PrimeXBT Review - 1000x leverage and copy trading

PrimeXBT is a Bitcoin-based derivatives exchange that allows you to trade cryptocurrencies and traditional financial instruments such as the Forex, S&P 500 and Nasdaq composite indices, commodities such as oil and gas and more from a single account. Despite the various options, Prime XBT is very easy to use. The platform allows up to 100 times leverage for cryptocurrency trading and up to 1000 times leverage for Forex trading. The platform is available to merchants from more than 150 countries.

Basic information

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PrimeXBT Review

PrimeXBT is an online stock exchange designed to support trading in cryptocurrencies, forex, stock indices and commodities. It supports trading with the largest cryptocurrencies in the market according to market capitalization.

These include Bitcoin, EOS, Ethereum, Litecoin, XRP, ADA, Polkakdot, Uniswap and Dogecoin. In addition to crypto-USD pairs, PrimeXBT also supports crypto-BTC pair trading.

In all FOREX markets, it provides investors with access to major fiat currencies, which include the Australian dollar, euro, Canadian dollar, Swiss franc, Japanese yen, pound and US dollar. Commodities offered for trading include oil, gold, natural gas and silver.

For investors looking for access to the world's major stock exchanges, PrimeXBT also supports trading in the world's largest and most popular markets. These include the CAC40, DAX30, DJIA, EuroStoxx50, Hang Seng, NASDAQ, Nikkei225, and S&P500.

Here you will find complete list PrimeXBT asset classes available for trading.

Investors who want to trade on the platform can trade long / short and with leverage. PrimeXBT offers many products and provides an easy-to-use platform that allows market beginners and experienced traders alike. Key attributes of the PrimeXBT platform include:

• Bitcoin-based platform. Prime XBT allows you to deposit and use multiple trading accounts, but all trades on the platform are denominated in BTC.
• Ability to trade the margin of traditional assets and top cryptocurrencies. Trade cryptocurrencies with up to 100x leverage along with the best stocks, commodities and Forex with up to 1000x leverage.
• Powerful and well-designed platform with customizable widgets. It communicates with more than 12 integrated liquidity providers, enabling them to execute up to 12,000 orders per second and ensuring that the average order is executed in less than 7.12 ms.
• Copy-trading. Prime XBT integrates directly with the additional crypto social trading platform Covesting, which allows you to track and automatically copy the actions of professional traders.
• Low fees platform. Prime XBT is extremely transparent when it comes to fees, and guarantees some of the lowest fees.
• Privacy. Prime XBT is a privacy platform, which means that there are no mandatory KYC procedures before trading. However, the platform has partnerships with various anti-money laundering (AML) service providers.

Overall, Prime XBT is an ambitious player in margin trading. It is likely to continue to expand its loyal user base and become a leading destination for both new and experienced merchants, given its user-oriented focus, convenience and ever-expanding range of innovative features. It also has mobile apps for Android and iOS to help you do business on the go.

History

Prime XBT was founded and registered in the Seychelles in 2018 under the name Prime XBT trading services. However, the platform did not launch its business services until the beginning of 2019. Later in 2019, Prime XBT also opened an office in St. Petersburg. Vincent and moved its domain and business infrastructure to the world's crypto hub - Switzerland.

The company currently processes approximately $ 545 million a day and employs over 40 people in 3 offices. Prime XBT operates to the minimum necessary in accordance with local regulations. To date, the platform is available in more than 150 countries, but is not available in the United States, Quebec (Canada), Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan. .

The website is available in sixteen international languages: English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian, Turkish, French, German, Italian, Hindi, Indonesian, Vietnamese, Thai and Bengali.

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PrimeXBT charges

In terms of fees, Prime XBT is at the bottom of the stock exchanges. The platform does not charge any deposit fees, but any withdrawal will cost you 0.0005 BTC - the standard fee to cover your bitcoin transaction costs. In contrast, BitMEX, another popular bitcoin derivatives exchange, also says that it charges only a small fee to cover BTC's transaction costs, but charges people approx. 0.001 BTC, which is not much, but twice as much.

