BitMEX is undoubtedly the leader when it comes to cryptocurrency margin trading. However, a few new exchanges have emerged in the past year which could give the exchange a run for its money.
BitMEX boasts one of the largest trading volumes in the entire cryptocurrency market. With some $4B in volume at the time of writing, many traders consider it their go-to for margin trading.
BitMEX is also known for supporting margin trading with up to 100x leverage for Bitcoin. Other coins can also be traded on margin like Ethereum (up to 50x), Litecoin (up to 33.3x) and Ripple (up to 20x) — as well as a few other altcoins.
However, a few competitors have recently emerged which may eat up some shares of BitMEX’s trading volume.
BitMEX’s Potential Competitors
2019 has brought us many fresh platforms to place serious bets on short-term price movements in the cryptocurrency market.
The newest margin trading exchange which also boasts 100x multiplier trading is StormGain. Bursting onto the scene this year, it denotes all profits in USDT with a commission rate of only 0.08 percent. No KYC is required to sign up — only an email.
As of now, StormGain supports leverage trading for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).
Another exchange which came out with 2018 and has been competing with BitMex ever since is PrimeXBT.
Already having some $100M in daily trading volume, the exchange also offers 100x leverage on Ethereum (ETH) and Bitcoin (BTC). It also offers indices, forex, and commodities for as much as 1000x leverage — if you are feeling especially gutsy.
You can’t talk about margin trading without mentioning Binance’s new platform. The exchange now offers 3x leverage and, while not impressive, its brand recognition alone means it is competitive.
Margin trading is available for a handful of trading pairs and fees are paid in BNB.
Finally, there’s every indicator that eToro has been picking up its interest in margin trading.
Currently, users can trade 15 difference cryptocurrencies.
Although it only allows for 2x leverage, the platform may be expanding this since its other financial instruments, like forex, boast some 400x leverage.
The Competition Heats Up
In short, BitMex is likely looking at these competitors with unease. The biggest selling point for BitMEX, however, is its brand recognition and high multipliers. However, exchanges like StormGain are already tackling the latter while building up their brands.
BitMEX may be the king of margin trading now, but this could easily change in a year’s time.
Do you believe BitMEX will remain the dominant margin trading platform a year from now? Let us know your thoughts in the comments down below!
And if you still think BitMEX is the best place to trade Bitcoin (BTC) with leverage, follow this link to sign up on the famous exchange!
Full Disclosure: StormGain is a partner exchange of BeInCrypto.