PrimeXBT vs BitMEX: Crypto, Fees, KYC Exchanges Difference

PrimeXBT and BitMEX are two very popular exchanges. These exchanges both hold leading positions in the rankings. In this article, we will compare PrimeXBT vs BitMEX by all the main criteria, which will allow us to draw conclusions about the advisability of working with one or another platform.


primexbt

bitmex

Type of exchange

Сentralized

Сentralized

Year founded

2018

 2014

Registration country

Seychelles

Seychelles

Trust Score (Coingecko)

10

8

Cryptocurrencies / trading pairs

46

7 (Spot) + 78 (contracts)

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures

Fees

0.05%

Up to 0.1% (spot), up to 0.075% (futures)

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$124 507 018 

$5 609 597

Advantages and disadvantages of PrimeXBT

Pros:

  • Low commissions for both makers and takers
  • A lot of attention is paid to security
  • Higher leverage (up to 1000x)
  • A four-level referral system that allows you to create a full-fledged business and receive passive income
  • 24-hour support service
  • Technical analysis tools

Cons:

  • There is no information about the manual
  • No API

PrimeXBT Review Summary 

83% Overall

We have analyzed key features of PrimeXBT based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
83%
Trustworthy
81%
Usability
86%
Fees

Advantages and disadvantages of BitMEX

Pros:

  • The most convenient and well-thought-out cryptocurrency derivatives trading
  • High leverage for margin trading - up to 100x
  • KYC is not required
  • Simple user-friendly interface
  • IEO marketplace, working by subscription mechanism, like on Binance
  • Its own coin - BIT

Cons:

  • Little liquidity

BitMEX Review Summary 

82% Overall

We have analyzed key features of BitMEX based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
81%
Trustworthy
80%
Usability
82%
Fees

About PrimeXBT Exchange

PrimeXBT is a clear, simple and safe trading platform. The large number of functions and tools does not interfere at all with the intuitive operation of the platform, so the exchange will be of interest to both beginners and experienced traders.

The platform's infrastructure supports a large number of transactions per second and is designed to withstand extreme loads. The performance combined with high information accuracy is a prime indicator that PrimeXBT is noteworthy.

About BitMEX exchange

The exchange was once the leader in trading derivatives on Bitcoin. Gradually added contracts on other cryptocurrencies. It has a fast, highly efficient trading terminal that is comfortable for trading. Clear charts and indicators from TradingView allow you to monitor the market at a professional level.

Also on Bitmex added the possibility of trading on the spot market and launched its own token BMEX, though, as of July 2022, it is not traded on the platform yet - the developers decided to wait with the listing until the market situation is normalized.

Comparative analysis of PrimeXBT and BitMEX exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

PrimeXBT offers: 

  • Copy-trading
  • Academy
  • Refer&Earn

BitMEX offers:

  • Spot and futures trading
  • Deposits on Bitmex Earn
  • Fast conversion

Available countries

PrimeXBT and BitMEX exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your PrimeXBT and BitMEX account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on PrimeXBT and BitMEX.

Available Cryptos and Tokens

PrimeXBT currently supports 46. 

BitMEX supports 8 trading pairs and 7 coins.

Regulation

There is no information about the PrimeXBT and BitMEX regulation and the corresponding license.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

PrimeXBT is known for its anonymity. No verification is required to use all functions.

KYC (user identity verification) is a procedure mandatory for trading on Bitmex. In this way, the platform reduces the risk of money laundering through them or other illegal transactions.

During the verification process, the user provides personal information.

After sending the information it takes an average of 24 hours for employees to verify.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

PrimeXBT:

  • 0.01% maker trading fee
  • 0.05% taker fee

BitMEX:

  • Up to 0.01% (maker)
  • Up to 0.075% (taker)

Account security

PrimeXBT ensures safety of its users' assets by means of the following measures: after each executed order a full check of system risks is performed, digital assets are stored offline by Multisig technology, traffic is protected by SSL-encryption, Cloudfare protects against DDoS and other distributed attacks, a white list of BTC-purses is used, two-factor authentication can be connected to access an account


Passive earn on exchanges

Open free account at PrimeXBT. The process takes less than 40 seconds. Simply deposit funds, select the amount you want to stake and click “Stake now” button. Sit back and enjoy passive income! You can add or withdraw funds at any time.

On Bitmex such a variety is not yet available, but nevertheless, at the time of writing there is an opportunity to invest in deposit contracts USDT (approximate annual yield 2%) or BTC (1.25%).

Which to choose - PrimeXBT or BitMEX

In this comparison, the choice is quite obvious. The PrimeXBT exchange is better by all parameters. The exchange is anonymous, safe and it has higher volumes.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is BitMEX still good?

Yes, BitMEX is still good. It has been one of the most reliable and well-respected exchanges in the industry. Additionally, it offers a wide range of features that other exchanges do not, such as margin trading and futures contracts.


Can you make money on BitMEX?

Yes, You can make money on BitMEX. In fact, many people have made a significant amount of money trading on the platform.

However, it is important to note that there is also a significant amount of risk involved in trading on BitMEX. The platform allows for leveraged trades, which means that you can control a large position size with a relatively small amount of capital. This can lead to large profits if the trade goes your way, but it can also lead to substantial losses if the market moves against you.

Thus, it is essential that you do your own research and understand the risks involved before trading on BitMEX.


Is BitMEX illegal in the US?

BitMEX is not illegal in the US. However, it is not possible for US citizens to use BitMEX due to regulatory restrictions.


Is PrimeXBT a broker?

Yes, PrimeXBT is a broker. The company is based in Mauritius and was founded in 2018. PrimeXBT is a trading platform that offers leverage on Bitcoin and other cryptocurrencies, as well as commodity and Forex pairs. The company has offices in Belize, St Kitts, and the Seychelles.

Conclusion

We looked at two competing cryptocurrency exchanges - PrimeXBT and Bitmex. The fact that they survived many attacks from the authorities and still continue to operate and develop successfully shows that the management knows their business. At the same time, it confirms the opinion that the modern crypto industry cannot survive without regulation. The choice of one of these platforms depends on the needs for certain functions, for example, those who want to quickly reinvest profits with minimal costs and receive passive income are likely to choose PrimeXBT as the most adapted for this, while those who are focused only on high-performance trading remain committed to Bitmex.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

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Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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