Identifying and using the best platform can be challenging. You’ll have to figure out if it has the instruments you need, if you are familiar with the tools, if the fees are acceptable or if you can trust the service.
Reviews are important as they help traders choose the most suitable platforms for them out of a sea of other competing platforms.
This review will be focused on PrimeXBT and will help the reader determine if this platform is suitable for them.
PrimeXBT is a Bitcoin-based multi-asset trading platform that was recently awarded the Best Cryptocurrency Trading Platform; Best Cryptocurrency and Forex Broker, and Best Crypto Trading App in the Forex Awards. Furthermore, it also won the award for Best Bitcoin Margin Trading Platform in the very prestigious ADVFN Awards.
PrimeXBT possesses a very simple signupp process when compared with other platforms. The sign up form can be completed under a minute as no personal information is needed beyond your country of residence and email address. After signing up,users can make their first deposits.
Free demo accounts are available on this platform and can be created without person information or capital. Capital is only used when you are ready to trade, and you will have the platform’s numerous tools to assist you.
All accounts funds are denominated in BTC which is used as collateral for all positions, while deposits are made to BTC addresses. The minimum deposit is 0.001 BTC which is quite low.
Funds are can be used when your Bitcoin deposit has at least 3 total confirmations. Other forms of deposit such as fiat or altcoins are can be utilized through third-party services such as Changelly.
The trading account must be funded once the user makes a deposit. This tool is used to keep some capital separate from funds used for current margins in the trading account. The user can also make use of Turbo and Covesting, which are two new features on the platform which also feature a separate wallet system.
Withdrawals and transfers which can only be gotten and sent from other BTC addresses are quite easy to perform. However, the user should note that sending to a different cryptocurrency address might lead to a loss of funds.
Any withdrawal being processed is added to a queue for a 24 hour roll over period. Within this time, any pending withdrawal can be cancelled by the user.
Trading Instruments and Tools
PrimeXBT offers leverage on commodities, cryptocurrencies, forex, and stock indices of up to 1000x.
The currency pairs offered on FX include more than 25 majors, with consequent addition of new currencies. With the help of leverage, all forex pairs, including both gold and silver, may be traded at up to 1000x their initial positions.
Furthermore, trading of CFDs for natural gas, Brent, Crude oil, and twelve different stock indices may be done up to 100x.
Cryptocurrencies Bitcoin, EOS, Ethereum, Litecoin, and Ripple are offered as trading pairs against BTC and USD at up to 100x leverage.
Long and short positions are also offered so that a trader can make profit regardless of the market’s direction. This can be done with minimal risk with the help of stop-loss and take profit orders. These advanced order types can even be added after a trade is made.
Comprehensive charts, fitted with technical analysis utilities, indicators, and other tools for effective planning and execution of trades are available on PrimeXBT. This platform also makes trade execution quite simple and accurate by clicking on the chart itself.
The platform’s user experience is quite customizable through available widgets so traders can craft the trading terminal according to their own designs.
PrimeXBT offers one of the best fees among other platforms.
When trading crypto, the trading fee is 0.05%, that of forex is 0.001%, while everything else is 0.01%.
Active traders who increase their trading positions are able to use the progressive fee system, which offers up to 50% discount off on trading fees. Within the account section, you will find a method of tracking progress towards each discount tier, from 25% to 50% off.
The minimum position requirements quite low as well.
According to the leaderboard, PrimeXBT’s top trader generated over 50 BTC. This feat was achieved through the platform’s wonderful four-level referral program. Through through this referral program, traders earn commissions after referring 4 new traders who make deposits. These traders will also earn commissions after their referees bring in 4 new clients. And the cycle goes on.
The platform also offers CPA, as well as exclusive ambassador relationships, complete with personal customer care representatives.
PrimeXBT is a unique platform that offers a break from the status quo. They recently created a new synthetic Bitcoin contract called Turbo. Although these UP or DOWN short-duration contracts last from 30 seconds to five minutes they can garner up to 90% profits at the tiniest intervals.
While these results can be very encouraging, it is still possible to lose nearly all capital through these sorts of contracts. Therefore, only certain traders with a high level of command over shorter timeframes are advised to use them. On the other hand, these tools can still be a handy for when markets are occasionally stagnant, as making profits is possible even without high-percentage movements.
Covesting Fund Management Module is another new tool that just recently debuted as a beta. This unique service links fund managers with investors, and enables them profit together by joining forces.
PrimeXBT members can utilize up to 1000x leverage in order to take advantage of all price movements, no matter how large or small. This can be used to take long and short positions on crypto, commodities, forex, and stock indices.
PrimeXBT is likely your best bet when trying to earn money on the market with it’s no KYC process, nominal introductory deposit, and quick registration process that can be completed in less than 60 seconds.