PRIME XBT REVIEW – A COMPREHENSIVE GUIDE
Prime XBT is a pioneering cryptocurrency exchange that was established in Seychelles in early 2019. It has expanded rapidly and now has clients all over the world. The company’s mission is to build a revolutionary platform that provides its customers with the resources they need for their day-to-day trading activities. Prime XBT was named the best crypto margin trading award winner by ADVFN International Financial Awards in 2020. Here is a detailed analysis of the Prime XBT, including everything you need to learn about its features and capabilities.
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OVERVIEW – FACTS ABOUT PRIME XBT
Prime XBT is a Bitcoin-based digital exchange that allows users to trade virtual currencies and Futures contracts on its site. This company was established in Seychelles in early 2019. Prime XBT Trading Services is the holding firm, and its business number is 148707. In early 2019, the platform introduced its books to the industry. They have since established an office in St. Vincent and The Grenadines and relocated their trading infrastructure to Switzerland. Presently, they appear to have over $375 million in trading volume and over 30 members of staff.
Prime XBT, despite being a young business, has undergone rapid growth in a brief span of time, with customers from 150 multiple nations. As per the platform, the vision of the organization focuses on developing a ground-breaking platform that provides consumers with the resources they need for their everyday financial transactions.
Prime XBT provides a dynamic forum filled with valuable trader instruments that are appropriate for both novice and experienced traders. In an attempt to defend investor funds and trading operations from cyber threats, the trading company has also implemented industry-standard security practices. The customer service desk is open 24 hours a day, seven days a week to ensure that traders can get help whenever they need it. English, Chinese, Spanish, Korean, Portuguese, and Russian is the languages supported by the platform.
One of Prime XBT’s key compelling factors is that they offer leveraged trading for a variety of different holdings. There are six cryptocurrency pairs with a maximum leverage of 100x, as well as a range of forex and commodity assets with leverage of up to 1,000x.
WHY CHOOSE XBT PRIME?
Prime XBT is an outstanding cryptocurrency margin trading platform for traders searching for a chance to swap cryptocurrencies and conventional markets using Bitcoin (BTC) as margin collateral. Here are some of the platform’s appealing aspects and explanations why you should use Prime XBT:
- It’s a platform based on Bitcoin. Prime XBT allows you to fund and use several brokerage accounts with Bitcoin (BTC), Ether (ETH), Tether USD (USDT), and USD Coin (USDC), but all transactions on the exchange are in BTC.
- The freedom to exchange conventional assets as well as top cryptocurrencies on margin. With up to 100x leverage, exchange bitcoin, ether, Litecoin, EOS, and XRP, as well as top shares, resources, and Forex. More than 50 assets from the crypto and conventional worlds are supported by the network.
- A platform that is robust and well-designed, with widgets that can be customised. It includes over 12 integrated liquidity suppliers, is competent in performing up to 12,000 orders per second, and ensures that the average order is completed in much less than 7.12 milliseconds.
- Module for covesting. Prime XBT interacts directly with Covesting, another cryptocurrency social trading site, allowing you to monitor and automatically copy the behaviour of expert traders.
- Platform with low fees. When it comes to fees, Prime XBT is highly straightforward and promises some of the lowest fees available.
- The right to privacy. Prime XBT is a pro-privacy trading exchange, that ensures there are no KYC (know your customer) tests needed before you can begin trading. Nonetheless, the portal has collaborations with a variety of anti-money laundering (AML) network operators.
Overall, Prime XBT is a forward-thinking player in the margin trading room. Given its user-oriented emphasis, simplicity, and ever-increasing line up of revolutionary functionalities, it is likely to continue to grow its devoted customer base and then become a top choice for both amateur and professional margin traders.
If you’ve wanted to try out the Prime XBT platform, you’ll need to create an account. You would need to supply them with an email address and a passcode in an attempt to do so. If you were issued a referral code, you can also enter it here. They will send an email to the account you given in turn for you to verify it. After that, you can return to your account and access the trading portal and account functions.
You may have noted that when you create an account for Prime XBT, no forms of verification are needed. This is due to the fact that they are among the few platforms that do not perform KYC or AML testing on their customers. They are a completely anonymous platform, which can be beneficial for traders who respect their internet freedom and do not want to submit personal documents. Furthermore, this renders the exchange less appealing to identity hackers searching for tempting opportunities in datasets.
A digital wallet and a trading platform are available in the members’ section. The wallet is where the dealer keeps his or her Bitcoin holdings. The trading account enables the trader to use the Bitcoin deposited in the wallet directly on the payment network. Deposits and withdrawals are made to and from the wallet. The trading account is supported by transferring money from your wallet to the system interface. Trading will begin as soon as the trading account is funded. Prime XBT does not serve traders from the United States, Canada, Seychelles, or cities, regions, or entities subject to United Nations or European Union restrictions.
DEPOSITS AND WITHDRAWALS
Prime XBT is a cryptocurrency-only exchange. This implies that they do not accept Paper money financing and that all deposits and withdrawals must be made in Bitcoin. If you want to finance your account with Bitcoin, you must use a Money intermediary such as Bit stamp or Kraken. If you have your Bitcoin, it is pretty easy to finance your wallet. You can navigate to your account menu and click the “Deposit” icon. This will redirect you to the deposit tab, in which you can enter your Prime XBT Bitcoin address. You will transfer your Bitcoin to the appropriate address once you have it. The transaction may take some time to appear in your account because they need a total of 6 channel verifications before crediting it.
Withdrawing funds from your wallet is equally easy. In this scenario, you can proceed to the “withdraw” page and present them with your private Bitcoin address. This is the Bitcoin address you want to white-label for all potential withdrawals. You would have to wait for them all to approve the withdrawal after you have submitted it. If you are demanding a large withdrawal, it will take some time to be approved. This is due to the fact that transfers are conducted from hot wallets, and if there is not enough onboard, they may be forced to access funds from their disconnected cold wallets.
If Prime XBT detects irregular behaviour or a withdrawal request reaches a certain number, it has the power to manually check it until it is authorised. This will cause a withdrawal to be delayed until it is authorised. If you want to withdraw money from your account, go to the Withdraw tab.
PRIME XBT TRADING WEB PLATFORM
The first thing you’ll note about the framework is that it allows for a great deal of versatility. You can create your specific workspaces, which you can navigate from the platform’s top. They’ve also built this system around “widgets.” This implies you can add a new panel to each of your preferred workspaces. These widgets may include a map, order type, trades, notifications, and so on. You can pick “add widget” and be presented with a list of various ones to choose from. You can extend the network across multiple screens, or you can have multiple markets on a single screen.
Prime XBT appears to have very extensive charting features when it refers to the charting kit. This may be perfect for those of you who enjoy trading using technical analysis. You can alter the layout of the charts using a variety of customizable features. Shades, lines, and positioning are examples of these. You may also use a multitude of technical studies and metrics. All of the momentum metrics, as well as relative strength and volume-based analyses, are included. You may also change the timescale and other essential inputs to configure the markers.
PRIME XBT TURBO TRADING PLATFORM
The Turbo platform is by far the most user-friendly for those who are new to Prime XBT. This essentially enables you to hold a position on a commodity over a defined amount of time for a predetermined profit. You can think of these as “Digital” items because if your price forecast was accurate at the end of the expiry period, you would receive the set payout. You can go long (up) or short (down). When it refers to the length of these transactions, you have three choices. The last 30 seconds, one minute, or five minutes (so pretty short).
Currently, you can only exchange six different assets. There are BTC/USD, ETH/USD, EUR/USD, GBP/USD, EUR/JPY, and USD/JPY – not quite as many as with the network itself.
Based on the expiry period, the potential benefit from a successful forecast will range between 70% and 85%. It should be noted, however, that the maximum risk you face is the amount invested. This implies you have a low chance of losing money. The social element of the Turbo platform at Prime XBT is another thing that is cool about it. You will see what other market participants have been doing and compete against them on the leader board. This gives you a strategic advantage in your trading.
PRIME XBT COVESTING MODULE
Trading strategies can be set up and managed using covesting. It displays a public pool of a trader’s resources that can be replicated by others. This gives both seasoned active traders and enthusiasts the ability to improve each other’s revenue potential. You can now build a plan or monitor traders using USDC, USDT, and other currencies after the platform update. Covesting, a fully licenced DLT services provider, provides this module. Covesting, together with Huobi, Etoro, and CEX, was among the first to obtain a DLT licence in Gibraltar.
PRIME XBT MOBILE PHONE APPLICATION
Many of you who would be away from the computer will be relieved to know that Prime XBT has smartphone applications. These will make sure to keep track of your trades while you’re on the move. These are compatible with both iOS and Android devices. They have a lot of the same features as the desktop platform. You have charting, easy order execution, and account management. You can tailor your template to your trading preferences. You also have a broader range of order options than we’ve seen on other exchanging mobile apps.
TRADING FEES AND BONUS
Prime XBT has one of the lowest fees of any exchange. There are no deposit charges on the site, but any withdrawal will charge you 0.0005 BTC – a regular fee to pay the expenses of your Bitcoin transaction. Trade Premium and Overnight Financing are two additional principal fees at Prime XBT. Any time you open or close a spot, you are charged a Trade Fee:
- 05 percent for cryptocurrency transactions
- For indices and commodities, the rate is 0.01 per cent.
- For Forex, the rate is 0.001%.
This borrowing cost (financing) is determined by the underlying asset’s liquidity. You are not subjected to overnight borrowing if you open and close a leveraged account during the same trading day. The exposure limit is a limit on the size of a position that a single client can hold with Prime XBT. Clients will not be able to put orders that, if implemented, will surpass the cap. The Prime XBT risk management department determines the limitation, which is based on considerations such as instrument liquidity, volatility, and other economic conditions.
PRIME XBT REVIEW – CONCLUSION
In the competitive virtual currency trading market, Prime XBT has built a solid offering. The bitcoin exchange is simple to use, and Prime XBT distinguishes itself from the rivalry with low fees, tight spreads, and class-leading leverage of 1:100. The platform officially launched in 2019 and has since built solid credibility in the marketplace.
Prime XBT is a prominent figure in the commodities trading community. The platform distinguishes itself by taking a firm position against forced anti-privacy laws, which is a huge plus for privacy advocates. Notwithstanding its many amazing tools, Prime XBT’s trading platform is designed for both seasoned and novice users, and it offers a clutter-free experience. Using smart integrations such as Covesting is a strategic and transparent approach to expanding the platform’s capabilities beyond its default domain and creating a wholesome trading experience.
PRIME XBT FAQ
Is trading on prime XBT safe?
Yes, indeed! It is risk-free. Cloudflare protects it from DDOS attacks. Amazon Web Services provides SSL security for the website (AWS). This encrypts all data sent over the internet. Just a portion of the funds are kept in the hot wallet; the remainder is kept in the cold wallet.
Which top currencies can I trade on prime XBT?
The top coin besides Bitcoin to trade on PRIME XBT are Ethereum, Binance Coin, Tether, Cardano, EOS, XRP, Uniswap, Litecoin, and Chainlink.
What are the best prime XBT alternatives?
The top prime XBT trading exchange alternatives are UPHOLD, Binance, Coinbase, Poloniex, BTCC, Local Bitcoins, C-Cex, and Bitfinex.
Can I use prime XBT in the US?
Since Prime XBT is an unlicensed cryptocurrency exchange, it is not accessible to consumers in the United States or Canada, for instance. Prime XBT, on the other hand, is sponsored in over 150 other countries around the world.