Discovering and utilizing the best platform is frequently a challenge. Does it have instruments you need? The tools you have experience with? What about fees? Are they safe, reliable, as well as trustworthy?
Reviews are essential; they assist traders in choosing the correct platform out of a veritable sea of competition, all vying for your precious capital.
This platform review aims to educate the reader on if PrimeXBT is worth signing up for, and how to get started once a decision is made.
A Bitcoin-based multi-asset trading platform, PrimeXBT was recently awarded with Best Cryptocurrency Trading Platform; Best Cryptocurrency and Forex Broker, and Best Crypto Trading App in the Forex Awards as well as garnering an award for Best Bitcoin Margin Trading Platform in the very prestigious ADVFN Awards.
The Seychelles-based platform is highly respected in the cryptocurrency community but has recently made a name for itself around traditional markets due to the ever growing list of assets. Traditional assets have become more and more popular lately with cryptocurrency traders, making PrimeXBT’s diverse list of CFDs for commodities, forex, stock indices, and more extremely attractive.
Few platforms provide as simple of a signup process as PrimeXBT. In less than one minute and no personal information beyond an email address and country, users can get started with making their first deposit.
Free demo accounts are available and by never entering any personal information, no capital or data is ever put at risk. Only when you are ready to start trading is capital ever put as risk, and the platform features many tools to mitigate any risk.
Accounts are always denominated in BTC, and all deposits must be made to a BTC address. A low minimum deposit of 0.001 BTC is required. BTC is used as collateral for all positions.
Funds are made available after a Bitcoin deposit has at least 3 total confirmations. Additional deposit methods such as fiat or altcoins are available through a third-party service called Changelly.
Once the deposit is made, the trading account must be funded. This is a helpful tool to keep some capital separated from what is currently available for margin in the trading account. Turbo and Covesting, two new features on the platform also feature a separate wallet system.
Withdrawals are equally simple, but remember to only send to another BTC address. Sending to a different cryptocurrency address could lead to a loss of funds.
Withdrawals are added to a queue for a once-a-day rollover period at which withdrawals are processed. Pending withdrawals can be canceled until a window ahead of rollover is reached.
Trading Instruments and Tools
PrimeXBT offers up to 1000x leverage on commodities, cryptocurrencies, forex, and stock indices.
FX currencies offered include more than 25 majors, with new currencies being added often. All forex, including both gold and silver, may be traded at up to 1000x.
CFDs for natural gas, Brent, Crude oil, and twelve different stock indices are offered for trading at up to 100x.
Cryptocurrencies Bitcoin, EOS, Ethereum, Litecoin, and Ripple are offered as trading pairs against BTC and USD at up to 100x leverage.
All assets may be traded using long or short positions so traders can profit no matter the market’s direction. Stop-loss orders and take profit orders enable this long and shorts lucrative and inhibit risk. These advanced order types can even be added after a trade is made.
PrimeXBT features comprehensive charts, replete with technical analysis utilities, indicators, and more for effective strategic planning and execution. Speaking specifically of execution, the platform makes it even more simple to enter positions accurately by trading through clicking on the chart itself.
Rounding out the user experience is an individually-customizable interface with many available widgets so traders can craft the trading terminal according to their own designs.
PrimeXBT makes fee stress a thing of the past by offering some of the best and most nominal fees anywhere.
Across all crypto trading pairs, the trading fee is only 0.05%. Forex trading fees are as low as 0.001%. Fees for everything else are only 0.01%.
Active traders who up their game are able to take advantage of the progressive fee system, which offers as much as a 50% discount off trading fees. In the account section, there’s also a method to track progress towards each discount tier, from 25% to 50% off.
The minimum position requirements are also quite low.
The top PrimeXBT trader has already generated over 50 BTC alone, according to the leaderboard.
This was achieved through the platform’s lucrative four-level referral program. As each referred trader brings new traders to the platform themselves, the original client to make the first referral will continue to earn commissions from each new referral forward, up to four levels of commissions.
CPA offers are also available, as are exclusive ambassador relationships, complete with personal customer care representatives.
PrimeXBT is also one of the few platforms that offer breaks from the status quo. They recently began a new synthetic Bitcoin contract named Turbo. These UP or DOWN short-duration contracts last only 30 seconds, one minute, or five minutes, and can garner up to 90% profits at the tiniest intervals.
The results can be amazingly encouraging, however, it is possible to lose nearly all capital through these sorts of contracts, so it is generally suitable only for certain traders with a high level of command over shorter timeframes. However, it also can be a handy tool for when markets are occasionally stagnant, as revenue is possible even without high-percentage movements.
Another new tool was recently debuted as a beta, called the Covesting Fund Management Module. This unique service connects fund managers with investors, and lets them profit together in a synergistic way.
PrimeXBT members can take advantage of all price movements, no matter how large or small, utilizing up to 1000x leverage to take long and short positions on crypto, commodities, forex, and stock indices.With many order types and various assets, there isn’t a single reason to ever leave a profit opportunity behind you.
With no KYC process, a nominal introductory deposit, and quick registration that’s typically completed in less than 60 seconds, there is likely not even a single reason to not give PrimeXBT a try and start earning greater profit immediately.
HedgeThink.com is the fund industry’s leading news, research and analysis source for individual and institutional accredited investors and professionals