PrimeXBT is undoubtedly amongst the main cryptocurrency exchanges, however in contrast to a lot of its counterparts, the platform additionally helps the buying and selling of legacy market merchandise akin to shares, commodities, and foreign exchange.
The platform was based in 2018, and from the very starting, it managed to develop exponentially. At current, the trade serves shoppers in over 150 international locations, offering adequate liquidity and quite a lot of buying and selling devices.
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PrimeXBT implements a excessive degree of safety measures, and as of writing these traces, it has by no means been hacked. The general buying and selling interface is simple and simple to work with.
Beginning off, let’s check out all the obtainable markets on PrimeXBT, as that is positively a singular characteristic that’s totally different from most cryptocurrency exchanges.
PrimeXBT permits its customers to have interaction in buying and selling a few of the main indices akin to NASDAQ 100, the S&P 500, NIKKEI 225, ASX 200, and others alike. Customers can open each lengthy and brief positions in an try and revenue from the motion of the value, no matter whether or not it’s constructive or unfavorable.
Alternatively, merchants may interact with the worldwide markets for commodities. A few of the extra fashionable ones embody Crude Oil, Pure Fuel, Gold, Silver, and so forth.
As a result of they’re provided via CFDs (Contracts for Distinction), customers don’t have to fret about bodily deal with the storage of these merchandise.
The world’s international trade market is undoubtedly the most important one there may be, and PrimeXBT presents a few of the most recognizable currencies from international locations such because the UK, the US, Australia, Canada, and so forth.
Merchants can open positions on the USD, the British Pound, the Yen, the Euro, and so forth.
After all, the trade additionally helps cryptocurrency buying and selling with leverage. On the time of this writing, the supported cash embody Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Litecoin (LTC), Ripple (XRP). These are all traded in opposition to the USD, whereas ETH, EOS, LTC, and XRP may also be traded in opposition to BTC.
Registering on PrimeXBT is pretty easy and simple. Customers solely have to offer an electronic mail, select a password, and (optionally) present a phone quantity for enhanced safety. That is how the registration kind seems like:
Initially, there’s no must undergo an in depth Know-Your-Buyer (KYC) verification, and you can begin buying and selling instantly. Nonetheless, based on the platform’s KYC web page:
“We reserve the appropriate at any time to conduct a verification of a shopper’s id or supply of funds, often known as Buyer Due Diligence (CDD), to make sure that PrimeXBT companies aren’t abused and the person doesn’t violate AML necessities.â€
In different phrases, PrimeXBT would possibly require a further evaluate that would have you ever hand in some or all the following verifications:
For safety measures, and earlier than you deposit even one Satoshi, It’s additionally extremely beneficial to allow the Google Authenticator 2FA for an added layer of safety. This may be achieved from the “System preferences†tab in your account settings.
Depositing funds on PrimeXBT is absolutely easy, although the one accepted foreign money is Bitcoin. The identical is true for withdrawals – customers can solely withdraw BTC.
If you wish to deposit, all you could do is go to your account settings, choose “Deposit,†and ship BTC to the supplied handle.
Moreover, merchants may purchase BTC utilizing a credit score or a debit card (increased charges would possibly apply). To withdraw, merely go to the withdrawal tab and enter the quantity of BTC and the vacation spot handle. That’s all the pieces there may be to it.
By customizing widgets and your platform structure, you’ll be able to create a workspace that meets your wants. That is achieved utilizing the “Add Widget†button.
The platform has supplied the choice so as to add a variety of various widgets for trades:
There are different widgets which you can add, akin to order historical past, order books, alerts, image library, account widgets, assertion widgets, and plenty of others.
These are only a few examples of how your workspace may appear like:
The simplest solution to image margin buying and selling is by utilizing division. So, for instance, you probably have chosen leverage that’s occasions 10, then you’ll be able to anticipate the price of the place to be decreased by an element of 10. In different phrases, it will likely be divided by 10.
This lets you commerce the chosen pair by borrowing from the platform. After all, the upper the margin is, the extra funds you need to borrow, and that’s why charges can even value extra, and the liquidation worth shall be nearer.
