PrimeXBT Review: Is this a good platform?
PrimeXBT is a margin trading market that was established in 2018 and offers a variety of assets such as bitcoin, forex, commodities, and stock indexes. PrimeXBT only allows you to trade assets on margin through CFDs.
Thus you won’t be able to buy any cryptocurrencies with it. Read this PrimeXBT review article on the top crypto exchanges if you want to acquire cryptocurrency.
What kind of services does PrimeXBT provide?
PrimeXBT is a famous margin trading market in over 150 countries because of its many useful features. Let’s have a look at what PrimeXBT has to offer its clients.
A comprehensive user interface that is suitable for experienced traders:
PrimeXBT isn’t created for beginners, which is wonderful news for professional cryptocurrency traders. You may perform technical analysis on the site, which includes chart capabilities not present on several beginner-friendly crypto-trading platforms. Market options, limit orders, stop losses, take-profit instructions, and OCO (one-cancels-the-other) orders are all possible.
Apps for iOS and Android are available:
PrimeXBT has created a mobile app for Android and iOS devices that allows you to keep track of your transactions whenever and wherever you go. The software is simple to use while still providing all of the necessary functionality, such as a comprehensive list of order kinds and thorough charts.
11 different cryptocurrencies to choose from:
PrimeXBT allows you to trade 11 cryptocurrencies, including most more well-known currencies. BTC, ETH, LTC, XRP, EOS, ADA, DOT, SOL, UNI, LINK, & DOGE are some of the accepted cryptocurrencies.
You can go long or short by trading CFDs:
As you can not own the underlying assets, if you invest in PrimeXBT, you are dealing CFDs that enable you to rely on the price lowering. CFD is an alternative for ‘agreement for difference,’ for those who are inexperienced with the term. It’s a contract in which you agree to pay the difference in value between the time you buy and sell a commodity or vice versa. It implies you can short bitcoin (make money when the price falls), which you can’t do on a normal crypto exchange.
To increase possible returns, use margin trading:
PrimeXBT is a margin trading platform, implying that a large amount of money supports every deal. Simply, when you trade, you put down a little portion of the whole trade value, and PrimeXBT covers the rest. It implies you can obtain access to commodities without putting up a lot of money, and a small price change in your favour will multiply your profits. You must, however, take caution, as even a little price change in the wrong direction might result in a large loss of wealth.
Final words
PrimeXBT is an excellent platform for margin traders looking to trade cryptocurrency, forex, commodities, and stock indices with Bitcoin, Ethereum, or a USD stable coin as the base currency. It offers Copy Trading, inexpensive trading costs, a variety of investment products, and up to 1000x leverage (dependent on the asset). PrimeXBT, on the other hand, is not for everyone. There is no spot trading on PrimeXBT; you can just trade with a fixed ratio, and all deals are CFDs, so you don’t own any cryptocurrency.
