The original concept behind cryptocurrency technology was intended to cut out intermediaries, but until crypto is widely adopted and used globally, dealing with trusted intermediaries will be a requirement. That is why reputation and reliability are everything in the cryptocurrency market.

Lose trust in users, and it could spell the end, much as it has recently for FTX. FTX was allegedly involved in all kinds of shady business practices, from trading with user funds to building a backdoor to skate compliance and worse.

Cryptocurrency users are left in search of a trustworthy platform in the fallout of an event that has shaken the industry to its core. Any platforms with exposure to FTX in some capacity are also at risk of trouble, making choosing a venue that much more challenging.

In this review, we are comparing the reputation of three platforms that do not have any exposure to FTX, are independent, and have been proven reliable over the years.

Reputation And Reliability Comparison: PrimeXBT, ByBit, & Binance

Trusting anyone is tough right now, but unless you plan on capitulating and leaving crypto entirely, you will still need to find a platform in which to do business with. Here are the remaining three platforms that have a positive reputation in the cryptocurrency community.

PrimeXBT

The PrimeXBT trading platform has been proven reliable since its inception, beginning during the last bear market. Having survived the worst crypto winter on record, PrimeXBT was prepared for the most recent drawdown and continued along with business as usual.

If anything, bear markets tend to be where PrimeXBT finds its most user growth, in contrast to most crypto exchanges. That’s because PrimeXBT lets users short digital or traditional assets while also offering unrivaled access to portfolio diversification strategies.

The company has a positive reputation within the trading community, regularly working with well-known traders for interviews, web panels, and partnerships. PrimeXBT also has partnered with the regulated and licensed fintech developer Covesting, who helped design the Covesting copy trading module on PrimeXBT.

Copy trading is only a tiny slice of the action available at PrimeXBT, which is a cryptocurrency-based margin trading platform at its core. Users can utilize BTC, ETH, USDT, USDC, and other popular cryptocurrencies as collateral to trade global markets with leverage.

PrimeXBT has received several industry accolades, with the most recent award being the Most Trusted Crypto-Asset Trading Platform. The award highlights trust at a critical time when it is needed more than ever before. PrimeXBT has also never been involved in a scandal or a hack.

Binance

Binance launched slightly ahead of PrimeXBT, and both have a bear market under their belt. While PrimeXBT focuses more on powerful margin trading features, Binance’s base offering is its spot cryptocurrency exchange. However, it does offer futures and other types of derivatives trading, allowing long and short positions on cryptocurrencies.

The platform has a wide range of additional products and services, including gift cards, crypto loans, NFTs, an earn platform, and much more. The Binance platform is also one of the largest in terms of overall crypto market trading volume, meaning that liquidity isn’t an issue.

Binance also rarely experiences any downtime but has had its share of scandals from time to time. More importantly, Binance always keeps customer funds safe, and if anything goes wrong, it has an insurance fund ready to cover losses. Binance is also working toward posting proof-of-reserves so that the world has transparency around its balance sheet.

ByBit

ByBit launched shortly after PrimeXBT, so it also has some decent time in the market behind it. ByBit is another trusted platform that has no exposure to FTX and the recent crypto market contagion. The platform was the first to introduce USDC options to the crypto market.

In addition to options, ByBit offers spot trading, derivatives, leveraged tokens, and other ways to trade. There are passive investing solutions also through the ByBit earn program. ByBit aims to compete directly with Binance with its extra tools, such as crypto loans and an NFT marketplace.

ByBit has one of the more exotic lists of derivatives products in the crypto space. However, that comes with risks related to finance industry regulators. In terms of reputation, ByBit does well with the community and partners with more prominent brands like Red Bull, adding legitimacy to the company profile.

Conclusion

The cryptocurrency community is in chaos after the most recent collapse by FTX and the domino effect it is still having on other platforms. While trust has been badly damaged in investors' eyes, a few companies with a positive reputation and a track record of reliability remain.

Picking from the list above ensures the platform you choose has no exposure to FTX, is proven trustworthy, and provides access to powerful trading tools.