Cryptocurrency investors and traders are eager to forget the painful memories of 2022, a year marked by the collapse of many cryptocurrencies and the downfall of top cryptocurrency exchanges and companies. However, cryptocurrencies like Bitcoin and Ethereum are here to stay in 2023, along with a growing number of users embracing decentralized financial technology. With so many companies now defunct or bankrupt, traders are left wondering where to go. In this comprehensive comparison between PrimeXBT, Binance, and Coinbase, we will explore the platforms’ offerings in terms of promise, power, and protection to guide you in trading crypto in 2023.
PrimeXBT Vs. Binance Vs. Coinbase: The 2023 Comparison
The cryptocurrency industry and these individual platforms have undergone significant changes. In this new year, we will once again compare these platforms based on the developments that have taken place.
Trading Instruments
The 2022 drawdown in financial markets took a toll on the crypto industry, with cryptocurrencies like Bitcoin and Ethereum experiencing significant value drops of around 80%. PrimeXBT stands out as the leader for 2022 and 2023, as the only platform among the three that offers exposure to both traditional assets and popular cryptocurrencies. With PrimeXBT, traders can engage in long and short positions, leverage trading of Bitcoin and altcoins, as well as trade forex currencies, stock indices, commodities, and precious metals.
In 2022, Coinbase emerged as the worst platform to trade at, as it shut down its Coinbase Pro platform and merged it with its main Coinbase product. Although Coinbase offers a more professional trading interface through its app and website, the overall experience falls short. It lacks derivatives products and only supports spot trading of coins, leaving users at a loss unless they hold stablecoins.
Binance fared slightly better than Coinbase in 2022 and will continue to do so in 2023. Binance allows users to short cryptocurrencies with leverage using perpetual swaps and futures, providing ample opportunities for profits.
Additional Features
While the focus is on where to trade crypto, it is essential to consider the additional features offered by each platform to determine their worth in the new year. Different traders have diverse needs, making these secondary features crucial in this comparison.
Coinbase offers the fewest additional features. It provides a Coinbase Wallet for users to access Web3 applications and store NFTs, but beyond that, it primarily serves as a platform for buying and selling crypto assets.
PrimeXBT stands out with its unique differentiators that cater to competitive traders. The Covesting copy trading module, exclusive to PrimeXBT, allows followers to replicate the trades of highly ranked strategy managers. The module generated all-time profits of over 4,000% in 2022. PrimeXBT Contests also offer weekly trading competitions where users can win free crypto.
Binance has positioned itself as one of the most comprehensive platforms, offering crypto loans, DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and more.
Safety And Security
Thankfully, safety and security have not been significant issues on any of these platforms. None have experienced any hacks that put user funds at risk, and each platform offers additional security measures such as two-factor authentication and address whitelisting.
Binance, due to its significant exposure and trading volume, has faced some close calls in the past. However, it has managed to keep users’ funds safe thus far.
Coinbase’s security measures are highly regarded, to the extent that they offer institutional custody services to wealthy clients. These security measures apply to all assets across all Coinbase products.
PrimeXBT relies on a proprietary cold storage process that makes the platform virtually hackproof. While withdrawals are processed once a day, the added safety and security are worth it.
Reputation
In 2023, reputation will play a crucial role in the cryptocurrency industry. Each of these platforms has survived multiple bear markets and is among the strongest brands in the space.
Coinbase recently settled with New York state regulators for $100 million, helping to improve its reputation and boosting Coinbase Global shares.
Binance, despite being an industry leader in terms of size and market share, is facing reputation challenges, with an exodus of BTC and other coins due to concerns of a fate similar to FTX and others.
Meanwhile, PrimeXBT has maintained a strong reputation, winning the Most Trusted Crypto-Asset Trading Platform award at Crypto Expo Dubai. PrimeXBT has stayed clear of 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. Its recent awards and access to a wide range of global financial markets set it apart. Coinbase, centered around spot trading during intense volatility, is difficult to recommend. Binance, despite its market leader position, faces the risk of a similar fate as FTX.
To learn more about why PrimeXBT is the preferred choice, visit the award-winning trading platform and register for a free account.
Disclaimer: This content provides information and should not be considered financial advice. The author’s personal opinions expressed here do not reflect the opinion 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.
