PrimeXBT is a Bitcoin trading platform that allows you to exchange a wide range of assets using the top cryptocurrency. Launched in 2018, PrimeXBT has risen to become one of the top derivatives exchanges in the world – recently scoping up the “Best Bitcoin Platform for Margin Trading” in the ADVFN International Financial Awards of 2020.
Prime Technology Limited, a Seychelles-based company, oversees the business of the exchange, which is incorporated under the laws of St. Vincent and the Grenadines with a license number 222LLC2019 – PrimeXBT Trading Service LLC.
One major worry across asset traders is security. However, with PrimeXBT’s keen focus on security and compliance, traders on the platform need not worry about the potential loss of assets or funds. Moreover, as a registered company in Seychelles, users can rest easy knowing the company is not a scam project.
The platform offers a three-layer security protocol namely the Customer Asset Protection, Trading Infrastructure, and Wallet Security.
After understanding PrimeXBT and its commitment to keeping your funds safe, in the next section, we will focus on the trading markets and instruments offered on the exchange.
Although they now boast of a wide arsenal of crypto commodities, PrimeXBT exchange started off its trading platform with the most popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), EOS, and XRP – all trading against the dollar.
Over time, the exchange ushered in a number of BTC futures and options products to help users diversify into new instruments. PrimeXBT has announced multiple markets on its platform including forex, commodities, and indices. The notable traded assets on the platform include:
Forex: USD/JPY, AUD/USD, CAD/USD, EUR/USD, and GBP/USD.
Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, and XMR (leverage trading is offered on BTC, ETH, XRP, and LTC pairs.)
Indices: S&P 500, the NASDAQ 100, NIKKEI 225, and ASX 200, FTSE 100, DAX 30, and Hang Seng.
Commodities: Natural Gas, Crude Oil (Brent and WTI), Gold and Silver.
PrimeXBT provides its client base with a number of margin trading options and leverage positions of up to 100x for professional traders. Margin trading is a bet of either going long (buying) or short (sell) on a specific asset. Taking a long position essentially means betting on the ability of an asset to increase its price while the latter is waging that the price would go down.
A leverage position on an asset allows users to take up larger positions than the capital they have. Having a 100x leverage position means that with a $100 deposit users can trade up to $10,000, strengthening their overall position in the trade.
The award-winning exchange allows you to open up four types of orders while trading namely market, limit, stop and One Cancels the Other (OCO) orders.
The market order which is also standard is instantly carried out at the buying price. The Limit order extends traders with an option of determining a desirable market price whereas the stop is an instruction to close a position triggered by a specific market position. The One Cancels the Other dubbed OCO often leveraged by professional or experienced traders, is a combination of a stop and limit order put in place to prevent potential hemorrhaging of funds.
A stop loss and take profits feature is also incorporated and made available on every trade.
PrimeXBT only asks the user for their email address and a minimum of 0.001 BTC or an equivalent amount to open an account on the platform and start trading. However, the exchange recently added the need for a phone number to collect the geographical data of customers as regulatory scrutiny across banned states increases across their governments. It only takes a user a couple of minutes to open an account on the platform.
There is an indication of lax KYC protocols within the platform highlighting that ‘no personal information is required’ to use the site. With the BTC address generation automated in the case the user opts to transfer BTC from another address, options of depositing from credit cards have been availed however requiring fiat to BTC conversion to occur before the funds reach the account.
For withdrawals, first, they have to move the funds from the trading account into their personal wallets then account holders will be required to verify the legitimacy of withdrawal by whitelisting the recipient BTC address. They will also be liable to a 0.0005 BTC standard withdrawal fee.
Activity on their platform attracts two kinds of fees namely: trade fee and overnight financing. The leveraged nature of the products will generally attract an overnight financing fee depending on the underlying asset however, in case a leveraged position is opened and closed before the close of the business day it’s not susceptible to the overnight fee.
PrimeXBT also employs around-the-clock customer care for cryptocurrency users from Sunday to Friday. Furthermore, the exchange is also inclusive of a blog and an interactive chatbot alongside an FAQ section on their site. This and the non-complex nature of the site (easy to maneuver), makes it a favorite among both novice and professional traders. It is also available to android and IOS users.
Are you a high-risk professional trader? Then PrimeXBT has the optimal trading venue for you through their PrimeXBT Turbo Trading platform. It offers you a “unique, simple, interactive and user-friendly platform that allows you to earn up to 90% by simply predicting short-term price moves of various assets” on the platform including top crypto and forex pairs. Turbo Trading is like a binary options trading account.
Moreover, a low $1 capital requirement is set allowing traders to build their capital from a small amount of money without the risk to lose large amounts of their funding. New users to the module are offered 1 BTC in a demo account to sharpen their skills.
TRead more : https://primexbtbonus.com/blog/turbo-forex-and-crypto-trading-turbo-platform-primexbt-65
PrimeXBT covesting module allows you to choose among the best performing traders and automatically copy their investing and trading activities. This opens up a smarter way to trade (especially if you are a learning trader) by selecting through the best strategies and trading performances from hundreds of pro traders.
Once you select your preferred trader, choose the amount you wish to set on the allocated strategy, and start earning the same as the selected strategy. You also can earn extra income by allowing other PrimeXBT users to copy your strategy.
Copy-trading allows you to be a passive market participant instead of letting professional traders execute their strategies on your behalf. This takes some of the guesswork and early losses new traders can experience out of the equation. It allows the trader to manage their trading risks better than manual trading as the risk is spread out across a number of successful traders’ strategies.
Read more : primexbtcovesting tips