Cryptocurrency traders all over the world are looking for ways to maximize their profits. Margin trading is often a great way to do so. Following the recent announcement by BitMEX, it is evident that PrimeXBT will offer a far better alternative.
BitMEX Will Enforce KYC
For several years now, BitMEX has proven to be a staple in the crypto industry. It remains a popular trading platform, and one that offers very high leverage. Both the perpetual and fixed-data contracts have proven to generate a lot of daily trading volume. Moreover, the platform was also very appealing because it doesn’t require a KYC verification.
Earlier this week, the company announced that this situation will change. All of the core functionality will remain the same, but there will be a User Verification Programme come August 28th. This is, in essence, a way to force ID checks upon users. According to the blog post, this includes submitting a photo ID, proof of address, and selfie.
On 28 August 2020 at 00:00 UTC, we will be launching our User Verification Programme. For details, please see our blog: https://t.co/9L2UNZk0t9
— BitMEX (@BitMEX) August 14, 2020
Such procedures are nothing new in the cryptocurrency world. Most exchanges enforce these checks for several years now. Going through a KYC procedure has always been considered among cryptocurrency users.
Verifying one’s identity seems counterproductive to using this form of money. It is very likely that BitMEX will use a lot of customers because of this implementation. Thankfully, there is a more than viable alternative in the form of PrimeXBT.
No KYC Needed for PrimeXBT
The main reason to switch from BitMEX to PrimeXBT is because it has no KYC requirements. Users can sign up and begin trading within a matter of seconds. It is one of the many reasons to make the switch in the near future. A lot of traders don’t want to verify their identity, as that is the way cryptocurrency is supposed to be used.
Higher Leverage Than BitMEX
Offering relatively high leverage has always been one of the reasons why traders are drawn to BitMEX. For most pairs, the maximum leverage is capped at 50x or lower, with Bitcoin being the exception. Using PrimeXBT will give traders access to 100x leverage for all crypto assets. That in itself is an option worth exploring if one is very serious about making a living through margin trading.
More Trading Markets
Whereas BitMEX focuses primarily on cryptocurrency markets, PrimeXBT takes an entirely different approach. It goes beyond crypto assets, as there is also exposure to foreign exchange markets, CFDs, precious metals, and various indices and commodities. Having the ability to explore all of these different options makes it a far more encompassing platform compared to BitMEX.
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