In the world of cryptocurrencies, a lot have been changing as fast as possible, and same with crypto exchanges where these crypto coins are traded.
The ones that cannot keep up with the pace may find themselves loosing or being left behind.
This is exactly what is going on as trend among cryptocurrency trading and exchange platforms like Bittrex, Poloniex etc. This trend has also met up with the margin trading realm too.
Margin trading platforms that don’t adapt to the ever-changing needs of the cryptosphere, are getting discarded by the market trend forces – new ones are taking over old ones.
One of the current top margin platforms, which has raced its course to the front-lines of crypto margin trading is PrimeXBT.
Maybe you have heard of it, but never knew the exact kind of crypto trading platform that it is, or even under-the-HUD features that made it uniquely different from the rest.
In this post today, am going to start introducing PrimeXBT review by detailing out how it can help you to make huge returns on investment.
So let’s get started… shall we?
What is PrimeXBT?
As a completely Bitcoin-based exchange, Prime XBT operates in an almost border-less global manner with minimal compliance to regulation.
Since late 2018, PrimeXBT have made a name for itself as the best crypto margin trading platform that can allow you to trade up-to 30+ assets including crypto assets, stock indexes (S&P500, FTSE100), commodities, and forex all with one account.
In 2019, it experienced a throttling growth owing to its customer-centric approach paired together with superior products that have lured crypto traders to move from their favorite trading websites to PrimeXBT.
At PrimeXBT 100x leverage trading on BTC, ETH, XRP, LTC and many more favorite cryptocurrencies is all possible – thanks to their recent top-notched technology.
You can actually go long or short, whenever you wish based on the Technical Analysis (TA) done on the clean UI of PrimeXBT.
All this heavy trading of different assets including cryptocurrencies is done on their specially designed trading engine capable of executing over 12,000 orders per second to give you a seamless experience.
How PrimeXBT works
The trading platform offers a wealth of options not seen on many Bitcoin-based exchanges. I say Bitcoin-based as all accounts are funded only by Bitcoin.
100x leverage cryptocurrency markets are the flagship service with 5 different assets to choose from. Forex trading markets add to this selection with leverage up 1000x.
An incredibly high margin and something generally found in unregulated Forex platforms.
Prime XBT also offers high profile indices to trade against including S&P500, FTSE100 and JAPAN, as well as such commodities as Gold, Natural Gas, Crude Oil, Silver and more.
All trading is carried out in one slick trading platform that boasts customization widgets for users to design their trading view.
PrimeXBT has plans to integrate Covesting technology directly into the crypto trading platform, allowing users to view and mirror the tactics of other proven traders.
If you would like to get started trading on PrimeXBT, click this link to get started!
PrimeXBT Advanced Order types
Going long or short is easy with PrimeXBT, especially, in the volatile world of cryptocurrencies, because of the low margin requirements and high crypto leverages.
Main order type are:
- Market Order
- Limit Order
- Stop Market Order
- OCO (One-Cancels-The-Other)
Fund protection order types are:
- Stop Loss
- Take Profit
PrimeXBT act as a broker and all trades are settled in Bitcoin. Also, collateral/margin is used in Bitcoin. But trading itself is more similar to STP brokerage rather than an exchange with internal order books.
PrimeXBT payment methods
Customer accounts are completely Bitcoin-based. This means deposits, withdrawals and account balances are all kept in Bitcoin.
Upon deposit, there is a neat API linked to Changelly which allows users to buy Bitcoin or exchange altcoins into Bitcoin for trading purposes.
Bitcoin, Ethereum, EOS, Litecoin and XRP are all available to trade in Bitcoin or USD pairs. It makes up a decent selection of coins for a margin trading platform although fewer options than Bitmex.
Forex trading adds the big fiat currencies to the trading roster with Australian Dollar, Euro, British Pound, US Dollar, Canadian Dollar, Swiss Franc and Japanese Yen on offer in various pairs.
Note: while you can margin trade on these markets, fiat currency support is minimal with no deposit/withdraw options (i.e. you’ll need to withdraw your profits in Bitcoin).
- 100% anonymous accounts, no KYC verifications, no lengthy form and no personal details are required.
- Competitive service fees and trading conditions.
- Ultra fast trade executions courtesy of superior technology and top-tier liquidity sources.
- Up to 1:100 leverage on crypto assets. This is very competitive.
- Modern sophisticated platform suitable for the professional trader as well as the new trader.
- No demo account is provided. This would be have been perfect for practice, strategy testing and platform familiarity in a risk free live trading environment.
- No service to clients from USA, Canada and other regions where the local laws will interfere with PrimeXBT services.
