens to investors seeking varying levels of service. These are labeled as Markets, Basic, Advanced, and Over-the-Counter (OTC) in the website’s “Trade” section, which appears as a drop-down while hovering over the Trade section.

Primexbt

Primexbt is an easy to use platform that offers a wide range of features for both new and experienced traders. The platform is available in a variety of languages, making it accessible to a wider audience. The platform’s user interface is intuitive and user-friendly, allowing users to navigate the platform with ease.

Interest Rates

• Binance: The Binance interest rates are between 2 and 5% per annum. The interest rate is a floating rate and may vary over time.
• Primexbt offers a system of borrowing and lending at fixed interest rates for the risk management of their clients.

Borrowing is possible with leverage up to 1:100, as well as with leverage 1:500, where the maximum amount of borrowed money is $50,000. The interest rate on the loan is 0.5% per day and the minimum term is 2 days.

The lending period is from 1 to 30 days and the interest rate is 1% per day. Interest is paid daily to the account. The loan amount is limited by $50,000.

The main advantage of this system is that users can earn on it without taking any risks.

At a Glance

FAQs

How Do Binance and PrimeXBT Work?

Binance and PrimeXBT are both exchanges that allow users to trade a variety of digital assets. Binance offers a wide range of coins and tokens, while PrimeXBT focuses on a smaller selection of major cryptocurrencies. Both exchanges offer margin trading, with leverage up to 100x on some assets.

Is It Safe to Hold Cryptocurrency in the Binance or PrimeXBT Exchanges?

It is safe to hold cryptocurrency in Binance and PrimeXBT exchanges. These exchanges are highly secure and use advanced technologies to protect user funds. They also offer two-factor authentication and other security features to keep your account safe.

Who Should Use Binance or PrimeXBT?

Binance and PrimeXBT are both great options for any crypto trader, but both platforms have their own unique benefits.

If you’re looking for a more traditional platform with more currency options, Binance is the better choice. However, if you’re looking for a powerful, yet user-friendly platform with low fees, PrimeXBT is the way to go.

Which One Should You Choose?

It is a difficult question to answer, as there are many different factors that come into play. It really depends on what you are looking for in a trading platform and what your individual needs are.

Binance is one of the most popular cryptocurrency exchanges and is known for its low fees, high security, and wide range of altcoins. PrimeXBT is a newer exchange that offers margin trading with leverage up to 100x on a variety of assets including cryptocurrencies, forex, commodities, and indices.

Both platforms have their pros and cons, so it really comes down to what you value most in a trading experience.

Conclusion

It really depends on what you are looking for in a trading platform and what your individual needs are. If you’re looking for a more traditional platform with more currency options, Binance is the better choice. However, if you’re looking for a powerful, yet user-friendly platform with low fees, PrimeXBT is the way to go.