For years now, the crypto trading industry has been struggling to address the problems traders face. From high fees to poor user interfaces, low leverage to tedious KYC processes, traders are always experiencing the same problems. Prime XBT, a recently launched exchange, aims to solve these issues.
Launched early this year, Prime XBT is operating from Seychelles and provides its services to users worldwide. It stands out for its determination to allow traders to make huge trades with high leverage, something most established trading platforms shy away from. To be specific, Prime XBT offers the following services not common with many crypto market places.
- High leverage of 1:100 on BTC, ETH, LTC, XRP, EOS—this is the best perk from Prime XBT. With the leverage, traders only need to pay one percent of the amount of money they want to trade upfront.
- Trading and withdrawing profits without the need for KYC verification.
- Extremely low trading fees of 0.05%
- A low minimum trading amount of 0.01BTC
- Has partnerships with major exchanges to increase liquidity
- Strong security protocols with compulsory address whitelisting
While Prime XBT gives priority to crypto trading, it also supports the Euro, USD, JPY, and GBP currency crosses as Forex trading instruments. They also come with even bigger leverage at 1 to 1000X. Gold, Crude oil and SP500 stock index are also supported for trading.
There are more Features on Prime XBT. These include
- More than 30 trading assets, including CFDs like S&P500, Japan and FTSE100, and Fiat currencies
- Ability to trade Long and Short
- Accessing the trading platform in multiple languages
- Split-second order execution using Prime XBT’s powerful engine
- A user-friendly and mobile responsive interface.
- No maximum deposit limits and no minimum/maximum withdrawal limits
- Five order types, including OCO, market, limits and lock profit/stop loss
- Most coins are held in offline wallets for optimal security, with only a small percentage of crypto held in online wallets to facilitate trading.
- 2FA is supported for user security while SSL encrypts data to protect the site
Trading on Prime XBT: Suitable for Beginners and Pros Alike
The platform’s user-friendly charts and a powerful engine that displays price movements in candlesticks, line and bar graphs means anyone can execute trades with little help. Feel free to check the live trading platform before you create an account. It’s available for overview next to the ‘Open Trading Account’ link.
Once you create an account, you can deposit using bitcoin or credit cards. Prime XBT is also integrated with Changelly to facilitate the quick exchange of other altcoins (100+) and FIAT currency for bitcoin or vice versa.
Professional traders may deal with overnight fees but they’re neither high nor too complex to comprehend. Below is an overview:
|Symbol||Going Long||Going Short|
|BTC/USD||$3.9 per 1 BTC||$3.9 per 1 BTC|
|ETH/USD||$0.13 per 1 ETH||$0.13 per 1 ETH|
|LTC/USD||$0.03 per 1 LTC||$0.03 per 1 LTC|
|XRP/USD||$0.00038||$0.00038 per 1 XRP|
|EOS/USD||$0.0025||$0.0025 per 1 EOS|
Of course, Prime XBT’s 0.05% standard trading fee also applies to every trade. Again, the overnight fees are only applicable if trades remain open by morning the following trading day. Trades which are executed within a day do not imply financing fees.
User-Friendly Trading Charts with Advanced Features
By default, Prime XBT’s trading charts use candlesticks to display price movements. They are also color-coded green and red. Prices are displayed in the vertical axis while time is shown in the horizontal axis. The platform’s default time range is 5 minutes but you can make adjustments to show time movements in one, 15, 30 minutes, 2 hours, 1 day, one week or the whole month.
The graphs are also available in line or bar graphs and you can easily make the necessary adjustments through a feature located next to the time setting. Crosshairs are also located in the same settings area. Additionally, there are 13 indicators, including Fibonacci Rays, trend lines and trend channels to help improve trading.
Still on trading charts, there is a ‘Studies’ section where advanced traders can visit to view what studies say about different trading strategies. There are dozens of studies to choose from and you can also add your own study to help others.
Three Trading Accounts to Suit Different Traders
Although the average crypto trader is usually looking for a platform to buy or sell altcoins, Prime XBT offers two more trading options: Forex and CFD trading. The major perks of all three trading options are outlined in the table below.
|Execution Types||Market Execution||Market Execution||Market Execution|
|Symbols||NASDAQ, JAPAN, HK-HIS, NAT.GAS, CRUDE, BRENT, SP500, AUS200, UK100||USD, AUD, CAD, GBP, EUR, JPY, CHF, XAU, XAG||BTC, ETH, EOS, LTC, XRP|
|Minimum Deposit||10USD||10 USD||0.001BTC|
|Asset Classes||CFD||Fiat Currencies||Crypto|
|Leverage||1: 100||1: 1000||1: 100|
Go Long or Short with Prime XBT Trading Options
Unlike many crypto exchanges, Prime XBT lets you make profits whether cryptocurrency prices go up or down. This is an incredible trading option that can maximize a trader’s profits during bull and bear markets.
Offered through long/short trading options, it’s easy to set which option to trade. In an example, you choose to go long because you believe Ethereum’s price is about to go up. By contrast, you go short when you believe ETH prices are about to fall.
In the trading platform, going long comes at the cost of purchasing the exact crypto you believe will gain value. Going short is done by opening a market for that currency you believe will lose value.
Prime XBT offers a calculator to help you determine profits for both long and short trades. Keep in mind that the exchange’s generous leverage is also available for this type of trading.
Exposure Trading Limits
While Prime XBT is all for huge leverages, there’s only too much bitcoin beginners can trade on the platform. This is done to manage the number of risk traders can take while trading on Prime XBT.
The minimum size order is an affordable 0.01 BTC while the maximum single trade size is 15BTC. Ethereum and Litecoin have minimum order sizes of 0.01ETH and 0.01 LTC and maximum single size orders of 1300 ETH and 2000 LTC respectively.
The restrictions can be lifted for high roller traders but the decisions must also be influenced by existing liquidity, volatility and other trading conditions.
Prime XBT Referral Program
Prime XBT is committed to helping traders maximize their profits while using its platform. Through the platform’s affiliate program, traders earn up to 50% of the trading fees paid by referrals while trading on Prime XBT. PrimeXBT referral system has a 4 level payout scheme, which means you receive rewards not only for direct referrals you bring but for their referrals as well.
The process is simple. Get an affiliate link from Prime XBT and share it with people who would be interested in Prime XBT’s trading features. If they click your link, register an account and make a trade on Prime XBT, you’ll receive a commission.
While the trading platform charges low trading fees, your commissions are magnified if your referrals use Prime XBT’s leverage. In an example, your referral deposits $1000 and asks for leverage in order to trade using $100,000. They will be charged 0.05% of 100K which equals $50. In this case, you receive $25 as a commission.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.