The exchange under review today is Prime XBT.
Prime XBT is a Bitcoin-based trading platform that offers leveraged trading of several digital assets.
Since its inception in 2018, it has grown exponentially with an average daily volume of more than $300,000,000.
You can trade Cryptocurrencies, Stock Indexes, Commodities, and Forex on this same platform.
You can also boost your profits with the power of 100X leverage trading.
In today’s post, you are going to learn all there is to know about Prime XBT and much more.
So come along with me as I start out discussing Prime XBT today.
Prime XBT Review Summary
The sub-topics that will steer today’s discussion include:
- What is Leverage Trading?
- Prime XBT Overview
- How Does Prime XBT Work?
- Features of Prime XBT
- Products and Services
- Supported Assets
- Supported Countries
- Prime XBT’s Fees
- Payment Method
- Prime XBT’s Trading Limits
- Customer Support and Public Opinion
- Frequently Asked Questions(FAQs) about Prime XBT
- Conclusion
Click on any of them to view its entire details.
Enjoy!
What is Leverage Trading?
Before delving into the business of the day, I thought it wise to define Leverage Trading as you will be seeing a lot of it within the text.
LEVERAGE
This reflects the amount of a trader’s own funds (margin) required in comparison to the size of the position that they wish to open(1:1000, 1:100, 1:50, 1:20, 1:10, 1:2 ).
This simply refers to the extent to which you are speculating that the price of an asset can rise. Say you pick XAU and open a position of 1:100. This means that you are speculating that XAU will rise 100x.
MARGIN
This is the amount of a Trader’s own funds that are required to open a position. This one is simply the amount that you need to put down before you can open a position.
For example – With 1:100 leverage, you only need 0.01 BTC of your personal funds (Margin) to trade with 1 BTC.
Leverage Trading (or Margin trading) is a trading technique involving the use of borrowed funds, in order to increase potential profits.
Leveraged trading allows you to trade and make a profit with volumes much larger than you would be able to if you are using only your personal funds.
Like in the example above about trading 1:100 with 1 BTC, you are providing 0.01 BTC while Prime XBT is lending you the rest.
Leverage is a key feature of a PrimeXBT trading platform and can be a powerful tool for a trader. You can use it to take advantage of comparatively small price movements, ‘gear’ your portfolio for greater position size, and to make your capital grow faster.
Leveraged trading allows traders to profit from both rising and declining markets by means of Long buying or Short selling strategies.
Long and Short Strategy
In simple terms, when you open a long position, you intend to profit from the increase in the price of the asset. When you open a short position, you intend to profit from the fall in price of the asset.
Having cleared the air on this, let’s get to the main discussion.
Prime XBT Overview
Prime XBT is a Bitcoin-based trading platform that offers leveraged trading on different assets.
It offers up to x1000 leverage which allows you to maximize profit potential and profit from both rising and falling markets.
The company was launched in 2018 and has grown exponentially since its inception.
It provides its clients access to top-tier liquidity and a wide range of trading tools.
The exchange is unregulated and works with cryptocurrencies only.
As a Bitcoin-based exchange, Prime XBT operates in an almost borderless global manner with minimal compliance to regulation.
There is not much information available about the company but its large market selection and high leverage options have challenged the big names in margin trading.
On Prime XBT, no documents are required for verification. Your privacy while trading digital currencies is its utmost priority and thus you are not required to undergo KYC procedures, exposing personal information.
This leaves your email as your primary form of ID. Losing access to your email may result in you being unable to access your PrimeXBT account. I strongly recommend enabling 2FA on your email account.
But how does this even work? What differentiates it from the other trading platforms?
I explained that below.
How Does Prime XBT Work?
To explain this clearly, I will run you through how a Traditional crypto exchange works;
On Luno for example, you can trade crypto-fiat or crypto-crypto pairs. Now, let’s say you are trading crypto-crypto pair – BTC/ETH for instance. You are buying ETH with BTC and Vice versa. In this case, you are buying the actual asset, you can choose to withdraw any at any time i.e ETH or BTC.
But on Prime XBT, it a different ball game.
Here, you are speculating on the prices of the various assets with BTC. Let’s take ETH/USDT for example.
