The FTX cryptocurrency was one of the fastest-growing in recent years, able to quickly garner political support, celebrity investment, capital infusion, and other ways to fast-track success.
On their way to the top, they cut every corner and worse — having used customer funds to trade with prior to filing for bankruptcy. Making matters worse, many other companies — even other cryptocurrency platforms — had exposure to FTX or relied on FTX for funding, credit, or liquidity.
The contagion is spreading all across crypto — which crypto platforms are safe to consider at this point?
The Safest Crypto Platforms For 2023
Following the FTX scandal, the fallout continues to be revealed. The situation has also uncovered that many other exchanges and platforms stored funds at FTX, while even more companies relied on funding from the brand, once worth billions.
The contagion keeps spreading, leaving very few platforms unscathed at this point. Here is a short list of the platforms remaining with positive reputations that can be trusted.
Binance is the largest crypto platform by trading volume worldwide, and with FTX out of the way, probably the most recognizable. Binance was also integral to starting the domino effect that took down FTX and, in the past, has had some other less-than-savory situations arise. But because the platform is in the center of the public eye, it has always come out the other side with customer funds safe and secure – and that is what is most important.
The company has backed up its word with transparency, providing proof-of-reserve of its balance sheet. Binance is also one of the oldest on the list, giving it both brand power and longevity. Binance built a reputation on its extensive list of altcoins and has since released a large lineup of trading and investment products, including derivatives, an NFT marketplace, crypto loans, gift cards, and more.
PrimeXBT is one of the most awarded cryptocurrency trading platforms in the entire industry, known for its strong reputation and reliability. The company has never been involved in a hack or any type of scandal and features products in partnership with the regulated and licensed Covesting team. The list of awards includes Best Bitcoin Margin Trading, Best Crypto Trading Platform, Best Crypto Trading App, Best Crypto And Forex Broker, and most recently, the Most Trusted Crypto-Asset Trading Platform.
The platform protects customer funds using a proprietary cold storage solution and is built on bank-grade security infrastructure. The trading engine is fast, boasting 99.9% uptime. The company is also known for transparency in everything it does, providing real-time data through the Covesting copy trading module. PrimeXBT also regularly released a monthly trader’s report highlighting top-performing traders to promote confidence in the community.
Trading tools include up to 200x leverage on cryptocurrencies and even more on traditional assets like gold, oil, the S&P 500, and forex currencies. With access to such trading instruments, it is possible to build a diverse portfolio of uncorrelated assets and better protect capital than anywhere else.
The Margex trading platform is another margin trading platform like PrimeXBT, but it stops short at 100x leverage on cryptocurrencies and doesn’t offer the traditional asset exposure that PrimeXBT does. However, there are many unique features, such as a trade while staking tool that allows traders to use a staking balance as collateral.
Margex also has a clean reputation and is trusted by the cryptocurrency community, but it is the newest on the list, with the least amount of time in the market. Still, customer safety and security appear to be at the forefront of the services they provide since all solutions are protected by the company’s exclusive MP Shield technology.
ByBit is yet another trading platform with up to 100x leverage, but in addition to perpetual swaps, ByBit also offers options contracts trading. Only cryptocurrencies are available to trade with, but there are plenty of exotic alternatives to choose from, such as leveraged token trading.
The company is trusted and actively engages with the cryptocurrency community. It also offers crypto loans, an NFT marketplace, and a Web3 wallet.
With the FTX implosion so visible to the public, trust is on thin ice during the already dangerous crypto winter. Only a few platforms remain that have a reputation for reliability and innovative tools; picking the right one is paramount to success.
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This article has been originally published at: https://cryptodaily.co.uk/2022/11/post-ftx-collapse-which-crypto-platforms-are-safe-to-consider