PrimeXBT Review 2021: A Bitcoin-based margin trading platform

Disclaimer: The Capital has received payment in exchange for writing this article

When it comes to investing in crypto you want to make sure that you’re doing it right and that’s where you start doing all of the research. It might also be where you come across PrimeXBT for the first time, and you’re going to want to know a whole lot more about this service, what it does and just how you can use it to your advantage. Luckily, we’re going to go over a lot of that right here.

What is PrimeXBT?

The short answer is that PrimeXBT is a Bitcoin-based margin trading platform. More than that, it’s an award-winning one that has been around for a decent amount of time and offers users access to more than 50 different assets. This includes some of the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple, as well as forex, commodities and even indices. All of these options make PrimeXBT entirely different from what you’ll find with a lot of other platforms. Plus, there are even more features to consider.

PrimeXBT offers bitcoin margin collateral for trading with assets. They also offer copy trading with covesting and let you access basically any market that you want, even if you have a different type of currency in your account. And all of this is entirely different from what you would get with different systems or similar systems. That’s what makes it a popular option for many who are getting started in investing or even those who are more experienced in it.

PrimeXBT offers leverage of up to 100:1 on cryptocurrency assets and up to 1000:1 for other traditional markets, which include commodities, indices, and forex. This provides even more opportunities for those who want to invest and also ensures that you will have more money to invest, despite what you may have currently in your account.

On top of all of this, the platform provides intensive security features and privacy, allowing for trades and other action within the platform without the need for KYC. This allows users to feel more comfortable investing and to keep their personal information as private as possible from the platform as well as from potential hackers that could get into the platform.

Add in the partnerships that go along with it all (with groups such as Devexperts, Covesting, and Bitfurys) and you have a platform that definitely offers a lot.

Getting Started

If you’re a beginner in the cryptocurrency market you may want to start out with the free account that lets you try out different features with PrimeXBT. This system will let you explore different options and make sure that you’re on the right track when it comes to how the system functions. Even more experienced users may want to take a closer look at this option so they can get a good idea of this particular platform, which is definitely different from others.

If you’re looking to create an account, whether the free demo account or a full account, you can do so quickly because there’s very little personal information required to get started. This is how the system protects your privacy and your identity while you’re trading. It’s also a way to make sure that the system is easy to set up and that you can be making your first trades within just a few minutes.

Keep in mind that you’re going to have to put some time and effort into the process of learning how this system works. Even though it’s relatively simple, you’re going to ultimately be using your real money and currency to make trades and that means there’s a great deal of risk involved. You want to make sure that you know and feel comfortable with the risk for each type of trade that you engage in.

Added Features

There are a number of different features available with this system, which includes address whitelisting to increase protection for your account and your funds. All addresses for withdrawing funds must be ‘whitelisted’ in order to be used. This means that someone who gains access to your account will still only be able to remove funds to previously whitelisted accounts.

For those who want to increase their revenue and increase their passive income especially, there is a referral system available. This referral system actually goes to four different levels, providing you with plenty of options to send people to the platform and get profits from the people you refer, the ones they refer and even the ones that those referrals refer. All the way down four different levels.

Turbo is yet another of the top features with this platform. They created the Turbo platform to let their users bet on price actions of several different assets within a short period of time. What’s even better is that there’s the possibility to earn up to 90% if you’re able to accurately predict what’s going to happen with different assets. But you need to know how they’re going to go over 30 second, 1 minute or 5 minute intervals.

There are several different assets within this system and each one offers different durations and payout ratios. If you’re interested, you can also take a look at the process with a demo account to practice and see what you can do before you decide to start putting your own money into it. This is important because it’s a very high-risk investment to make and requires someone who is ready to take that risk.

You’ll find covesting here as well, which is a great way to set up your trading strategies and stay in control of them as well. You’ll be able to look at assets from other traders and then you can copy those investments however you like. This lets more experienced traders earn a passive income from those who choose to copy them and also allows newer traders the opportunity to follow along with someone who has more experience with the process.

