As the volatility on cryptocurrency markets grows, investors turn to contract exchanges to make the most of the opportunity. Platforms like PrimeBit or Deribit allow you to profit whenever the prices go up or down. They are perfect for both investors who missed “buy-low” chance as well as for those owning bitcoin or altcoins as they can hedge their large long positions with smaller leveraged short positions on crypto contracts.
With all the trading platforms out there, one can get confused about which one to choose. Let’s take a look at the trading process through these rising stars: PrimeBit and Deribit.
Fast and Easy Cryptocurrency Trading at PrimeBit
PrimeBit is the first peer-to-peer (P2P) Bitcoin-based derivatives exchange that offers up to 200x leverage for perpetual contracts in Bitcoin, Ethereum, and Litecoin. It has excellent trading conditions on the market via its interesting crypto trading tool, with low and transparent fees and a generous affiliate program.
PrimeBit’s user interface is straightforward to use. Set up an account with your email address and enjoy a fully-featured demo account and a live account. The demo account allows you to practice trading techniques with dummy coins before depositing BTC for real trades. After logging in, you will be directed to PrimeBit’s main page.
Three contracts are offered: BTC/USD, ETH/USD, LTC/USD.
The main page, PrimeBit WebTrader
The main page has three main sections: the charts on the left; the depth, order book, and the contract details in the middle; and the order type and account details on the right. At the bottom of the page, you can check the records of all your transactions. The interface is simple, yet you can see everything in one go. It is packed with features that cater to both beginner and advanced traders.
Here’s how to easily trade using the PrimeBit WebTrader.
Easy steps to make a trade, PrimeBit WebTrader
- Choose a live account or a demo account.
- Choose a contract.
- Click on your desired order from the Order Book.
- Check and finalize the order details on the New Order window.
- Click the Buy or Sell button.
- Lastly, check the transaction details.
Trading is also possible with MetaTrader 5 and PrimeBit WebTrader mobile versions.
Extensive Futures and Options Trading at Deribit
Derived from the words “derivative” and “bitcoin,” Deribit is a fast-growing Bitcoin trading platform where investors can partake in both futures and options trading online. Deribit specializes in leveraged trading at up to 10x, whereas BTC futures can be bought with up to 100x leverage. Currently, it only supports Bitcoin and Ethereum contracts.
The Deribit platform provides a sophisticated interface and is geared more towards experienced traders than for beginners. You can see the analytical charts right away, and if you scroll down, you will see the Order box, Order Books, and the Recent Trades. Deribit introduced a new feature where users can create up to four sub-accounts per account for margin trading.
Main page, Deribit WebTrader
Here’s how to make a futures or BTC options trade at Deribit.
Easy steps to trade perpetual contracts, Deribit WebTrader
- Choose an account or subaccount from the Accounts page.
- Choose a contract in BTC or ETH.
- Choose a Perpetual contract or a BTC option.
- Scroll down from the charts to see the Order box, Order Book, and Recent Trades section. Pick an order from the Order Book.
- Check and finalize the order details in the Order box. For BTC options, the Order box will pop-up as a separate window.
Order box for a futures trade, Deribit WebTrader
Order box for BTC options trade, Deribit WebTrader
- Click the Buy or Sell button.
- Finally, check the transaction history.
Test accounts are also available at Deribit Testnet.
Conclusion
In terms of user interface, PrimeBit is packed with more crypto analytic features to help investors make the best choice in trading. Although both platforms have simple and user-friendly designs, PrimeBit offers more customizable layouts, where you can reposition charts, widgets, and windows. PrimeBit makes the trading process more straightforward because you can see everything on a single page, whereas in Deribit, there is a need to scroll the page and to open additional windows, which can be a hassle to some.
Image by skeeze from Pixabay
