PrimeXBT vs Binance (2024): Differences & Similarities

Traders looking to get into the crypto trading action will have several exchanges to choose from, but PrimeXBT and Binance are two of the top options, especially for those that want to go into margin trading.

If you are going to pick between the two companies, it is crucial to understand how they differ. This guide compares them using several parameters, from their product offering to security and customer support.

Introduction: PrimeXBT vs Binance

PrimeXBT has been live since 2018, and besides crypto trading, it also supports other markets like forex and traditional stock.

Binance was founded in 2017 and is all about crypto. It is one of the largest cryptocurrency exchanges globally, with a daily trading volume that is currently averaging over $15 billion.

 

PrimeXBT vs Binance: Crypto Derivatives Product Offerings & Margin Trading Platform

PrimeXBT and Binance have highly liquid spot markets given the high trading volumes and massive financial backing behind the two companies. However, they also have some high-performing crypto derivatives markets with a wide variety of products.

• PrimeXBT

PimeXBT supports margin trading with a maximum leverage of up to 100x. The exchange supports margin trading for popular currencies like BTC, ETH, LTC, EOS, and XRP, and traders can open both long and short positions with a margin.

The exchange also allows traders to open long and short positions in crypto CFDs (contracts for difference) and supports margin trading for commodities, stock indices, and forex.

• Binance

Binance also allows margin trading and has one of the highest leverages among all margin platforms. The crypto change will enable traders to open futures trading positions with a maximum leverage of 125x. This massive leverage is available for specific trading pairs such as BTC/USDT and ETH/USDT, but for all others, you still get maximum leverage of 5ox.

Also, unlike PrimXBT, Binance offers more products for their crypto derivatives market. These products include the Coin-M and USDT futures, Options, and leveraged tokens. The futures are available in margined quarterly and perpetual options

The exchange currently supports over 50 futures contracts, making it easier for beginner and experienced traders to make money with their digital assets.

 

PrimeXBT vs Binance: Supported Currencies

Binance is one of the largest crypto trading platforms in the world, and besides the massive liquidity and the high number of traders, they also support more digital assets. The exchange supports over 600 digital assets, which is more than what you get from most platforms for trading cryptocurrencies.

Besides the high number of assets available for their spot and derivatives trading markets, the exchange also supports dozens of fiat currencies. There are over 50 fiat currencies on the platform, including all the top ones like USD, GBP, EUR, and JPY. The Binance crypto exchange supports more fiat currencies to make it easier for traders to deposit using their local currencies.

PimeXBT does not have a broad coin offering like Binance, but they still support most of the leading assets and are planning to add more. There are currently 7 main digital assets available on their spot trading market: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), USD Coin (USDC), and Tether (USDT).

Although PrimeXBT still does not support fiat currencies for making deposits and withdrawals, traders on the cryptocurrency exchange can still use fiat to fiat/crypto trading pairs.

PrimeXBT vs Binance Trading Fees

Trading fees are an essential factor to consider when picking between two top cryptocurrency exchanges like PrimeXBT and Binance. The good news is that both have relatively low fees compared to what other companies in the market charge. They also make their fees clear and have no hidden charges.

• PrimeXBT

PrimeXBT uses a flat rate fee structure that does not depend on the assets you are buying or your monthly trading volume, as is the case on Binance and most other exchanges.

Traders on the PrimeXBT platform will pay a flat rate of 0.05% to buy and sell BTC/USD and all other trading pairs. The flat fee system means there is no separate taker and maker fee on PrimeXBT.

• Binance

The fees you pay on the Binance exchange will depend on the market you are trading in, your 30-day-trading volume, and whether you add or remove liquidity to the books since the exchange uses the maker-taker fee structure.

There are 10 tiers on Binance from VIP 0 to VIP 9, and they are based on a trader’s 30-day trade volume and their BNB (Binance’s native token) balance. Low volume traders at VIP 0 will pay o.1% in maker and taker fees, but for VIP 9, the charges are 0.02% and 0.04%, respectively. Fees for futures start at 0.0200% and 0.0400% in maker and taker fees, respectively, for low-volume traders and keep reducing as the trading volume increases.

