PrimeXBT: A bitcoin-based margin buying and selling platform with so much to supply (2021 evaluation)

PrimeXBT is a Bitcoin-based multi-asset margin buying and selling platform that, whereas constructed on the foundations of the standard market, is geared in direction of diversifying superior buying and selling instruments, devices and merchandise.

The platform permits its customers to function with greater than 50 buying and selling pairs, with leverages that may attain 100x in Cryptocurrencies and as much as 1000x in different buying and selling devices, 24 hours a day.

This huge variety of buying and selling devices, in addition to its excessive leverage, makes it stand out from many comparable platforms with extra time out there equivalent to Binance or Bitmex.

It is very important be aware that, when selecting a buying and selling platform like this, there are lots of variables that we should keep in mind, since not solely the range or amount of merchandise and devices assure their high quality and effectiveness.

Subsequent, we are going to evaluation this platform and talk about the benefits and drawbacks of buying and selling with it.

PrimeXBT Overview

PrimeXBT is a margin buying and selling and buying and selling platform, based in 2018 within the Seychelles Islands, which additionally has places of work in Saint Vincent and the Grenadines and Switzerland. It permits its customers to commerce with leverage in Bitcoin, different cryptocurrencies, and all kinds of conventional monetary devices starting from foreign money markets to valuable metals.

As well as, it presents its customers different parts together with its pleasant interface, a easy registration course of (not KYC) that solely requires an e-mail, a number of languages ​​(together with Spanish), excessive ranges of safety, very low commissions and an ideal liquidity.

Just lately PrimeXBT was voted the perfect Bitcoin margin buying and selling platform within the ADVFN Worldwide Monetary Awards 2020, it was additionally awarded as the perfect cryptocurrency buying and selling utility and the perfect Foreign exchange and Cryptocurrency dealer.

Buying and selling instruments

PrimeXBT has a set of buying and selling instruments and options that make it a high-level and aggressive possibility, supported by parts equivalent to excessive leverage, threat administration instruments, and way more.

The platform presents 100X leverage on Cryptocurrency buying and selling pairs equivalent to Bitcoin, Ethereum, Litecoin, Ripple, and EOS, in addition to as much as 1000X leverage for the foreign money markets (Foreign exchange), inventory indices, and commodities.

Moreover, the platform permits you to place superior Cease Loss, Take Revenue and OCO orders, to regulate our buying and selling methods and on the similar time handle dangers with out neglecting income.

It additionally options charting instruments equivalent to pattern strains, help, and resistance, a number of technical evaluation indicators such because the Relative Energy Index, Ichimoku Cloud, MACD, and Williams Alligator, and built-in charting software program.

The truth that the platform permits the opening of each lengthy and quick positions makes it attainable for its customers to acquire income no matter whether or not the market is excessive or low.

Devices

Whereas the central focus of the platform is Cryptocurrency buying and selling, it additionally presents its customers the flexibility to commerce a diversified record of conventional belongings equivalent to currencies, commodities, and inventory indices.

These are the devices and buying and selling pairs that may be traded on PrimeXBT:

Cryptocurrencies

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

Pairs: BTC / USD, ETH / USD, ETH / BTC, LTC / USD, LTC / BTC, XRP / USD, XRP / BTC, EOS / USD, EOS / BTC

Foreign money markets

US Greenback, Euro, Gold, Silver, Australian Greenback, Canadian Greenback, British Pound, Japanese Yen, Turkish Lira, New Zealand Greenback, Singapore Greenback and Russian Ruble.

Pairs: AUD / CAD, AUD / CHF, AUD / JPY, AUD / NZD, AUD / USD, CAD / CHF, CAD / JPY, CHF / JPY, EUR / AUD, EUR / CAD, EUR / CHF, EUR / GBP, EUR / JPY, EUR / NZD, EUR / SGD, EUR / USD, GBP / AUD, GBP / CAD, GBP / CHF, GBP / JPY, GBP / NZD, GBP / SGD, GBP / USD, NZD / CAD, NZD / CHF, NZD / JPY, NZD / SGD, NZD / USD, USD / CAD, USD / CHF, USD / JPY, USD / RUB, USD / SGD, USD / TRY, XAG / USD, XAU / USD

Commodities

WTI Crude Oil, Brent Oil and Pure Gasoline.

Inventory indices

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

This nice range of devices displays some extent in favor of PrimeXBT over its closest rivals equivalent to ByBit or Binance, which regardless of managing a number of devices shouldn’t have quite a lot of choices to commerce as numerous as this, although within the part cryptocurrency trade Binance has extra pairs to commerce.

Deposits and Withdrawals

The PrimeXBT platform is predicated on Bitcoin, so all deposits are made with this foreign money and might be from 0.001 BTC. This makes the deposit process a lot simpler by solely requiring you to ship the funds to the platform’s pockets, the place with two confirmations you’ll already credit score the quantity.

Likewise, the withdrawal course of is kind of easy resulting from the usage of BTC and solely the tackle of the pockets that can obtain the funds should be entered. The platform permits you to make a withdrawal per day, which is processed from 12 to 01 pm GMT and its fee is 0.0005 BTC.

Any withdrawal requested earlier than 12 pm GMT is processed that very same day. Likewise, any withdrawal request made after 12pm GMT can be processed the following day.

Since PrimeXBT makes use of sizzling wallets for instant withdrawals, withdrawals for giant quantities might take a while, as they might not have the quantity in them and should withdraw from their chilly wallets to finish the operation.

