Detailed Review on Prime XBT 2021

Prime XBT Trading Platform

(This article contains affiliate links in Prime XBT)

Welcome to the next-generation trading platform.

Prime XBT is an award-winning platform that allows you to trade global financial markets using Bitcoin, USD Tether, USDC and more. With 50+ markets in single account. You can trade Cryptocurrencies, Stock Indices, Commodities and Forex. One of the feature in Prime XBT is Covesting. It allows you to automatically copy top-performing traders and achieve the same returns. Letting top traders do the job for you!

About Prime XBT

Do you want to know more about Prime XBT and start trading?

Prime XBT is a new cryptocurrency exchange platform. It offers experienced online margin/leverage traders to trade up to 100x on digital assets like Bitcoin, Ethereum, Ripple, and Litecoin. The company was established in 2018 and its exchange began operating in early 2019 and is registered in Seychelles. At the moment the platform provides liquidity, a wide scope of trading tools, security, and efficiency to traders from around the world in more than 150 countries.

A centralized platform, Prime XBT offers a strong trading system for beginners and expert traders that demand highly reliable market information and performance. It is a modern company fit of handling even the hardest of market pressure, as it lays on a framework that can facilitate a high number of orders each second. With its advanced features, the platform aims to break into a market presently dominated by more established and older platforms like BitMEX.

Interested in Trading? Sign up on PrimeXBT

Deposit and Withdrawal Methods

It is very easy to deposit funds to your Prime XBT account. By logging into your personal account and clicking “Deposit” in the menu on the left-hand side of the screen. The deposit can be made in the following ways:

Cryptocurrency transfer — You can transfer your cryptocurrency directly from your own wallet or another exchanger by simply copying your personal cryptocurrency address at Prime XBT and make a transfer to this address.

Changelly Widget deposit — PrimeXBT has an integrated Changelly widget. It allows you to buy Bitcoin with your credit card or convert cryptocurrency and then deposit it directly to your balance at PrimeXBT.

Supported Coins

Currently, five coins can be traded in Prime XBT exchange: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), EOS Token (EOS).

Create An Account​

Registering an account with Prime XBT is a moderately straightforward experience. Enter your email address, pick a solid password, accept the terms of service and click on the “Register” button. After you do this, you’ll get a confirmation email in the address you given to XBT; click on the “Confirm” button in the email and your account registration is complete.

What may surprise you is the fact that the exchange permits its clients to begin trading without finishing any AML/KYC registration. Some who value their personal data and privacy will happy about that. But other people who like to trade among verified traders might think about this as a lack of additional verifications, a major issue with regards to trading on Prime XBT.

Different Tabs in the Platform

Prime XBT offers an easy-to-use, intuitive, eye-satisfying interface that will fulfill the necessities of any crypto trader. It conveys market information continuously in real-time and aggregates liquidity from 12 cryptocurrency exchanges, permitting traders to instantly execute at any volume.

The platform’s interface is completely customizable and includes multi-monitor support. It offers its clients three tabs they can navigate through Account, Trade, and Information.

1) Account tab — will show key information about your user account. Under “Account Summary”, you will notice that you have two wallets: your basic account wallet and your trading account wallet.

To begin trading on the exchange, you first need to deposit funds into your basic account wallet and then move the amount you wish to trade into your trading account wallet.

Under the account tab, you will likewise find the Deposit, Withdraw, Affiliate income, and System preference sections. Here you will find details about your closed trades, previous deposits, and withdrawals. You will be able to visit your system preferences to set up 2FA protection, change your password and edit other account settings.

2) Trade tab — is the place where the interface fully expresses itself. Most components of the interface are something you will see with other similar trade platforms. It includes an order book, a chart of the current asset you are looking at, a dashboard with current market prices, and several tools that a margin trader would require.

These components are classified under exchange widgets. And their layout can be customized by clicking on the “Add Widgets” button in the upper left corner of your screen.

In addition, these widgets allow you to create personalized watchlists and track messages. The tab has a default enabled, profoundly customizable “Chart” widget. Giving the user a wide variety of choices to customize the appearance of his charts, including color, grids, spacing, types of candles, and so forth.

Also, the widget contains several charting tools including trend/time/price lines, channels, ovals, Fibonacci retracements/arcs/rays, and others. Lastly, no chart is complete without indicators. Prime XBT offers plenty of them, from Accumulation Swing Index, Bollinger Bands, Chaikin, MACD and RSI, to ZigZag.

There is one feature that is for the advanced users and that is the introduction of “One-Click” and “Double-Click” trading. Enabling one-click trading permits users to open/close positions in just one click.

This feature is suitable for only the most experienced traders who understand what they are doing at all times. Double click trading is a somewhat more nuanced approach to open/close positions.

The first click will open either the New Order window or the Confirmation window for order closure. The second click will require you to confirm that you want to open/close your order. Users are encouraged to switch from “Regular” trading with caution, as this can lead to unintentional order placement/cancelations and cost them their funds.

