PrimeXBT Review >> Prime XBT is a Bitcoin-based online trading platform that enables users to trade cryptocurrencies and contracts for difference (CFDs). The Seychelles government authorised the establishment of this business in 2018.
While still a young business, Prime XBT has grown exponentially in a short period of time, as shown by its present customer base of 150 countries. According to the company’s website, the company’s mission is to develop an innovative platform that provides customers with the resources necessary to conduct everyday trading operations.
Prime XBT provides a variety of trading services suited for beginners and intermediate traders, as well as a comprehensive trading platform filled with critical trader tools. As part of its efforts to safeguard investor money and trading operations from cyber assaults, the exchange company has implemented industry-standard security measures.
The customer support centre is open 24 hours a day, seven days a week to guarantee that traders may get help at any time. The website is available in the following languages: English, Chinese, Spanish, Korean, Portuguese, and Russian. The primary language of this website is English.
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The trading platform of PrimeXBT enables users to trade cryptocurrencies, foreign currencies, indices, and contracts for difference (CFDs). In addition to exchange services, the brand offers brokerage services. There are many asset categories to select from:
Due to the fact that bitcoin is the sole payment currency accepted, PrimeXBT is essentially a crypto-crypto exchange/brokerage. This method will impact how funds are deposited and withdrawn, as well as how traders get their initial trading capital.
To trade on PrimeXBT, traders must first create a safe Bitcoin wallet and then get Bitcoin through exchanges, either via fiat currency purchases or through the use of other cryptos. If you want to keep your Bitcoin funds safe, you must keep your wallet’s security up to current at all times.
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The members’ area contains both a digital wallet and a trading account for their convenience. The wallet secures the trader’s Bitcoin holdings. The trading account enables the trader to immediately access the Bitcoin held in the trading platform’s wallet. The wallet is where deposits and withdrawals are made and received.
The wallet sends money to the trading platform’s interface, which then finances the trading account. Trading may begin immediately after funding a trading account. Prime XBT does not accept traders from the United States of America, Canada, the Seychelles, or any other nations, territories, or persons that are subject to United Nations or European Union sanctions or embargoes.
PrimeXBT Trading Interface
PrimeXBT offers just one kind of trading platform: Bitcoin. The platform is equipped with cutting-edge trading features and tools. Due to the fact that it is a web-based application, no downloads or instals are required. The PrimeXBT platform is comprised of the following features:
It has a straightforward and user-friendly interface that is suitable for both novices and experts. There is a comprehensive set of tools for conducting technical investigations, as well as built-in help and instructional films.
It’s worth mentioning that you may simultaneously place stop loss and take profit orders, which is a very uncommon option in the bitcoin trading market. While OCO orders are often offered as third-party solutions requiring the use of an API bridge, PrimeXBT provides them out of the box. PrimeXBT’s charting interface offers bar, candlestick, and line charts.
The charts facilitate immediate trade entry. The charts may be seen over a range of time periods from one minute to one month. It may be customised in any way the merchant desires, including the addition of various colours. Market, limit, stop, and OCO orders are all supported on the platform.
Stop loss and take profit orders are two types of protection orders. The trading account as well as the Bitcoin wallet may be financed directly via the website. In real time, you may see your account balances, transaction history, and other financial information.
The smartphone app allows you to trade over 30 different assets, including cryptocurrencies, foreign exchange, commodities, and stock indexes. The app enables you to manage your account completely, including depositing and withdrawing funds.
The app’s design is simple and straightforward, and it allows you to see complicated charts and manage your account completely via it. You may choose between six distinct time periods and three distinct chart styles.
PrimeXBT Funding and payments
PrimeXBT accepts only bitcoin as payment. A widget in their deposit area allows users to purchase Bitcoin using a credit or debit card; however, this incurs a fee of somewhat more than 10% of the transaction amount.
Financing your PrimeXBT account is a straightforward procedure if you already have Bitcoin in your possession.
Due to the six automatic confirmations required before the funds may be credited, it may take some time for the funds to appear in your account for security reasons.
Withdrawing is a simple process that requires just the input of a value and the Bitcoin wallet address. Because PrimeXBT enables address whitelisting, withdrawals may be performed exclusively to addresses pre-selected by the user. Withdrawals are charged a fee of 0.0005 BTC.
PrimeXBT Leverage and Spreads
PrimeXBT’s leverage rates are very competitive, with crypto pairings providing leverage ratios of up to 1:1000. On the other hand, leverage is changeable and is proportional to the amount of the transaction. Increased leverage is only possible for smaller transaction sizes, and as the transaction size grows, the maximum leverage rate decreases, as shown in the chart below.
The maximum leverage that may be used varies per asset class. Forex pair trading is possible with a leverage of 1:1000 and spreads as low as 0.1 percent. Precious metals may be traded at a maximum leverage of 1:500 (a 0.5 percent margin), while cryptocurrencies, energies, and indices can be traded at a maximum leverage of 1:100 (a 1% margin).
These leverage rates are much higher than those offered by bitcoin margin trading platforms such as Kraken and Binance. Covesting accounts, regardless of transaction volume, have access to the highest possible leverage of 1:200 across all asset classes.
PrimeXBT’s price structure is straightforward, charging just for transactions and the ability to hold a position overnight, among other things. Cryptocurrencies are charged at a rate of 0.05 percent, FX and precious metals are charged at a rate of 0.001 percent, and commodities and indices are charged at a rate of 0.01 percent.
Prime XBT’s customer service department is open seven days a week, 24 hours a day. The support staff is kind, educated, and willing to help. For the time being, the team can communicate solely in Russian and English. The following are the available assistance channels:
Prime XBT Verdict
PrimeXBT’s trading platform is loaded with technical analysis tools, risk management capabilities, and other features that traders need to conduct day-to-day trading activities efficiently.
Trades are executed quickly, and a number of order types are available. Clients get 100-to-1 leverage while trading bitcoin assets. PrimeXBT distinguishes itself from its rivals by offering leveraged Bitcoin trading.