Prime XBT is a popular Bitcoin-based cryptocurrency exchange that allows speculation in traditional financial products. With Bitcoin as security, traders can trade a variety of markets, including forex (FX), cryptocurrencies, commodities, and indices – something not many cryptocurrency exchanges offer today.
This review by PrimeXBT evaluates platform features, user interface, deposit methods, available trading pairs, trading fees, security and customer service. While we strive to provide you with accurate and up-to-date information, we strongly encourage you to visit the website for any changes that may occur thereafter.
What is Prime XBT?
Prime XBT is a Bitcoin-based leveraged trading platform that allows consumers to speculate with Bitcoin on price movements in traditional financial markets. It combines the speed and trading experience of a crypto exchange with a wide variety of markets typically offered by traditional brokers such as CMC, Pepperstone, and IG Markets.
This means you can use 1 Asset (BTC) to trade 30+ assets to trade on a Bitcoin wallet. You don’t have to worry about deposits or fiat banks, everything is faster and cheaper with only Bitcoin.
Prime XBT was founded in 2018 and has grown exponentially. Currently serving customers in more than 150 countries with an average daily volume of $ 375 million.
This exchange provides access to first-class liquidity and a variety of trading instruments while maintaining security and liquidity, while enabling a safe and efficient trading environment for everyone.
The registration process with Prime XBT is very fast. No KYC for registration suitable for many investors. All you need is a valid email address and then you can deposit bitcoins and start trading right away!
The exchange asks you to deposit funds when you first sign up. Since you will skip this step to activate 2FA, go to “Account Summary” and there is a “Deposit to Wallet” button which will display your personal Bitcoin deposit address on Prime XBT.
There are two ways to deposit BTC on Prime XBT:
Open your hardware wallet application or other online exchange and download Bitcoin at the BTC wallet address
Buy Bitcoin instantly with a credit card or exchange other cryptocurrencies with Changelly
If you don’t want to use Changelly, you can find an alternative exchange between Fiat and Crypto to buy Bitcoin and then deposit to Prime XBT. After you deposit Bitcoin, you can start trading with PrimeXBT Exchange.
Chart of Prime XBT
For all traders, the graphical interface is one of the most important considerations when choosing a crypto exchange. Especially for traders who rely on technical analysis to seek market profits.
When choosing a cryptocurrency exchange, you need to feel comfortable with the trading interface. You have to feel right because this is where most of your time is spent!
When you first launch the Prime XBT, the first thing you will notice is how well-designed, smooth and intuitive the dashboard is. No complicated menus or distractions – just an easy-to-use trading interface.
Trading pairs are listed on the left, where you can switch between different asset classes.
There is one feature in this exchange that will impress serious traders. That said, the Prime XBT supports displaying multiple price charts up to a quad-core display. Not all cryptocurrency exchanges can provide this function. Traders can configure the GUI to suit their own style. For example, you can use a square graphic view to show multiple time frames.
For example, if you want to withdraw Bitcoin, you can use this chart mode to view BTC prices for 15 minutes, 1 hour, 4 hours and daily timeframes directly on the trading interface. This simple feature provides consumers with a visual perspective on general market sentiment without changing the price chart timeframe.
Alternatively, users can use the multi-chart display to monitor the live prices of various asset classes such as Bitcoin, AUD, Gold and NASDAQ at the same time. The multi-chart view responds instantly and is a real boon for the platform.
PrimeXBT charts contain all the advanced cryptocurrency trading tools you would normally expect for a modern cryptocurrency trading platform, such as: B. Draw lines, rectangles, horizontals, Fibonacci corrections, arrows, text, etc. Apart from that, PrimeXBT has a series of chart indicators which can be added to any chart, eg.
– Simple moving average
– Relative Strength Index
– Bollinger Bands
– Moderate true range
– And much more…
Compared to other exchanges, the graphical interface and tools offered with Prime XBT are just as outstanding as other exchanges. If you are a technical analysis dealer, you will be satisfied with the smooth plotting that Prime XBT provides.
Compared to other cryptocurrency exchanges that are linked to TradingView charts, we have to say that PrimeXBT’s graphical mechanism accumulates very well.
How To Trade Using Prime XBT
There are two ways to start trading with Prime XBT. The first is to go to the “Buy” and “Sell” buttons in the upper left corner of the trading window. The New Order field will then appear (see below). Another option we like is to right click on the screen where you want to place a limit order. The price levels are pre-populated so you don’t have to enter them.
The order window is clean and easy to use. The drop-down menu allows you to choose from the different order types that Prime XBT offers. This includes:
Consumers have the choice to determine the risks and take the rate of return with them. The Stop-Loss / Take-Profit window calculates the estimated profit and loss of a trade by entering values for Stop-Loss and Take-Profit. This means that traders can quickly determine the risk percentage of a transaction before entering it to ensure that it complies with their risk management rules.
Once a position is triggered, the assets, position size, entry price, margin, and unrealized income statement are displayed and updated at the bottom of the screen in real time.
To modify live trading, you can click on a chart order, which will open a window for adjusting the Input Price, Profit and Stop Loss values.
Prime XBT Trading Assets
With the Bitcoin guarantee, users can trade a variety of markets, including Forex (FX), cryptocurrencies, commodities and indices. So, you don’t have to settle for trading on the cryptocurrency market when there are no trading opportunities.
You can also turn to traditional financial markets. Prime XBT offers trading in dozens of cryptocurrencies, indices like the NASDAQ, commodities like oil and gold, currencies like EUR / USD and many others.
For those who prefer to stick with digital coin trading, there are 9 cryptocurrencies available that can be traded leveraged against USD or BTC.
If you choose to trade in the traditional financial market, multiple assets will be swapped so that you can trade Bitcoin (BTC) in the following markets:
Crypto: Bitcoin, Ethereum, Litecoin and others
Indices: S&P 500, FTSE 100, Nikkei 225 and others
Forex: USD, EUR, JPY, etc.
Goods: gold, silver, oil, etc.
Main XBT lever
PrimeXBT offers 1: 100 leverage for all cryptocurrencies, commodities and indices available on the platform and 1: 1000 leverage for Forex specialties. All users are automatically assigned purchasing (or selling) power equivalent to 100 times the deposit value. We also offer the highest leverage on our other instruments so you can maximize your trading profits.
Leveraged trading can be a powerful tool for traders. You can use this to take advantage of relatively small price movements to make your balance grow faster. It works by showing a portion of the total value of your transaction – and the exchange provides the rest of the deposit to allow for much larger positions without tying up your capital. Moreover, it can have the opposite effect and increase the size of your losses.
An example of how Prime XBT leverage works is shown below.
Lever for primexbt
The main cost of XBT
Exchange fees are an important consideration when choosing a cryptocurrency exchange. This is even more important when trading larger positions and on the Leverage Exchange, where you pay a fee for a position that is much larger than your margin. PrimeXBT is very clear and transparent with fees listed on the website.
Deposit / withdrawal
PrimeXBT does not charge a deposit fee. There is a minimum fee on the Bitcoin network that is applied when withdrawing Bitcoin from an exchange. This is determined by the blockchain load. Prime XBT has limited these fees at 0.0005 BTC, which is the standard.
PrimeXBT charges two types of fees: trading fees and overnight funding. Trading fees for cryptocurrency assets are 0.5% for each buy or sale on the market. The funding fee per night varies depending on the liquidity for different cryptocurrencies. Basically, the cost of borrowing is funding a leveraged position overnight. If you open and close a leveraged position on the same trading day, you will not be eligible for overnight funding.