Sun, 03 Jul 2022

PrimeXBT Review by Experts. Is it good or not?

7Newswire
29 May 2022, 00:33 GMT+10

In the current community of cryptocurrency, PrimeXBT has become one of the most exciting platforms which has been considered by many members, thanks to providing a high commission policy and an easy-to-use interface. Therefore, Now let's review Primexbt !

For the purpose of helping the beginning traders to have an adequate understanding about this trading platform, this article shall introduce the concept of PrimeXBT as well as its general information, methods of making deposit, and confidentiality, etc. This is the No. 1 trading platform and should not be ignored by traders.

What is the PrimeXBT platform?

PrimeXBT is a cryptocurrency trading platform that provides cryptocurrency and CFDs for its trading. Launched in 2018 as a margin trading crypto exchanges based on Bitcoin, PrimeXBT has achieved a long development within a short time.

Why has it attracted a large number of users?

PrimeXBT is a derivative trading platform for cryptocurrency, which means you basically have two options: going long or going short. Going long means you bet that a particular cryptocurrency will increase in price, and going short means you bet that a particular cryptocurrency will decrease in price. And now, you can join the PrimeXBT platform. You need to register on PrimeXBT to start trading.

Being a trading platform for cryptocurrency, PrimeXBT also allows investors to trade Forex and CFDs on commodities such as metals, energies and indexes. Therefore, we sometimes cannot classify whether it is a Forex platform or a trading platform for cryptocurrency.

A special feature of this platform which has attracted a large number of investors is trading with a leverage ratio up to 1:100, a very big ratio in the current cryptocurrency market. Evidently, this trading platform is extremely attractive for you at this time.

Overview of PrimeXBT platform

PrimeXBT trading platform is a cryptocurrency platform from Seychelles with several advantages in the platform on their website. In terms of legality, PrimeXBT pays special attention to the confidentiality and safety of customers' accounts. Therefore, since its commencement, this trading platform has not shown signs of being hacked or accused of fraud. Thus, Traders can be completely assured when joining in trading on this platform.

Currently, the daily average trading volume on this platform is over $771,000,000 with an increasing focus on attracting both professionals and new users. That shows PrimeXBT is an attractive giant in Bitcoin trading with leverage. PrimeXBT has achieved exponential growth within a short time and has been available in over 150 different countries.

Detailed evaluation of the advantages and disadvantages of PrimeXBT

In general, the trading conditions in PrimeXBT are evaluated to be quite good. The platform provides a diversification of trading products. Especially Traders can invest BTC with high leverage. This is a point that attracts a lot of investors to join the platform. Trading conditions in PrimeXBT are evaluated to be quite good

In addition, PrimeXBT also offers many associated programs with attractive commissions. This will be a strategy to help this platform get more and more investors joining in opening accounts and trading more at the platform. This articles shall indicate the specific advantages and disadvantages of this platform.

What are the advantages of the PrimeXBT platform?

PrimeXBT is a trading platform for cryptocurrency but it also allows investors to trade forex and CFDs, commodities such as metals, energies and indexes. The advantages of cryptocurrency deposit trading are similar to any speculative lending. By a simpler expression, this type of trading provides you more resources to invest and work with.

Investors joining in PrimeXBT can sell assets. This means that when a resource like a commodity in the future decreases in price, you can earn money.

PrimeXBT has an incredible leverage ratio with 1:100 on cryptocurrency pairs. Some certain foreign exchange markets can highly increase up to 1000. This means if you will use $100 for every $1 of capital investment you deposit, PrimeXBT also has some of the lowest trading fees on the market

PrimeXBT provides multi-platform including Web, mobile applications, supports both iOS and Android operating systems. The interface is also very easy to use, you can add or remove Widgets at will.

Besides, the extremely fast, enthusiastic support team is also another important advantage of this platform when you make a trading without a command book. Modern sophisticated platform is very suitable for professional traders as well as new traders.

What are the disadvantages of the PrimeXBT platform?

To begin with, PrimeXBT will not provide services to customers in the United States, Canada, or countries whose laws interfere with PrimeXBT's services. Besides, the PrimeXBT platform is also in the process of being upgraded, so it has limited features. This greatly affects the users' experience in the application.

Moreover, unlike other trading platform, PrimeXBT does not provide a DEMO account. This is not perfect for practicing, testing strategies and getting used to the platform in a trading environment. At PrimeXBT you also cannot send money via wire transfer, so you can only send money by credit card.

In addition, currently this trading platform does not have a compensation policy when users get risk. Therefore, investors need to be wise when choosing a reliable trading platform.

PrimeXBT's capacity of confidentiality

In the same way as other trading platform for cryptocurrency, Prime XBT also applies measures of confidentiality to ensure the safety of customers' accounts, specifically as follows:

  • 2 Factor Authentication (2FA): is a measure of confidentiality for users' online accounts. With this confidentiality tool, other people can only log into your account once they obtain your password and personal phone. That is, online accounts can only be logged in when obtaining a password and an authentication code sent to the telephone through the Google Authenticator app. This measure of confidentiality is pretty safe.
  • Prime XBT stores the majority of customers' assets in offline cold wallets. The transfer of assets from cold wallets to hot wallets is also carried out manually and with the coordination of many employees.
  • Withdraw whitelist: this allows users to list their addresses of wallet to withdraw money, avoiding the case of fraudsters withdrawing money to other wallets.
  • Email verification is required if you make a deposit/withdraw coin or buy coins

Even if the platform has many measures of confidentiality, it all depends on the users themselves, their login information must be kept in secret, not being disclosed to others in any manner, otherwise all measures of confidentiality of the platform will become useless.

Markets on Prime XBT

  • Cryptocurrency Market

Although it is a cryptocurrency platform, the number of coins traded is much less than the forex and CFDs market.

In Prime XBT, Cryptocurrencies are divided into two markets: The Bitcoin market and the USD fiat money market. In the BTC market, there are only 4 types of coins traded, which are ETH, LTC, XRP and EOS. In the USD market, there are 5 types of coins traded including the most popular ones and has the largest trading volume in the market such as BTC, ETH, LTC, XRP and EOS. While current platforms like Binance or Poloniex allow trading with hundreds of coins/tokens, Prime XBT only allows trading of 5 types, which is a very small number.

  • Forex market and CFDs

In the forex market, this platform provides 18 currency pairs including main and cross currency pairs, some basic currency pairs such as EUR/USD, USD/JPY, USD/CHF, NZD/USD, GBP/USD, etc.

The CFDs market allows trading of metals (gold, silver), energies (Brent oil, Crude oil, natural gas) and 7 well-known stock indexes in the market (GER30, SP500, NASDAQ, HK-HSI, AUS200, Japan and UK100)

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