As you will see in this review of Prime XBT, margin trading (leverage) is an inevitable part of today’s crypto environment. Although it is challenging to do well, individuals will enjoy working hard to become proficient margin traders. Most of them will be motivated by lucrative financial rewards that can be reaped because of suitable margin trading.
With new investors ready to get rich or (metaphorically) die trying to get out every day, online trading platforms want to watch the battlefield of these people trying to hit the market.
Today, we will look at one of the smallest platforms that have decided to start providing ring trading services to its customers, called PrimeXBT.
Creating an Account
Registering an account with Prime XBT is a straightforward process. Enter your email ID, choose a secure password, accept the terms of service, and click the “Register” button. Once you have done this, you will receive a confirmation email at the address associated with your account; click a email with “Confirm” button. Your account registration is complete.
What may surprise you is that the Exchange allows its users to start trading without performing any form of AML / KYC registration. Some who like their personal information and privacy enjoy the platform for that. Some who prefer to trade among certified traders may consider this to be the absence of additional breach of contract when it comes to trading on Prime XBT.
Deposits / Debit / Account Funding
When it comes to investing, Prime XBT is a crypto-only platform, and there is only one type of currency you can pay for your basic exchange wallet with Bitcoin. Funding can be done in many ways:
- By scanning the QR code provided on the account/deposit page
- By copying and pasting the Bitcoin wallet address provided in the wallet, you want to send money from (DO NOT send another cryptocurrency to this address, because BTC-only is compatible).
- By buying Bitcoin with your credit/cryptocurrency card thanks to a built-in conversion widget
The deposit will be placed in your wallet if the transaction receives six network guarantees. The minimum deposit rate is 0.001 BTC.
Depositing into your PrimeXBT account is much more accessible by logging in to your account and clicking “Deposit” in the menu on the screen’s left side. The deposit can be done in the following two ways:
Cryptocurrency money transfer
If you already have crypto in another exchange or wallet, copy your Bitcoin address to PrimeXBT and transfer it to this address.
Changelly widget deposit (if you do not have cryptocurrencies).
PrimeXBT has an integrated Changelly widget, which allows you to buy Bitcoin with your credit card or convert cryptocurrency and add it directly to your balance in PrimeXBT. Changelly’s deposit process goes down to:
- Choose your preferred currency (USD / EUR for credit cards)
- Set the conversion value and click on Exchange
- You will be redirected to the Changelly third-party service website.
- Follow the step of instructions on the Changelly website to complete the backup process.
Withdrawal is easy, too; all you have to do is enter the destination address, the BTC amount you wish to send (BTC and the only cryptocurrency you can send to Prime XBT), and then click “Submit to withdraw.” Withdrawal can take some time to complete, in part, for an hour each day.
PrimeXBT has exciting risk management strategies: they manage users’ spending in a way that may be designed to encourage investors to think twice about whether or not they want to trade. Once you put your BTC in Exchange, it will not be available for trading. You will first be asked to make an “Internal transfer” of funds; Entering the required BTC amount in a given window and clicking “Transfer” will remove the BTC from your “Base” account to the trading account and make these funds eligible for trading.
Trading / Orders
Prime XBT offers trading pairs in 5 cryptocurrencies: BTC / USD, ETH / USD, XRP / USD, EOS / USD and LTC / USD . These instruments can be longed (purchased) if you feel that the price is going up for a short period of time or shortened (sold) if you feel the price is declining.
The Exchange allows its merchants to make the following types of buying/selling orders:
Market Orders: a type of traditional order that is made immediately at the current market price. You will use this order if you want to buy / sell quickly.
Limits Orders: Limit order is the most common order on modern crypto trading platforms. Allow users to buy/sell goods at the price you want or better. The trader will place his order in the market, and when the market reaches this level, his order will be executed.
Stop Orders: Sometimes called orders-loss orders, it requires an exchange to perform a function when its investment comes at a price that the investor does not want to lose. Setting a suspension loss will involve entering a “stop price”, which will be lower than the desired sales price or higher than the desired price. This can be used either to limit losses in the area as a “stop-loss” order or take advantage of a good location.
OCO Orders: Also famous as one-cancels-the-other orders, these include a stop-order order set on an automated trading platform. When either the stop price or order price is reached, and an order is made, another order is automatically canceled. Experienced traders use OCO orders to reduce the risk.
All of the above can be selected from the menu that opens after clicking on the trading pair. Your orders can be categorized as security orders, which provide additional protection for any position or order you currently have. This can be added to new orders by clicking on the “Protection orders” box on the order form. Orders also appear cleanly up to the daily format. The trade itself is connected, up to 100x for profit. The Exchange also includes a built-in input calculator that lets you figure out how much purchasing power you can earn with your big money.
Fees / Trading Conditions
PrimeXBT incorporates a long set of rules and requirements regarding trading on stage. The basic trading fees for all cryptocurrency platforms are flat at 0.05%, with overnight payments for good operations until they are cleared. If you open and close a position issued within the same trading day, you will not be charged overnight. There are a whole host of trading conditions, limits, and margin requirements where traders will be met on PrimeXBT
A unique feature of the exchange system is its Referral program. Prime XBT allows its users to become a “partner” of the platform by spreading the word through it. People who refer and taking others to the exchange, will be rewarded with a percentage of this new user’s trade commission. For example, if the person targeting your platform makes a 100x aggregate trade on a $ 1000 deposit, you will pay a 0.05% commission on that trade ($ 50). The exchange will set you back 20% of this commission, which means you will get $ 10. If this were to happen on a non-leveraged trading platform, the commission reward would be much lower and you could end up with much less consideration than PrimeXBT. The referral system is comprehensive and operational at 4 levels, allowing you to profit from your referrals. What would this look like if each user-posted made $ 1000, 100x lean earned on the exchange:
The exchange offers various security features that ensure that their customers’ assets are protected from malicious third party characters:
- 2FA (provided by Google Authenticator) ensures account security and protects any unauthorized access to user accounts.
- Bitcoin address whitelisting feature.
- Cold storage of digital assets with Multisignature technology.
- Hardware security modules with a price range of PUB 140-2 Level 3 or higher.
- Full risk check after each placement and order.
- Encrypted SSL (https) for encryption and security of website traffic.
- All passwords are cryptographically hashed (using a 12-cost bcrypt) while all other sensitive information is blocked.
- Cloudflare to reduce potential attacks on service distribution (“DDoS”).
- Regular testing and check-ups by the Premier XBT technical team.
- Ongoing testing of IT security is underway to disseminate new risks.
In addition, the trading feature itself is designed to meet the industry’s highest standards of online trading, with a coded system to reduce latency and increase the speed of order processing. PrimeXBT prides itself on having one of the highest quality and most reliable trading platforms in the market, one that automatically monitors all risks linked with purchasing power, purchasing power, bulk order size, large position size, P / L loss routes, many unexpected benefits, and issues full risk checks after ordering.