If you are interested in trading assets that are considered safe in their category and at the same time have high growth potential, you should definitely visit PrimeXBT broker. It is an excellent investment support tool for those who care about a diversified portfolio.
Introduction to PrimeXBT
PrimeXBT was founded in 2018. It is registered in two locations – in the Seychelles and in the Caribbean Saint Vincent and the Grenadines. The broker has been dynamically spreading its wings since the very beginning, gaining not only popularity but also trust. It is now available in 150 countries around the world, offering trading in stock indices and commodities. It also provides access to the Forex market and what interests us most, cryptocurrencies. With wide access to a variety of markets, it’s perfect for those who like to hedge their investment portfolio and still have everything in one place.
Below are the specifications of PrimeXBT
|Website Languages||EN, ES, FR, DE, IT, PT, HI, IN, TR, VI, RU, CN, JP, KR, BN, TH|
|Located in||Seychelles, St. Vincent and the Grenadines|
|Currency||ARS, AUD, BRL, BGN, CAD, CLP, COP, HRK, CZK, DKK, EUR, HKD, HUF, ISK, INR, IDR, JPY, KES, MYR, NZD, NGN, NOK, PHP, PLN, GBP, RON, RUB, SGD, ZAR, SEK, CHF, THB, TRY, USD, VND|
|Payment methods||Visa, Master Card, SEPA|
|Amount of cryptocurrencies||11|
|Trading Volume / 24h (snapshot)||$ 545 million|
PrimeXBT provides access to over 80 markets. However, our attention is drawn to cryptocurrencies. They include coins such as Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), XRP, Litecoin (LTC), EOS, Polkadot (DOT), Uniswap (UNI), Chainlink (LINK) and Dogecoin (DOGE). Furthermore, deposits can also be made in stablecoins. Here we have two options available – Tether (USDT) and additionally USDC. This set may grow over time, as it has already happened in the past.
Registration & Account
In order to create an account with PrimeXBT, it is necessary to provide an email address, set a password, and secure the account with a phone number. Once we meet the above conditions, our account will be opened. After logging in, it is worth going to the “Settings” tab at the very beginning.
Here we can personalize our profile and secure it additionally. Personalization consists in choosing the right language and currency in which our account will be settled. Moreover we can make settings of email notifications, concerning every logging in to the account, alerts on the status of our position, notifications about liquidations, as well as issues connected with “Covesting”, about which we will talk in more detail below.
However, what is most important is security. Hence, on the right side of the screen we see the security feature via 2FA. Interestingly, when this one is enabled, we will also be able to receive price alerts and several other notifications. This will trigger access to customer support via Telegram.
Scrolling down this screen will also give us an insight into the list of logins to our account. It is worth checking it occasionally.
We must admit that the home screen is very friendly to the eye. All icons are clearly arranged on it. This ensures ease of navigation from the first moments.
In the central part we see our wallet. We can easily top it up by clicking on the “Deposit” function. Then we will see the address of the wallet expressed by a string of characters and QR code. There are five coins available here – Bitcoin (BTC), Ether (ETH), Tether (USDT), USDC and Covesting (COV). We do not notice information about any limits, therefore, after funding the wallet and making an internal transfer to the “Margin” account, we can start trading.
Trading on PrimeXBT
The trading section, despite the fact that it accumulates many markets in it, again surprises with its transparency.
Above the chart all the information about our account balance appears. Just below, on the left side, there is a list of trading pairs available on the market. If we wish, we can select cryptocurrencies from it. However, if we are interested in anything else, in the drop-down list titled “All markets” we can also indicate Forex and CFDs.
As you can see, a chart is available on the right side, along with all the necessary functions for its operation.
You can customize the layout of the trading section according to your needs.
To start trading, click on the “Buy” or “Sell” function. A “New Order” dialog box will appear in front of you. This is a position with leverage of 1:100. In the “Margin impact” field you can see the amount of BTC you need to have in order to trade with a position of 1 BTC. Below this we also have the option to set a “Stop Loss” and a “Take Profit”. Click “Send Order” and you are done!
The example described above is only a form of approximation of the capabilities of the PrimeXBT platform. It has a leverage range up to 100x. However, we recommend trading with less risk, especially if you are just starting out.
Follow other traders’ moves
An interesting feature of the platform is hidden behind the “Covesting” tab. Here we are shown the strategies of other traders that we can follow. It is also possible to create your own strategies and make money on them.
“Users with little trading experience can earn the same money as the platform leaders”. – With these words PrimeXBT invites us to participate in Covesting. Here you can filter through different strategies, looking for the most suitable one for yourself and then, for a small fee, follow and copy the moves of more experienced colleagues.
The COV token is also useful. Thanks to its staking we gain discounts.
The “My Strategies” tab allows you to create your own strategies and allows others to follow them. It contains details about the creation of our plan, as well as the distribution of the funds earned on it.
Yield trading on PrimeXBT
A new feature is the Yield account, which allows you to earn passively on tokens such as Ether, USDT and USDC. Returns on investment will not be quoted, as they may vary. However, we must admit that they look very interesting. Also encouraging is the system thanks to which we can increase our potential profits. With help comes again the staking of the COV token. Depending on its amount our profit can significantly increase.
PrimeXBT also allows its users to take advantage of an interesting form of affiliate plan. It has a network character, which means that you can get rewards not only for your own referrals, but also for further referrals of users already referred by you.
Thus, the affiliate system is divided into 4 levels where you get 20% of your transaction fees for the first person, 15% for the user referred by them, 10% for the next person in the hierarchy and 5% for the last person.
This is definitely a noteworthy way of remuneration.
What would a well-functioning platform be without proper support? You definitely don’t have to worry about it here. PrimeXBT has made sure that you can easily find answers to your questions. In the upper right corner of each window you will find a drop-down menu with as many as 4 help items. The first one is a set of tutorials, in which the most important functions of the platform are discussed in an accessible way. The second is the “Help Center”, which is a set of questions and answers to the most common issues. The third one is of course the constantly available chat. And the fourth, the “Feedback” window, which allows you to leave your own opinion about the platform, so that it follows the suggestions of its users and continues to develop dynamically.
Conclusion of PrimeXBT
The PrimeXBT platform is a space that captivates from the first moments. The perfect setting hides a number of functions, presented in a very simple and clear way. The availability of multiple markets in one place is a definite advantage. As well as trading based on the movements of more experienced users. The possibility of obtaining additional income through staking selected coins and a significant increase in profits through the COV token is a solution that few platforms can boast. It is hard to pass by the referral system, which, thanks to its network character, definitely draws attention to itself. And all this is available not only on your computer, but also on your phone, thanks to an application created for both Android and iOS. In short – this broker is worth a look!