Other major fees at Prime XBT are a business fee and overnight financing.

The trading fee is charged each time you open or close a position:

0.05 % for cryptocurrency stores
0.01 % for indices and commodities
0.001 % for Forex
While competing exchanges offer rebates to market makers, PrimeXBT is an STP broker and always pays to execute an order with a liquidity provider.

Overnight financing only occurs when the open position is transferred to a new day. The trading day at Prime XBT ends at 00:00 UTC. If you open and close your position during the same trading day, no overnight financing fees will be charged.

For the latest information on fees and financing, see here.

Prime XBT offers the lowest trading fees on the market, making it an excellent exchange for trading cryptocurrencies or other financial instruments with margins. The platform is extremely transparent in terms of various fees - there are no hidden fees.

PrimeXBT tutorial

The first thing you will see when you register on the platform is a seamless and clear user interface. In fact, it takes less than a minute to open an account and a few more before you add BTC or stablecoins to it and start trading.

How to register and start trading on Prime XBT

It only takes a few minutes to register a Prime XBT trading account. Here's what you need to go through: Register with your email, confirm it and log in to the platform.

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Fund your account. Put your BTC or other cryptocurrencies directly on the platform. If you don't have one yet, you can buy them by credit or debit card through a third party.

Start trading. Click on the tab in the top bar Margin. The design of the trading platform is another impressive element. It is extremely easy to move, place orders, track markets and trade. However, if this is not for you, you can also customize the platform interface to suit your individual needs. If you are a beginner, it probably won't take long before you start trading - despite all the advanced trading tools and charts, Prime XBT looks exceptionally intuitive and user-friendly.

Trading on PrimeXBT

All trading on Prime XBT revolves around shorting or longing. Unlike P2P markets, PrimeXBT is a direct processing platform (STP), which means that it sends all your orders to liquidity providers instead of comparing them with other users of the platform. Such an operating model ensures that there will always be enough liquidity to execute orders once they are entered.

If you expect the market to decline, you can buy a short position and profit from it if it fills up. If you expect the price to rise, you can prolong the market and make money on appreciation.

Prime XBT also allows you to add leverage to your stores. Although leveraged trading is a risky activity, it allows you to increase the size of your position by borrowing funds from the platform.

For example, if you trade in the BTC / USD market with a leverage of 1: 100 using $ 1,000 of your funds, the size of your position will reach $ 100,000. Such a position means higher potential profits, but also a higher liquidation risk - the higher the leverage, the smaller the price fluctuations are necessary to close your positions and liquidate your funds. It is always recommended to have more than 50 % margins available to minimize liquidation risk, especially when trading in highly volatile markets such as cryptocurrencies.

Prime XBT allows you to place four types of orders:

Market (default): an order that is executed immediately at the current bid / purchase price.
Limit: an order that allows you to place a bid at the desired price. It is done when it reaches the market price.
Stop: an order that allows you to close a position when the market reaches a certain level.
ABOUT WHAT: an order used by experienced traders to combine stop orders with a limit order to mitigate position risks.

In addition, you can set a stop loss or take profit levels for each trade. This feature is very useful if you have specific goals in mind before entering a position.

Copy trading

Copy trading allows traders to set up and manage trading strategies. Displays the merchant's asset fund visible to the public and can be copied by others.

This provides an opportunity for both experienced successful traders and their followers to increase each other's profit potential. After upgrading the platform, you can now create a strategy or track traders using USDC, USDT and other currencies.

This module is provided by Covesting, a fully licensed DLT service provider.

• Select a merchant according to his performance.
• Determine the amount you are willing to invest.
• Then click the Follow button and enjoy the same returns.

Customers must make a deposit of at least 0.001 BTC and pay the 1% fee.

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Yield - staking on PrimeXBT

Revenue accounts allow you to connect and participate in revenue-generating applications through a mechanism called Staking.