3) Information tab — This tab offers helpful information about Prime XBT features, order types, leverage trading conditions, trading fees, and many more.

4) Deposits/Withdrawals/Trading Account Funding — With regards to deposits, Prime XBT is a crypto-only platform and there is only one type of currency you can fund your basic exchange wallet and that is Bitcoin. The funding of the wallet can be done in several ways.

One is by scanning a QR code provided on the account/deposit page. The second is by copying and pasting the provided Bitcoin wallet address into a wallet you want to send funds from. And third by purchasing Bitcoin with your credit/debit card thanks to the built-in Changelly conversion widget. The deposit will become credited to your wallet once the transaction receives 6 network confirmations. The minimum deposit size is 0.001 BTC.

For withdrawals, it is simple as well, all you need to do is simply enter the destination address. The amount of BTC you wish to send and click “Submit to withdraw”. The withdrawal will take time to complete because the platforms processing withdrawal requests during an hour-long period each day.

PrimeXBT has a fascinating method of risk management, they are managing user funds in a way that is likely intended to propel the investor to think twice whether or not he wants to perform a certain trade.

Once you initially deposit your BTC on the exchange, it will not be accessible for trading. First, you are required to perform an “Internal Transfer” of funds by entering a desired amount of BTC into the provided window, and by clicking on “Transfer”, it will then move the BTC from your “base” account wallet to the trading account wallet. Making these funds eligible for trading.

Trading/Orders

Prime XBT offers trading pairs for 5 cryptocurrencies: BTC/USD, ETH/USD, XRP/USD, EOS/USD, and LTC/USD. These instruments can either be bought if you feel the price is going up in the short term or sold if you feel the price is going down.

Types of buy/sell orders:

1) Market Orders — is an order type that is executed immediately at the current market price. You will use this order if you need to buy/sell right away.

2) Limit Orders — This is an order that is really common on modern crypto exchanging platforms. Allows users to buy/sell an asset at the desired price or better.

3) Stop Orders — These are also called stop-loss orders. It instructs the exchange to execute a trade when his investment reaches a price beyond which the investor is unwilling to sustain losses.

Setting a stop-loss will include entering a “stop price”, which will be either lower than your ideal sell price or higher than your desired price. These can be utilized either to limit the losses on a position as a “stop-loss” order or to make a profit on a positive position.

4) OCO Orders — is known as one-cancels-the-other orders, these combine a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order consequently gets canceled. Experienced traders use OCO orders to mitigate risk.

All of the above can be chosen from a menu that opens after you click on a trading pair. Your orders can be classified as Protection Orders, which gives you extra protection on any position or order that you have right now. These can be placed on new orders by clicking on the “Protection orders” box on the order form.

The orders likewise show up either in good-until-cleared or in a daily format. Trading itself is leveraged with up to 100x leverage available. The platform additionally features a built-in leverage calculator which allows you to figure out precisely how much buying power you can get with your capital.

How to place an order

Go to the tabs then click on the “Trade Tab”, after that click on the green or red button to buy or sell BTC. A new box will pop up where you can choose the type of the order by clicking the dropdown menu for market or limit orders. To chose the protection order, check the box below the sell/buy buttons. Click Send Order after you are done with option selection.

Prime XBT Fees and Trading Terms & Conditions

PrimeXBT has a long set of rules and requirements regarding on-platform trading. Base trading fees for every cryptocurrency on the platform are at 0.05%, with added overnight financing fees for good-until-cleared trades. If you open and close a leveraged position within the same trading day, you are not subject to overnight financing. Here is the link to better understand the Fees and all the Terms and Conditions on the Platform. Click me pls

Referral Program

One interesting feature of the exchange is its referral program. Prime XBT is offering its users an opportunity to become a “Partner” of the platform by spreading the word about it. Individuals who manage to refer others to the exchange will be rewarded with a percentage of these new traders’ trade commission. Prime XBT recommends its user to be extremely active online, to share their referral links via social media networks.

Security

• 2FA (provided by Google Auth) to ensure account security and prevent any unauthorized access to user accounts
• Mandatory Bitcoin address whitelisting feature
• Cold storage of digital assets with Multisignature technology
• Hardware security modules with a rating of FIPS PUB 140–2 Level 3 or higher
• Full risk check after every order placement and execution
• Encrypted SSL (HTTPS) to encrypt and secure the website’s traffic
• All passwords are cryptographically hashed (using bcrypt with a cost factor of 12) while all other sensitive data is encrypted
• Cloudflare to mitigate potential distributed denial-of-service (“DDoS”) attacks
• Regular tests and check-ups by Prime XBT’s technical team
• On-going and IT security assessments are executed to keep up to date with new potential vulnerabilities

Verdict

Leveraged trading is not for everybody, but the market for it exists out there. Talented traders and market analysts that are capable of foreseeing market movements accurately will constantly be searching for an opportunity to leverage trades of 100x in the hopes of significantly increasing their investment. A portion of those traders maybe are tired of using the well-established market players and would like to try out new platforms; others are possibly looking to form a huge community of referrals that will bring them a steady income.

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