PrimeXBT Review – Earn Bitcoin trading crypto, gold, forex, and over 30+ assets!

What is PrimeXBT?

PrimeXBT is a relatively new trading platform for trading cryptocurrencies and other assets such as stocks and commodities. This review will cover my experience with the exchange and what you need to be aware about before using it. PrimeXBT is a trading platform providing cryptocurrency, Forex and commodity markets combined with leverage options. The features and fees provided by the exchange are extremely competitive and promising. The exchange is unregulated and works with cryptocurrencies only.

While the exchange opens up great opportunities for profit, using excessive leverage combined with an unregulated platform can lead to large losses, so trade responsibly.

The company was launched in 2018 from Seychelles, operating a global dynamic trading platform aimed at cryptocurrency traders. It’s hard to pin down a lot of company information but it has grown exponentially after almost a year in business. A customer-centric expanding platform, large market selection and high leverage options appear to add competition to industry leaders in margin trading like Bitmex and Bybit.

As a completely Bitcoin-based exchange, Prime XBT operates in an almost borderless global manner with minimal compliance to regulation.

Diving in to PrimeXBT

The exchange hosts a simple and easy sign-up process. Traders can begin using the platform the same moment they signed up and the PrimeXBT registration process takes less than a minute. There is also no KYC (know-your-customer) aspect to the sign-up so traders do not need to give personal information like passport, tax, or identification numbers. All accounts are free to open as well.

PrimeXBT prides itself on its technology, enabling easy trading for users. In a heavily saturated crypto exchange market, PrimeXBT features an easy on-ramp and easy access for traders to see charts, trading histories, and current order books on its trading pairs.

PrimeXBT offers several other advantages:

• PrimeXBT offers a free account and a registration process that takes under just one minute.

• No KYC is required, keeping your personal details private.

• Minimum deposit is only 0.001 BTC, deposits can be made with BTC, credit card or 100+ coins.

• Up to 1:100 margin.

• The ability to short-sell assets, taking advantage of falling prices as well as climbing prices.

• Unrivaled aggregated liquidity from 12 difference top-notch suppliers.

• Around the clock, 24-hour support is always on call when you need it.

• Cutting-edge security features including address whilelisting, two-factor authentication, and much more.

• Multi-monitor support for the most serious traders in the market.

• Trading pairs across 5 most liquid crypto assets.

• Trading forex and commodity pairs with BTC as the collateral asset.

• Customizeable trading interface.

PrimeXBT Tradeable Assets

Below is a table with all of the asset pairs available to trade on PrimeXBT. All of these trading pairs are collateralized with Bitcoin (BTC) which makes this exchange pretty unique in the crypto space, giving you access to traditional markets as well.

PrimeXBT Order Types

PrimeXBT offers several different kinds of order types. Advanced order types are listed below with short descriptions. More information on all of these order types can be found here.

• Market Orders — order set to execute at the first time available (can be immediately in some cases)

• Limit Orders — sets a “limit” on prices that a trader would buy or sell at

• Stop Orders — an order to buy or sell an asset once it reaches a specific (“stop” price)

• Protection Orders — an option to limit losses or protect profits on any trade or order

Here’s a view at PrimeXBT’s easy-to-use and appealing main trading screen. From here, you can monitor the trading pairs available and your leveraged trades.

Leveraged And Margin Trading And Short-Selling

Leveraged trading is a key feature of PrimeXBT. It’s a tool that allows traders to take profitable advantage of smaller price movements, because it can multiply gains or losses in either direction.

Here’s an example: let’s say the current price of BTC is $4,300 and you have $4,300 to buy one Bitcoin. You decide to use 100x leverage. That means you can buy 100 BTC for $4,300. If Bitcoin increases just by $100 to $4,400 you earn $10,000, because you multiplied the increase by your 100x leverage.

As PrimeXBT’s resources explain:

Leverage works by using a deposit, known as “margin”, to provide you with increased exposure. Essentially, you’re putting down a fraction of the full value of your trade – and PrimeXBT is providing you the rest. Our products allow traders to gain exposure to major cryptocurrencies, such as Bitcoin and Ethereum and others, without tying up lots of capital.

Short-selling is another option available on PrimeXBT. A trader might “short” a coin or asset when they want to bet on that asset declining in price and value. If you think Bitcoin is oversold and will drop in price, you can earn capital by “short-selling” it. This opportunity gives traders the ability to bet on the price of Bitcoin going up or down, where regular investing (buying an asset) typically means an investor thinks the value will increase.

These trading techniques are complicated. Traders should do their own research before entering into any leveraged trading scenario.

What Are The Fees On PrimeXBT?

PrimeXBT trading fees are both simple and low. This should help facilitate easy and low-cost trading for users of the platform.

A competitor of PrimeXBT, Bitmex, for instance, uses a much more complicated fee structure for its trading. Here you can see Bitmex’s fee structures:

This is much more complicated than the simple fee system that’s used on PrimeXBT. Here is PrimeXBT’s fee structure:

Full information on fees and limits can be found on their website. As its site and mission states, PrimeXBT “follows clear principles – prices should be competitive and transparent, and never burdened with false incentives.”

PrimeXBT Deposits And Withdrawals

Making a deposit on PrimeXBT is simple and easy. A new user can click on ‘Deposit’ on their Account dashboard. A secure Bitcoin address will immediately be generated to use for a BTC transfer.

Withdrawals are also simple, though they require an extra step. Before withdrawing, users must make an internal transfer from their trading account to the set-up personal wallet in the Account section.

Once this is done, a trader will whitelist a preferred BTC address for withdrawal. One security feature of PrimeXBT  is withdrawals only to whitelisted accounts—keeping your funds secured from going to unwanted or accidental addresses.

Once this is all set—the internal transfer and addition of whitelisted BTC address—a trader can enter the desired withdrawal amount and click submit to initiate.

Is PrimeXBT Safe?

Yes, the exchange offers services similar to other exchanges and security and technology that help traders.

There is always risk in any kind of asset trading, particularly in one as volatile as cryptocurrencies. This is compounded by leveraged trading which adds risks. You can read more about these risks on the PrimeXBT site on the Risk Disclosure page. It transparently talks about market and trading risks.

Traders should also review PrimeXBT’s Terms of Service and Privacy Policy. These will help you be informed about any other risks associated with trading.

Beyond these, however, PrimeXBT is a safe and secure way to do your crypto trading.

Also, be sure to join the official To The Moon Telegram Group, subscribe to our mailing list for notifications (in the right sidebar), and follow us on Twitter!

Original post from my blog: https://tothemoon.blog/trading/primexbt-review-earn-bitcoin-trading-crypto-gold-forex-and-over-30-assets/