The markets are dynamic and the cryptocurrency sector promises to flourish again. These are the trading platforms to keep an eye on.
The year 2022 was a year full of challenges for the cryptocurrency sector. We can even say that it was even more challenging than the so-called “crypto winter” of 2018.
Still, we know that markets are dynamic and cyclical, and quickly the crypto winter will eventually give way to crypto spring and an even hotter summer.
The promise of crypto remains, as do many of the major cryptocurrency trading platforms. In 2022, the highlights were the binancea Prime XBTa OK Xa Huobi and the Kucoin.
Cryptocurrencies: choosing the right platform is the secret of the business
In 2020, the cryptocurrency market was on the rise. The capital tornado sucked in many new entrants, including new trading platforms. Today we know that many of the newcomers are now facing a difficult period: bankruptcies and public scandals are proof of this.
Just like bear markets (bear market) purge asset classes from weak hands, they also expose fraud and the failure to strengthen a financial foundation capable of withstanding a decline in interest in cryptocurrencies. Therefore, choosing a strong platform is part of the same due diligence as choosing a fundamentally strong asset.
The cryptocurrency trading platforms that are still up and ready for the next bull market today are as follows:
The list starts with the most obvious platform: Binance. It’s the largest exchange in the world by trading volume, has a CEO who’s always in the spotlight for one reason or another, and recently contributed to the collapse of FTX. Shark Tank star and millionaire investor Kevin O’Leary claims that Binance was primarily responsible for the FTX doubling.
Binance has completely different business practices than FTX and has sought to promote transparency around its brand and reputation.
Recall that Binance was a trading platform exchange from cryptocurrencies to exotic altcoins, but over the years it has become a full-service financial platform with crypto in focus.
Users can trade derivatives, tokens leveraged, NFTs and more. There’s an earnings platform, a Binance card, and most new tokens launches on Binance first, making it a popular choice among cryptocurrency investors and traders.
THE PrimeXBT It is an interesting trading platform from the crypto sphere. In addition to long and short positions on Bitcoin, Ethereum and dozens of other digital assets, the margin trading platform also offers Forex currencies, commodities such as gold and oil, as well as an extensive range of major stock indices.
Unlike other platforms that, during a bear market, find it difficult to strategically position themselves in the market, PrimeXBT’s exposure to traditional assets allows investors to add uncorrelated assets and hedge to effectively manage risk and maintain profits during a cryptocurrency downtrend.
PrimeXBT also offers many of the features that the other platforms on the list provide, such as a way to earn a variable APY on idle crypto assets. There is an educational website, weekly trading competitions and a copy trading community peer-to-peer called Covesting. Users can buy cryptocurrencies on the site with VISA or Mastercard and have a free mobile application for Android and iOS at their disposal.
PrimeXBT occupies a prominent place in this list of the main cryptocurrency trading platforms because it took home the “Crypto Expo Dubai Most Trusted Cryptocurrency Trading Platform” award at the end of 2022.
OKX, formerly OKEx, is a platform that has evolved over the years, and the new branding is part of this evolution. Removing the E from the name served to de-emphasize the exchange part of the platform, promoting the Web3 wallet and other products.
The derivatives platform has everything from swaps perpetual to options, allows users to buy cryptocurrencies, take out crypto loans, and much more. There is an extensive earnings program, an educational platform and a variety of official Dapps.
Rebranding aside, OKX has managed to stay out of the public eye, which in 2022 isn’t necessarily a bad thing.
As far as trading volume is concerned, Huobi has lost some market share in recent years. However, it remains a top trading platform.
Like its competitors, Huobi provides a wide range of cryptocurrency-based products and services, derivatives trading tools and much more.
It offers options, futures and copy trading, the option to buy cryptocurrencies and access to bots trading. A common theme across all these platforms is bonuses: typically educational services, an earnings platform, Web3 wallets and loans. Also in this regard, Huobi does not disappoint.
According to this platform, one in four cryptocurrency holders is with KuCoin, even though it is the least glamorous platform on the list. However, it does offer the aforementioned bonuses such as an earnings program, NFT market, spot trading, margin trading and trading bots.
KuCoin has maintained a clean reputation and has been present in several bear markets. Still, the platform’s longevity earns it a spot on this list of greats. players.
The prospects for 2023
After the bankruptcy of FTX, these five cryptocurrency trading platforms remain strong and ready to revive the cryptocurrency sector. With fraud and corruption cleared from the system, the cryptocurrency market will flourish once again, as will the platforms listed here.
Any of these platforms offer a similar experience and product line, and are highly regarded among investors, as well as being reputable.
The details, however, help pick a winner: PrimeXBT and its access to traditional assets is a critical factor as cryptocurrencies are becoming a more integral part of the global financial community.
PrimeXBT is trusted, has numerous industry accolades and has a large user community. If you are looking for a new platform to trade cryptocurrencies, 2023 will be a successful year for PrimeXBT.