Trade Cryptocurrencies, Stock indexes, Commodities and Forex with a single Bitcoin-based platform
PrimeXBT is a crypto derivatives exchange platform that was founded and registered in Seychelles in 2018. They have already scooped several accolades including the best Bitcoin Platform for Margin trading in ADVFN International Financial Awards of 2020 and Forex awards amid stiff competition in the Bitcoin futures
They have revealed that their trading volumes average $375 million daily with a market presence of over 150 countries with an exception of the US alongside Algeria, Iran, North Korea, Syria, and Sudan. They currently support eight widely spoken languages: English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian, and Turkish.
PrimeXBT trading positions explained
They avail their client base with options of either going long or short. Going long essentially means betting on the ability of an asset to increase its price while the latter is waging that the price would go down.
The exchange offers up to 100x leverage options, meaning that with a $100 deposit users can trade up to $10,000, strengthening the traders’ position. However, remember that a higher leverage position also increases the risk of liquidation.
They allow the users to utilize the platform to make a market, limit, stop, and OCO orders. The market order is also standard and it is instantly carried out at the buying price. The Limit order extends trades with an option of determining a desirable market price whereas the stop is an instruction to close a position triggered by a specific market position. The One Cancels the Other, dubbed OCO, often leveraged by professional or experienced traders, is a combination of a stop and limit order put in place to prevent potential liquidation of funds.
A stop loss and take profits feature is also incorporated and made available on every trade.
Although they now boast of a wide arsenal of crypto commodities, they initially started off with the most popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, EOS, and Ripple all trading against the dollar.
The platform is now supporting an array of almost thirty FX trading pairs available on their platform: AUD, CAD, CHF, JPY, NZD, USD, EUR, SGD, RUB, and TRY. Notably, the users can access the most popular indices: S&P 500, the NASDAQ 100, NIKKEI 225, ASX 200 on the platform enabling them to benefit from falling and rising markets. Commodity and precious metals futures such as natural gas, crude oil, gold, and silver are all at their clients’ disposal in case they opt to leverage the popular digital commodities market instead of seeking and storing them physically.
How to set up an account
It takes a user a couple of minutes to open an account on the platform. PrimeXBT only requires an email and a deposit of 0.001 BTC to set up and verify an account on the multi-asset platform.
There is an indication of lax KYC protocols within the platform highlighting that ‘no personal information is required’ to use the site. With the BTC address generation automated in the case the user opts to transfer BTC from another address, options of depositing from credit cards have been availed however requiring fiat to BTC conversion to occur before the funds reach the account.
Fees and withdrawals
For withdrawals, first, they have to move the funds from the trading account into their personal wallets then account holders will be required to verify the legitimacy of withdrawal by whitelisting the recipient BTC address. They will also be liable to a 0.0005 BTC standard withdrawal fee.
Activity on their platform attracts to kinds of fees namely: trade fees and overnight financing. The leveraged nature of the products will generally attract an overnight financing fee depending on the underlying asset however, in case a leveraged position is opened and closed before the close of the business day it’s not susceptible to the overnight fee.
PrimeXBT also employs around-the-clock customer care for cryptocurrency users from Sunday to Friday. Furthermore, the exchange is also inclusive of a blog and an interactive chatbot alongside an FAQ section on their site. This and the non-complex nature of the site (easy to maneuver), makes it a favorite among both novice and professional traders. It is also available to android and IOS users.
A tight security protocol for users
One of the most crucial benchmarks for every platform is security. PrimeXBT has fared quite well on this securing of their platform considering they haven’t been subject to hacker attacks since launch. They have implemented the two factor (2FA) authentication powered by google, to prevent any authorized login alongside prompt requiring users to come up with strong password combinations that are cryptographically hashed.
This is in addition to all Bitcoin being held in cold storage that is an offline vault with leveraging multi-signature technology. Cloudflare infrastructure has been employed to prevent potential DDOS attacks. There is also mention of Encrypted SSL (https) to safeguard the site’s traffic. The platform runs on Amazon Web Services (AWS) environment that is reputed for its strong access control and security practices
Other incentive programs
They are also a number of incentive programs that will see the clients generate extra income if they chose to participate by sharing a user unique link generated by the platform. Users participating in the Prime XBT affiliate partner program which is basically for referrals. The users are set to earn up to 50% of their referrals are paying in transactional fees meaning that they could earn without being compelled to invest a penny.
Whereas the Prime XBT CPA offers three packages from which the users will create more revenue every time their referrals make trades. They could earn from $40- $1250 for every ‘qualified trader’ they’ve introduced to the platform.
The third option is unique and custom made for website or blog owners where they are to make more income by generating traffic on the platform. Social media influencers with active following are to benefit from this initiative.
The incorporation of multiple assets under one roof is both lucrative and efficient catapulting the late entrant of the crypto derivatives to impressive heights. Combining this with the up to 100X leverage opportunities availed and the stringent security protocols employed by the exchange has made it a popular choice for both novice and experienced traders.
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.