Originally posted on 01/05/2021 @ 00:03
PrimeXBT was founded in 2019 and is currently one of the top cryptocurrency exchange platforms today. From its inception, this company has grown exponentially with a clear vision to provide an innovative platform for cryptocurrency traders and owners. This platform offers users the necessary tools needed for daily trading and has a top of the line PrimeXBT affiliate program.
PrimeXBT received the “2020 best crypto margin trading award” given by ADVEN International Financial Awards. This robust platform is an excellent development for both beginners and professionals alike. It is simple and straightforward to understand, but it also allows the intricacies of trading, making this platform more dynamic.
The execution in the PrimeXBT platform is at 12,000 orders per second and is even integrated with 12 liquidity providers, making this company one of the best choices among competitors.
PrimeXBT offers a variety of cryptocurrency assets such as:
- Different cryptocurrencies: Bitcoin, Litecoin, Ethereum, EOS, and Ripple
- Indices: PrimeXBT provides some of the world’s most in-demand indices like FTSE 100, ASX 200, SP 500, and DAX 30
- Forex: You can trade both major and minor currency pairs through this with charged commissions, also known as trading fees.
- Commodities trading: To speculate the trading process of common commodities such as oil, natural gas, gold, etc.
PrimeXBT Leverage Trading
With PrimeXBT, you can get more exposure to all these different assets, sometimes more than what you initially placed in funds. You also have the advantage of making more money even on funds you have borrowed.
The leverage trading in PrimeXBT allows you to make money the moment the price asset drops. The leverage of your trading highly depends on the type and size of the asset. With Cryptocurrency pairs, you can leverage a 100:1 ratio up to 1000:1 ratio on Forex pairs.
If you compare the leverage rates of PrimeXBT to other similar companies, you can see that PrimeXBT offers a higher leverage rate. If you have prominent positions, you will require more margin. This will help you reduce exposure which in turn eventually helps in lowering your risk in trading.
In PrimeXBT, you get a range of different order types. These order types help define specific levels for entries and exits for all traders and owners. Much of these are the standard order types you can find in many trading companies, while some are protection orders.
Here are the different order types you can find on PrimeXBT:
The market order is the most simple, straightforward, and traditional type of order. Market orders are placed by traders and immediately executed at the prevailing market price. Crypto traders can use Market orders to buy or sell any asset directly.
Limit orders allow you to buy or sell an asset at a pre-determined level. You can do this away from the actual market. The order is automatically executed when the market touches the status of the order.
The time till the requests are set up is labeled as “good till cleared.” This means that these orders will either stay in the same place forever or become day orders, which are completed on the same day.
Stop market orders
Stop market orders are very similar to market orders. Stop market orders are used to limit any loss on your current position as a Stop loss or to make a profit in a favorable position. The Stop market orders get executed simultaneously as the specific preset level is reached.
Protection orders are available as additional protection on any position or order that you own. The “place stop losses/take profit” option on the PrimeXBT website allows you to place protection orders in any new market orders, limit orders or stop orders.
These protection orders are well known as the “safety brakes” in any cryptocurrency exchange platform. You can set up a protection order along with your main order to reduce the risk of loss.
One cancels the other (OCO)
This type of order is the kind where the execution of one order can trigger the other automatically. You can set an order and place it on priority. If order number one gets executed, the others on the priority list others get automatically canceled.
One cancels the other (OCO) type of orders lets you build many complex and intricate interactions and layered investments in the cryptocurrency trading world.
Experts say that it is advisable to use protection orders whenever you are planning any trading. As a trader or an owner, it is best not to risk any order slippage. An order slippage occurs when you place an order, but the resulting value you get from the order is nowhere near the ideal entry point.
Order slippage occurs due to several reasons:
- Because of minimal liquidity available in the current market
- Because the exchange matching engine on the platform is slow
With PrimeXBT, you experience less order slippage since they have an efficient trading engine. This trading engine executes orders in less than 7.12 milliseconds.
Here is a chart showing PrimeXBT’s order slippage statistics:
How To Use PrimeXBT
- Firstly, you have to register on the platform through the mobile apps available on Android and iOS or through their desktop website. Create an account with PrimeXBT by filling in the necessary details and proceed.
- You will receive an email verification when you prompt the “create account” button. Make sure that the email you provide during signup is accessible to you. Open the email and click on the link provided, which will redirect you to your PrimeXBT account.
- You can enable the two-factor authentication for more security and privacy concerns if you want. It is recommended that you take all necessary steps to ensure the complete protection of your data. Although PrimeXBT offers an entirely anonymous exchange between the user and the website, it is best to take early precautions.
- One of the best parts about opening an account with PrimeXBT is that you don’t need to go through the KYC process, which can sometimes be tedious and inconvenient.
On the PrimeXBT website, go to the deposit page to make a deposit. There are several options available for you:
Direct Bitcoin deposit
With this type of deposit, you can directly transfer whatever amount of Bitcoin you want from your Bitcoin wallet to the PrimeXBT wallet. There is no limit to how much amount of Bitcoin you can deposit at once. To transfer the amount, you can either scan the QR code or copy the Bitcoin deposit address.
