Bitmex has suffered a brutal 12 months jumping from scandal to scandal and losing huge numbers of users in the process.
We’ve created a short list of Bitmex alternatives for anyone looking for other places to trade in the wake of the 2019 Bitmex Implosion.
PrimeXBT
PrimeXBT are the only other crypto margin trading platform to provide up to 100x leverage on Bitcoin, and where they excel compared to Bitmex is that this 100x is also applied to other major cryptos including ETH, EOS, XRP and LTC.
PrimeXBT has the lowest fees on the market at just a flat rate of 0.05% and the trading tools available on the platform are very well made, including a powerful trading engine that executes up to 12,000 trades per second.
In a recent study PrimeXBT was found to have the best customer support services of the 5 top margin trading platforms including Binance, Deribit, Kraken and Bitfinex.
All in all PrimeXBT is a really nice alternative to Bitmex.
Binance
Binance is also one of the larger cryptocurrency trading platforms that provide margin trading, and another platform that has a great reputation in the industry.
Binance offers up to 3x leverage on Bitcoin, which to be honest is not enough, but this could be easily fixed by the platform deciding to increase this at some point.
The user interface at Binance is easy to get the hang of, and there is a wide range of different assets which trades can choose from on the site.
Kraken
Kraken has been around for many years and is very well known for having good security systems in place.
To their credit Kraken has never been hacked or breached, and which is an important factor when deciding on a place to trade.
Kraken provides up to 5x, which is better than Binance, but nowhere near close to PrimeXBT’s 100x.
Saying this, Kraken has a good design and is fast and responsive when moving from page to page, as well as having a good trading engine also.
In Conclusion
PrimeXBT, Binance and Kraken are all good alternatives to Bitmex, with PrimeXBT’s matching high leverage of 100x putting them in the top spot.
We’ll have to wait and see whether Bitmex will be able to recover from the tailspin it’s been in for the last 12 months.