Review on PrimeXBT by Saleh Bayramli

PrimeXBT is a Bitcoin-based multi-asset margin trading platform aimed at diversifying advanced trading tools, documents and products, albeit built on the foundations of the traditional market.

Palatform allows its users to work with more than 50 trading pairs 24 hours a day, with leverage up to 100x on Cryptocurrencies and 1000x on other trading tools.

This large number of trading tools and high leverage make it different from many similar platforms like Binance or Bitmex that take more time in the market.

When choosing a trading platform like this, it is important to keep in mind that there are many variables to consider, as not only the variety or quantity of products and tools does not guarantee their quality and effectiveness.

Next, we will review this platform and discuss the advantages and disadvantages of trading with it.

PrimeXBT Overview

PrimeXBT is a margin trading and trading platform established in 2018 in the Seychelles Islands, with offices also in Saint Vincent, the Grenadines and Switzerland. It allows its users to trade with leverage a wide variety of traditional financial instruments ranging from Bitcoin, other cryptocurrencies and currency markets to precious metals.

In addition, it offers its users other elements, including a user-friendly interface, a simple registration process that only requires an email (not KYC), multiple languages (including Spanish), a high level of security, very low commissions, and great liquidity.

Recently, PrimeXBT was named the best Bitcoin margin trading platform at the ADVFN International Finance Awards 2020, also awarded as the best cryptocurrency trading app and the best Forex and Cryptocurrency broker.

trading tools

PrimeXBT has a host of trading tools and features, supported by elements such as high leverage, risk management tools, and much more, making it a top-notch and competitive option.

The platform offers 100x leverage on Cryptocurrency trading pairs such as bitcoin, Ethereum, Litecoin, Ripple and EOS and up to 1000x leverage for foreign exchange markets (Forex), stock indices and commodities.

In addition, the platform allows you to take advanced Stop Loss, take profit and OCO orders, adjust our trading strategies and also manage risks without neglecting profits.

It also includes charting tools like trend lines, support and resistance, multiple technical analysis indicators like the relative strength Index, Ichimoku Cloud, MACD and Williams Alligator, and integrated charting software.

The platform allows both long and short positions to be opened, making it possible for its users to make profits regardless of whether the market is high or low.

instruments

While the central focus of the platform is Cryptocurrency trading, it also offers its users the ability to trade a diverse list of traditional assets such as currencies, commodities and stock indices.

Instruments and trading pairs that can be traded on Primexbt:

cryptocurrencies

Bitcoin, Ethereum, Waves, Litecoin, EOS, and Ripple.

Products

WTI Crude Oil, Brent Oil and Natural Gas.

Stock indices

Dow Jones, Germany 30, Europe 30, NASDAQ, France 40, Spain 35, S&P 500, Nikkei 225 and Australia 200.

This huge assortment of tools reflects a point in favor of PrimeXBT compared to its closest competitors like Bybit or Binance; this one doesn't have such a variety of trading options, despite managing multiple brokers, Binance in the Cryptocurrency exchange section has more pairs to trade.

Deposit and withdrawal

The PrimeXBT platform is based on Bitcoin, so all deposits are made with this currency and can be from 0.001 BTC. This makes depositing much easier, it only requires you to send the funds to the platform's wallet; Here you have already credited two Confirm amounts.

Similarly, the withdrawal process is quite simple due to the use of BTC and only the address of the wallet that will receive the money must be entered. The platform allows you to withdraw once a day with a Commission of 0.0005 BTC, processed from 12 am to 1 pm (GMT).

Any withdrawals requested before 12pm (GMT) will be processed the same day. Likewise, any withdrawal requests made after 12 PM (GMT) will be processed the next day.

As PrimeXBT uses hot wallets for instant withdrawals, large amounts of withdrawals may take some time as they may not have this amount and need to withdraw funds from their cold wallets to complete the transaction.

Commissions, Fees and Limits

The platform handles only two types of Commissions, per-operation and overnight funding. The latter applies to leveraged operations that are kept open at night. Therefore, if a user opens and closes a position with leverage during the day, he will only have to pay commission per trade.

Fees for transactions with cryptocurrencies are 0.05%. Indices of other instruments such as stock indices, raw materials or metals are 0.01%, forex markets or FOREX indices are 0.001%. Daily financing interest rates for long or short positions are shown in the table below.

Regarding the limit of operations, PrimeXBT imposes a restriction on the size of positions a user can open based on factors such as the instrument's liquidity, volatility and other market conditions. The platform does not allow users to place orders that exceed the limit if they are fulfilled.

Privacy & Security

PrimeXBT has banking-grade security protocols that guarantee the security of its users' funds. It uses Cloudflare to protect against DDoS attacks, SSL encryption that encrypts all information sent to the platform, two-factor authentication, and address whitelisting.

To store user passwords, Prime XBT uses the "Bcrypt" algorithm, which prevents a hacker from reading them even if they have access to exchange servers.

The vast majority of the platform's funds are stored in cold wallets, which is an added security measure as they are offline. The hot wallets used by PrimeXBT are used for withdrawals and urgent payments, so the funds in them are limited.

On the other hand, if a hot portfolio is moved from a cold portfolio, several people will need to be authorized as they have a multi-signature access system.

Since the platform is non-KYC and does not require detailed personal information during the registration process, there is no risk of revealing the identity of platform users.

Conversion Module

Another of the latest PrimeXBT innovations is the new Conversion module, the result of a partnership between financial software company Convesting and primexbt that allows copy trading.

Copy trading allows inexperienced users to connect with experienced traders as followers. They can then copy the strategies and trades executed by expert traders, creating a kind of beneficial synergy for both, as the expert trader will receive a percentage of the profits from their followers.

Based on statistics provided daily by PrimeXBT , followers will be able to trade with any experienced trader and the strategy of their choice and even receive a percentage of the profits generated by the creator of the strategy.

It should be noted that even an expert trader can take a loss, so it is important to be very careful about the use of risk management tools when trading.

Mobile Application

Primexbt has developed its mobile application for Android and IOS for users who want to examine and conduct their operations from anywhere without being connected to their computers.

This application offers functionality very similar to that offered in the traditional version of a web browser. It provides comfortable management of accounts and easy execution of transactions. However, the first and most comfortable option to operate is the web version of the platform.

Support and Customer Service

PrimeXBT has a customer service and support system available 24 hours a day, 7 days a week. Here, users can access multiple options such as live chat, email and help desk.

It also has an extensive library of tutorials, video tutorials and trading guides, an innovative Telegram Bot that allows its users to get up-to-date information without having to log into their account.