Staking products allow a high variable rate of return on dormant cryptoactive assets, otherwise known as APY. The blockchain-based solution provides a return to those who lock their cryptoactive assets for a period of time. This module again provides Covesting.

• Select the currency you want to bet on and click on "Start earning"
• In the "New staking" window, select the amount you want to stack and click on "Stake"
• All currently active or pending items will appear in the "Currents stakings" section

You can increase all yields by locking the COV token. COV is a utility token designed to provide rewards, discounts and other benefits across all Covesting products, such as copy-trading and revenue accounts.

Your COV membership level - Standard, Advanced, Premium or Elite - is based on the number of COVs you have locked. Covesting burns up to 50 % charges at random intervals.

Trading Contests

Trading Contests allow traders to test their skills and compete with other participants for prizes without risk. The competitions are open to anyone who wants to participate. To enter the competition, you only need to register a free account on PrimeXBT.

Deposits and withdrawals

The minimum deposit on the Prime XBT is 0.001 BTC. If you decide to use the lever, it will allow you to open positions up to 0.1 BTC. Alternatively, you can deposit and withdraw Ethereum (ETH), Tether USD (USDT, ERC-20), USD Coin (USDC, ERC-20) and Covesting (COV) coins.

There are no limits on withdrawals, but the amount should be higher than the predetermined 0.0005 BTC bitcoin transaction fee. The ETH withdrawal fee is 0.01 ETH, the USDT withdrawal will cost you USD 20, the USDC withdrawal will be USD 18, while the COV withdrawal will be charged a COV 5 fee.

Prime XBT processes selections only once a day, somewhere between 12:00 and 14:00 UTC. According to the company's website, any withdrawals requested before 12:00 UTC will be processed on the same day, but withdrawals requested after 12:00 UTC will not be processed until the following day.

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Safety

Security is by far the most critical aspect of any trading platform. Prime XBT has not yet been hacked and is generally considered a secure and trusted platform.

Most BTCs stored in the platform's wallet are stored in cold storage - a secure locked offline storage to minimize the chances of unauthorized access. The funds needed to cover daily withdrawals are stored in a hot wallet. Transfers between hot and cold wallets are confirmed by multiple signatures, which is considered a standard security measure in the industry and helps mitigate the risk of a single point of failure.

Other security measures deployed by the Exchange include protection of Cloudfare against Distributed Denial of Service (DDoS) attacks. The platform's hardware is hosted on Amazon Web Services servers, which provides it with sufficient capacity to run its powerful and efficient business engine.

All data exchanged between you and the platform is encrypted using full SSL encryption and is almost impossible to capture.

On the user page, Prime XBT allows you to secure your account with a strong combination of email and password along with 2FA (two-factor authentication) based on Google Authenticator. In addition, it protects your password and privacy by hashing it with a factor of bcrypt 12 and encrypting all other sensitive data.

In addition, there is an address whitelisting feature that allows you to withdraw funds only to pre-approved addresses. This can help prevent transfers to unauthorized wallets, which is useful if someone gains unauthorized access to your merchant account.

PrimeXBT does not force you to go through any mandatory KYC checks and does not link your data to your name, which is ultimately a big win for the security of their customers. You can't fall victim to targeted hacking if no one can identify you.

The platform also allows you to control whether you want to receive email notifications when someone logs in to your account or when your position is liquidated.

In short, Prime XBT is one of the most secure platforms. Despite self-regulation, it compensates by offering its users comprehensive security in terms of account security and privacy.

Overview of other stock exchanges and exchange offices you will find here

Customer support

PrimeXBT has a large FAQ section that can be accessed by going to the broker's help center, which is located at the bottom of the site in the "About" column. The FAQ page answers more than 50 questions in 5 common categories. In addition, this Help Center has a wealth of information on topics such as trading conditions, leverage trading, security, and deposits / withdrawals.

In addition, the platform has customer support chat and email support. Both of these support channels are open 24/7.

FAQ

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.