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What Is PrimeXBT – PrimeXBT Exchange Review

· 08 Mar 2019
Eric is the author of The 9 To 5 Nomad: An Ebook For The Modern Location-Independent Employee. Find out more at: http://www.9to5nomad.com/

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.

The exchange hosts a simple and easy sign-up process. Traders can begin using the platform the same moment they signed up and the PrimeXBT registration process takes less than a minute. There is also no KYC (know-your-customer) aspect to the sign-up so traders do not need to give personal information like passport, tax, or identification numbers. All accounts are free to open as well.

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 offers several other advantages:

  • PrimeXBT offers a free account and a registration process that takes under just one minute.
  • No KYC is required, keeping your personal details private.
  • Minimum deposit is only 0.001 BTC, deposits can be made with BTC, credit card or 100+ coins.
  • Up to 1:100 margin.
  • The ability to short-sell assets, taking advantage of falling prices as well as climbing prices.
  • Unrivaled aggregated liquidity from 12 difference top-notch suppliers.
  • Around the clock, 24-hour support is always on call when you need it.
  • Cutting-edge security features including address whilelisting, two-factor authentication, and much more.
  • Multi-monitor support for the most serious traders in the market.
  • Trading pairs across 5 most liquid crypto assets.

Leveraged And Margin Trading And Short-Selling

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 multiplied 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.

 

PrimeXBT 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.

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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 Order Types

PrimeXBT offers several different kinds of order types. Advanced order types are listed below with short descriptions. More information on all of these order types can be found here.

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  • 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.

PrimeXBT Main Trading Screen

What Coins Are Supported On The PrimeXBT Exchange?

PrimeXBT currently features five major cryptocurrencies for trading. These five are:

  • BTC
  • ETH
  • LTC
  • XRP
  • EOS

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 On PrimeXBT?

PrimeXBT trading fees are both simple and low. This should help facilitate easy and low-cost trading for users of the platform.

A competitor of PrimeXBT, Bitmex, for instance, uses a much more complicated fee structure for its trading. Here you can see Bitmex’s fee structures:

bitmex traidng fees

This is much more complicated than the simple fee system that’s used on PrimeXBT. Here is PrimeXBT’s fee structure:

primexbt trading fees

Full information on fees and limits can be found here. As its site and mission states, PrimeXBT “follows clear principles – prices should be competitive and transparent, and never burdened with false incentives.”

Conclusion – Is PrimeXBT Safe?

Yes, the exchange offers services similar to other exchanges and security and technology that help traders.

There is always 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.

Traders should also review PrimeXBT’s Terms of Service and Privacy Policy. These will help you be informed about any other risks associated with trading.

Beyond these, however, PrimeXBT is a safe and secure way to do your crypto trading.

Sign up today using this link!

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