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- It supports trading of crypto coins, fiat money along with commodities and top stock indices.
- The covesting feature is its USP.
- The multi-level referral system can be quite useful.
- It offers solid technical analysis tools in the website itself.
- The customer support offered is pretty good.
- The ease of usage is good.
- For beginners, practicing margin trading is possible through the PrimeXBT demo platform.
- The website has good online safety mechanisms in place.
- The charges are on the lower side.
- It offers support for a handful of crypto trading pairs.
- Not available in Canada, the USA and a dozen other nations.
- Direct crypto transfer is limited.
- No direct currency deposit from credit cards and bank accounts.
- There are no lending options against your stored money.
There is no way one can deny the stupendous growth and soaring popularity of the cryptocurrency sector. From your average neighbourhood guy to the top industrialists and tycoons, a lot of people are eyeing the crypto sector for investment. While investing in cryptocurrencies can be rewarding, it is essential that you do the homework well. Picking the right crypto coin is necessary and you also have to be careful about using the right crypto exchange. There are several crypto exchanges you can pick from nowadays and PrimeXBT is a decent one.
The basics of PrimeXBT
PrimeXBT is a little different from typical crypto exchanges. When you choose it, you can trade crypto coins along with commodities, stock indices and forex. In short, the investors get access to over 70 asset pairings. PrimeXBT was set up in 2018 and its headquarters is located in Seychelles. using it, you can trade some of the popular crypto coins along with FOREX. It supports trading major fiat currencies like the Japanese Yen, the Euro, the Australian Dollar, the Pound and USD. The supported commodities that you can trade include Silver, Natural Gas, Crude Oil, and Gold. PrimeXBT offers a broad portfolio of services aimed at both beginners and veteran investors.
Its services can be availed in many countries but 14 nations are excluded. Sadly, the excluded countries include the USA and Canada.
The flexibility of trading
One of the reasons why PrimeXBT is ahead of the other trading platforms is its versatility. The users can deposit cryptos in their accounts using supported wallets. However, they can also make use of credit/debit cards to buy crypto coins. It also offers SEPA service through third-party vendors.
Getting started with PrimeXBT
Like any other crypto trading exchange, you have to register with PrimeXBT to avail its services.
- Browse the PrimeXBT homepage and then select the register button.
- At next step, you have to provide an email id and password.
- The email verification process has to be completed then.
- At the next step, provide the country.
When the registration is over, you will get a welcome message. To get the $350 welcome bonus, it is necessary to deposit USDT850, BTC0.017, USDC850 or ETH0.425. To get the welcome bonus, you have to deposit the amount within a day of registration. It is advisable that you enable the 2 factor authentication post-registration.
The asset classes supported by PrimeXBT
- Crypto coins- PrimeXBT offers support for some of the widely used crypto currencies such as Litecoin, Bitcoin, Ethereum.
- CFDs- Certificates of Deposits supported are EuroStoxx50, CAC40, ASX200, Brent, Crude, Spain’s IBEX35, NASDAQ, Natural Gas, Nikkei225.
- Forex pairing options include AUD/USD, GBP/USD, USD/CAD, USD/CHF, USD/THB, USD/MXN, EUR/USD.
PrimeXBT offers support for Crypto trading and investing through multiple means. The investors can trade across various asset classes using this online platform. In fact, it enables the traders to set up portfolios for other investors.
Advanced analysis and insight for traders and users
PrimeXBT offers advanced features aimed at seasoned investors and traders. You get good insight into the crypto sector and other industries by using its Analysis and trade pages. The Trading View is quite detailed and users can view charts with bars, line, area, candles, hollow candles etc. Its “Analysis” page lets you learn about the news and market trends. There are dedicated sections for activity logs and trade history. You can also view the Margin account balances and wallet details.
What about the various fees?
PrimeXBT, much like other crypto trading platforms, has a fee structure for using its services. The “Fees & Conditions” page is where you need to check for the details.
