Registered in Seychelles, under the company name PrimeXBT trading services. PrimeXBT Launched in 2018 but opened their books to the public in early 2019. They are offering cryptocurrency traders a chance to trade with leverage.
Rating: 4.5 / 5
- Leveraged transaction
- Top-notch security
- Traders can set up a “stop-loss” order
- Increased risk trading with leverage
- Slow customer support
Already prominent with clients in about 150 countries, PrimeXBT offering safe and secure trading of Bitcoin, Ethereum, Litecoin, and Ripple. It offers a powerful trading system for professionals and newbies, who need reliable market data. It is also designed to handle a high volume of transactions at a lightning fast pace, and customizable layouts to best fit user preferences.
They are in direct competition with exchange platforms such as BitMEX exchange from the same jurisdiction and the Dutch exchange platform Deribit.
PrimeXBT’s vision states that it is committed to creating an innovative platform that empowers users with tools needed for seamless trading activities; the platform seems to be so far doing just that as they provide users with instant execution for their orders at any volume. PrimeXBT also compounds liquidity from 12 cryptocurrency exchanges.
PrimeXBT also allows a user to control their loss potential with their leverage options with the “Stop-loss” option.
How Leverage Works
Leverage trading allows users or traders to control a large amount of money that has been borrowed from the broker. Margin is a sort of a loan that enables a user/ trader to get in on large trades by leveraging the funds invested by the trader himself.
PrimeXBT allows the trader to either trade securely against small shifts in price, or propel them to larger trades that they could access without having to invest large sums of money.
With leverage being one of the most sought after features among traders, PrimeXBT offers up to 100X leverage. When trading with leverage, the amount you deposit into a trade in comparison to the total position size taken with the assistance of PrimeXBT is known as your margin.
For example, if you deposit $1,000 and trade with 100x leverage, your margin is 1% and the total position size becomes $100,000. This allows traders to gain far greater exposure to major crypto-assets to increase their profit potential.
Benefits of Leverage
One edge that leveraged trading has, in general, is that it allows you to short an asset. “Shorting on an asset” means that you can make a profit on a drop in the price of the asset. In a short position, you are going to be borrowed the coin in question in order to sell it forward in the future.
In order to increase profit potential, leveraging also allows traders to gain greater exposure to cryptocurrency assets.
- Cold wallets: PrimeXBT coins are held in a safe offline facility, without internet connectivity and that makes it beyond the reach of cryptocurrency exchange hackers and other vulnerabilities that the internet is susceptible to. It also requires a multi signature technology.
PrimeXBT also offers other security measures which include:
- Distributed Denial-of-service (D-Dos) protection: PrimeXBT uses a Cloudfire tech to counter potential D-Dos attacks
- 2-factor authentications: This is provided by Google Auth and ensure that accounts are secure and there is no unauthorized access to user’s accounts.
- Withdrawal address whitelisting: Using this mandatory feature, users can only conduct transactions with other accounts that have been whitelisted.
- A full risk check is carried out every time an order is made an executed.
- Every password is hashed cryptographically and all other sensitive data is encrypted.
- Full (Secure Socket Layer) SSL encryption
Transaction Fees & Payment Methods
As at now, only Bitcoin can be used to fund an account on PrimeXBT directly. Changelly has been integrated to allow the usage of credit cards and also the conversion of other cryptos to Bitcoin to enable ease of use.
Transaction fees on PrimeXBT are amongst the lowest within the crypto sphere. Just 0.05% is charged on all transactions as compared to higher rates than competitors offer.
There are no deposit fees, and the minimum deposit amount is 0.001BTC
The Major cryptocurrency coin used on PrimeXBT is the Bitcoin (BTC/USD). Other accepted coins are Ethereum (ETH/USD), Litecoin (LTC/USD), XRP (XRP/USD) and EOS (EOS/USD).
You can contact PrimeXBT at [email protected] to get your inquiries answered and your suggestions heard. They do not have a dedicated phone number or live chat functionality. Being a new company, they will probably roll out these functionalities as time goes on; but right now, all traders have is the claim that they are available 24/7. It must be said that there is actually no certainty as to how long they would take to reply inquiries contained within emails sent to them.
Areas for Improvement
PrimeXBT currently is only on the web as there is no IOS or Android app which traders could use directly for their mobile. The world is mobile now, and PrimeXBT needs to realize that and provide applications for traders.
They also need to improve customer support, on their social media channels; providing a dedicated phone line through which users can contact customer support.
Leveraged trading comes with a lot of prospect for making big profits, but it also comes with a lot of risks. This means it is not for everyone, but there are definitely high-risk takers out there that would jump on a chance to use PrimeXBT.
The Platform has also been designed to enable professional traders to have stress free trading and help new traders understand what is going on almost immediately as the exchange website is very explanatory.
Most importantly, PrimeXBT is secure. It is the exchange for you if you are into leveraged trading or you want to try out something new and secure. But you might need to exercise a lot of patience with their customer support.
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