Binance traders can lower their trading fees by holding the BNB token and using it to pay the charges. The exchange provides up to 25% off for spot trading and at least a 10% discount for the other markets.

Note: These exchanges might also have other costs that traders need to know, such as daily funding fees, overnight fees, and liquidation fees.

 

PrimeXBT vs Binance Deposit & Withdrawal Fees

• PrimeXBT

PrimeXBT allows traders to add crypto directly to their wallets from other external wallets. They do not charge any deposit fees for crypto transfers.

The exchange also has alternative deposit methods like allowing traders to buy crypto directly using credit cards.

Once you pay using your credit card, the third parties will deposit crypto to your wallet. These deposit methods will attract some fees, but the actual amount you pay will depend on the particular third-party app you use. The minimum deposit you can make is 0.001.

Withdrawal fees on the platform will largely depend on the asset you are withdrawing as the exchange does not charge any fees. The costs you will incur are the network fees that miners charge. For example, withdrawing BTC will cost 0.0005.

• Binance

The cryptocurrency exchange will not charge any fees for crypto deposits. Also, they allow you to send a wide variety of assets from other crypto wallets and not just limit you to BTC deposits only like other exchanges.

Most fiat deposits are free, but some currencies like TRY will attract some fees, so it is important to check before you deposit. Additionally, the method of payment you are using will also determine how much you pay as deposits fees. Binance supports several deposit methods, including credit/debit cards, wire and bank transfers, and third-party apps like Apple Pay, Google Pay, and Ali Pay.

Crypto withdrawals do not attract any fees, but you still have to pay the network fee. Additionally, the exchange also makes most fiat withdrawals free. Binance provides a clear withdrawal fee structure for withdrawing all assets on the platform.

 

PrimeXBT vs Binance: Account Funding Methods

You need to fund your account before you start trading, whether you choose PrimeXBT or Binance. However, both exchanges provide multiple funding methods to ensure you have an easy time making deposits.

PrimeXBT

PrimeXBT allows traders to send crypto directly to your wallet from an external wallet. All you need to do is copy the wallet address or scan the QR code to get the correct address for sending the assets. However, it is essential to make sure you send from a wallet within the same network to avoid losing your crypto.

While the exchange does not support direct fiat account funding methods, traders can still fund their accounts with fiat through third parties. All you have to do is buy the assets through platforms like Paxful, Xanpool, and Coinify, which will then send crypto to your PrimeXBT wallet.

Binance

Binance supports both crypto and fiat deposits. You can send crypto to your Binance wallet from any other wallet within the BSC network or any other that is compatible. Also, like with PrimeXBT, you only need to copy the address for the assets you want to send or scan the QR code.

Unlike PrimeXBT, Binance supports direct fiat deposits. Currently, the exchange supports more than 50 cryptocurrencies as it aims to make it easy for traders to fund the account using their local currencies. You can use bank and wire transfers, credit/debit cards, VISA, Mastercard, and third-party options like Banxa and Simplex.

Binance traders need to note that the actual deposit methods available to them will depend on their countries.

PrimeXBT vs Binance: Trading Platform Comparison

The ease of use and intuitiveness of the trading platform is are essential factors to consider when deciding what platform to use for your crypto trading.

If the platform gives you a hard time figuring things out, you will not have a good trading experience. Luckily, both PrimeXBT and Binance have some highly intuitive trading platforms.

• PrimeXBT

PrimeXBT’s trading platform is hard to beat as it is an award-winning platform that works well for both experienced traders and absolute newbies. The trading platform is compact and clean and offers a high customization level to allow traders to fine-tune it to suit their specific preferences.

Additionally, the PrimeXBT platform includes everything you need to execute successful trades, such as live charts and trading indicators. Also, it will allow pro traders to open multiple windows, which is highly useful for executing their technical analysis strategies.