Bank or card deposits
You can purchase Bitcoins using your credit card. PrimeXBT is partnered with CEX, an online transaction platform that allows you to buy Bitcoin through the CEX widget pop-up. However, it may take some time to reflect in your account.
You can make all the withdrawals in PrimeXBT in Bitcoin. This makes the platform more secure for online transactions. You get two types of wallets in PrimeXBT- hot wallet and cold wallet. There is a limit to how much cryptocurrency you can keep in the hot wallet. The rest of the cryptocurrency that doesn’t fit in the hot wallet is kept in the cold wallet.
All pending withdrawals in the PrimeXBT platform are processed once daily between 12:00 and 14:00 UTC.
PrimeXBT reserves the right to manually review any withdrawals or withdrawal requests before getting approved if there is any suspicious activity in the account or exceeds the amount limit.
There are two types of PrimeXBT fees:
- Trading: You, as a trader is charged for entering into the position
- Overnight: This fee is to cover the financing of the position kept overnight.
In PrimeXBT, the trading fee ranges between 0.01 to 0.05%, which is comparatively lower if you look at other trading platforms. Not only this, but you can also earn lots of discounts on a 30-day rolling trading volume such as:
- 300 to 600 BTC earns you about 25% discount on PrimeXBT
- 600+ BTC will give you a 50% discount on the current fee
There are no charges levied for any of the deposits you make. However, you have to pay the arbitrary miner fee to have a complete transaction.
PrimeXBT Mobile App
The mobile app for PrimeXBT is made for trading cryptocurrencies, indices, Forex, and other commodities. It offers a power of 100x leverage and includes multiple order types. The mobile app fr PrimeXBT is highly customizable and runs on an easy-to-understand interface.
With the PrimeXBT mobile app, you can enjoy all the features of a desktop platform in the palm of your hands. You can trade more than 30 assets anywhere you are at any time. It brings a tone of the most powerful trading platforms to your mobile phone, allowing you exclusive access to the world’s financial market on the go.
The developers of the app continually upgrade the application to fit the world scenario realistically. They also have a 24×7 customer service team that helps you answer any questions and queries about the app.
PrimeXBT iOS App
With a 100:1 leverage, traders and users of this app can easily trade multiple assets at once. It is easy to profit from declines and rallies in the market. The iOS PrimeXBT app provides its users full access to the world’s real-time market data and financial information to your phone.
You get a wide variety of different trading tools with the mobile application. Moreover, it is more safe and efficient when it comes to trading for both beginners and professionals.
The PrimeXBT iOS app is available on the app store of any Apple device for free. However, it does require your system to be at least an iOS 11.0 or higher. The user interface is amicable and straightforward to use.
PrimeXBT Desktop App
You can even trade on your desktop PC. PrimeXBT has a Windows app that PrimeXBT Trading Ltd developed. It is free of cost with about 8.9 M. the current desktop version of PrimeXBT is 138.13.
To use the desktop app for PrimeXBT, you have to download the apk installer file first of all. You will also need an emulator to emulate an Android device on your desktop. Install the app and run it after opening it on the emulator.
PrimeXBT App FAQ
Does PrimeXBT have an app?
Yes, PrimeXBT has both an Android and an iOS system-supported application. You can also download the desktop app to use it on your PC. All these applications are free of cost, and you can download them either on the App Store or Android Playstore. You can even go to Apps on Windows to download the desktop version of PrimeXBT.
How to download the PrimeXBT app?
For mobile applications:
- Go to your playstore (Android) or App Store (iOS)
- Type “PrimeXBT” on the search menu
- Download the app
- Open and signup or register to the platform
For desktop application:
- Download and install an android emulator like BlueStacks, LDPlayer, or NoxPlayer.
- Download the apk installer file
- Save it in your folder
- Open the apk file and launch your emulator
- You can also right-click and select “open with” and choose your emulator
- Install the app
- Click “Run” to open the app
Is the PrimeXBT app legit?
PrimeXBT is one of the leading Cryptocurrency platforms today. It is well-established, with a user-friendly interface that allows users to choose from a variety of trading options. Although a reasonably new approach to trading, PrimeXBT has proved to be one of the most trusted and legit trading sites in 2021 through its top-notch features such as:
Since there is limited storage in your hot wallet in the PrimeXBT platform, most of the cryptocurrencies you own are kept in cold storage. This means that the storage is done offline, so it lowers the risk of potential hackers.
PrimeXBT offers 100:1 leverage for crypto pairs and 1000:1 for Forex pairs. This helps the user get more exposure in the market and an added advantage to make money even on “borrowed funds.”
To transfer any amount from one wallet to another, you need authorization from a few different people, so this again reduces the risk of loss. PrimeXBT uses Cloudfare’s technology to lessen the risks faced through Distributed Denial of Service Attacks (DDoS).
PrimeXBT offers a varied range of assets to trade, such as commodities, stock indices, and even Forex.
Transparent fee structure:
PrineXBT has a transparent fee structure, which is vital to your trading profitability in the long run.
PrimeXBT uses fully encrypted SSL. Therefore, all exchanges like messages are encrypted. It also indicates if you are on a phishing site and not the real one.
There is an option for two-factor authentication, which means that you need to authorize via Google authenticator to log in to your account.