Do you want to know how copy trading works and how you can use PrimeXBT and trade using cryptocurrencies? Then you are right where you need to be to start. This article covers all the details about PimeXBT copy trading, and by the end of it, you will know what you need to do.
What is PrimeXBT?
Like many other trading platforms, PrimeXBT is a platform for people to use Bitcoin or CFD’s (Contract for differences) online. Founded in 2018 in Seychelles, the company has exponential growth with clients from over 150 countries. It is an innovative platform that offers a range of tools and options for you so that trading becomes effortless.
Unlike most other trading platforms, PrimeXBT is excellent for beginners with no idea about copy trading. All it needs is a simple registration to get started, and you are ready to start trading. The help desk is open 24/7, and you can get prompt replies to all your queries. PrimeXBT also has options for six different languages, Spanish, English, Russian, Korean, Chinese, and Portuguese making it a prime opportunity as one of your primary crypto affiliate programs to promote.
One of the things you probably take utmost concern about is the security of a platform. However, you don’t have to worry because PrimeXBT uses industry-standard security features to protect you from any cyberattacks. Security and protection of a platform, especially for trading purposes, is vital, and PrimeXBT ensures that it provides the best safety for you to trade with no fear.
There are a lot of amazing features and options on PrimeXBT. But for a start, you can trade anonymously, which is an excellent option. There are no KYC requirements or lengthy registration processes where you are required to upload a tone of information. You don’t have to share personal details for registering on the platform, so your data doesn’t get leaked in any way. Whether you are a beginner or a professional trader, the tools and features on PrimeXBT make everything easier.
PrimeXBT offers leverage of 1:100 on all crypto assets! That is enormous competitive leverage in the market, and with their super-fast trade executions using the best technology and top liquidity sources, online trading has never been easier.
Services offered by PrimeXBT
PrimeXBT has options for five crypto assets, three commodities, twenty currency pairs, and seven indices. You can even use CFDs or Forex to trade on the platform, and there is an option for both brokerage and exchange services. Trading with minor or significant currencies is available for Forex with a commission fee. For cryptocurrency, you have many options such as Ripple, EOS, Litecoin, Bitcoin, and Etherium. As for indices, you can trade with some of the most popular ones on PrimeXBT.
Opening a PrimeXBT account
Opening a PrimeXBT account is very simple. You can click on the register option on the top corner and enter your email. Then tick the accept terms of service and submit. You will get a confirmation email, so go to your inbox, open the mail, and click on the link. After that, you are good to go. No lengthy registrations and uploading personal information and details.
Once you register on the platform, you will get a trading account and a digital wallet. All the cryptocurrencies are stored in your wallet, and you can start trading with the trading account. The digital wallet also handles all the deposits and withdrawals. It is worth mentioning that PrimeXBT does not extend its services to traders from Canada, the USA, Seychelles, and territories under the European Union or United Nations.
Fees and Charges on PrimeXBT
Like any other trading platform, PrimeXBT also takes its fair share, so there are charges for withdrawals and trades. To get a better idea about the PrimeXBT fees, here is a screenshot.
For withdrawals, PrimeXBT charges 0.0005BTC. But it’s worth mentioning that fees on deposits and withdrawals are paid for acquiring BTC from a third party and that you can only use Bitcoin for depositing.
Depositing and Withdrawing from PrimeXBT
For depositing into your wallet on PrimeXBT, click on the deposit option. There are two options available for you if you are already an experienced trader and have trading accounts elsewhere. You can transfer all your funds by following a simple QR scan or copy the Bitcoin deposit address and go to your other wallet holding your funds and paste the address. This process should be done carefully because any mistake can lead to the permanent loss of your Bitcoins.
The second option is for those of you with other crypto coins apart from Bitcoin, which are accessed through debit cards or credit cards. There is an extension feature on PrimeXBT called ‘Changelly’ that helps you get Bitcoins instantly. You can find it on the right side of the Bitcoin deposit option. Click on it and enter the amount you want to exchange, and it will show the Bitcoin equivalent. After that, click on the ‘exchange’ option, and it will direct you to the website. Read the instructions carefully and then complete the transaction and check your wallet.
For withdrawing from PrimeXBT, you can go to your ‘accounts’ tab and click on withdrawals. However, it would be best if you remembered that all your funds from your trading account need to be transferred to your wallet first before making any withdrawals. Depending on how much funds you have, select the amount you wish to transfer to your wallet so that you can withdraw.