Besides the web-based platform, PrimeXBT also has a mobile app for both Android and iOS devices with most of the functionalities you get on the web.

• Binance

Binance gives traders a sleek and intuitive trading platform with everything well-organized for easy location. The trading platform includes advanced charts and indicators and several order types like limit, market, stop-limit, stop-market, trailing stop, and post-only orders.

However, unlike PrimeXBT, the interface is not customizable, which can be a significant drawback for traders looking to make the platform more personalized. Also, it contains too many details, which can be overwhelming for traders not used to complicated trading platforms.

Binance also has a mobile app that allows for trading on the go. The app is available for both iOS and Android devices.

 

PrimeXBT vs Binance: Account Opening Process

You will not spend a lot of time creating an account on either PrimeXBt or Binance, as both exchanges make the process quick and easy. However, it is still essential to have a clear idea of the specific process to follow and other things like KYC requirements.

PrimeXBT

PrimeXBT makes the account opening prices more straightforward as it does not require mandatory KYC verification. However, PrimeXBT can trigger mandatory CDD (Customer Due Diligence) to verify customer ID and source of funds if they detect any suspicious account activities.

How to open a PrimeXBT account

• Go to https://primexbt.com/ and click the blue “Register” button
• Enter your email and create a password
• Enter your phone number
• Agree to terms and click “Register”
• Enter the 4-digit code you receive in your email to confirm registration and complete the process

Binance

Binance now enforces mandatory KYC requirements, and new traders cannot deposit, trade, or withdraw without verifying their identity. They have three levels of verification: basic, intermediate, and advanced. The levels have different withdrawal limits for both fiat and crypto. For example, intermediate traders can withdraw up to $50K fiat per day

How to open a Binance account

• Go to https://www.binance.com/ and click the yellow “Register” button
• Confirm your country and choose whether to register by phone or email
• Enter your emails and create a password
• Agree on the terms of service
• Click “Create Account” and verify your email
• Verify your identity to start trading

PrimeXBT vs Binance: Customer Support

Both PrimeXBT and Binance have excellent customer support, so traders can quickly resolve their issues.

PrimeXBT provides 24/7 support across multiple channels. Traders can reach them through live chat or by email. Live chat provides instant response while email responses come in just a few hours. Additionally, you can also read the materials on their help center that includes several articles on different topics and helpful FAQs.

Binance offers 24/7 support via live chat and email. They also have some of the most active communities on social media and helpful resources on their support page.

PrimeXBT vs Binance: Security Features

Security issues have been rampant among crypto exchanges in recent years, and so most have adopted highly advanced protocols to help safeguard users and their funds.

PrimeXBT employs a combination of security features to secure both the platform and trader accounts. The security features include two-factor authentication, mandatory BTC address whitelisting, full risk check after every order placement/execution, and cold storage of assets.

Binance security features also include two-factor authentication, address and IP whitelisting, device management, and API access control.

• Is PrimeXBT Safe?

PrimeXBT uses an extensive cyber-security system that guarantees its platform and trader assets are kept safe. Moreover, it keeps most of the assets in multi-signature offline cold storage that is out of reach for hackers. PrimeXBT is one of the few popular cryptocurrencies exchange that has never been hacked.

• Is Binance Safe?

Binance has high liquidity thanks to the massive daily trading volumes, which shows that many traders trust the platform. Therefore, you can be sure it is a safe and secure enough exchange. Although it was hacked a few years ago and some assets were stolen, the SAFU funds covered the loss and compensated all traders.

 

Conclusion

PrimeXBT and Binance are two top-tier exchanges and market leaders. You can be sure of a fantastic trading experience and enough opportunities for making money with your crypto, regardless of which one you pick between the two.

That said, PrimeXBT seems to have the edge over Binance in several aspects and will be a better choice, especially for beginner traders

To start with, the exchange has relatively lower fees, even for low-volume traders. Additionally, it has an easier-to-use interface and has also never been hacked.