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PrimeXBT Trading Platform Review.

PrimeXBT - A bitcoin-based margin trading platform

September 26, 2021 | 

873 Views | 

Jesus Guzman | 

Get Into Cryptocurrency Trading Today

PrimeXBT is a Bitcoin-based multi-asset margin trading platform that, while building on the fundamentals of the traditional market, focuses on diversifying advanced trading tools, instruments and products.

The platform allows its users to operate with more than 50 trading pairs, with leverage that can reach 100 times for cryptocurrencies and up to 1000 times for other trading instruments, 24 hours a day.

This large number of trading instruments and the high leverage set the platform apart from many similar platforms that have been on the market for longer, such as Binance or Bitmex.

It is important to know that many variables must be taken into account when choosing such a trading platform, as it is not only the variety or quantity of products and instruments that guarantee their quality and effectiveness.

In the following, we will take a closer look at this platform and discuss the advantages and disadvantages of trading with it.

PrimeXBT: Trading platform with a lot to offer (2021 review)

PrimeXBT Trading Platform Overview

PrimeXBT is a margin trading platform founded in 2018 in Seychelles Islands and also has offices in Saint Vincent and the Grenadines and Switzerland. It allows its users to trade bitcoin, other cryptocurrencies and a variety of traditional financial instruments, from foreign exchange markets to precious metals.

It also offers its users other elements such as a friendly user interface, a simple registration process (no KYC) that only requires an email, multiple languages (including Spanish), a high level of security, very low commissions and great liquidity.

Recently, PrimeXBT was voted the best bitcoin margin trading platform in the ADVFN International Financial Awards 2020. PrimeXBT was also awarded Best Cryptocurrency Trading App and Best Forex and Cryptocurrency Broker.

PrimeXBT Trading Tools

PrimeXBT has a range of trading tools and features that make it a high-quality and competitive option, supported by elements such as high leverage, risk management tools and more.

The platform offers 100x leverage for trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple and EOS and up to 1000x leverage for forex markets, stock indices and commodities.

In addition, the platform allows you to place advanced stop-loss, take-profit and OCO orders to customise our trading strategies while managing risk without sacrificing profits.

The platform also offers charting tools such as trend lines, support and resistance lines, various technical analysis indicators such as the Relative Strength Index, Ichimoku Cloud, MACD and Williams Alligator and integrated charting software.

The fact that the platform allows the opening of long and short positions enables its users to make profits whether the market is high or low.

PrimeXBT Trading Instruments

Although the platform focuses on trading cryptocurrencies, it also offers its users the opportunity to trade a variety of traditional assets such as currencies, commodities and stock indices.

These are the instruments and trading pairs that can be traded on PrimeXBT:

PrimeXBT offers these cryptocurrencies to trade with:

  • Bitcoin
  • Ethereum
  • Waves
  • Litecoin
  • EOS
  • Ripple.

PrimeXBT common Pairs:

  • BTC / USD
  • ETH / USD
  • ETH / BTC
  • LTC / USD
  • LTC / BTC
  • XRP / USD
  • XRP / BTC
  • EOS / USD
  • EOS / BTC

PrimeXBT Currency Markets

  • US Dollar
  • Euro
  • Gold
  • Silver
  • Australian Dollar
  • Canadian Dollar
  • British Pound
  • Japanese Yen
  • Turkish Lira
  • New Zealand Dollar
  • Singapore Dollar
  • Russian Ruble.

PrimeXBT Market Currency Pairs:

  • AUD / CAD
  • AUD / CHF
  • AUD / JPY
  • AUD / NZD
  • AUD / USD
  • CAD / CHF
  • CAD / JPY
  • CHF / JPY
  • EUR / AUD
  • EUR / CAD
  • EUR / CHF
  • EUR / GBP
  • EUR / JPY
  • EUR / NZD
  • EUR / SGD
  • EUR / USD
  • GBP / AUD
  • GBP / CAD
  • GBP / CHF
  • GBP / JPY
  • GBP / NZD
  • GBP / SGD
  • GBP / USD
  • NZD / CAD
  • NZD / CHF
  • NZD / JPY
  • NZD / SGD
  • NZD / USD
  • USD / CAD
  • USD / CHF
  • USD / JPY
  • USD / RUB
  • USD / SGD
  • USD / TRY
  • XAG / USD
  • XAU / USD

PrimeXBT Commodities

  • WTI Crude Oil
  • Brent Oil
  • Natural Gas.

PrimeXBT Stock indices

  • Dow Jones
  • Germany 30
  • Europe 30
  • NASDAQ
  • France 40
  • Spain 35
  • S & P 500
  • Nikkei 225
  • Australia 200.

This wide range of instruments is a plus point of PrimeXBT compared to its closest competitors such as ByBit or Binance, which manage multiple instruments but do not have such a wide range of trading options, although Binance offers more pairs for trading cryptocurrencies.

PrimeXBT Deposits and Withdrawals

The PrimeXBT platform is based on Bitcoin, so all deposits are made in this currency and are possible from 0.001 BTC. This makes the deposit process much easier, as you only need to send the funds to the platform's wallet, where the amount is credited after just two confirmations.