You can speculate the ETH will gain or lose value against USDT. and you do this in BTC.
Let’s say you speculate using 1BTC that the price of ETH will increase against USDT over 24 hours. If it does so by 10% you would make a profit of 0.1BTC leaving you with a balance 1.1BTC.
In this case, you are not buying or selling the actual assets (ETH/USDT) you are only speculating on their price movement using BTC.
But it does not stop there, PrimeXBT lets you speculate in this price movement with leverage. Thus, the gain of 10% above with 10X leverage is 100% with is 1BTC.
This is how Prime XBT works which is quite different from conventional exchanges.
Let’s now look at the features of Prime XBT.
Features of Prime XBT
- Great user interface
- Customizable platform layout
- Professional charts
- Multiple order types
- Secure wallets
- Ultra-fast order execution
- Real-time risk management
- Top-tier liquidity
- Mobile app
- API
- Widgets
- Leverage calculator
Products and Services
Prime XBT provides the following services and products:
- PrimeXBT Trade
- Turbo Trade
- Covesting
PrimeXBT Trade
Prime XBT allows users to trade multiple products from a single Bitcoin-based platform. You can trade the following:
- Cryptocurrencies – You can trade BTC, ETH, XRP, LTC, and EOS with 100x leverage and the lowest fees
- Indices – Access to the most popular indices such as S&P500, FTSE100, JAPAN, and much more.
- Forex – With the advantage of 100X leverage, you can go long or go short on 25 Forex majors.
- Commodities – You can speculate on the prices of high profile commodities such as oil and gold, and profit from their growth and decline.
Orders
PrimeXBT offers different order types to assist with users’ trading and hedging strategies. The different order types are listed below:
Main Order Types
Protective Order Types
Prime XBT Turbo
The platform has the Prime XBT Turbo service – the fastest and easiest way to multiply your Bitcoin.
This service allows you to earn up to 90% in under 30 seconds by simply predicting whether the chosen asset price will move higher or lower from its current rate.
This is just like Options trading and there is a demo account funded with 1 BTC where you can check out this service.
Find more information on Prime XBT Turbo service here.
Covesting
Prime XBT is working on integrating the Copy-trade technology with its established partner Covesting.
Covesting integrates directly with the trading platform allowing users to view and mirror the tactics of other proven traders. You can then follow other successful traders and profit automatically without having to personally trade on the market.
This service is still under works but will be launched soon.
If you’d like to know more, make sure to check out the Sneak Peek of the Covesting module.
Referral Program
When you become a Prime XBT Affiliate partner, you get up to 50% of what your referrals pay in trading fees. You can:
- Earn $10,000+ per month
- Build your own profitable business with no investment
Affiliate earning starts in these 4 quick and easy steps
Next, I will be outlining the assets supported on Prime BXT.
Read on to the next section.
Supported Assets and Their Leverage
- Cryptocurrencies (up to x100 leverage) – BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, EOS/BTC
- Indices and Commodities (up to x100 leverage) – BRENT, CRUDE, DOWJ, EUR50, FRANCE, NAT.GAS, GER30, SP500, SPAIN, NASDAQ, HK-HSI, AUS200, JAPAN, UK100
- Forex – (up to x1000 leverage) AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/SGD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/SGD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/SGD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY
- Spot Gold and Spot Silver (up to x500 leverage) – XAU/USD, XAG/USD
You can find contract specifications for all assets here.
Supported Countries
Prime XBT is a global exchange that supports most countries of the world. I say most countries because you cannot access its services from certain countries such as :
- USA
- Quebec
- Algeria
- Ecuador
- Ethiopia
- Cuba
- Crimea and Sevastopol
- Iran
- Syria
- North Korea or Sudan
- Any state/country/jurisdiction that is embargoed by the USA
Prime XBT’s Fees
There are two types of fees: Trade fee and Overnight financing.
The Trade fee is incurred each time you buy or sell assets on the market (i.e. each time you open and close a position):
- 0.05% for Cryptocurrencies
- 0.001% for Forex
- 0.01% for Indices and Commodities
Overnight financing is withheld from Trading account balance at 00:00 UTC, for any position that is carried into the new trading day.
