Originally posted on 30/04/2021 @ 23:52
The modern world is truly buzzing with digital currencies. Cryptocurrencies and their markets are close to dominating the online economies today.
At the same time, digital currencies and platforms for trading these coins dominate the crypto markets. And among the best crypto trading places is the PrimeXBT. With that said, in this write-up, we are going to focus on PrimeXBT fees.
Any user of PrimeXBT will know that there’s something called PrimeXBT fees attached to being a member. Of course, it makes sense!
PrimeXBT provides a safe for users to deal in cryptos, and users are making use of them. Also, if the name PrimeXBT doesn’t ring a bell, don’t worry! It’s still a pretty new trading platform that managed to become a fan favorite quickly, partly because of their sophisticated PrimeXBT referral program, which you can also read about here on Cryptoaffiliate.io.
Furthermore, remember that when it comes to PrimeXBT withdrawal fees, the platform is only a taker of Bitcoins. Thus, without further ado, let’s dive into our article on the trends in PrimeXBT fees in 2021.
Does PrimeXBT Charge Fees?
For those who are unaware of the platform’s fee structure, there exist two varieties of fees. The first one being the PrimeXBT trading fees, while the other is the PrimeXBT overnight fees.
Trading fee refers to the cost charges on the users upon entering the domain of the platform. In contrast, the overnight fees charged for financing the position are the PrimeXBT overnight fees.
What are the Fees on PrimeXBT?
PrimeXBT charges multiple fees related to different entry and closing levels. As mentioned above, it charges a deposit fee on the users as they signup and enters the crypto domain.
There is a withdrawal fee that the traders pay when they are cashing out their investments. Also, users incur PrimeXBT Forex fees when doing crypto to fiat money exchanges.
There are many such PrimeXBT fees that we are going to discuss in detail.
PrimeXBT Trading Fees
Among the many vital factors that users must take into account, PrimeXBT trading fees are PrimeXBT withdrawal fees. Due to its popularity, the website charges very competitive PrimeXBT fees to its users.
At present, the platform has what it calls a commission under the tag “PrimeXBT trading fees.”
Thus, it takes a commission of only 0.01% if you’re already its member or have accounts in Bitfinex or Coinbase. Plus, it is among the lowest commission a crypto platform charges for trading activities.
On top of that, there are 30 days rolling trade volume discounts that users can make use of. That is, there exists a 25% discount if you have 300-600 Bitcoins.
Not only that, you can avail of a 50% discount for 600+ Bitcoins. Plus, there are no PrimeXBT funding rates for deposits. Also, when the time comes to withdraw the funds, it’ll require you to pay a miner fee.
Note: The miner fee is standard practice across all crypto trading platforms.
Currently, the PrimeXBT trading fees are as follows:
PrimeXBT Forex fees: 0.001%
Commodities and Indices: 0.01%
Thus, it is evident that compared to other crypto websites that charge very high fees, PrimeXBT fees are very low.
PrimeXBT Overnight Fee
It is the second type of fee that the platforms charge. The aim of PrimeXBT overnight fees is to fund the positions of keeping them open overnight. Also, there is no definite pattern in the costs of these fees.
PrimeXBT runs its daily finances by charging fees on positions that open and close on one trading day. Besides, they form a big chunk of PrimeXBT fees.
Thus, charges for keeping that position open till the next trading day are the PrimeXBT overnight fees. At the same time, there will be no charges if the position closes before midnight on the same day.
PrimeXBT Withdrawal Fees
Bitcoins are the primary means to cash out under the PrimeXBT withdrawal fees. The reason is to maintain a high level of security for its many users. PrimeXBT makes use of hot wallets to keep the cryptos.
At the same time, cold wallets are for all other purposes apart from storing cryptocurrencies. The usual daily timings are 12:00 UTC and 14:00 UTC for processing withdrawals.
In case of any suspicion, PrimeXBT retains the right to review any requests for withdrawals on its own. Also, it extends to withdrawals over and above a specified amount. Plus, they are a major feature of PrimeXBT fees.
The platform charges 0.0005BTC as the PrimeXBT withdrawal fee. These fees are a part of the transaction fees. Every time a user makes a transaction, they need to pay either a deposit or withdrawal fee.
Thus, users must not confuse these fees as extra charges that they are paying. PrimeXBT withdrawal fees go directly into the pockets of the platform. Also, crypto to fiat conversion incurs a fee.
PrimeXBT Fee Schedule
In order to keep track of the trends of the crypto market, there are updates on the PrimeXBT fee schedule quite regularly. It allows PrimeXBT to maintain its level of competition with regard to other platforms in the market. Also, doing so often results in savings that the users make use of.
PrimeXBT fee schedules have recently been cut down to a small percentage of PrimeXBT fees. It is to allow its PrimeXBT trading fees to become even more competitive for daily usage.
The benefits are evident from the rise in trading by the users after the lowing of fees. Thus, traders can now enjoy PrimeXBT insane fees.
It also released a new discounted PrimeXBT fee schedule that is even more efficient. The aim is to provide benefits to its most active users and to push for more growth.
On all trading fees, users can avail of 50% discounts based on the upgraded PrimeXBT fee schedule. The only catch here is that it’s mainly applicable for users who possess turnovers over and above a specified level.
