PrimeXBT Review: The Complete Beginner’s Guide
As there are hundreds of cryptocurrency exchanges in the world, choosing a reliable and cost-effective broker can be extremely confusing. PrimeXBT is a relatively new cryptocurrency exchange which is manifesting credibility and gaining a lot of traction because of its huge liquidity and impressive margin trading support.
Today, we delve into a detailed PrimeXBT review and cover all the important aspects including margin trading, security, deposit methods, and fees.
What is PrimeXBT?
PrimeXBT is a cryptocurrency exchange established in August 2018 in Beau Vallon, Seychelles with the company number 148707. You can trade in any of the most popular cryptocurrencies with different trading pairs of BTC/USD, LTC/USD, EOS/USD, ETH/USD and XRP/USD. With high-global reach, PrimeXBT exchange allows its traders to profit whether the market goes up or down. This means that you can make a large profit even if the cryptocurrency market falls.
Furthermore, PrimeXBT exchange facilitates the traders to boost their cryptocurrency profits by allowing them to trade cryptocurrencies with leverage. The margin trading with up to 100x leverage endows an ultimate exposure to the trader funds.
With Bitcoin leverage trading, PrimeXBT is geared towards magnifying your profits at all circumstances. PrimeXBT strives to overcome the common problems of other platforms and lets you trade for extensively more than you invest. With a highly intuitive interface, exceptional leverage and transparent fees, there is a lot of scope for both beginners and advanced traders.
How PrimeXBT margin trading works?
A trader is always looking for advanced features like margin trading. PrimeXBT has many powerful tools with one being its amazing Bitcoin leverage trading. The platform provides increased exposure to trade Bitcoin with margin and generate massive profits. You can get up to 1:100 leverage power on 6 supported coins and The 1:100 leverage ratio implies that the trader has to put only 1% of the total required capital to trade.
For instance, we assume that you choose to trade in BTC/USD in any other cryptocurrency exchange platforms. You bought Bitcoin by paying $1,000 up front and the next day, the price of Bitcoin increases by 5 percent. You sold those Bitcoin for $10,50 making a profit of only $50. But, if you choose PrimeXBT exchange, you can get Bitcoin worth $100,000 by paying just $1,000 up front. If the Bitcoin rises by 5 percent, you can make a profit of $5,000 by only investing $1,000. That simply means that you can make a 100 times more profit for the same investment.
The smart open short feature of PrimeXBT exchange even allows the same benefits even if the Bitcoin market drops. We will see this in detail below.
Another Highlight of this platform is its Leverage Calculator. The Leverage Calculator allows you to calculate your buying power based on your capital and investment. You can also opt for a lower number of 50x, 20x, 12x or 10x if the market seems very volatile.
PrimeXBT – Short selling
As the cryptocurrency market does not rise every time, PrimeXBT exchange allows you to generate profit even if there is a decline in the cryptocurrency markets.
PrimeXBT facilitates cryptocurrency derivative exchange which means that you can choose between two positions: going short or going long. Opening a Long Position means you intuit that the particular cryptocurrency will increase in price and you buy the intended cryptocurrency. Opening short Position means you bet the cryptocurrency price will drop and you sell that particular cryptocurrency. By going short, you open a Position which will generate profit if the price of that cryptocurrency decreases.
You can contemplate each type of trade in PrimeXBT and calculate your profits or loss by the difference in price point during opening and closing multiplied by the position size. As you can trade Bitcoin with margin, you can increase your position size by 100.
PrimeXBT Registration and Deposit Methods
Now, if you want to trade in this platform and transfer funds to the trading account, you have to start by registering an account for free. The best thing about PrimeXBT is the easiest registration process for margin trading. While other platforms ask for a lot of verification details and documents, PrimeXBT exchange only asks for your email ID. Enter a Referral ID if you have one and verify your email ID to start trading instantly. No identification, no KYC, no AML checks.
The easiest way to fund your account is a Bitcoin deposit. Other Deposit Methods include Ethereum, Litecoin, and 90+ Altcoins as well as Credit Card. Wire Transfer is not accepted yet but as any Credit Card deposits are allowed, you will have no problem. Also, you can transfer Bitcoin to your account by using Fiat Gateway like Kraken, Bitstamp, etc. Once you have the Bitcoin, you can fund your account by clicking on the “Deposit” Button in the “Account” section.
PrimeXBT Trading platform
PrimeXBT exchange offers a user-friendly and sleek interface which is safe, fast and reliable. There are three main sections on the top of the platform which includes the administration section, information section, and actual live trading section. It doesn’t take long for a beginner to understand the advanced tools which offer Live trading, a range of charting tools, customizable indicators, Positions and take Profits. By creating a live account there, you can see a list of positions with their symbol, time, date, position ID, side, size, stop loss, take profit, currency price, and Profit/Loss.
For each listed trading pair, you can view the current bid price, ask price and change. The green, white and red lines indicate the increase and decrease in the trading-pair price. Click on any pair after observing the trends and you can easily buy or sell the crypto at the shown price.
You can click on “Add Widget” to customize the trading platform by spreading it across multiple screens or having different markets listed on the same screen.
On the left of the screen, you can find the order book which displays all the information about the sales and purchases. You can adjust the chats, change the time interval, analyze the live market and buy the cryptocurrency by clicking on the trading pair.
Trading fees are one of the most important things in the long run. PrimeXBT has transparent fee structure and offers its services at a lower trading fee of just 0.05%.
PrimeXBT exchange charges two types of fees – trading and overnight fees. The fixed trading fee is charged when opening a position and the overnight fee is charged for holding the position. So, if you open and close a leveraged position within the same day, you are not entitled to pay an overnight fee.
There are different limits on different trading pairs as shown below. You can choose to trade according to market volatility, liquidity and other conditions.
PrimeXBT Withdrawal fees
The withdrawal fees vary from cryptocurrency to cryptocurrency. While the Global average withdrawal fees for 1 BTC is 0.000812 BTC, PrimeXBT only charges 0.0005 BTC making it 40% cheaper than the Global average.
Is PrimeXBT safe?
With the ever-increasing cryptocurrency exchange hacks, platform security is one of the most important considerations.
Most of the supported coins at PrimeXBT are kept in offline Cold Storage. This secure offline environment avoids all the potential hacking risk. For fast payments and withdrawal methods, they also have a limited “Hot wallet” feature. In order to move your coins from cold Storage to Hot-wallet, you need to undergo Multi-signature access.
For carrying out any transactions, they require a total of 3 confirmations from different key-holders. Don’t worry, the process is automated and mitigates account risk.
In addition to this, they have advanced security protocol and Cloudflare’s technology to protect the network from Distributed Denial of Service attack (DDoS). This means that there will be significantly less unexpected downtime.
Also, they use SSL encryption for data confidentiality and recommends two-factor Authentication for secure-trading. Even if the hackers have your password, they will need your phone to access your account.
PrimeXBT Referral Program
PrimeXBT offers a unique and profitable tier-based Referral program which provides you a hefty commission fee for every referred friend who trades on their platform. The affiliate commission is 10X times the average referral bonus from other platforms. With the tier based referral program, you not only earn commission by directly referred clients but also by 2nd, 3rd or 4th tier referrals.
From this PrimeXBT review, we can conclude that PrimeXBT can be a lucrative option for leverage margin trading. With an intuitive interface, groundbreaking leverage power, advanced tools, low trading fees, complete anonymity, high security, PrimeXBT stands out from its competitors.
However PrimeXBT is a new entrant, they are managing to draw a lot of traders daily. Many professional traders are already moving to PrimeXBT because the platform is depicting a powerful way to solidify profits and to manifest growth.