If you’ve been asking yourself “What is PrimeXBT?”, then you’ve come to the right place! PrimeXBT is truly a one of a kind Bitcoin BTC based margin trading exchange platform. It offers its users super fast access to over 30 different assets to trade. Some of the assets are Bitcoin, Ethereum, Ripple, Litecoin, EOS, Forex, Commodities such as Metals and gas. Also offering Indices. The PrimeXBT platform was launched in 2018 and currently offers clients from around 150 countries to trade on it. The platform has been registered in Seychelles and has a daily trading volume of around £264,500,000. The company won the award for the best Bitcoin Margin Traded Platform in the 2020 ADVFN International Financial Awards.
Another thing to take note about PrimeXBT is that it’s an anonymous platform which is really beneficial for traders around the world who value their online privacy.
PrimeXBT offers the following:
- Up to 500x leverage for Long and Short positions and 100x leverage for cryptocurrencies.
- Secure Online Privacy.
- Aggregated liquidity from numerous liquidity providers.
- An arsenal of technical analysis tools for trading.
- Liquid, Secure and an efficient trading environment.
Bitcoin Margin Trading
One of the main features of PrimeXBT is its Bitcoin Margin trading. Leverage trading which is usually expressed as a ratio. It is the rate at which you can take on debt. For example, 20x leverage means if you have £1, you can trade up to £20. Margin is the debt or borrowed money that a trader uses to invest in other financial assets.
What are the advantages of Margin Trading?
Trading with leverage allows traders to get more exposure to the asset than what funds have been put down. Although traders have an advantage of making more profit on borrowed funds, there is a flip side. Any losses a trader makes are also magnified. Leveraged trading also enables you to short an asset, e.g. you can make profits on a drop in the price of an asset. Leveraged trading. PrimeXBT also offers a maximum leverage of 100:1 for cryptocurrency pairs and up to 1,000:1 on some Forex pairs. The exact leverage that’s allowed will depend on the asset you are trading and the size of the position you’re taking on.
Bitcoin margin trading has become a massive business with institutional investors and banks who are moving into the trading space. This sudden adoption is the most significant factor begind PrimeXBT’s surge in popularity. PrimeXBT really want you to win. They provide a wide range of advanced trading tools to its traders.
- Built-in technical analysis charting tools that ensure precise timing of entries and exits from trades.
- Tools that include all the most popular indicators such as the MACD, RSI Bollinger Bands and other tools such as the commonly used Fibonacci retracement and Extension tools.
- PrimeXBT has the lowest fees amongst its competition with 0.05% on all Bitcoin trades.
PrimeXBT offers you the option of using multiple different order types. These orders offer protection and hedging on the margin trading side of the platform. Here’s a list of the available order types:
Market orders: The orders placed via a Market Order will execute immediatley at the price the market is trading at at that time.
Limit orders: Limit orders allow the trader to set a Limit on the price where they either buy or sell at.
Stop orders: You can set a pre-determined Stop Order so that your buy or sell order will be filled once your Stop Order has been hit.
Protection orders: You can limit your losses or protect the profits you’ve made on any trade you’ve placed.
One Cancels Other Orders: This is a conditional order type. It combines two different order types under a special criteria. Once an order gets triggered and then executed, the other is automatically cancelled.
PrimeXBT – Making your way around the platform
Registering your PrimeXBT account is pretty simple. Just enter your email address and set a password. You’re all set! PrimeXBT has a no KYC policy so there’s no lengthy processes to go through.
After you’ve entered your registration details you’ll receive a confirmation email with a link to click on.
Please note PrimeXBT only accepts Bitcoin deposits. Once you’re logged in you’ll have your Bitcoin wallet address to send your BTC to. Any Bitcoin you send to your wallet address will be credited to the Wallet Balance. You can either start straight away on the PrimeXBT Covesting feature using your Wallet balance or process an internal transfer to your “Trading Account”.
This is what your account will look like:
PrimeXBT Withdrawal and Deposits
PrimeXBT is a crypto only exchange, so you can only make deposits in Bitcoin. It might make sense to get some Bitcoin beforehand using an exchange like Coinbase or Binance etc and send it over to your PrimeXBT Bitcoin Wallet. Once you’ve clicked on “Deposit” you’ll be able to see your PrimeXBT BTC Deposit address.
You can also purchase your Bitcoin directly from PrimeXBT platform by using their partner service providers. This is the screen that appears when you click on “Buy Bitcoin”.
Withdrawing your Bitcoin is also straightforward.
After entering your desired Bitcoin withdrawal address and amount, you’ll have to wait for PrimeXBT to process it. Here’s a few things to keep in mind when it comes to the withdrawals:
PrimeXBT processes all pending orders once a day. between 12:00 and 14:00 UTC.
Any withdrawal requests made before 12:00 UTC will be processed on the same day. Amy requests that are made after 12:00 UTC will be processed the next day.
As a trader it’s important to know how to work around the fees. You’ll be glad to know PrimeXBT has one of the lowest trading fees involved in the entire Cryptocurrency trading ecosystem.
PrimeXBT are quite transparent with their trading fees and they only have 2 types of fees for the trader to take note of:
Trade Fee: Trading fees charged for entering a position.
Overnight Fee: Trading fees to finance an overnight position.
Here’s a breakdown for some cryptocurrency pairs:
As you can see the trading fee per order is between 0.01% to 0.05%. Which is way less than the majority of the cryptocurrency exchanges out there.
A few more points to bare in mind about deposits and withdrawals:
- PrimeXBT doesn’t charge any fees on any incoming transactions.
- If you do withdraw funds however, then you’ll have to pay miner fees to process your transaction.
With PrimeXBT Covesting you can Discover a new way to trade by choosing to automatically copy the best performing traders activities without placing any orders or trades yourself. Covesting allows its traders to browse through 100’s of different trading strategies that are provided by other traders on the platform. With Covesting you can get the same returns as the leading traders on the platform.
You’ll find all the Top PrimeXBT Covesting Traders on the “Rating” menu which can be found in the “Covesting” Tab:
A couple of things to note about each trader which can help you make a better and more of an informed decision on who to follow:
- If you see a blue tick next to the Traders username then this indicates that the trader of the strategy has passed their ID verification.
- The Golden “i” means that the strategy has reached the maximum cap of initial following equity and you will not be able to follow that trader.
After selecting a Trader you’ll be met with the following screen that provides more details:
All the traders performance is provided to you in clear view. You can see their performance over a 7 day, a 30 day, a 90 day and a 180 day period. As well as the traders win ratio. It’s important to check the Traders use of margin to get a better picture of what kind of traders they are as well as checking to see if the Description agrees to your preferences. You can do further research on the trader if they have their social media accounts linked or asking about them in PrimeXBT’s Official Telegram group.
With PrimeXBT managing your Following is simple. You can choose to follow/unfollow a trader with a single click. Setting a Stop Loss is also available and easy to place when you’re following a trader. You can even change the Stop loss as many times as you want. As you can see below we followed a trader and decided to stop following them. Another, the Stop Loss was triggered leaving us in 195% profit.
Beginner traders will be able to allocate a part of their portfolio to managers who meet their risk/reward appetite and have built a successful trading rating based on their performance.
If you’re looking for a leveraged Cryptocurrency Exchange with advanced technology, strong security and transparent fees, then this platform should be considered.