Since the platform is for cryptocurrency-focused users, PrimeXBT supports 5 cryptocurrencies such as BTC, ETH, LTC, XRP, and EOS with 9 different trading pairs. So broadly speaking they charge two types of fees: trade fee and overnight financing.
Mind you that; Since instruments at PrimeXBT are leveraged products, you finance the traded value through an overnight financing. This borrowing cost (financing) is dependent on the liquidity of the underlying asset.
If you open and close a leverage position same trading day, you’re not subject to overnight financing. For other assets, you can check their fees and conditions here.
PrimeXBT withdrawal fees
At PrimeXBT margin trading platform, you are charged a withdrawal fee of 0.0005BTC each you would want to withdraw your bitcoin investment from the platform.
PrimeXBT supported countries
PrimeXBT isn’t targeting any country in particular, and since it doesn’t touch fiat currencies there is no KYC (Know Your Customer) verification process required. It is a global platform for global users and lovers of crypto margin trading.
However, PrimeXBT does says that it doesn’t accept users from such countries, or territories where its activity shall be specially licensed, accredited or regulated by any means.
Therefore, users should check any law applicable to their and should be responsible for it – that is, if they are in any such country, for example, PrimeXBT United States prospective users, as there are totally no PrimeXBT USA customers.
Moreover, PrimeXBT margin trading platform’s simple and beautiful UI is also available in 8 international languages such as English, Chinese, Japanese, Russian, Spanish, Korean, Portuguese, and Turkish.
Customer support team
Personally speaking, i have had any reason to use the customer service offered by PrimeXBT yet. Though, there’s a live chat support ticket function on the website, but for a long i haven’t checked it out.
However, many people said the support ticket takes time to respond, and if eventually a reply did arrives, it simply push you to a support email contact form.
Upon emailing the supplied email address, no reply will be returned. Company stats supplied for this review claim that the average response time is 9 minutes, so this may have just been a singular case anyways.
The company also supplies a knowledge base and video tutorials that help users understand the platform fast and easy. Plenty of glowing customer reviews appear when checking out the companies reputation.
People have actually given the platform many 5-star ratings on review sites, but yet, some people still question the legitimacy of those reviews.
For example, forum members on BitcoinTalk have accused staff posing as customers along with pointing out some interesting anomalies.
However the company itself made it known on Reddit that they don’t have any official account on BitcoinTalk crypto forum, and that it may have been a scammer trying to cheat people out of their funds.
The PrimeXBT Affiliate Program offers you lifetime commission payouts and allows you to build a full-scale business with no initial investments with a 4 level referral system. You can get up-to 50% of what your referral pays in trading fees.
How does the PrimeXBT Affiliate Program Work?
- An affiliate shares the referral link on their social media network, website, YouTube channel or blog
- A customer clicks the link and get registered on PrimeXBT platform
- The customer then trades on the platform while paying trading fees for each transaction
- The affiliate receives 50% of all the trading fees from the customer’s transaction
They also have a $1,250 CPA (Cost Per Action) type of affiliate sale – One of the most profitable CPA offers on the market today!
You can get paid between $40 – $1,250 for every qualified trader you introduce to the PrimeXBT platform. Make sure to register on PrimeXBT and start making money as a crypto trader, as an affiliate marketer (if you have a blog or website of your own).
PrimeXBT promo code
Promo codes are special alphanumerical codes which allow you to receive a discount on trade fees, overnight financing or receive a deposit bonus on PrimeXBT.
Promo codes are generally issued individually as a unique code but may also be found across the internet in relevant trading communities, blogs, and social media platforms.
You can claim a 35% deposit bonus and without promocode on Prime XBT by registering here.
Is PrimeXBT legit or not?
I must that PrimeXBT is currently the finest crypto margin trading platform with huge liquidity and superior architecture so that there are no slippages.
The last thing to understand about PrimeXBT is that though it is a sort of a crypto exchange that is more like CFDs, but settled in BTC and not futures.
Don’t get confused with that but in any case, PrimeXBT’s product offers the same kind of leverage and protection you would get when trading futures but with higher flexibility.
Lastly, do not leave your cryptocurrency investment for too long on an exchange like PrimeXBT (even though it is secured), but transfer some of your assets into a more secured cold storage wallet.
Offline crypto wallets are mostly safe from theft and hackers, because it does not need internet to store your cryptos. So what are you waiting for?
Do fast and register yourself on PrimeXBT right away, before it closes its registrations, as next cryptocurrency bull-run, which is imminent will cause massive inflow of traders to the platform, as it is still new!!