PrimeXBT presents as much as 1:100 leverage on all the digital property obtainable on its platform. The core factor to know is that merchants are routinely supplied with shopping for or promoting energy, which is the same as 100x occasions of their steadiness.
Merchants can simply set the leverage by adjusting the place measurement quite than adjusting the leverage degree itself like the opposite margin buying and selling exchanges. For instance, a person can open a 5 BTC place whereas having a 1 BTC deposit on a buying and selling account, which is able to end in an efficient 5x leverage.
Earlier than you begin, you would need to fund your buying and selling account. To do this, go to the “Account Abstract†web page and click on on “fund buying and selling account.â€
After you have funds obtainable within the buying and selling account, you’ll be able to click on on “Commerce†from the highest navigation bar.
Now, we’ve custom-made the buying and selling interface a bit, and that’s the way it seems like. You’ll be able to just about do the identical in case you just like the outlook:
On the left facet, you will note the watchlist. There’s a drop-down button that claims “All markets,†and you should use it to pick out the actual market you wish to commerce. For this information, we’ll use Crypto, because the pair that we wish to commerce is the BTC/USD.
Now, above the coin chart, you will note two buttons – Promote and Purchase the chosen asset – on this case, Bitcoin.
As quickly as you hit one in every of them, this may set off a further window the place you’ll be able to choose the particular kind of order you wish to place:
There are 4 obtainable order sorts:
For this pattern place, we’ll use an everyday market order to purchase BTC on the present charges. We wish to buy 0.01 BTC on the present worth of $15,470. That is the way it seems like:
As you’ll be able to see, we solely should submit a 0.00010039 BTC margin due to the automated leverage that PrimeXBT has assigned. If you wish to cut back the chance, you’ll be able to merely open a smaller place. Alternatively, in order for you a extra dangerous commerce, you’ll be able to go forward and open a bigger place.
As quickly as you’re proud of the order, you’ll be able to go forward and press “Ship order.†This can routinely open your place and place it within the “Positions†tab.
As you’ll be able to see, that is the place you observe the efficiency of your place. The tabs hows your sizing, the fill worth, the present worth, your revenue or loss, take revenue and stop-loss targets, and it offers you an choice to shut the place.
On the appropriate facet of your place, yow will discover slightly “x†mark which you can press if you wish to shut it. As quickly as you do, that is the display that may pop up:
Right here, you’ll be able to select the precise quantity of BTC that you simply wish to shut out of your place, and while you enter this, you’ll be able to merely hit the blue button.
When it comes to charges on the platform, there are a few issues it’s best to know. First, there aren’t any deposit charges, although the minimal deposit quantity is about to 0.001 BTC.
However, there’s a flat 0.0005 BTC withdrawal price to additionally think about.
Now, on the subject of the buying and selling charges for cryptocurrency buying and selling, there’s a flat buying and selling price of 0.05%. Nonetheless, there’s additionally the every day funding fee that you need to think about since that is leveraged buying and selling.
The chart beneath reveals the financing per day on each lengthy and brief positions.
To examine the charges and funding charges on the opposite markets akin to indices, commodities, and foreign exchange, please check out this web page.
This is likely one of the core parts of a well-maintained cryptocurrency trade. Merchants depend on fast and satisfactory response after they want it.
In our expertise the shopper assist of PrimeXBT was very responsive. After we requested help, it solely took them a couple of minutes to get again to us. They dealt with our issues shortly and have been very useful.
PrimeXBT boasts a variety of safety features to offer the most secure surroundings for merchants and their funds. A few of the notable ones embody:
The trade hasn’t been hacked as much as the purpose of this writing and is taken into account one of many dependable and safe buying and selling platforms.
All in all, PrimeXBT seems to be a really nicely rounded buying and selling platform. It presents quite a lot of options for its customers, and, most significantly, it’s a spot the place merchants can interact in numerous markets.
This has historically been lacking from a lot of the cryptocurrency exchanges, as they’re solely devoted to digital currencies. With PrimeXBT, merchants may take part in legacy markets, which is a particular benefit.
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