PRIMEXBT: A TRADING PLATFORM FOR THE FUTURE
PrimeXBT is an online trading platform that offers only Bitcoin for deposits and withdrawals. There are no fiat currencies used (EUR, USD, GBP, etc.).
As a result, there are a number of advantages that fiat-currency brokers cannot replicate.The most important of them isan option to trade anonymously – as well as the capacity to use high leverage levels. Although PrimeXBT is not for everyone, it does handle a wide range of asset classes. Which includes Forex, commodities, indices, and, of course, cryptocurrencies.
Get to Know PrimeXBT
PrimeXBT is an online trading platform which was launched in 2018. Forex, commodities, cryptocurrencies, and indices are the four main asset classes it covers. The platform Generates more than Half a Billion dollars in daily trading Volume.
PrimeXBT is unique among the online trading platforms as it exclusively offers Bitcoin for deposit and withdrawals. As a result, BTC is used to display all account balances, earnings, and losses.
Almost everyone Visiting PrimeXBT wonders, why a Bitcoin-denominated trading site is worth considering. But the Benefits it offers are non-ignorable, For example, a trader can get up to 1000x leverage, which means that a $100 deposit will give access to $100,000 in trading capital.
PrimeXBT also avoids typical KYC requirements because it does not deal in fiat currencies.In other words, A trader will not be asked to provide any personal information or to submit any papers while registration. This Platform is also very competitive in terms of trading fees, When trading forex, this starts at 0.001percent, 0.01 percent for indices and commodities, and 0.05 percent for cryptocurrencies.
Details Pertaining to Trading at PrimeXBT
PrimeXBT has only 50 financial markets on its platform, which is extremely limited. It does, however, include instruments from four main asset classes, which are explained below in great detail.
Forex trading is made really simple on PrimeXBT. Anyone can trade from the comfort of their home. It supports a decent mix of majors and minors.
EUR/USD, GBP/USD, and AUD/JPY are among the typical suspects. The platform does, however, support a variety of unique pairs. This contains Pesos from Mexico, Rands from South Africa, and Liras from Turkey.
The Four Main Asset Classes : Commodities, Indices, Cryptocurrencies, Levrage
In the commodities section, PrimeXBT offers only four assets:
· Brent Crude Oil
· WTI Oil
· Natural Gas
PrimeXBT offers the customer to trade 11 different stock market indices.
· NASDAQ 100
· Dow Jones
· SP 500
· Germany 30
· Japan 225
· FTSE 100
· Australia 200
· and more
PrimeXBT doesn’t allow customers to trade specific stocks, which is a bit frustrating.
As a Bitcoin-only platform, it goes without saying that PrimeXBT provides a wide range of digital currencies.
At PrimeXBT whenever a trader makes an order, firstly he receives every cryptocurrency instrument as a CFD. Which means that, he doesn’t own the underlying asset. However, as explained later, there are some advantages to this, including the ability to short-sell and leverage.
On the other hand, PrimeXBT, provides two sorts of cryptocurrency exchanges: fiat-to-crypto and crypto-to-crypto. Major currencies that can be exchanged against the US dollar are included in the first category.
A trader can also trade the exchange rate between two cryptocurrencies that are competing, with pairs including:
In this section, PrimeXBT can offer endless possibilities. The regions like UK and Europe are limited to a maximum leverage of 1:30 on key forex pairs and less on other asset classes. However, PrimeXBT is not bound by these restrictions as they do not offer trading through Fiat currencies.
Hence, they can bypass all these restrictions and offer the following leverage limits:
· Forex: 1:1000
· Gold: 1:500
· Non-Gold Commodities: 1:100
· Cryptocurrencies: 1:00
It is evident from the above fact that, these leverage limitations are significantly higher than a regular online trading platform. Even if a person is classified as a professional trader, The options would likely be limited compared to what is available on PrimeXBT.
PrimeXBT FEES AND COMMISSIONS
PrimeXBT uses a variable commission structure for charging Trading Fees. That is, specific commission will be charged on the asset a person is trading.
· Forex: 0.001%
· Indices and Commodities: 0.01%
· Cryptocurrencies: 0.05%
The commissions charged by PrimeXBT are very competitive. For example, A $1,000 trade on EUR/USD at 0.001%, would cost the trader just 1 cent.Similarly, A $500 worth of BTC/USD at 0.05%commission would just cost $0.25. These low commissions not only allows a person to trade modest sums without incurring flat fees, but it also allows the traders to target ultra-low profit margins.
The Essentials of PrimeXBT
PrimeXBT has developed its own customised trading platform from the ground. It appears simple at first glance, with an appropriate black background and red/green Chart Indicators.
However, it offers the customers to fully customize their trading layout– which is great for a seasoned trader. Click here to open an account on PrimeXBT.
Presence of Various Technical Tools:-PrimeXBT has a very broad collection of charting tools. It allows access to more than 50 technical indicators. This means that the platform is well-equipped for conducting in-depth technical analysis, avoiding the need for a third-party platforms.
The Option to choose different order types:-Prime XBT brings a wide range of order types, regardless of the asset class being traded.
For example Prime XBT provides the option of choosing from Market or Limit order, as well as from ‘Good Till Cancel’ or day order.
In ‘Good Till Cancel’, as long as a trader don’t manually cancel the order or the target price isn’t triggered, his limits will be active, whereas in case of ‘day order’ the order will be active for the number of hours that is mentioned on the order box itself.
It also supports Stop-Loss as well as Take Profit orders as important tools to help manage risks. Additionally, a trader may choose to place a One-Cancels-Other (OCO) order, which places two orders simultaneously on the triggering of a pre-defined metric – thus functioning as a conditional order.
