The 2023 Blockchain Trading Venue Showdown: PrimeXBT, Binance, and Coinbase: Which to Choose?

2022 is shaping up to be a year to forget for cryptocurrency investors and traders, but it will be a painful memory for a long time. The year not only saw the value of many cryptocurrencies fall from all-time highs, but also saw the complete dissolution of several top cryptocurrency exchanges and companies.

Now in 2023, cryptocurrencies like Bitcoin and Ethereum are not going away. Moreover, the number of users adopting emerging asset classes and decentralized financial technologies is also increasing. But clearly, cryptocurrency traders themselves need to go somewhere else — especially now that so many of the top companies have shut down or gone bankrupt.

After the dust settles in the cryptocurrency industry, which platforms will remain? What do these platforms offer in terms of promise, strength, and protection? In this comparison between PrimeXBT, Binance, and Coinbase, we’ll guide you through cryptocurrency trading in 2023.

PrimeXBT's comparison of Binance and Coinbase in 2023

A lot has changed both in the cryptocurrency industry and on these individual platforms. While they’ve been compared in the past, we’re once again comparing these platforms in light of everything that’s new in the new year.

Trading Tools

While there are some outliers in the stock market that have underperformed certain cryptocurrencies, few asset classes have been as affected as cryptocurrencies during the 2022 financial market pullback. The prices of Bitcoin and Ethereum have fallen by about 80% each, while other altcoins have fallen by 90% to 99%.

PrimeXBT is the leader in this space in 2022 and 2023, being the only platform among the three to offer trading in both traditional assets and the most popular cryptocurrencies. On the same platform, you can trade long and short positions on Bitcoin and altcoins and use leverage. You can also trade Forex currencies, stock indices, commodities and precious metals.

In 2022, the worst platform for trading will soon be Coinbase, as it shuts down the Coinbase Pro platform and merges it into its main product. The Coinbase app and website could switch to a more professional trading interface. However, the main experience leaves a lot to be desired. Coinbase also does not have any derivative products and only provides spot trading of coins, which means that unless you hold stablecoins, your funds on Coinbase will be lost.

Binance is doing slightly better than Coinbase in 2022 and will be the same in 2023. Binance has and will continue to make huge profits by allowing users to short cryptocurrencies using leverage on perpetual contracts and futures.

Other Features

We first looked at places to trade cryptocurrencies, but there are other features a platform offers that determine which ones are worth considering. Cryptocurrency traders have diverse needs, so it’s worth taking a look at the secondary features offered by each platform in this comparison.

Coinbase is the most limited in terms of added features. Coinbase Wallet is a wallet that users can use to access Web3 applications, store NFTs, and more. Other than that, they are just a platform for buying and selling crypto assets.

PrimeXBT offers the most unique differentiating features, focusing on the competitiveness of traders. The Covesting copy trading module is available exclusively on PrimeXBT and allows followers to copy the trades of strategy managers ranked on the leaderboard. The all-time high return in 2022 exceeded 4000%. PrimeXBT also hosts a weekly trading contest in the PrimeXBT Contest where users can win free crypto.

Binance has become one of the most fully-featured platforms, offering crypto loans, DeFi, NFTs, and more.

Security

Fortunately, security has never been a significant issue with these platforms. None of them have experienced any hacks that put users at risk, and each platform offers additional insurance measures like two-factor authentication and address whitelisting.

With the largest number of users and trading volume in the industry, Binance has faced some dangers over the years. This has made Binance a target, but it has so far been successful in keeping its users’ funds safe.

Coinbase’s security is generally considered to be very high, and they also provide institutional custody services for wealthy clients. Coinbase applies the same security measures to all assets across all products.

PrimeXBT relies on a proprietary cold storage process that makes the platform virtually impossible to hack. As a result, withdrawals are only possible once a day, but this is for added security.

reputation

In 2023 and after last year, reputation will become the most important factor in the cryptocurrency industry. These platforms have all survived several bear markets and remain among the strongest brands in the space.

Coinbase recently reached a $100 million settlement with New York state regulators, according to The New York Times. Solving this issue and gaining better reviews could help Coinbase Global stock price rise again.

Binance, while an industry leader in terms of market share and size, is beginning to struggle with its reputation, with Bitcoin and other cryptocurrencies on the platform seeing an exodus, amid concerns the company will suffer a similar fate to FTX and others.

Meanwhile, the other two platforms were not affected by the controversy and contagion, with PrimeXBT winning the Most Trusted Crypto Asset Trading Platform Award from the Dubai Crypto Expo. PrimeXBT ensures stable, uninterrupted service.

Conclusion: Where to trade in 2023

We have helped you analyze the best platforms for every important factor, including security, reputation, trading tools, and other features. While other features are important, make sure they are ones you actually want to use and provide measurable success. Otherwise, they are just a waste of time and money.

By focusing on trading tools, instruments, and reputation, the clear winner is PrimeXBT, with its recent awards and wider access to global financial markets than other platforms. Considering Coinbase is built around spot trading, and the volatility is so extreme, it’s almost impossible to recommend. Despite its market share lead, Binance may be at risk of suffering the same fate as FTX.

To learn more about why we chose PrimeXBT, visit this award-winning trading platform and sign up for a free account.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.