What is PrimeXBT?

PrimeXBT is an online trading platform that supports the trading of a range of assets including cryptocurrency, stock indices, commodities, and forex. Founded in 2018 and registered in Seychelles, PrimeXBT is a cryptocurrency derivatives exchange that only supports margin trading of assets using CFDs.

Key PrimeXBT Attributes

PrimeXBT is a popular trading platform in many countries because of the useful services it offers. It has some key attributes that make it appealing to users. Here are some things of its services:

1.      Detailed UI

PrimeXBT is not built for new traders. This platform has a user interface that is just perfect for experienced traders. The available useful chart options on PrimeXBT that cannot be found on beginner-friendly crypto-trading exchanges will help you conduct technical analysis. Additionally, you can create market orders, take profits, stop losses, limit orders, and OCO orders.

2.      Different crypto pairing available

PrimeXBT gives traders and investors access to popular coins in the crypto market. The available cryptos include BTC, LTC, ETH, DOGE, LINK, UNI, SOL, DOT, ADA, EOS, and XRP. Some of the crypto trading pairs available on the margin on PrimeXBT includes ETH/USD, BTC/USD, EOS/BTC, LTC/BTC, ETH/BTC, LTC/USD, AND EOS/USD.

3.      Trade forex pairs, stock indices, and commodities

PrimeXBT is a platform that is great for traders and investors that want to invest in a diverse range of assets. This is because it is not limited to cryptocurrency trading, but also has a market for commodities (Gold, Gas, Silver, Brent Oil, and Crude Oil), stock indices (ASX 200, NIKKEI 225, NASDAQ 100, and S&P 500), and forex (USD, GBP, AUD, EUR, and CAD are available fiat currencies).

Click here for PrimeXBTs full list of available trading assets.

4.      Trade CFDs

Users of the PrimeXBT platform can trade by way of CFD (Contract for Difference).  CFD is a contract you get for paying the difference in the value of an asset from the time of purchasing to the time of selling, and vice versa. This implies that you can still make a profit when there is a price drop, which is not possible on traditional crypto exchanges.

5.      Copy-trading

Copy-trading, also called Covesting, is an innovative feature on the PrimeXBT platform that allows you to follow and copy the same trades of successful traders. With this feature, a newbie can make a profit by copying the best traders, benefitting from their experience, expertise, and strategies. To start copy trading is free but a certain percentage from your profit will be taken as commission.

6.      Margin trading

One interesting attribute of PrimeXBT is that it is a margin trading platform. This means that there is leverage on each trade. When you trade, you put in a small percentage of the total value of the trade, PrimeXBt provides the rest. Therefore, a small increase in price will amplify your gains, and you do not even need to put up a lot of capital. However, you can also lose significant capital if the price decreases, so you need to be cautious.

7.      Mobile app

PrimeXBT has an easy-to-use app for iOS and Android mobile devices. This helps users find it easy to track trades from anywhere. The app has many useful features that include detailed charts and a full range of order types.

Click here to register an account with PrimeXBT

Pros of PrimeXBT

PrimeXBT has many outstanding features that make them different from other trading platforms. Its advantages include:

·         Simple registration

·         Trade cryptocurrency, major stock indices, foreign currencies, and commodities

·         Covesting feature

·         Referral system

·         Turbo trade

·         Low trading fees

·         Secure trading platform

·         Robust charting and technical analysis tools

·         Responsive live chat support

Cons of PimeXBT

Even though PrimeXBT is a great platform, it is not suitable for everyone. Here are some of its disadvantages:

·         Only CFDs

·         No spot trading

·         No staking or lending services

·         Limited direct crypto transfer

·         Not available in some countries like the US, France, Canada, Israel, Japan

Conclusion

The crypto trading space is a crowded one but PrimeXBT has created a solid offering. It is an easy-to-use platform, and also standouts with its tight spreads, low commission, and leverage. Just like all other exchanges, you need to be cautious with leverage on PrimeXBT especially if you have not traded in this way before.