The year 2022 is one that cryptocurrency investors and traders would like to soon forget, but it is bound to be a painful memory for a long time. The year saw not only the collapse of many cryptocurrencies in terms of value down from all-time highs but also the complete dismantling of several top cryptocurrency exchanges and companies.
2023 is now here, and cryptocurrencies like Bitcoin and Ethereum aren’t going anywhere. And neither are the increasing number of users adopting the emerging asset class and decentralized financial technology. But clearly, crypto traders themselves have to go somewhere – especially now that so many top companies are now defunct or bankrupt.
Which platforms are left after the dust has settled on the crypto industry? And what do these platforms offer for promise, power, and protection? In this head-to-head comparison between PrimeXBT, Binance, and Coinbase, we’ll guide you on where to trade crypto in 2023.
PrimeXBT Vs. Binance Vs. Coinbase: The 2023 Comparison
A lot has changed across the cryptocurrency industry and at each of these individual platforms. While they’ve been compared in the past, we are once again putting these platforms head-to-head based on everything that’s unfolded for the new year.
Although there are outliers in the stock market that have performed as poorly or worse than some cryptocurrencies, few asset classes were as impacted by the drawdown in financial markets of 2022 as crypto. Bitcoin and Ethereum plummeted by around 80% each, while other altcoins fell upwards of 90 to 99%.
PrimeXBT is the leader in this area for 2022 and 2023, as the only platform of the three to provide exposure to traditional assets in addition to the most popular cryptocurrencies. Right at the same spot, you can trade Bitcoin and altcoins with long and short positions and leverage. You can also trade forex currencies, stock indices, commodities, and precious metals.
The worst platform to trade at in 2022 was quickly Coinbase, having shut down its Coinbase Pro platform and folded it into its main Coinbase product. The Coinbase app and website do allow for a more professional trading interface to be toggled on and off. However, the main experience leaves a lot to be desired. Coinbase also lacks any derivatives products and only offers spot trading of coins, meaning anyone with money on Coinbase is at a loss unless they’re holding stables.
Binance users were served slightly better than Coinbase in 2022 and will be in 2023 as well. Binance does allow users to short cryptocurrencies with leverage using perpetual swaps and futures, so plenty of profits have been and will continue to be made.
The topic at hand is where to trade crypto, and that’s what we’ve focused on first. But what else a platform offers determines which platform is worth considering in the new year. Crypto traders have a diverse set of needs, making many secondary features offered at each platform worth looking at in this comparison.
Coinbase is the most limited in terms of added features. There is a Coinbase Wallet that users can use to access Web3 applications, store NFTs, etc. Outside of that, they’re a platform to buy and sell crypto assets.
PrimeXBT offers the most unique differentiators focusing on the competitive nature of traders. The Covesting copy trading module is exclusive to PrimeXBT and allows followers to copy the trades of strategy managers ranked in the leaderboards. All-time profits for 2022 topped out at more than 4,000%. There are also weekly trading competitions at PrimeXBT Contests, where users can win free crypto.
Binance has built itself up to be among the most full-featured platforms of all, with crypto loans, DeFi, NFTs, and much more.
Safety And Security
Thankfully, safety and security haven’t ever been a significant issue at any of these platforms. None have experienced any type of hack that puts users at risk, and each offers additional fail-safes such as two-factor authentication and address whitelisting.
Binance has had some close calls over the years due to having the most significant exposure to users and trading volume in the industry. This has made Binance a target, but thus far has managed to keep users’ funds safe.
Coinbase security is typically so highly regarded they offer institutional custody services to 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 hackproof. Withdrawals go out only once a day as a result, but it is worth the added safety and security.
In 2023 and the aftermath of last year, reputation will become the most important factor across the cryptocurrency industry. Each of these platforms has survived several bear markets and is some of the strongest brands in the space still standing today.
Recently, Coinbase settled with New York state regulators to the tune of $100M, according to The New York Times. Clearing up the issue and being given a cleaner bill of health helped Coinbase Global shares climb for the first time in ages.
Binance, while an industry leader in terms of size and market share, is beginning to struggle with its reputation, with the platform experiencing an exodus of BTC and other coins in fear of the company falling victim to a similar fate as FTX and others.
Meanwhile, these two other platforms faltered, PrimeXBT secured the award for Most Trusted Crypto-Asset Trading Platform from Crypto Expo Dubai. PrimeXBT also stayed out of the crosshairs of the ongoing market controversy and contagion, ensuring stable, uninterrupted service.
Conclusion: Where To Trade In 2023
We’ve helped break down which platform is the best by each crucial factor, including safety and security, reputation, trading instruments, and additional features. While other features can be significant, make sure that they are features you actually want to use and provide measurable success. Otherwise, they are just a waste of time and capital.
By focusing on trading instruments, tools, and reputation, the clear winner is PrimeXBT, with its recent awards and access to more global financial markets than anywhere else. Coinbase is tough to recommend at all, considering being centered around spot trading while volatility is so intense. Binance, despite its market leader position, could be at risk of the same fate as FTX.
To learn more about why we’ve chosen PrimeXBT, visit the award-winning trading platform yourself and get registered for a free account.