PrimeXBT.com - Cryptocurrency Margin Trading - Review
PrimeXBT is a Bitcoin-based platform, offering leveraged trading on several digital assets including Bitcoin, Ethereum, Litecoin, and Ripple. The company was founded in 2018 and from the very first day, it has grown exponentially and currently serves clients in more than 150 countries.
|Number of Assets||9+ cryptocurrencies, plus additional forex, commodities, and indices markets|
|Blocked Countries||The United States of America, the province of Québec in Canada, Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan|
PrimeXBT is one of the younger generations of cryptocurrency trading platforms which is looking to undercut established competitors by offering added benefits and lower fees. Although relatively new, the platform supports trading in a variety of markets, giving you access to significantly higher leverages and a sleek and intuitive platform. PrimeXBT prides itself on its technology, enabling easy trading for users. In a heavily saturated crypto exchange market, PrimeXBT features an easy on-ramp and easy access for traders to see charts, trading histories, and current order books on its trading pairs.
PrimeXBT key opportunities:
- No KYC required for traders
- Instant Bitcoin deposits with the opportunity to buy BTC using a credit card in the client dashboard
- Leverage up to 1:1000
- Trade cryptocurrencies, S&P 500, Gold, EUR/USD and 30+ other assets
- Мinimum deposit is equal to 0.001 BTC (about $10)
- Improved security and privacy
What is PrimeXBT?
PrimeXBT is a new cryptocurrency trading platform that allows traders to use margin and leverage trading on Bitcoin and other coins of up to 100x. Already, the exchange is seeing daily volumes of over $80 million in trading—making it one of the larger and more established platforms, especially for leveraged Bitcoin trading. More than 40 employees serve clients around the world. With three offices and more than 12 liquidity providers, PrimeXBT handles an average daily volume of over $80 million in trading.
Leverage And Margin Trading
Leveraged trading is a key feature of PrimeXBT. It’s a tool that allows traders to take profitable advantage of smaller price movements because it can multiply gains or losses in either direction.
Here’s an example: let’s say the current price of BTC is $4,300 and you have $4,300 to buy one Bitcoin. You decide to use 100x leverage. That means you can buy 100 BTC for $4,300. If Bitcoin increases just by $100 to $4,400 you earn $10,000 because you multiply the increase by your 100x leverage.
As PrimeXBT’s resources explain:
Leverage works by using a deposit, known as “margin”, to provide you with increased exposure. Essentially, you’re putting down a fraction of the full value of your trade – and PrimeXBT is providing you the rest. Our products allow traders to gain exposure to major cryptocurrencies, such as Bitcoin and Ethereum and others, without tying up lots of capital.
Short-selling is another option available on PrimeXBT. A trader might “short” a coin or asset when they want to bet on that asset declining in price and value. If you think Bitcoin is oversold and will drop in price, you can earn capital by “short-selling” it. This opportunity gives traders the ability to bet on the price of Bitcoin going up or down, where regular investing (buying an asset) typically means an investor thinks the value will increase.
These trading techniques are complicated. Traders should do their own research before entering into any leveraged trading scenario.
Deposits And Withdrawals
Making a deposit on PrimeXBT is simple and easy. A new user can click on ‘Deposit’ on their Account dashboard. A secure Bitcoin address will immediately be generated to use for a BTC transfer.
Withdrawals are also simple, though they require an extra step. Before withdrawing, users must make an internal transfer from their trading account to the set-up personal wallet in the Account section. Once this is done, a trader will whitelist a preferred BTC address for withdrawal. One security feature of PrimeXBT is withdrawals only to whitelisted accounts, keeping your funds secured from going to unwanted or accidental addresses. Once this is all set the internal transfer and addition of whitelisted BTC address a trader can enter the desired withdrawal amount and click submit to initiate.
PrimeXBT offers several different kinds of order types. Advanced order types are listed below with short descriptions.
- Market Orders — order set to execute at the first time available (can be immediately in some cases)
- Limit Orders — sets a “limit” on prices that a trader would buy or sell at
- Stop Orders — an order to buy or sell an asset once it reaches a specific (“stop” price)
- Protection Orders — an option to limit losses or protect profits on any trade or order
Here’s a view at PrimeXBT’s easy-to-use and appealing main trading screen. From here, you can monitor the trading pairs available and your leveraged trades.
Which Assets are Available?
Although PrimeXBT is primarily a cryptocurrency derivatives trading platform, it also allows users to trade a variety of indices, forex, and commodities products using BTC.
In total, PrimeXBT offers 39 markets to trade. Out of these, 9 are cryptocurrency markets, where users can trade BTC, ETH, EOS, LTC, XRP, and ETH against USD.
The remaining 30 markets are comprised of commodities and indices, CFDs, and forex. This makes PrimeXBT one of the only platforms where you can trade both cryptocurrencies and traditional financial instruments in one place.
Each of these PrimeXBT supported coins is matched with a USD trading pair—meaning that traders can use fiat currency (the U.S. Dollar) to buy, sell, and trade for any of the cryptocurrencies listed above. The supported coins on PrimeXBT represent five of the most popular cryptocurrencies currently in the market.
What Are the Fees Like?
When selecting an ideal trading platform, most cryptocurrency traders consider low trading fees to be one of the most important criteria. Because of this, PrimeXBT, like many cryptocurrency exchanges does what it can to offer competitive fees.
PrimeXBT keeps is fee schedule extremely simple. The cost of opening a position is a fixed 0.05%, regardless of which cryptocurrency trading pair you choose. Beyond this, PrimeXBT also charges a financing fee which does differ depending on the trading pairs.
This fee schedule is outlined below:
|Symbol||Trading fee||Financing/day Long||Financing/day Short|
|BTC/USD||0.05%||-$8.0 per 1 BTC||-$8.0 per 1 BTC|
|ETH/USD||0.05%||-$0.15 per 1 ETH||-$0.15 per 1 ETH|
|ETH/BTC||0.05%||-₿0.000015 per 1 ETH||-₿0.000015 per 1 ETH|
|LTC/USD||0.05%||-$0.05 per 1 LTC||-$0.05 per 1 LTC|
|LTC/BTC||0.05%||-₿0.000005 per 1 LTC||-₿0.000005 per 1 LTC|
|XRP/USD||0.05%||-$0.0003 per 1 XRP||-$0.0003 per 1 XRP|
|XRP/BTC||0.05%||-₿0.00000001 per 1 XRP||-₿0.00000001 per 1 XRP|
|EOS/USD||0.05%||-$0.003 per 1 EOS||-$0.003 per 1 EOS|
|EOS/BTC||0.05%||-₿0.0000003 per 1 EOS||-₿0.0000003 per 1 EOS|
Lastly, PrimeXBT does not charge a deposit fee, though there is a relatively low 0.0005 BTC withdrawal fee which is automatically deducted from the withdrawal amount.
Overall, PrimeXBT trading fees are on the low side, while overnight financing fees can quickly rack up to a significant sum, making PrimeXBT best for short-term positions.
Is PrimeXBT Safe?
Yes, the exchange offers services similar to other exchanges and security and technology that help traders.
There is always a risk in any kind of asset trading, particularly in one as volatile as cryptocurrencies. This is compounded by leveraged trading which adds risks. You can read more about these risks on the PrimeXBT site on the Risk Disclosure page. It transparently talks about market and trading risks.
Beyond these, however, PrimeXBT is a safe and secure way to do your crypto trading.
PrimeXBT has its own social media accounts on the most popular social networks as: