One of the most popular and powerful trading platforms in the crypto space is PrimeXBT. This is a crypto-to-crypto trading platform that is relatively newer than other exchanges.
It was established in 2018 and has become one of the fastest-growing Bitcoin trading platform. It is a prominent exchange and stands out among the rest, thanks to its distinctive and outstanding features.
The available features and aspects make it stand out among other crypto trading platforms, which is why a vast audience is attracted towards it. It offers support to several investment options and asset classes, making it a versatile crypto trading platform.
It also boasts in having a customer-centric model and extends its services to more than 150 different countries in the world. It uses cutting-edge blockchain technologies that facilitate beginners and experts in their crypto trading activities.
Therefore, if you are interested in using PrimeXBT to trade crypto and you are new to the crypto space then you need to know some of the details of the exchange mentioned below.
Currencies Available on PrimeXBT
As mentioned above, this trading platform offers support to different asset classes, which include CFDs, digital assets and forex assets. As a user of the exchange, you can trade both major and minor forex currency pairs that are available on the platform. There is a commission or trading fee charged per trade.
Some of the forex currencies mentioned in this brief PrimeXBT trading review include:
- Australian Dollar
- US Dollar
- Canadian Dollar
- Japanese Yen
- Swiss Franc
- British Pound
Fees to be Paid as a User
Whether you are new to crypto investing or trading, it is important that you take a look at the fee charged by the exchange that you choose. The fee structure is an essential aspect to look at because every exchange charges a different fee and as a potential user of the platform you should know the details.
There are also some crypto exchanges that have a high and untransparent fee structure, that include hidden and additional charges.
Therefore, you should know the details of the fee structure of an exchange so you have a good idea about what you are signing up for.
Here are the details of the fee charged by PrimeXBT.
- Trading fee for digital assets: 0.05%
- Trading fee for forex pairs: 0.01%
- Withdrawal fee: 0.0005 BTC
Security Systems Offered
People who want to know “Is PrimeXBT legit?” should know that it is one of the safest crypto exchanges in the market. This trading platform takes the security of the users’ funds and accounts very seriously and makes sure that every interested party is able to have a good and secure experience of using the platform.
This is why, PrimeXBT implements some of the most technologically advanced security systems that protect the users’ accounts from any kind of threat and keep the security of the exchange uncompromised.
Here are some of the security features used by the trading platform.
- Dedicated web server
- Secured Socket Layer (SSL)
- Two-factor authentication method (2FA)
- Use of cold wallet storage
Trading with Leverage on PrimeXBT
Supporting leverage trading is one of the most distinctive features about the PrimeXBT exchange. This is one of the most popular types of trading, which is also known to be quite risky. If the interested parties start trading with leverage without proper information it can be unsafe and unbeneficial for them as well.
Therefore, as a crypto trader you need to know the details of this type of trading before you dive into it. Trading with leverage means borrowing funds from the broker, where the borrowed amount is called leverage. This will allow you to open a bigger trading position without investing a lot of your money. If the trade goes well you can get huge returns. However, it is important to keep in mind that the benefits are not always guaranteed and you can also suffer from financial losses if the trades don’t go so well.
This is why, you should have proper information and choose a secure exchange such as PrimeXBT trading platform.
Every platform offers a different leverage ratio to the users as does this exchange. The leverage offered by PrimeXBT depends on the asset class that you choose to trade, details of which are mentioned as follows.
- For trading forex indices and commodities you will get a leverage ratio of 1:1000
- For trading digital assets you will get a leverage ratio of 1:100
PrimeXBT stands out among other trading platforms due to its unique features, one of which is the Covesting feature. This feature has been designed for novice crypto traders and for people who do not have enough time to constantly monitor the market and then trade crypto.
The Covesting features allows copy-trading, where the new traders can copy the trades of experienced traders. This will enable them to get the same returns or losses as the expert traders but will make it easy for them to trade even if they are inexperienced.