Thinking of using the PrimeXBT Cryptocurrency Exchange? Read our Complete Review for all you need to know
Prime XBT is a trading platform launched in 2019 that lets traders take advantage of the ability to trade Bitcoin and other major cryptocurrencies with leverage.
They have quickly become one of the major players in the margin-trading industry taking on heavyweights such as BitMex.
The exchange aims to overcome the common problems of other platforms, including long KYC approval processes, unexpected downtime, low liquidity, problems trading on markets that are failing, limited order types, poor user experience, and high trading fees.
Instead, PrimeXBT offers amazing leverage, a highly user-friendly interface, vast liquidity, and trading volumes. Read on for our full review.
Prime XBT Leverage
Influence is one of the many provisions that cutting-edge dealers will in a general search for, however most stages offer exceptionally restricted influence with regards to exchanging digital money. PrimeXBT stands apart by offering the influence of 1:100.
This implies that for each $1, you get $100 worth of purchasing or selling power. This basically gives you admittance to a more noteworthy market position, so you can make considerably more benefits, or be sure of misfortunes.
Influence is one of the critical elements of PrimeXBT and is among its primary provisions. The site additionally offers a definite clarification of influence on-site to assist those with doing.
This explanation includes an example with BTC/USD for example.
In this example, assume that Bitcoin is $10,000 each, and its price rose by 5 percent during your investment.
- If you were to use a traditional exchange without leverage, you could buy 10 BTC for $100,000 (10 x $10,000).
- If the price went up by 5 percent, your BTC would be worth $10,500 each so if you sell them, you will make $5,000 off of your $100,000 investment.
- In contrast, if you were to make the same trade on PrimeXBT with its 1:100 leverage, you would only have to pay 1 percent of the $100,000 position, meaning an investment of $1,000 upfront.
In the same situation, this means you would still make $5,000 but would have only invested $1,000. In other words, you can vastly multiply your profits with the same amount of initial capital.
PrimeXBT clarifies a portion of the benefits of exchanging with influence, including the capacity to amplify benefits, equipping openings (the capacity to let loose capital you can use for another speculation), and the capacity to acquire when the market falls.
There is additionally a helpful influence adding machine on PrimeXBT, so you can sort out your purchasing power depending on your accessible capital.
Simply remember that while utilizing influence expands the likely reach of your assets and your expected benefits, it will likewise build the possible misfortunes.
In that capacity, you ought to consistently be wary when utilizing the greatest influence presented on PrimeXBT. That being said, those with exchanging experience and certainty their techniques view influence to be an inconceivably helpful device.
Benefitting From Market Movements
Since the digital currency market doesn't generally build, PrimeXBT offers techniques for benefitting whether the market is going up or down. You can exchange any of the most well-known digital forms of money and support existing property or benefit from assemblies or decreases on the lookout.
All in all, you can go either long or short with PrimeXBT. Purchasing is the point at which you go long while selling is the point at which you go short. To go long, you would purchase Bitcoin and watch your record expansion in esteem while the cost of BTC rises.
For this situation, a fall in BTC's cost would drop the worth in your record. Conversely, you can go short, which implies you open a place that will build its worth if the cost of BTC goes down.
You can see explicit models with computations for every one of these sorts of exchanges on PrimeXBT. There is additional data on computing your benefits, so you can get what is happening in your record.
To ascertain your benefit or misfortune, you simply take the distinction in value focuses at opening versus shutting and duplicate this worth by the size of the position. On the off chance that you consolidate it with influence, you can expand your position size.
Prime XBT Trading
Notwithstanding the capacity to go long or short and to appreciate the influence of up to 1:100, PrimeXBT hangs out multiply. It has an exceptionally easy-to-use interface that is completely adaptable and incorporates support for different screens.
The exchanging stage is a top-tier alternative as it is protected, dependable, and quick. It is straightforward enough for fledglings to see yet incorporates the high-level devices that proficient merchants need.
The graphing instruments are especially valuable with different outline types, the scope of drawing apparatuses and pointers, and the alternative of exchanging directly from the diagram. PrimeXBT additionally offers extremely low exchanging expenses. You will see direct and low commission rates, so there are no curveballs. Also, PrimeXBT offers tight spreads.
PrimeXBT Trading Platform
You can review the live exchanging foundation of PrimeXBT to discover how it functions before you open a record. The review adaptation of the stage is extraordinarily like the genuine rendition.
The lone contrast is in the exceptionally base segment of the screen marked "Positions." If you have a live record, you would see a rundown of positions with the accompanying segments for every: image, position ID, time and date, side, size, fill value, current value, take benefit, stop misfortune, and P/L.
Since the preview version is not associated with an account, this section is blurred out and over it, you will find the option to log in or register.
