The year 2022 will forever be etched in the minds of cryptocurrency investors and traders as a painful memory. It witnessed the collapse of numerous cryptocurrencies from their all-time highs and the complete dismantling of several top cryptocurrency exchanges and companies.
As we enter 2023, it is evident that cryptocurrencies like Bitcoin and Ethereum are here to stay, along with the growing number of users embracing this emerging asset class and decentralized financial technology. However, with many top companies now defunct or bankrupt, crypto traders need to find new platforms to continue their activities.
So, which platforms have survived the aftermath of the crypto industry’s turmoil? And what do these platforms offer in terms of promise, power, and protection? In this comprehensive comparison between PrimeXBT, Binance, and Coinbase, we will guide you on where to trade crypto in 2023.
PrimeXBT Vs. Binance Vs. Coinbase: The 2023 Comparison
A lot has changed in the cryptocurrency industry, as well as within each of these platforms. While they have been compared in the past, we are once again pitting them against each other based on the developments in the new year.
Trading Instruments
The drawdown in financial markets in 2022 had a significant impact on cryptocurrencies, with Bitcoin and Ethereum plummeting by around 80% each, and other altcoins experiencing even greater losses of 90 to 99%.
In terms of trading instruments, PrimeXBT takes the lead in 2022 and 2023. It is the only platform among the three that offers exposure to traditional assets alongside the most popular cryptocurrencies. On PrimeXBT, you can trade Bitcoin and altcoins with long and short positions and leverage. Additionally, you can trade forex currencies, stock indices, commodities, and precious metals.
Coinbase, on the other hand, performed poorly as a trading platform in 2022. It shut down its Coinbase Pro platform and integrated it into its main Coinbase product. While the Coinbase app and website do offer a more professional trading interface, the overall experience leaves much to be desired. Moreover, Coinbase lacks derivatives products and only facilitates spot trading of coins, which means users cannot benefit unless they hold stablecoins.
Binance fared slightly better than Coinbase in 2022 and is projected to do so in 2023 as well. Binance allows users to short cryptocurrencies with leverage using perpetual swaps and futures, offering ample opportunities for profits.
Additional Features
While the primary focus is on where to trade crypto, it is essential to consider what additional features each platform offers. Crypto traders have diverse needs, making these secondary features crucial in determining which platform is worth considering in the new year.
Coinbase offers the fewest added features. They have a Coinbase Wallet that allows users to access Web3 applications and store NFTs, but beyond that, they primarily serve as a platform for buying and selling crypto assets.
PrimeXBT stands out with its unique differentiators that cater to the competitive nature of traders. The Covesting copy trading module, exclusive to PrimeXBT, enables followers to replicate the trades of strategy managers ranked in the leaderboards. In 2022, all-time profits exceeded 4,000%. Additionally, PrimeXBT hosts weekly trading competitions at PrimeXBT Contests, offering users a chance to win free crypto.
Binance has positioned itself as one of the most comprehensive platforms, offering crypto loans, DeFi services, NFTs, and much more.
Safety and Security
Thankfully, safety and security have not been significant concerns on any of these platforms. None have experienced any hacks that put users at risk, and each platform offers additional security measures such as two-factor authentication and address whitelisting.
While Binance has had some close calls due to its extensive user base and trading volume, it has managed to safeguard users’ funds thus far.
Coinbase is renowned for its security measures and even provides institutional custody services to wealthy clients. All assets across all products on Coinbase benefit from the same level of security.
PrimeXBT prioritizes safety and security with its proprietary cold storage process, making the platform virtually hackproof. However, withdrawals are processed only once a day to ensure maximum safety.
Reputation
In 2023, reputation will be the most critical factor in the cryptocurrency industry. Each of these platforms has weathered multiple bear markets and remains among the strongest brands in the space.
Recently, Coinbase settled with New York state regulators for $100 million, resolving an ongoing issue and bolstering its reputation. This development led to a surge in Coinbase Global shares.
Binance, despite its market leader position, is facing reputation challenges, with an exodus of BTC and other coins due to concerns about the company’s future.
In contrast, PrimeXBT received the Most Trusted Crypto-Asset Trading Platform award at Crypto Expo Dubai. It has successfully navigated the market controversies, ensuring stable and uninterrupted service.
Conclusion: Where to Trade in 2023
By considering crucial factors such as safety and security, reputation, trading instruments, and additional features, PrimeXBT emerges as the clear winner. It has recently earned awards and provides access to a broader range of global financial markets compared to its competitors. Coinbase, centered around spot trading, is difficult to recommend given the intense volatility. While Binance holds a market leader position, it may face similar risks as FTX.
To learn more about why PrimeXBT is the preferred choice, visit their award-winning trading platform and register for a free account.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and not necessarily those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Note: Proper nouns and have been retained as per the original content.