If you happen to be in search of a good cryptocurrency exchange, there is a high chance that you have already seen PrimeXBT. This virtual coin derivatives exchange has been in service for quite some time already and now stands as one of the most popular exchanges in the market. With its tight market traction, it is only necessary to provide a review about why PrimeXBT remains to be one of the sought-after exchanges up to date.
PrimeXBT is a Bitcoin-powered exchange that provides virtual coin and Contract for Difference trading. It was founded back in 2018 with its head office located in Seychelles. Despite being established just recently, it was reported to have already gained clients from 150 countries. This is partly from its unique derivative offers, allowing clients to freely choose between long and short positions in diversified asset classes. With the intention of expanding its scope of service, it opened a leg office in St. Vincent and the Grenadines and Switzerland. Currently, they process a total of $375 million trading volumes.
This exchange also prides itself for its sense of anonymity, giving users the option to open an incognito account. This is as anonymous as it gets since the registration does not require personal information and pertinent documents. Another flagship feature that the company boasts is its multilevel security structure, which according to them is top-tier and industry-leading.
PrimeXBT Account
Far from the wide selection of accounts offered by other exchanges, PrimeXBT has only one account type. Though this may come as a disadvantage, clients may still benefit from generous incentives as they progress with trading.
In this account, clients are required to pay a trading fee and an overnight financing fee since instruments are leveraged-based. The overnight fee functions as the borrowing cost reliant on the level of liquidity of a particular asset. Should you close a position you opened the same day, then the trade would be devoid of charge.
One can register for a minimum deposit of 0.001 BTC. For such an amount, clients may trade up to 0.1 BTC worth of assets. In addition to this, a specific amount percentage is deducted every time a position is placed.
- 0.05% for cryptocurrencies
- 0.01% for indices and commodities
- 0.001% for major foreign exchange pairs
Leveraged Trading
One of the features that should be heavily considered in choosing an exchange is leverage. The main purpose of this is for clients to acquire more exposure to assets more than they have put down in their capital. Simply put that leverages amplify profit through borrowing. This came to be an advantage for traders as larger margin of profitability is ensured with minimum funds.
Such structure has become one of the favorable offers that PrimeXBT provides. This selling point generously enhances returns through several factors including the provision of intensive liquidity. Included in this kind of trading structure are 6 virtual coin pairings, amounting to a total of 100x leverage. In addition to this, the firm ramped up its leverage to 1000x for foreign exchange, indices, and commodities.
As mentioned above, the system is wired with liquidity tools, connecting the platform to larger financial providers and market makers. With the aggregation of liquidity instruments from different exchanges, larger ROI is guaranteed.
PrimeXBT Platform and Other Features
- PrimeXBT platform- The firm developed their own platform and does not offer any MetaTrader systems. Though this may come as a setback, we cannot deny that the XBT platform is impressive. With its enhanced customization feature, trades are easily managed. Additional features include widgets that contain order forms, charting, and trading notifications.
- Security- Virtual coins available in this exchange are commonly stored in a cold wallet. This completely secures the coin from potential hacking activity and other technological discrepancies as it is stored safely offline. The system also functions through Multiple-process to validate any transactions and to reduce any financial-related risks.
- Trader-Centered System- Aside from the aforementioned, user security is also prioritized. Through its unique encryption and two-factor authentication systems, clients are able to confirm logins via Google authenticator. Though this is not mandatory, enabling 2FA is suggested as this will serve as an account filter.
Conclusion
Talking about advantages, it can be agreed that PrimeXBT has a decent number of perks. To mention, its sophisticated and optimum platform allows a smooth trading experience. It also has a diversified asset classes, giving clients wider options for their trading portfolio. More so, its leverages and fees are competitive while it offers 24/7 online support.
Similar to other exchanges in the market, it also has its fair share of setbacks. Note that it is reported to be an unregulated broker lacks pertinent educational materials. Another pressing issue is the absence of MetaTrader platforms which is undeniably restricting. Though it still has so much to improve, PrimeXBT is still a decent exchange and may come advantageous if you see through its disadvantages.
