The year 2022 was pivotal for crypto, resulting in the collapse of one of the most prominent derivatives trading platforms, FTX. The fallout from FTX led to contagion elsewhere in the industry resulting in widespread bankruptcies.
In the wake of the incident and to wrap up a year of wild volatility in the crypto market, we are reviewing the top three best crypto derivatives trading platforms of 2022. Check out this comparison of Binance, PrimeXBT, and ByBit, where we ultimately crown a winner for the year.
The Top Three Crypto Derivatives Platforms Of 2022 Compared
It is a tough time across the crypto community. Trust in the industry, especially around third parties, is at an all-time low. Without a third party, however, access to financial products is minimal. Until more decentralized derivatives products are developed and proven reliable, traders must ultimately pick a derivatives trading platform to suit their needs.
In addition to providing essential tools that both beginner and professional traders desire, these platforms must feature strong security, a reputation for safety, a clean track record, and plenty of industry recognition. Below we will compare the various features, products, and services offered by each of the top three derivatives platforms based on the level of trust and pick a winner in the end.
Binance is a leading crypto platform with the most trading volume and the most derivatives products available. Everything from crypto options to leveraged tokens and futures is offered. Leverage ranges from 125x on the highest to 2x on the lowest end of the spectrum. Binance is also known for its spot trading of altcoin assets.
In terms of additional features beyond trading, Binance has an earn platform with a wide range of decentralized finance products and services, an NFT marketplace, crypto loans, and the Binance card. An exclusive Cristiano Ronaldo NFT collection is available through Binance, for example.
While Binance could very well be too big ever to fall, the company is regularly at the center of controversy and was involved in the early phase of the FTX collapse. Binance has since launched a proof-of-reserve system to counter any concerns users may have, but well-known financial analysts call the company and its CEO a “ticking time bomb.” Still, Binance is one of the most preferred crypto platforms in the community, getting a mention on the list.
PrimeXBT is a margin trading platform known best for its inclusion of traditional assets like gold, stock indices, oil, and forex currencies alongside one of the most extensive lists of cryptocurrencies around. Using BTC, ETH, USDT, USDC, or other coins as collateral for long and short positions at up to 200x leverage, traders can hedge against risk and profit from any direction the market moves.
As a one-stop-shop for investors and traders, PrimeXBT also provides access to a complete copy trading experience, where followers can automatically copy the trades of strategy managers who currently show more than 4,000% in all-time profits. There are also weekly risk-free trading competitions, the PrimeXBT Trading Academy educational website, yield accounts with passive investing and crypto reward payouts, and much more. You can also buy crypto in a few clicks with a debit or credit card.
PrimeXBT is a popular choice among the cryptocurrency community due to the professionalism and reliability of the platform. The company has never been involved in a scandal; there’s never been a hack or outage, no matter how volatile the market gets. The trading platform is no stranger to receiving industry accolades but recently took home the award for The Most Trusted Crypto-Asset Trading Platform at the Crypto Expo Dubai 2022 – one of the biggest blockchain events of the year.
ByBit’s lineup and even its color scheme continue to mimic Binance in many ways. Much like Binance provides a variety of derivatives products like options, leveraged tokens, and futures, so does ByBit, but it falls short with only 100x max leverage.
With ByBit, you can buy crypto, take out crypto loans, buy NFTs, and access a Web3 wallet. Currently, there’s a Crypto Cup Kickoff with a USDT prize pool and fan token trophy and other unique promotions.
ByBit is another platform without any notable hacks or scandals. Overall it has a positive reputation with the cryptocurrency community and has benefitted from FTX falling out of the top three. ByBit doesn’t make a lot of noise, make any wild promises, or partner with celebs, which are often signs of trustworthiness.
While Binance is currently the top dog in the industry, it also has the most eyes on it and the most enemies at its back. It very well could be a ticking time bomb, seriously harming its perception of trust in the industry. The immediate scramble to create a proof-of-reserve system could be viewed as damage control and little more.
ByBit offers a lot of what Binance does, and although it has less market share and history behind it, it doesn’t come with the trust issues and scandal that Binance always seems to be caught up in. ByBit, however, falls short in terms of power and reputation compared to PrimeXBT. PrimeXBT is a platform for pros and beginners, earning the loyalty of a rapidly-growing user base of traders seeking to access crypto and traditional assets on the same platform.
PrimeXBT has become even more popular in recent months due to offering the ability to add uncorrelated assets to a portfolio. Binance and ByBit users would have to go elsewhere for that, making PrimeXBT the most well-rounded choice from the top three. Check out PrimeXBT today and see why we’ve crowned it the best derivatives trading platform of 2022.