- Trading fees- .001% for forex, 0.01% for indices, 0.05% for cryptos.
- Additional fees- There are Withdrawal Fees but deposit fees for crypto and fiat currencies are not there.
For withdrawal, there are fixed charges regardless of the amount of the cryptocurrency used.
The activities supported on PrimeXBT
Theindividual crypto wallets are located on the platform’s “Dashboard” page. This is where you can withdraw, deposit money, crypto coins and exchange currencies too. You can use its wallet but for enhanced safety, using individual cold wallet is recommended.
You can deposit and withdraw crypto coins like BTC, ETH, USDC and USDT. By SEPA transfer and credit/debit cards, PrimeXBT users can buy the supported crypto coins.
PrimeXBT supports leveraged trading and that can be up to 100 times of the amount invested by users. Through Leverage trading, also called margin trading, you can trade and profit with larger asset amounts than what is possible using personal funds.
Covesting is a unique feature in PrimeXBT with which new users can mimic the top traders and gain insight. You can copy the trading decisions of successful, experienced traders.
With its “turbo” trading option, you can make price predictions on short term. If your guesses are correct, you can make double-digit profit fast! However, a wrong prediction will cost you the equivalent of the pledged amount selected. The notable thing here is different assets have varying prediction durations.
The PrimeXBT demo platform lets you simulate leveraged trading without using real money.
How to deposit funds in your PrimeXBT account?
- Browse to the“Dashboard” page and next pick the cryptocurrency to deposit by using the “Deposit” icon.
- Now, scan the QR code or use the PrimeXBT wallet address to transfer the funds from an external wallet.
- The process is pretty simple and takes a few minutes.
How to deposit money from your PrimeXBT account?
- Again, you have to use the “Dashboard” page and pick the desired crypto coin.
- Use the “Withdraw” icon.
- Now, add the external wallet address.
- Enter the number of coins you have to withdraw.
- Click on the “Submit to withdraw” icon.
How to execute crypto trading?
PrimeXBT enables the users to indulge in margin trading of fiat and cryptocurrency pairings. They can also trade commodities and indices. The Crypto Trading process is described here.
- At first, browse to the “Margin” page.
- Now pick trade and select an apt crypto pairing.
- Pick either buy or sell and pick the order type. It can be OCO, Limit, Stop, or Market.
- For “market” trade, you have to type in the amount desired.
- You can use the Place Stop Loss/Take Profit option.
- Now, check the trade details and click on Send Order.
The process for forex or commodity trading is the same and you have to select the asset class properly.
The additional earning options
PrimeXBT offers a referrals program using which you can earn commission, both from indirect and directly referred persons. Affiliates earn 1/5th of trading fees from their direct referrals.
What about the security features?
Choosing a secure crypto trading platform is necessary given the fact these platforms are subjected to hacking attacks periodically. PrimeXBT is a secure platform. Its major security features are:
- 2 factor authentication
- Wallet Security
- Periodic security audits and stress tests
- Withdrawal Address Whitelisting
- Cloudflare to thwart the dreaded DDoS attacks
How good is the support?
When you use a crypto trading exchange, learning about the customer support options is necessary. PrimeXBT offers support through live chat and email and response time is quick. Apart from that, the company also offers multi-channel social media support. You get support from platforms like Facebook, YouTube, Twitter and LinkedIn. There is an elaborate help centre and FAQ area in the website.
Summing it all up
PrimeXBT is a versatile and user-friendly crypto exchange that caters to the needs of different types of investors. It gets many things right including a secure trading environment and advanced analysis tools. Its referral system is good as is the multi-level customer support. Beginners can make use of the covesting feature and the demo platform is ideal for simulating crypto trading. There are a few downers too. Exclusion of Japan, Canada and the USA is weird. The lack of option for direct bank account withdrawal is another glitch. The biggest drawback is limited cryptocurrency support. If you can live with these limitations, the platform is good otherwise.
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