Trading Process & the Market

One of the best things you’re going to find here is that PrimeXBT has a lot of different trading instruments. That’s how they pull in even more users and how you can increase the amount of profit that you get from investing. What’s even better is that you can actually open more than one trading account and then use different types of currencies.

Currency options include USDC, USDT and PnL, though these are only a small amount of the options that you’ll have available. It’s also important to consider the more common cryptocurrencies rather than simply settlements and stablecoins that are commonly used with the system as well.

Another change with this system versus others is that it actually uses STP rather than the more commonly used P2P. If you’re looking for even more liquidity, this is the way you want to go and it’s going to make a big difference for the overall investments that you make within the market. That’s because STP offers additional features and options for users.

STP is Straight-Through-Processing, which means that PrimeXBT puts orders through liquidity providers. This is different from P2P, which sends users through to other users or uses a market algorithm to process all of the transactions. With STP you’ll get the increased liquidity that you’re looking for and you’ll also experience less slippage, which is going to make for a whole lot happier and more profitable users.

With different types of transactions, STP will allow you to place an order, trigger the order and execute it immediately. Then, you’ll be able to get the benefits of that transaction. You won’t have to worry about the delay that can occur with P2P systems. This works for all different types of transactions as well, including international markets, cryptocurrencies and more.

You will get the liquidity that you need for executing orders by using this process and getting away from the internal match guarantees that you might find with other platforms. And you’ll have a lower spread in the process.

Expenses and Fees

As with anything, you’ll want to take a look at the costs involved when you’re getting started. PrimeXBT offers some low fees that you won’t find with other systems. With a lot of other exchanges you may pay 0.75 as a taker but makers can get rebates. Because of the STP format of PrimeXBT this is not the way that they operate. They actually pay for liquidity provider operations.

Also, this means that they’re not able to offer maker rebates. What’s beneficial here, however, is that you’ll get some of the lowest trading fees at 0.05% for cryptocurrency. With other markets and trades that you may want to make you’ll get even lower rates still. Some offer as low as 0.001%, which gives you even more of the profits in the trade.

Support Systems & Reliability

You want to make sure that you have a great support system for any platform that you invest with and you’ll definitely get that with PrimeXBT. This system offers a 24/7 chat option, so you can always reach out to someone with your questions and concerns while you are executing trades, no matter what time of day or night that is.

You’ll also have no problem with downtime. That’s not to say that PrimeXBT does not ever have downtime, but if they do you’ll get a quick resolution and you’ll have great reaction time from the system. PrimeXBT keeps their users updated and also makes sure that they compensate their users if there is downtime so that you don’t miss out on the opportunities you could have had.

For other types of disputes and problems it seems that PrimeXBT has a great deal of drive to do what’s right for their customers and to make sure that they are on the right track at all times. They will resolve disputes quickly and they are very fair to the people that are using their platform. Even when things are outside of the company control they still work toward a positive resolution for everyone.

What to Know

In general, it’s important to know that this platform has a lot to offer. There are a whole lot of features and abilities that are already available with PrimeXBT and the system is always looking at rolling out new systems. For example, the Turbo feature is a relatively new one that they have created and that is continuing to grow.

While there’s still a lot more that this platform could potentially do in the future, it’s important to note all of the advanced options and improvements that they already have over many of the other types of cryptocurrency platforms that are out there. It’s a great way to get started if you’re a beginner or you can keep building up your portfolio if you’re already an experienced user.

You’ll have plenty of different markets and products available together, and you’re going to get the STP features that you may want when it comes to liquidity and more. Make sure that you’re getting the absolute best in your platform and enjoy the fact that this platform is really going to help you get where you want to be.

You’ll be able to get reliability and some great dispute resolution as well. If you have ever worried about getting involved in the cryptocurrency space because of potential problems in these areas you definitely don’t have to worry with PrimeXBT. It’s designed to give you everything that you’ve been looking for and then some.

Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.

PrimeXBT Review 2021: A Bitcoin-based margin trading platform was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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