FTX vs. ByBit vs. PrimeXBT: Which Platform Is Better?
The battle of the big three in crypto trading with leverage continues to heat up, as each platform releases feature after feature to try and get a leg up over the rest of the competition. Competition this fierce only benefits the crypto community and breeds excellence across the industry. This means that at this point, all three brands we are about to review, offer some of the broadest range of quality cryptocurrency services and products around.
While many similar features are found across the board, such as DeFi or margin trading, each platform’s list of assets is vastly different. Because it is a close call from a distance – as the reputation and features of each platform are strong – the choice comes down to the details and the competitive advantages each platform offers that the other can’t keep up with.
FTX vs ByBit vs PrimeXBT Comparison
To help the crypto trading community decide once and for all which platform is better, we’ve come up with this breakdown comparing the three titans of trading:
PrimeXBT is different from other crypto trading platforms, with a list that includes not just Bitcoin, Ethereum, DeFi, Metaverse, or GameFi tokens, but national forex currencies, commodities, and stock indices as well. The award-winning margin trading platform uses BTC, ETH, USDT, USDC, or COV as collateral to trade more than 100 different of today’s hottest and most volatile markets. Very few platforms, if any at all, can claim to offer oil trading, gold, silver, the S&P 500, euros, yen, and crypto all from a single account. PrimeXBT also jacks up the leverage to as much as 200x on crypto and even higher on forex currencies.
The same account also provides access to built-in technical analysis tools from TradingView, the Covesting copy trading module, an APY-generating yield product that connects with top DeFi platforms, and much more. PrimeXBT also just added Covesting copy trading to their smartphone app for Android and iOS, so followers can pick and choose which strategies to follow, and manage their portfolio completely. Covesting allows followers to copy the trades of experienced traders who rank within fully transparent leaderboards.
The modern and stylish trading platform is fast, reliable, and utilizes a unique cold storage security protocol to ensure customer assets are safe and secure. PrimeXBT also puts customer privacy first, requiring no KYC process nor any customer details to get started. With no personal information entered, privacy is never at risk under any circumstances. Rounding out the platform’s offering, there is also an educational website called PrimeXBT Academy, a Contests section with risk-free trading competitions, and a four-level referral program with daily payouts.
ByBit is pitched as “a smart and intuitive” cryptocurrency exchange platform with some extra bells and whistles. ByBit also offers a tailored experience depending on your level of familiarity in an attempt to lure newcomers. The platform provides spot trading, derivatives, and DeFi-like features called ByFi that lets users leverage yield generating tools to maximize passive income from idle crypto assets.
ByBit also offers what they call a VIP Program and select institutional services. The list of trading pairs on spot exchanges and derivatives trading is extensive but only includes cryptocurrencies. Cryptocurrencies are further categorized by NFT, DeFi, Metaverse, and other trending sectors, but the bulk of the trading volume focuses on BTCUSD. ByBit provides up to 100x leverage on Bitcoin and up to 50x on other select digital assets.
Like other exchanges, there is also a way to buy cryptocurrencies directly from the platform, which can then be used either for spot trading or as collateral in derivatives contracts. ByBit’s design leaves much to be desired, with a clunky user interface and archaic color scheme that lacks the vibrancy and excitement the cryptocurrency market is known for. On the positive side, ByBit has a new NFT marketplace where artists have been beginning to list exciting and interesting art pieces.
FTX is a popular cryptocurrency exchange and services company with both operations in and outside of the United States. Per US regulations, the US-based FTX lacks many of the features that made FTX popular amongst the trading community. The company has attempted to strengthen its position in the US through partnerships with NFL quarterback Tom Brady and others.
The company’s continued close proximity to financial regulators has recently limited the platform’s ability to offer high leverage tools for trading. For example, FTX once could compete with ByBit at 100x leverage but has since reduced it to a mere 20x leverage. FTX US cuts that in half further and limits it to 10x and only for “qualified investors” who are subject to invasive KYC procedures.
The US-based platform only offers “over 25 cryptocurrencies” but does boast plenty of other attractive features. FTX has a marketplace for NFTs, the FTX card, and an OTC trading desk. FTX global has some exotic trading pairs and things like tokenized stocks to consider. FTX also acquired crypto portfolio aggregator platform Blockfolio, which has been integrated into the official FTX app. The Blockfolio integration is among the most helpful features offered by the platform.
Conclusion: Which Platform Is Better?
Much like beauty is in the eye of the beholder, which platform fits your needs best is ultimately the right choice and something only you can truly decide. When considering any of the big three crypto trading platforms, look for the platform that provides the widest variety of tools, assets, and features. Each has a strong reputation, a proven track record, and countless happy customers.
For the sake of declaring a winner, the edge goes to PrimeXBT due to the broader range of trading instruments. In today’s current environment, exposure to important global geopolitical assets like gold and oil are a better choice compared to a portfolio consisting of only cryptocurrencies. Most other aspects of these platforms are neck and neck. However, the addition of Covesting copy trading also helps PrimeXBT get the nod for the most robust offering.