Can be used on Laptops/ Mobiles/ Tablets:- Even for a seasoned trader, the kinds that to undertake intensive technical analysis, the person may at some point of time want to place an order while being out of reach of his primary device – which is most probably a desktop computer.
For this he may avail the services of Prime XBT’s full-fledged mobile application. Regardless of the version (iOS or android), it offers the same tools as well as features as the main website.
In full disclosure, what may be a bit discouraging about the app is the fact that it is poorly rated on both the platform’s app stores.
24*7 Customer Support:- A live chat feature is offered to the clients 24*7 for the support. One can also connect to the support via email (email@example.com) or telegram (via app).
The Significant Features
So far, we have discussed tradable assets, fees and commissions, and the PrimeXBT trading platform. In this section, some of the core features and tools willbe discussed available to a trader by just opening an account.
1- Short Selling
Prime XBT also enables the trader to partake in short-selling as its exclusive focus is anyways on CFD instruments.
In short-selling a trader is enabled to make an earning if he can predict that an asset price will drop in the future as it is overvalued. It can be done by simply opening a position with a sell order.
2- Copy Trading
Prime XBT allows its user to copy the trades made by its other users. This is the Copy Trading feature.
The amount that is copy traded should be proportional to the copied trader. Meaning that if the copied trader risks x number of portfolios EUR/USD in sell order, your position will be identical and you will close your position when the original trader closes theirs.
A trader may choose from a plethora (100s) of traders on Prime XBT to copy. In his decision he may take the aid of some of the key metrics such as historical trading performance and preferred strategy, which the platform enables the user to view.
For this feature, the minimum amount of trade is merely 0.001 BTC. It should also be noted that the concerned trader gets a commission from such profits or earnings. The percentage of commission is not listed on the platform.
3- Covesting (An Exclusive 2021 special Feature)
PrimeXBT now offers Covesting, a revolutionary copy trading platform. This platform allows its users to connects with followers, which allows them to profit from one another, thanks to an ongoing B2B agreement with a Europe-based fintech software development..
Covesting is a global fintech company based in Gibraltar which provides the most comprehensive software solutions for retail and institutional customers around the world. Covesting is the first company in the world to get a Distributed Ledger Technology License from Gibraltar's regulatory authorities.
Covesting enables traders to build funds based on their trading technique in a transparent manner, allowing users to check the track record and the amount of capital invested in each fund. Traders can also build a reputation and get a secondary source of income by using the followers feature. Users can also explore different traders, verify their results, and invest in the ones they like, providing a means to earn money passively without having to learn how to trade or understand the market.
It is well known that all traders are not profitable, The main reason for it Being Trading with emotions. Covesting offers a perfect solution for this as it connects both side of the market together. New traders can learn from the profits of more experienced traders, while established traders can increase their earnings simultaneously.
PrimeXBT Payments, Deposits, and Withdrawals
Prime XBT deals exclusively in Bitcoins, making it all the more easier if the user already hold Bitcoins. In this case he just needs to transfer the required Bitcoins to his Unique Prime XBT wallet.
In case of indirect deposits via debit or credit card, The user can make the deposit with the help of a third-party platform – CEX. There the transaction is basically the purchase of Bitcoin CEX and their transfer into the unique Prime XBT wallet – with the transaction not handled directly by Prime XBT. Also in case of these deposits, The User will be required to upload his ID due to the usage of a credit or debit card.
The method doesn’t alter the speed of the transfer and the concerned funds will be made available within 30-40 minutes – as the deposit is cone after 3 blockchain confirmation regardless of the method.
Cash withdrawal requests are processed once every day, between 12:00 and 14:00 UTC by Prime XBT, with the advantage of same day withdrawal if the request is filed before 12:00 UTC.
The transfer shall be made in the form of bitcoins, which shall be sent to the wallet address of the users choice – as such he may need to confirm his wallet address via e-mail, if it is not the one used at the time of making the deposit.
Prime XBT doesn’t change any fees for withdrawals except the fee for blockchain mining.
Although it is true that since the leverage is upto 1:1000 to retail clients, Prime XBT is indeed unregulated. Yet it provides several security features that are noteworthy
1- It provides for a Two-Factor Authentication:- This is done through Google Authenticator which means while withdrawing, unique codes will be generated via google and therefore, will only be available to the person who has complete access to the particular google ID. This ensures added security.
2- The Client Funds are kept in a Cold Storage:- This feature is helpful since funds are stored offline. Only a handful of them are available online for daily transactions.
The above two-features themselves show as to how much PrimeXBTis dedicated to the security of the funds of its clients.
How to Join PrimeXBT?
If one wishes to open an account at this platform, it is a simple four step process
Step 1- Register Yourselves
This process only takes second, which is very user friendly as only email-address and Mobile number are required for a successful registration.
Step 2- Funds Depositing
One can do this in two ways:
1- By Copying the Bitcoin Deposit wallet address from PrimeXBT Dashboard. This process generally takes 30-40 minutes
2- By deposit in funds through Debit/Credit Card via CEX. For this, one has to upload a government-issues ID.
Step 3- Initiation of the Trading Process
Once the Bitcoin is deposited, trading can be started without any further complications. It can be done through browser as well as app.
Step 4- Fund Withdrawal
Simply specify the particular wallet address where the funds are needed to be transferred. If this is done before 12:00 UTC, funds are received in the Bitcoin Wallet the same day.
The Final Take on PrimeXBT
It is a phenomenal trading platform which is perfect for not only a new trader in the market but an old and experienced one. This is majorly due to the following reasons:
One can trade from just 0.001% per slide
One has access to leverage of upto 1:1000
For people who love passive investing, it provides Copy Trading feature which is very appealing
The Drawing tools, various technical indicators and feature of customised screen are beneficial for a seasoned trader
This article is a sponsored review by the admin @TIPLPR