PrimeXBT is a trading platform built for professionals and novice traders, developed with a foundation of experience in traditional markets, where large profits could be made due to high volatility.
Origin of PrimeXBT
PrimeXBT is a relatively new cryptocurrency margin trading platform based and registered in Seychelles. The platform has received several Forex Awards and the Best Bitcoin Margin Trading Platform at the ADVFN awards.
PrimeXBT offers several trading tools and markets with Bitcoin, Ethereum and Litecoin, EOS, and Ripple supported. Here is a break down of supported assets on PrimeXBT:
Commodities: PrimeXBT lets traders speculate on commodities like gold, oil, silver, and natural gas.
Forex: You can go long or short on 25 major Forex pairs with up to 100x leverage – GBP/CAD, GBP/CHF, GBP/JPY, USD/CAD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/AUD, AUD/JPY, AUD/USD, EUR/AUD, EUR/CAD, EUR/USD, GBP/USD, AUD/CAD, AUD/CHF.
Indicies: Popular indicates such as FTSE100, S&P500, HK-HSI, GER30, and NASDAQ.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- EOS (EOS)
Supported countries: PrimeXBT is available in most countries except a few places like the USA, where the platform doesn’t operate due to regulations.
PrimeXBT’s main service is a trading platform that allows cryptocurrency users to access other financial markets. The platform supports trading features like leverage trading and the a special addition called PrimeXBT Turbo.
Users can earn passive income through the referral program and fees are basically non-existent. Here is a break down of features on PrimeXBT.
PrimeXBT allows traders to make use of high leverage of up to 1000x, which maximizes profits generated on forex, commodities, and CDFs. For instance, 1000x leverage turns 0.001 BTC deposits into 1 BTC worth of trading power.
Leveraged positions could be long or short, depending on your perception of market trends. PrimeXBT supports Stop-loss trades too. The Stop-loss feature protects your orders and maximizes profit potential while keeping risk at bay.
The trading interface is customizable, allowing you to add widgets and support for multiple screens. RSI, MACD, and other specialized trading studies are also available on the trading dashboard.
How To Get Started On PrimeXBT
You will need an account to use PrimeXBT like every other platform. However, there are no KYC verification requirements. The only thing you need to confirm is your email address and make a minimum deposit of 0.001 BTC to start trading.
You can make a deposit directly with bitcoin using the bitcoin address generated or you can deposit USD or EUR through the in-app Changelly integration. In the end, it all gets converted into BTC for trading, which is used for leverage collateral.
You can now trade the various markets of commodities, forex, indices, and cryptocurrency CDFs on Android, iOS, desktop, and the web after going through this process.
Leverage Trading on PrimeXBT
You can trade on PrimeXBT using leverage. The max leverage for the trading of forex, indices, and commodities is 1:1000, depending on the size of the position opened. Cryptocurrencies can be traded with a maximum leverage of 1:100.
Leverage is also known as trading with borrowed funds. It is a more profitable and risky way of trading, allowing you to trade higher amounts than their actual balance.
PrimeXBT has introduced a new product, dubbed Turbo. The product is said to offer profits of as much as 90% in just 30 seconds. These short-duration Bitcoin contracts range from 30 seconds, 1 minute, and 5 minutes.
These short contract periods make it very easy for traders to make profits in a day. It is also possible to record high losses. PrimeXBT advises people to use demo accounts to try out strategies on Turbo before using their capital.
PrimeXBT charges fees for trades. Overnight financing attracts rollover fees that differ for every market. You are charged 0.05 percent in fees when you trade crypto assets and 0.01 percent for trading forex, indicates, and commodities.
You can earn passive income on PrimeXBT through the referral program. The are four-level system gives 20% back in commissions of direct referrals.
Also, you generate a commission on the original referrer’s referrals, up to four levels of earnings.
Direct referrals offer 20% commissions, while level 2, 3, and 4 earn 15%, 10%, and 5% respectively. Top earners have already made over 51 BTC according to the platform’s affiliate leaderboard.
You can access your referral code after you have signed up for the platform.
The platform provides a 24/7 live customer support chat, a help center, and a company blog filled with useful information, updates, and guides.
You can always use the traditional email support method: firstname.lastname@example.org and email@example.com, too, if you do not get the response you want through live chats.
Bottom Line – Should I Use PrimeXBT?
PrimeXBT is a good trading platform for professional traders and people who aspire to reach such levels. You can get a demo or live account in 60 seconds without any KYC requirements.
If you have ever used PrimeXBT, let us know your experience in the comment section below.