PrimeXBT Alternatives Of 2024

In the crypto margin trading segment, a few exchange platforms are most preferred and are used by traders worldwide. And, PrimeXBT is one of them. In a short period, it has grown exponentially, getting an average daily trading volume of $545 million.

Its powerful trade matching engine and lower order slippage percentage have helped it to emerge as a highly reliable trading platform. 

However, you can find many exchange platforms that are similar, powerful, and easy to use to PrimeXBT. This guide will look at the top six alternatives to PrimeXBT, where you can trade crypto futures contracts.

PrimeXBT Alternatives To Trade Crypto

Here are some of the best alternatives to the PrimeXBT exchange. All these exchanges like PrimeXBT provide most of the features to their traders.

• Bybit [up to 4450$ Bonus & 100x Leverage Crypto Exchange]
• Stromgain [25$ Bonus & 500x Leverage]
• Phemex [Upto 2200$ Bonus]
• Deribit
• Binance Futures
• Bitfinex
• Kraken

#1. ByBit

ByBit is a P2P crypto derivatives platform established in March 2018 and specializes in perpetual swaps. It offers trading in five different perpetual swaps BTCUSD,  BTCUSDT, ETHUSD, EOSUSD, and XRPUSD. 

Talking about leverages, it offers leverage of up to 100X on BTCUSD & BTCUSDT pair and up to 50X leverage on the rest three crypto pairs. ByBit boasts a smart trading platform that helps it to build trust and maintain transparency among users. Using the Advanced Mark & Index Pricing System helps to get the most reliable pricing. 

ByBit uses the market maker/taker pricing model to calculate its trading fees. The market makers are offered a rebate of 0.025%, and market takers have a taker fee of 0.075%. There is no identity or KYC verification process for users registering with ByBit. Currently, it serves over 300,000 clients worldwide.

ByBit is an unregulated platform and offers its services worldwide. However, its services are restricted in certain regions like the USA, and Quebec Province of Canada.

Why Choose ByBit? 

• High leverage of up to 100X on BTC trades and 50X on remaining crypto coins
• Smart trading platform useful for both professionals and beginners
• Competitive trading fee
• Supports anonymity

 

#2. Stormgain 

StormGain is the newest crypto derivatives exchange platform in the block. It rose to prominence in a concise period due to its solid platform design, high leverage on crypto futures contracts, and low fees. The platform is handy for professional traders, offering a fully-featured trading platform integrated with advanced features like a limit order, stop-loss & take-profit, and AI-generated trading signals.

The platform supports six different crypto coins, including BTC, BCH, ETH, XRP, LTC, and USDT, and offers leverage ranging between 50X-200X on different crypto futures contracts. StormGain is also among the few crypto derivatives platforms that support fiat deposits through credit cards. 

StormGain offers its services in over 100 countries and has over 120,000 clients on its platform. It does not require identity or KYC verification of its users, enabling it to maintain its users’ anonymity. 

Depending on the futures contract, StormGain charges a commission of between 0.06%- 1% per trade. And, it charges a daily rate of 0.40% on swap buy and sell. To start trading in StormGain, users need to make a minimum deposit of 50 USDT.

Why choose StormGain?

• High level of leverage of up to 200X
• A bonus of up to 15% on every deposit
• Fully featured trading platform
• Practice trade with 50,000 USDT funded demo account

 

#3. Phemex

Phemex is founded by ex-Morgan Stanley executives and launched its services late last year on 25th November. In a relatively short period, the exchange has successfully attracted the attention of many traders worldwide. The exchange claims to be the fastest crypto derivatives exchange. 

It has a minimum latency of under 1 millisecond and supports 300,000 TPS, higher than any established exchange operating in the segment. One of the unique features of Phemex is, it offers both BTC and USD contract settlements. It supports six different crypto coins, including BTC, ETH, XRP, LINK, XTZ, and LTC. You can also trade gold contracts with crypto. 

If your first deposit in your Phemex account is above 0.02BTC, you will receive a $60 bonus immediately.
(Register On Phemex Now)

The exchange offers leverage of up to 100X on BTCUSD crypto futures and 20X on remaining crypto futures contracts. Every trade in crypto futures contracts offers a makers rebate of 0.025% and a taker fee of 0.075%. The withdrawal fee is 0.0005BTC per withdrawal.

Why choose Phemex?

• Good trading platform for beginners
• Fast order execution and matching
• Simple UI and secure trading platform

 

#5. Deribit

Deribit is a Netherland-based crypto exchange platform specializing in futures & options of bitcoin and other crypto-assets. It offers perpetual swaps, futures, and options on both bitcoin and Ethereum.

On the BTC futures market, it offers a leverage of up to 100X, and in options, the maximum leverage offered is 10X. It has the fastest API or trade matching engine in the industry with less than 1-millisecond latency. Its matching engine can handle limit order, market order, stop-market order, and stop-limit orders. 

Deribit has two levels of the KYC verification process (level 0 & 1), which gives you different types of trading capabilities. Regarding trading fees, for BTC perpetual and futures, the maker rebate is 0.025%, and the taker fee is 0.075%. There is no maker rebate for ETH perpetual and futures, and the taker fee is 0.05%. For BTC & ETH option, the trading fee is 0.04% of the underlying or 0.0004 BTC or ETH per option contract.

Why choose Deribit?

• Offers trading in all the instruments of the derivatives segment
• Fast trade matching engine
• Competitive trading fees
• No deposit and withdrawal fees

 

#6. Binance Futures Exchange 

From the house of the most trusted crypto exchange platform, Binance Futures Exchange is packed with features and offers a host of advantages to its users. It has established itself as a major player in the crypto derivatives segment in a short period, with daily average volume exceeding its spot exchange rate.

Binance Futures Exchange offers 24 crypto futures contracts on its platform. It offers leverage of up to 125X on BTC futures contracts and up to 75X on the rest of the crypto coins. Its trade matching engine can handle trade up to 100,000 TPS with a minimum latency of 5 milliseconds, which means fast trade order execution. 

The platform does not support anonymous trading, which means users need to complete their identity and KYC verification to take advantage of all features. Regarding the trading fee, the exchange has a pretty straightforward fee structure and follows a tiered structure, divided into nine different levels. The default level (VIP 0) has a maker & taker fee of 0.020% and 0.040%, respectively, whereas the advanced level (VIP 9) has a maker & taker fee of 0.00% and 0.020%, respectively.

Why choose Binance Futures Exchange?

• Deep liquidity
• Wide range of different crypto futures contract
• Competitive trading fee
• Users’ fund protected against hacking under SAFU Fund 
• Can be accessed through both web and mobile app

 

Conclusion

If you plan to go big in crypto derivatives trading, then using the right trading platform is very important as it improves your success rate. Depending on a single exchange platform, it prevents you from taking full advantage of the emerging crypto derivatives market.

All the discussed alternatives of PrimeXBT are good, but given the nature of trades and risks involved for traders, ByBit stands out with all its features and functionalities.

The exchange platform is stable and offers a wide range of trading options to its users. Moreover, both exchanges have a reliable past and have been in existence for a few years.