PrimeXBT Review 2021- Is It Legit or Scam?
PrimeXBT is a famous cryptocurrency exchange located in Island that was created in early 2019. It has grown at an exponential rate and now has clients all around the world.
The company's goal is to develop an innovative platform that provides customers with the tools they need to conduct their daily trading activity. PrimeXBT was named the best crypto margin trading award by ADVFN International Financial Awards in 2020.
It provides a solid platform that is appropriate for both novice and expert traders. PrimeXBT processes 12,000 orders per second and has over 12 liquidity providers connected.
On its platform, PrimeXBT allows users to trade digital assets, indices, Forex, and commodities.
- Cryptocurrencies: It is compatible with five different cryptocurrencies. Bitcoin, Ethereum, Litecoin, Ripple, and EOS are the five cryptocurrencies.
- Indices: It allows you to trade the world's most popular indices. FTSE 100, SP 500, DAX 30, ASX 200, and others are among them.
- You can trade major and minor currency pairings on the forex market. Commissions, commonly known as trading fees, will be levied to you.
- Commodities: You can speculate on commodity prices such as oil, gold, natural gas, and so on.
Leverage Trading with PrimeXBT
PrimeXBT provides leveraged trading, which allows you to gain greater exposure to an asset than you have put into the funds. It provides you with the benefit of earning money with "borrowed funds." If the asset's price falls, you can even profit.
You can obtain up to 1000:1 leverage on crypto pairs and 100:1 leverage on forex pairs. The actual leverage is determined by the asset's kind and size. They provide higher leverage rates than other exchanges, as you can see. Larger positions require more margin, which reduces your exposure and, in turn, lowers your risk.
Consider the following scenario: you have $10,000 in your trading account. You place a $100 USD long bet on Bitcoin with a 100x leverage. You will earn 1000 USD if the value of BTC climbs by 10%. On the other side, if the value of BTC drops by 10%, you will lose $1,000 USD. There's a chance of making a lot of money or losing a lot of money.
PrimeXBT provides a variety of order options. This enables you to choose particular entry and exit levels. It includes the majority of common order types, as well as several protection orders. They are as follows:
The Market Order is one of the most basic conventional orders. They are immediately placed and executed at the current market price. This order is typically used when you need to buy or sell something right away.
Limit Order: A limit order is one that is placed to purchase or sell an item at a pre-determined price that is outside of the market. Your order will be immediately executed the moment the market reaches this level.
Stop Market Orders: These are similar to market orders in that they are activated the second a certain preset level is reached. You can use them as a "Stop-loss" order to restrict losses on your trade or to profit in a favourable position.
Protection Orders: These orders can be used to add further security to any position or order you currently hold. By tapping the "Place Stop Losses / Take Profit" box on the order form, you can add them to new Market, Limit, or Stop orders. You can also create a protective order in addition to your main order. They act as crypto exchange "safety brakes."
Because you will be dealing with a lot of leverage, it is recommended that you employ protection orders while trading. You should be aware of the dangers of "order sliding." This occurs when you place an order and the value you receive falls well short of your desired entry point.
1. Slippage can occur for a variety of causes, including: 1. A lack of liquidity in the market.
2. The matching engine for the exchange isn't fast enough.
Review of PrimeXBT: Deposits
To make a deposit, navigate to your Account's Deposit page. You have two choices:
1. Bitcoin deposits made directly
You can send bitcoins from your Bitcoin wallet to your PrimeXBT wallet directly. Scanning the QRCode or copying the Bitcoin deposit address are also options. The deposit amount is unrestricted.
2. Bank/Debit Card Deposits
Through PrimeXBT's partner CEX, you can buy bitcoin with your credit card. You must click on "Buy Bitcoin," which will bring up a CEX widget that will assist you in purchasing BTC.
Because the network requires a total of six confirmations, it may take some time for the funds to appear in your account.
Review of PrimeXBT: Withdrawals
Bitcoin is used for all withdrawals. With security in mind, just a small amount of cryptocurrency is held in the hot wallet, while the balance is maintained in the cold wallet. Between 12:00 and 14:00 UTC, it processes all pending withdrawals. If you submit your request before 12:00 UTC on the same day, it will be processed that day; otherwise, it will be processed the next day.
If PrimeXBT suspects suspicious activity or a withdrawal request exceeds a certain amount, it has the right to manually review it before it is accepted. This may cause a withdrawal to be delayed until it is approved.
If you want to withdraw money from your account, go to the Withdraw page. The procedure is as follows:
- Choose a withdrawal address.
- Enter the amount of Bitcoin you want to withdraw and click Submit.
- You will receive an email confirmation of your withdrawal.
Fees and Charges for PrimeXBT
Trading costs and overnight fees are the two sorts of fees. The first is for entering the trade, and the second is for overnight funding the position.
In comparing to other exchanges, the trading charge is between 0.01 and 0.05 percent. You can also get discounts based on your trading volume during the last 30 days.
- Discount of 25% for 300–600 BTC
- 50% off if you buy 600 BTC or more.
It will not charge you for making a deposit. When withdrawing cash, you will have to pay an arbitrary miner charge (this is normal across the industry).
They have trading restrictions as well. With PrimeXBT, the maximum size of a position you can hold is limited. Your orders will not be completed if you go over the limit. The limit is determined by market conditions such as volatility, instrument liquidity, and other variables.
PrimeXBT Security is a service provided by PrimeXBT.
Cloudflare is used to protect it from DDOS attacks. Amazon Web Services provides SSL protection for the platform (AWS). This protects all data sent over the internet by encrypting it. Only a portion of the assets are kept in the hot wallet; the remainder are kept in the cold wallet. PrimeXBT manually transfers all transfers from the cold to the hot wallet. They save passwords using the "bcrypt" technique, which means that even if hackers gain access to the server, they will not be able to access your credentials.
Conclusion of the PrimeXBT review
To summary, PrimeXBT has all of the qualities of a margin trading exchange and has been operational for one year. PrimeXBT is a legitimate exchange that serves thousands of cryptocurrency traders every day. PrimeXBT, on the other hand, is currently unregulated. Furthermore, Covesting and Turbo assist newbies in learning about Margin Trading and from other Traders. If you want to trade cryptocurrencies, PrimeXBT is a great place to start.