Trading on PrimeXBT
PrimeXBT stands out in many ways, and a user-friendly interface is one of them. It is a fully web-based platform, so you don’t have to download or install anything. There are so many cool features that are easy to navigate, and it makes trading easier for anyone, including people with no prior experience. The layouts are customizable, and you get a professional line, bar, and candle chart that are easy to read. You can even set different colors for each of them and set the time frame anywhere from ten-time frames a minute to a month.
PrimeXBT also comes with ninety-in-built indicators such as Ichimoku, MACD, Bollinger Bands, and Moving Average for all kinds of technical analysis. So it’s a less intimidating trading platform where you can pick up things quickly. You can also access all the inbuilt video tutorials and help available for free on the platform.
PrimeXBT also has an app that you can use conveniently on your phone. You can do everything through the app, and it’s available for download from Google Play. The app also conveys the same user-friendly interface as the website, and it enables you to trade about 30+ assets using Crypto, Commodities, Stocks, and Forex. All the tools and features are easy to navigate; you get options for three different charts and six-time frames.
Covesting is another term for social trading. But what does it mean? Covesting means that it enables you to interact with other traders on the platform, and you can learn and pick up stuff by following their strategies. It works excellent for beginners because it allows them to get in touch with experienced traders who can guide them through the process. In short, you invest in a selected trader (preferably an experienced one) and then follow the person and get the same returns.
PrimeXBT covesting stands as one of the most sought-after social trading options, and rightly so. It was awarded the Best Crypto Trading in 2020 by ADVFN. If you want the best results for trading, then there is no denying that covesting on PrimeXBT is the best way to go. There are hundreds of top traders for you to choose and you can follow them to maximize your returns. Online trading does not guarantee you a 100% return, so it makes sense why you follow the strategies of the top traders.
So how do you start covering on PrimeXBT? All you need is a simple registration with your email, and you can browse all the available traders and start following them. There are no limits, so you can follow as many traders as you like. Once you select the traders, you want to follow, click on the option and choose how much you want to invest in that strategy. After that, you can click on the ‘follow’ option of that trader.
Advantages of PrimeXBT covesting
For anyone thinking of joining the online trading community, covering is one of the best options. With PrimeXBT, you can access the social trading option with a simple registration. There are so many advantages of covesting.
- It helps you interact with top traders.
- It helps you become a better trader by observing and learning from the strategies and trends followed by top traders.
- It helps you learn from your mistakes and the trader’s mistakes
Tips for PrimeXBT Covesting
Covesting can be a daunting task because of the number of options available. But there are a few tips you can use to make the best decision and maximize your profits. The first thing you can do is, find a consistent trader with good yield results. You can check this by viewing the total profit and the active day’s graph. The graph is an excellent indicator, and for top traders, it should be a smooth upward curve with small dips here and there. The number of active days also matters because that tells you about the consistency.
You can also check the manager equity option and the high historical margin of that trader. High manager equity is an excellent indicator for low risk and vice versa.
How to copy trade on PrimeXBT?
Copy-trading on PrimeXBT is very simple. Once you register on the platform, you get access to all the tools ad features, including the option for copy trading. There are hundreds of traders on the platform who are top earners, and the best part is, all of them are rated. So it makes it easier for you to decide on which trader you should follow and invest in.
For copy trading on PrimeXBT, there are three easy steps to follow:
- Choose a trader after browsing through all the reviews and ratings
- Select the amount that you want to invest in that particular strategy or trader.
- Follow the trader after you transfer your funds.
It’s that simple! It saves you tons of time and energy trying to learn everything about copy trading or online trading. You can start getting the same amount of returns that some top traders get from trading with specific crypto coins without breaking a sweat.
How to make a profit on PrimeXBT copy trading?
Online trading would be meaningless without profits, and if you are a complete beginner, it’s easy to get lost and start making all the wrong moves or strategies and lose your funds. There are so many factors that need analysis before making a move, but with copy trading, you have the upper hand, and the chances of getting profits are doubled.
Making a profit through PrimeXBT copy trading depends on the type of trader you follow and invest in. So it’s always best to have a thorough look at all the ratings and reviews of a trader before you start to transfer your funds. There is another thing you should consider. Even if you follow the top trader, the chances of losing are always there, and the trading curve can suddenly take a dip. That is why leaving your funds for an extended period is not wise if you want to make profits. The loner you keep your funds in a strategy, the higher the risk becomes. So to avoid any losses, make sure that you withdraw your profits as frequently as you can.
PrimeXBT copy trading is an excellent option for anyone looking to trade online. The easy-to-use interface coupled with advanced tools and features makes it very convenient for everyone. Now that you know about PrimeXBT and the social trading options, you can register right away and have your trading account in a few minutes and trade your cryptocurrencies.