A trading day is a 24-hour period which begins at 00:00 UTC and ends at 23:59:59 UTC.
A trading day is used to determine when Overnight Financing is charged and when a Day order is canceled if not filled.
Any position closed before 00:00 UTC will not be charged at all.
Overnight financing is not charged on weekends for markets that are closed during this time. However, a triple financing rate is due on Thursday 00:00 UTC.
Detailed information regarding fees and trading conditions for all available instruments can be found here: https://primexbt.com/fees.
Withdrawal fee – 0.0005BTC
Payment Methods
All customer accounts are completely Bitcoin-based. This means that all deposits, withdrawals and account balances are all kept in Bitcoin.
When you make a deposit, there is a neat API that is linked to Changelly that allows users to buy Bitcoin or exchange altcoins into Bitcoin for trading purposes.
Forex trading adds the big fiat currencies to the trading list with USD, EUR, AUD, GBP, JPY, and CHF available for trading in various pairs.
But, though you have leverage trading available for these pairs, you can only make withdrawals in Bitcoin.
Prime XBT Trading Limits
The limit is a restriction on the size of a position each individual client can maintain with PrimeXBT. The exchange will not allow clients to place orders which will exceed the limit if executed.
The restriction is set by the PrimeXBT risk management department and depends on such factors as instrument liquidity, volatility, and other market conditions.
Find the limits stated in the diagram below.
Though there are no withdrawal limits, your balance has to be more than the withdrawal fee of 0.0005 BTC before you can make withdrawals.
For deposits, the minimum amount you can deposit is 0.001BTC
Customer Support and Public Opinion
Prime XBT has a comprehensive Help Centre that answered most questions its users may have. But if there will still be the need for you to make contact, you can reach them via:
- Livechat
- Support@help.primexbt.com
- Prime XBT Telegram Support Bot
Its Livechat responds under 4 mins of your query but yet to get a reply for the query I sent via mail.
It also provides video tutorials that enable users to understand how to use the exchange easily.
The exchange has an excellent rating of 78% on Trust Pilot with most reviews commending:
- Its user interface
- Fast execution of orders
- The ability to trade other assets together with cryptos on the same platform.
Frequently Asked Questions(FAQs)
You will follow these five simple steps to startup:
1. Visit primexbt.com and click on ‘Register’ at the top right-hand side of the page.
2. Fill in the required details – your email and password and click ‘Register’.
3. A confirmation link is sent to your mail. Go to your mail and click ‘Confirm’.
4. Your registration is now complete. Click on ‘Login’.
5. Select your country and click ‘Finish’. You can now fund your account and begin trading on the exchange. 
To begin trading, you will first need to fund your account.
There are 2 options to fund your account:
1. Direct BTC deposits from your personal BTC wallet to your PrimeXBT wallet: Go to the Deposit page of your account, copy your PrimeXBT wallet address and paste it into the destination field on the site from which you are transferring funds.
2. Deposits through 3rd party services, such as ‘Changelly’: This allows you to purchase BTC using a bank card. On the ‘Deposit’ page, you will find a 3rd party deposit option – ‘Changelly.’ Changelly allows you to buy BTC with a bank card, and have it transferred to your PrimeXBT wallet.
You can check out this Deposit video tutorial for further directions.
I will recommend that you use a separate Email+Password combination that you are not using for other services.
Also, enabling 2FA (2-factor authentication) and login notifications are very important. These features can be enabled from the System preferences menu of your account.
Conclusion
Prime XBT is a BTC-based margin trading platform, offering leverage trading with assets from numerous markets.
With just your email address, you can own an account in Prime XBT and can start trading with lots of leverage.
But then, be careful how you trade leverage; in as much as you can make more profits, you can also run into great losses.
With that, I bring to a close today’s discussion.
So far, it has been an informative one and I am sure you learnt a lot.
Now, let me know:
Do you have an account with Prime XBT or you are yet to sign up?
Have you tried out the Turbo service? What is your experience?
While trading on the exchange, which of the assets do you leverage on?
What other payment methods/assets will you want the Prime XBT team to add to the exchange?
Let me know your thoughts and any questions you may have in the comment section below.
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