Overall, the trading platform is exactly what you expect as it is very similar to the trading pages experienced investors are used to. On the top left side of the screen, you will see a list of cryptocurrency pairs.
These include LTC/USD, BTC/USD, ETH/USD, EOS/USD, and XRP/USD. For each, you can view the bid price, ask price, and change. These figures are color-coded in white, green, or red.
As expected, green indicates an increase while red indicates a decrease.
Clicking on any of the pairs listed here will bring you to a screen that lets you buy or sell the crypto in question. It will display the prices for buying and selling as well as the low and high for the pair.
Below this section, still on the left of the screen, you will see the Order Book. The Order Book displays the information for whichever currency pair you most recently selected from the top left corner. It is divided into sales and purchases. A nice touch on this Order Book is that in addition to a list of the quantities and prices, it also displays a visual representation via graphs in green and red in the background. This way, you can see the current trends at a glance.
The main section of the trading page is the actual chart, which is direct to the right of the crypto listings and Order Book and takes up most of the page. The top left corner of the chart shows you the trading pair it represents.
You can adjust this by clicking on the box where it is listed and typing in the new pair (you will notice autofill suggestions) or by clicking on the pair to the left in the crypto listing section.
Trading Charts on PrimeXBT
The default setting of the PrimeXBT exchanging outline is a candle diagram. It is shading coded green and red with costs on the upward hub and time on the flat hub. Drifting over any point on the diagram will show you the particular date and time just as the open, high, low, close, and worth.
You can increment or reduction the time range showed by changing the timing diagram promptly underneath the primary outline. The highest point of the graph is the place where you will discover most settings.
There is a drop-down menu that allows you to change the time frames candles. The default is 5 minutes, however, you can likewise pick 1, 15, or 30 minutes; 1, 2, or 4 hours; or 1 day, week, or month. To one side of this is the alternative to change from a candle outline to a line diagram or reference chart.
Close to this, you will discover alternatives in regards to line of sight. You can likewise pick long or short and from a scope of 13 markers, lines, and devices to add. These incorporate things like a pattern line, pattern channel, and Fibonacci Rays, among others.
Progressed merchants will be keen on the Studies area, which is available through a symbol of a test cylinder to one side of the above choices and to one side of Studies. You can browse one of a few dozen accessible investigations or include your own examination. Utilize something like five immediately.
There are two strategies for exchanging with PrimeXBT. You can tap on a couple on the left of the page and fill in the case that shows up. Or on the other hand, you can utilize the part at the upper left corner of the graph, straightforwardly beneath the name of the pair.
PrimeXBT Fees and Limits
PrimeXBT charges two kinds of expenses, exchanging, and overnight money. Since instruments are utilized items you finance the exchanged worth through overnight financing.
This getting cost (financing) is subject to the liquidity of the fundamental resource. In the event that you open and close a utilized situation inside a similar exchanging day, you are not liable to expedite financing.
The exposure limit is a restriction on the size of a position each individual client can maintain with PrimeXBT. The trading platform will not allow clients to place orders which will exceed the limit if executed.
The restriction is set by the PrimeXBT risk management department and depends on such factors as instrument liquidity, volatility, and other market conditions.
| Symbol | Min. order size | Min. order size change | Max. single trade size | Max. exposure |
|---|---|---|---|---|
| BTC/USD | 0.01 BTC | 0.01 BTC | 15 BTC | -$3.9 per 1 BTC |
| ETH/USD | 0.01 ETH | 0.01 ETH | 200 BTC | -$0.13 per 1 ETH |
| LTC/USD | 0.01 LTC | 0.01 LTC | 650 LTC | -$0.03 per 1 LTC |
| XRP/USD | 1 XRP | 0.01 XRP | 55000 XRP | -$0.00038 per 1 XRP |
| EOS/USD | 1 EOS | 0.01 EOS | 8500 XRP | -$0.0025 per 1 EOS |
Conclusion
PrimeXBT has created a solid offering in the crowded cryptocurrency trading space.
The trading platform is easy to use, and PrimeXBT stands out from the competition with its low commissions, tight spreads, and class-leading leverage of 1:100. The exchange officially opened last year and has gone on to cement a good reputation in the industry.
As with all types of exchanges that offer leverage, we would advise you to proceed cautiously if you haven’t traded in this manner before. It’s quite easy to get things wrong and end up being liquidated and losing your cryptocurrency in this way, especially if you are employing a high amount of leverage.
We have updated this review for 2021 and are now much more confident in recommending them to our readers.
PrimeXBT
8.6
PROS
- Low Fees
- Leverage Available
- Credit Card Deposits Available
- Referral System
- Anonymous Accounts
CONS
- Not Regulated
- Email Support
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