In this Prime XBT review 2020, I am going to share my experience on PrimeXBT trading and how it works.
Prime XBT, an online Bitcoin exchange, was established in the year 2018 in Seychelles. It allows users to trade in cryptocurrencies and CFDs on its global and dynamic trading platform. Even though it is fairly new, the company has seen exponential growth in a short span of time.
🔥 Is Prime XBT Legal?
Yes, Prime XBT is legal platform for trading bitcoins. It has clients from 150+ countries.
🏆 Is Prime XBT secured?
Prime XBT has secured features that guarantee safe exchange. It has encrypted SSL that secures traffic of the website.
No, PrimeXBT has a long set of regulations and charge a trading fee of about 0.005%.
In this review of PrimeXBT, we have shared the account creation and about fees and payouts related to it. Read here
Prime XBT Review 2020: How To Trade Bitcoin Actively?
Prime XBT is a powerful platform that is suitable for beginners as well as intermediate-level traders. The firm has security practices of industry-level that ensure the funds, as well as trading activities, are safe cyber attacks.
The vision of Prime XBT is to create an innovative platform that provides users with all the necessary tools needed for daily trading activities.
The clients of this company are from about 150 countries.
The customer support works 24/7 and the website functions in 6 different languages – English, Spanish, Chinese, Russian, Korean, and Portuguese.
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Getting an account created with PrimeXBT is quite a straightforward process. You need to punch in the email address, select a strong password, agree to the service terms and click “Register”.
Post this, a confirmation email is sent to the email address linked to the account. Once you click on this, the registration process is complete.
It is quite surprising that the company permits users to begin trading even if the AML/KYC registrations are incomplete. This might prove to be a deal-breaker for those who prefer trading amongst verified traders.
How PrimeXBT Works?
Technically, PrimeXBT offers an interface that is simple to use, intuitive and caters to the requirements of a crypto trader. Market data is delivered in real-time and liquidity is aggregated from about 12 cryptocurrency exchanges, which enables traders to execute instantly at any volume.
The interface is totally customizable and consists of multi-monitor support. Three tabs are available for navigation – Account, Trade, and Information.
(i) Account tab
This tab displays important information pertaining to the user account. You will notice two wallets under “Account Summary” – the basic wallet and the trading wallet.
You will also be able to check data on your previous deposits, closed trades, previous withdrawals, and can also set up 2FA protection, get your password changed and edit the account settings.
The Trade tab is wherein various elements can be accessed such as the order book, the dashboard with the market prices and many tools required by a margin trader. The various elements can be found under exchange widgets and the layout of these elements can be easily customized.
These widgets also enable the user to create some personalized watchlists as well as track messages.
(iii) Information tab
This tab provides useful data related to the features, trading fees, types of orders, etc.
Deposits, Withdrawals and Trading Account Funding
When it comes to deposits, this is just a crypto-only platform and only Bitcoins can be used to fund the basic exchange wallet. The wallet can be funded in some of the below-mentioned ways:
– scan a QR code that is given on the accounts or deposit page.
– The Bitcoin wallet address can be copied and pasted in the wallet you wish to send the funds from.
– Purchase Bitcoins using the credit card or cryptocurrency which is possible because of the in-built Changelly conversion widget.
The deposit gets credited to the wallet post 6 network confirmations on the transaction. The minimum size of the deposit is 0.001 BTC.
(ii) Withdrawals are quite simple. You just have to enter the address of the destination, the BTC amount, and click the button “Submit to withdraw”.
PrimeXBT provides trading pairs for just 5 cryptocurrencies: BTC/USD, XRP/USD, ETH/USD, LTC/USD, and EOS/USD. You can either “long” or “short” these instruments.
This is the traditional type of order that can be instantly executed at the current market price. This can be used in case the user wishes to buy/sell immediately.
This type of order is quite common on any modern crypto trading platform. It enables the users to buy/sell any asset at a specific desired price or a better price. The trader places his order and once the market price touches the level he desires, the order gets executed.
These are also known as stop-loss orders. the exchange is instructed to execute a specific trade when the investment crosses a price and the investor does not wish to sustain any losses beyond this price. The “stop price” can be lower or higher than the desired purchase price.
These are called “one-cancels-the-other” orders. In such an order, a stop order is combined with a limit order on the automated trading platform.
When either of the prices is reached- the stop price or limit price, one order gets executed, and the other order gets canceled automatically. Experienced traders make use of OCO orders to diminish the risk.
How to place an order?
The Trade Tab is where all the trading takes place.
The steps are as follows:
– trading prime CBT
– Click on the trade tab
– Click either the red or green button, to either sell or buy the BTC
– PrimeXBT and place the order
– A new box comes up wherein the user can select the order type by clicking on the dropdown menu to check the market or limit orders. In order to select the protection order, you can select the box located beneath the sell/buy buttons.
– You must click on the Send Order once you select the option
PrimeXBT Fees/Trading Conditions:
PrimeXBT has a very lengthy set of regulations as well as requirements pertaining to the on-platform trading. The base trading fees for each cryptocurrency is a flat 0.05%, in addition to the overnight financing fees for trades that are good-until-cleared.
You will not have any overnight financing fees in case a leveraged position is opened and closed the same day.
The exchange provides a range of security features and these make sure that the assets of the customer are safeguarded from any third party or malicious actors:
– 2FA (offered by Google Auth) will take care of account security and avoid unauthorized access to the accounts of users.
– there is a compulsory feature of Bitcoin address whitelisting
– Digital assets can be stored using Multisignature technology
– Hardware security modules having a rating of about FIPS PUB 140-2 Level 3 or even higher
– A complete risk check post every order placed and executed
– Encrypted SSL (https) that encrypts as well as secures the traffic of the website
– Every password is hashed cryptographically whereas every sensitive data is also encrypted
– Cloudflare will get rid of potential attacks related to distributed denial-of-service (“DDoS”)
– Regular tests, as well as check-ups, are conducted by the technical team of Primexbt
– IT security assessments are an on-going process to remain up to date regarding any new potential vulnerabilities
Pros and Cons of Prime XBT
- The accounts are completely anonymous and no KYC verifications or form filling is required.
- The service fees along with trading conditions are quite competitive.
- The executions of trade is quite fast due to superior technology.
- 100x leverage is offered on crypto assets.
- The platform is quite modern and is suitable for beginners as well as intermediate-level traders.
- No demo account is offered
- No service is offered to clients in the US, Canada as well as regions where the laws interfere with the services of Prime XBT.
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Conclusion: Is Prime XBT Really No.1 Bitcoin Trading Platform? Prime XBT Review 2020
In this PrimeXBT Review, I have shared about how this trading platform is simple and straightforward and makes PrimeXBT unique trading platform and have an edge over the competitors in addition to the low commissions, the tight spreads, as well as the leverage of 1:100.
The exchange has officially opened right now and you can register and begin the trades. It is advised to proceed with caution as Prime XBT. Also, ensure that the exchange is not used as a wallet.
In fact, make sure that the coins are stored in cold storage and only a trading stack must be kept on the exchange.