The Upgraded PrimeXBT Fee Schedule
The level of discounts users can avail of depends on the amount of trading they do on a daily basis. Also, that will have a direct impact on the profits these users are able to generate.
PrimeXBT Fee Schedule has three varieties of discounts based on the trading turnover of the users.
A turnover of 0-300 BTC
Initially, all users come under this category. Traders under a turnover of 300 BTC enjoy the low basic fees.
A turnover of 300-600 BTC
A 25% discount awaits those traders with a turnover of more than 300 BTC but below 600 BTC. The perk is available over and above the basic lows fees, which this group of users already enjoy.
A turnover of 600+ BTC
Traders can avail a whopping 50% discounts if they have a total turnover of more than 600 BTC. This category of traders is mostly PrimeXBT’s very active users. These users can generate as much as twice the amount of savings.
Thus, without delay, make full use of these upgraded PrimeXBT insane fees today.
Limit vs. Market Order Fees PrimeXBT
Users can make use of four types of orders on PrimeXBT. These are namely, Limit, Market, OCO, and Stop. But for the purpose of our article, we are going to focus only on the first two. In this section, we will be going to discuss limit vs. market order fees PrimeXBT.
The main difference between a limit and market order lies in the time of its execution. With a market order, the execution takes place at the offer price or the current prices. In contrast, execution happens at a desired future price when it comes to a limit order. That way, when the market reaches that specific price level, it triggers an execution.
The next big difference depends on the necessity and usage of the order. A market order arises out of a user’s immediate need to carry out the execution at the current prices. Additionally, after traders choose their option to sell or buy, a market order is the default choice. The quantity of assets is the only thing users need to specify.
In comparison, traders use limit orders to specify their willingness to buy or sell at a certain price level. The aim of such orders is to raise the entry and exit price levels of the traders. However, there’s a risk attached to this type of order. That is, there is no surety that the market prices will ever reach the level set by the traders. Users may find limit orders just below the market orders.
PrimeXBT Forex Fees
The most liquid and single largest market in the world belongs to the forex market. Thus, forex makes for a great asset for trading daily with leverage.
Among the most popular currencies for the forex market, PrimeXBT has 18 of those. Also, PrimeXBT forex fees are down by ten times the amount they used to be in the past.
Besides that, PrimeXBT forex fees on gold and silver are also ten times cheaper. The upgraded PrimeXBT fee schedule benefits those who are very active traders.
At every position, such users can earn massive profits if they hit it off. In this way, they can provide significant boosts to their capital. Thus, it made PrimeXBT fees really attractive in the competitive forex market.
PrimeXBT Funding Rate
PrimeXBT funding rates enter the scene when traders choose to hold onto their positions over a specific interval of time. Generally, it is 8 hours for other platforms.
But when it comes to PrimeXBT, the positions remain open overnight. Thus, for such purposes, there is a renewal of the PrimeXBT funding rate after very such overnight carryover of positions.
Also, the PrimeXBT funding rates are available for traders to see in the trading area. That way, they can make a calculated decision as to if they want to keep their positions open or not. Also, traders will know how much it would cost them to do that.
Thus, it offers them a way to cover up the amount they pay for PrimeXBT fees.
But remember that the PrimeXBT funding rate only comes into the picture when traders are keeping their positions open. So even a second before and after the closing time interval counts.
At the same time, if traders strategize, they can avoid PrimeXBT funding rates by keeping their position open during the given time intervals.
One must not confuse the PrimeXBT fees with PrimeXBT funding rates. These are not the same. PrimeXBT receives trading fees but does not get any share of the funding rates.
These funding rates are actually amongst traders themselves. That is, based on the type of positions a trader is holding, they either pay or receive funding rates.
Sometimes, short position holders pay the ones who hold their positions longer. The other times, the opposite takes place.
PrimeXBT Liquidation Price
Now, let’s talk about the liquidation price. But before everything else, what is liquidation?
Liquidation is essentially having your open orders trading orders closed. This happens when you do not have enough money to support those orders or sustain a further loss.
In industry terminology, we would say that you do not have enough margin. In PrimeXBT, liquidation occurs when the margin reaches 0%.
Increased debt entails a higher level of risk. So, if you open a $1000 Bitcoin deposit with a return of 10x mortgage, your income would increase by tenfold if the Bitcoin price rises. But if it goes down by 10%, then you will hit your liquidation price.
Similarly, if you invest with a 100x leverage, which is the maximum amount of leverage at PrimeXBT, it will only take a decrease of 1% to hit the liquidation price.
In simple terms, it is a lot riskier when a trader’s leverage is a lot higher. That is, the entry prices if much closer to the PrimeXBT liquidation price at high leverage.
It is evident that PrimeXBT fees aren’t actually that pricey, to begin with. In the trading market, they offer among the lowest and most attractive platform fees.
Besides, traders need not provide any KYC details to make transactions. PrimeXBT offers its customers decently high rates when it comes to leverage. Thus, the platform functions as a maker of money for traders.
Also, for traders going for market orders, PrimeXBT is a very efficient platform. That is because they can carry out quick executions in a matter of 7.12 seconds. Plus, the platform offers its services 24×7.
Besides, anyone can become a trader and save some money through PrimeXBT insane fees. Also, those who want to gather more info on cryptos, in general, can do so here.