Commissions, Charges and Limits

The platform handles solely two forms of fee, per operation and in a single day financing. The latter is relevant to leveraged operations which can be saved open at evening. Thus, if a consumer opens and closes a place with leverage in the course of the day, he would solely must pay the fee per operation.

The charges for operations with Cryptocurrencies are 0.05{15258f04417b29b72e765cf9884e578a656500e4e230ff1685eb65d607b27624}. These of different devices equivalent to inventory indices, uncooked supplies or metals are 0.01{15258f04417b29b72e765cf9884e578a656500e4e230ff1685eb65d607b27624} and people of foreign money markets or FOREX are 0.001{15258f04417b29b72e765cf9884e578a656500e4e230ff1685eb65d607b27624}.

Privateness & Safety

PrimeXBT has banking-level safety protocols that assure the safety of its customers’ funds. It makes use of Cloudflare to guard in opposition to DDoS assaults, SSL encryption that encrypts all info despatched to the platform, two-factor authentication, and tackle whitelisting.

To retailer consumer passwords, Prime XBT claims it makes use of the “Bcrypt” algorithm, which prevents studying them even when a hacker had entry to the trade’s servers.

The overwhelming majority of the platform’s funds are saved in chilly wallets, which as a result of they’re offline symbolize an extra safety measure. The new wallets utilized by PrimeXBT are used for withdrawal operations and instant funds, so the funds in them are restricted.

However, in case of transferring funds from a chilly portfolio to a sizzling one, the authorization of a number of folks can be wanted, since they’ve a multi-signature entry system.

As a result of the platform is non-KYC and doesn’t require detailed private info in its registration course of, there is no such thing as a threat of exposing the id of customers of the platform.

PrimeXBT Turbo

Just lately PrimeXBT launched a brand new buying and selling possibility known as PrimeXBT Turbo, a Bitcoin contract that gives a binary options-like expertise with higher velocity and ease.

This product permits customers to decide on between add or obtain contracts, with durations of 30 seconds, one minute and 5 minutes. Whereas this feature permits the income of its customers to multiply shortly, it additionally presents a excessive potential threat of loss.

Customers can attempt PrimeXBT Turbo by the usage of a demo account with 1 BTC, to commerce with none threat and put this new product to the take a look at.

Covesting Module

One other of the latest PrimeXBT improvements is its new Covesting module, a product that’s the results of the partnership between the monetary software program firm Covesting and PrimeXBT that enables copy buying and selling.

Copy buying and selling permits inexperienced customers to attach with skilled merchants as followers. Then, they will copy the methods and operations carried out by the knowledgeable merchants, making a type of helpful synergy for each, for the reason that knowledgeable dealer will get a proportion of the income from his followers.

Followers will be capable of commerce with any skilled dealer and technique of their alternative, based mostly on the statistics equipped every day by PrimeXBT and even get a proportion of the income generated by the creator of the technique.

It ought to be famous that even an knowledgeable dealer can generate losses, so you will need to watch out and attentive to the usage of threat administration instruments when buying and selling.

Cellular app

For customers who need to evaluation and perform their operations from wherever with out relying on their pc, PrimeXBT developed its cell utility for Android and IOS.

This utility presents performance similar to that provided in its conventional model of an online browser. It permits a snug administration of the accounts and a straightforward execution of the operations. Nevertheless, the primary and most snug choice to function is the online model of the platform.

Help and Buyer Service

PrimeXBT has a customer support and help system that’s obtainable 24 hours a day, 7 days per week. Right here, customers can entry a number of choices equivalent to dwell chat, e-mail, and assist desk.

It additionally has an in depth library of tutorials, video tutorials and buying and selling guides, an revolutionary Telegram Bot that enables its customers to get up-to-date info with out having to log into their accounts.

Referral program

PrimeXBT has a four-level referral system that enables its customers to acquire further revenue from the commissions generated by the buying and selling of their referrals. As well as, it has created a CPA referral program the place folks with excessive affect and followers, youtubers, influencers or site owners can get hold of even higher advantages.

customers have an easy-to-share reference hyperlink and allusive materials to advertise the method.

Benefits and Disadvantages

Among the many fundamental benefits of utilizing PrimeXBT are:

• Wide selection of monetary devices. Having the ability to commerce each crypto and conventional markets with all kinds of devices is certainly PrimeXBT’s fundamental distinction.
• Nameless accounts. The easy registration course of with out KYC protects the privateness of customers.
• Safety of funds. The platform offers robust banking-level safety procedures to its customers.
• 100x leverage in crypto. Whereas leverage enhances income, it additionally does so with losses, so warning in its use is very really useful.
• Instruments for buying and selling. A sturdy providing of graphical and threat administration instruments makes buying and selling straightforward for newbies and professionals.

The principle disadvantages of the platform are:

• Latest creation. Regardless of its good fame out there, it has solely been in operation for 2 years.
• No consumer for PC. This prevents your customers from working with out utilizing the online browser.
• No API performance. Prevents customers from programming their very own bots or algorithms for automated buying and selling.
• Restrictions on use. It can’t function in some nations equivalent to america, Canada, Israel, Japan, Algeria, Ecuador, Iran, North Korea, Sudan, and Syria.

Conclusion

PrimeXBT is a strong and really full platform that gives all kinds of devices to commerce. It permits its customers to diversify their operations, hand in hand with an easy-to-use interface, providing superior and even skilled instruments.

Its excessive leverage and aggressive charges, added to its benefits outlined above, make it a superb possibility for any consumer, whether or not novice or skilled, and these in flip make it stand out from its closest rivals.