The withdrawal process is also quite simple due to the use of BTC and you only need to enter the address of the wallet that should receive the money. The platform allows you one withdrawal per day, which is processed from 12 pm to 1 pm GMT and whose commission is 0.0005 BTC.

All withdrawal requests made before 12pm GMT will be processed the same day. Similarly, all withdrawal requests made after 12pm GMT will be processed the next day.

As PrimeXBT uses hot wallets for instant withdrawals, withdrawals of large amounts may take some time as they may not have the corresponding amount and need to withdraw from their cold wallets to complete the process.

PrimeXBT Commissions, Fees and Limits

PrimeXBT only recognises two types of commission: per transaction and for overnight funding. The latter applies to leveraged transactions that are kept open overnight. So if a user opens and closes a leveraged position during the day, he only has to pay the commission per transaction.

The fees for transactions with cryptocurrencies are 0.05%. The fees for other instruments such as stock indices, commodities or metals are 0.01% and the fees for foreign exchange markets or FOREX are 0.001%.

PrimeXBT Privacy and security

PrimeXBT has bank-level security protocols that guarantee the safety of its users' funds. It uses Cloudflare to protect against DDoS attacks, SSL encryption that encrypts all information sent to the platform, two-factor authentication and address whitelisting.

For storing user passwords, Prime XBT says it uses the "Bcrypt" algorithm, which prevents passwords from being read even if a hacker had access to the exchange's servers.

The vast majority of funds on the platform are stored in cold wallets, which, being offline, are an additional security measure. The hot wallets used by PrimeXBT are used for withdrawals and instant payments, so the funds in them are limited.

On the other hand, transferring funds from a cold wallet to a hot wallet requires the consent of multiple people as they have a multi-signature access system.

As the platform is not a KYC system and no detailed personal data is requested during registration, there is no risk of revealing the identity of the platform's users.

PrimeXBT Covesting Module

Another of PrimeXBT's recent innovations is the new Covesting module, a product resulting from the partnership between financial software company Covesting and PrimeXBT, which enables copy trading.

Copy-trading allows inexperienced users to connect as followers with experienced traders. They can then copy the strategies and operations of the experienced traders, which creates a kind of beneficial synergy for both, as the experienced trader receives a percentage of his followers' profits.

Followers can trade with an experienced trader and strategy of their choice based on the statistics provided by PrimeXBT on a daily basis and even receive a percentage of the profits made by the strategy creator.

It should be noted that even an experienced trader can make losses. Therefore, it is important to be careful and attentive when trading and to use risk management tools.

PrimeXBT Mobile app

For users who want to cheque and perform their operations from anywhere without depending on their computer, PrimeXBT has developed its mobile app for Android and IOS.

This application offers similar functions to the traditional version via a web browser. It allows for convenient management of accounts and easy execution of transactions. However, the first and most convenient option is the web version of the platform.

PrimeXBT Support and customer service

PrimeXBT has a customer service and support system that is available 24 hours a day, 7 days a week. Here, users have access to various options such as live chat, email and helpdesk.

PrimeXBT also has an extensive library of tutorials, video tutorials and trading guides, an innovative Telegram Bot, which allows its users to receive up-to-date information without having to log in to their account.

PrimeXBT Referral programme

PrimeXBT has a four-tier referral system that allows its users to earn additional revenue from commissions generated by trading their referrals. In addition, the company has created a CPA referral programme where people with high influence and followers, YouTubers, influencers or webmasters can receive even greater benefits.

Interested users receive an easy-to-share referral link and allusive material to encourage the process.

PrimeXBT Advantages and disadvantages

The main benefits of using PrimeXBT include:

  • Wide range of financial instruments. PrimeXBT stands out because you can trade both cryptocurrencies and traditional markets with a wide range of instruments.
  • Anonymous accounts. The simple registration process without KYC protects the privacy of users.
  • Security of funds. The platform offers its users strong bank-level security procedures.
  • 100x leverage on cryptocurrencies. While leverage increases profits, it also brings losses, so caution is advised when using it.
  • Trading tools. A robust suite of graphical and risk management tools makes trading easy for beginners and professionals.

The main drawbacks of the platform are:

  1. Recently launched. Despite its reputation in the market, it has only been in operation for two years.
  2. No client for PC. This prevents your users from working without the web browser.
  3. No API functionality. Prevents users from programming their own bots or algorithms for automated trading.
  4. Usage restrictions. It cannot be used in some countries such as the United States, Canada, Israel, Japan, Algeria, Ecuador, Iran, North Korea, Sudan and Syria.

Conclusion about PrimeXBT Review

PrimeXBT is a solid and very complete platform that offers a wide range of trading instruments It allows its users to diversify their operations, hand in hand with a user-friendly interface that offers advanced and even professional tools.

The high leverage and competitive rates, added to the above advantages, make PrimeXBT an excellent option for any user, beginner or professional, and set it apart from its closest competitors.

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