5 months ago By Oluoma Aneke
Choosing a cryptocurrency exchange to trade with is important for investors. One of the exchanges you can choose from is PrimeXBT.
PrimeXBT offers a limited number of cryptocurrency pairs and this discourages many people from trading with it. In this PrimeXBT review, we will look at the general features, pros and cons, cryptocurrencies available and some other important details of PrimeXBT.
PrimeXBT is one of the numerous cryptocurrency exchanges. It was founded in 2018 with its HeadQuarters in Seychelles. PrimeXBT offers to trade cryptocurrencies, forex, stock indices, foreign currencies, and others.
PrimeXBT was designed for both beginners and experienced traders. They have some interesting offers like novel covesting that allows you to see the activities and moves of experienced investors and turbo trading that enables you to make predictions for a short term. The exchange also offers crypto-USD pairing and crypto-BTC pairings.
PrimeXBT also made provisions for investors in the forex market to access the major Fiats like Euro, Loonie, Aussie, etc.
PrimeXBT fee overview – the fee structure is straightforward. The exchange charges two fees namely, trading fees and overnight financing fees.
The withdrawal fees are the same irrespective of how much you want to withdraw. The platform does not charge deposit fees for cryptocurrencies and fiat deposits.
Has tools for advanced technical analysis - the technical analysis of the exchange runs on Trading view. It has educational resources, drawing tools for in-depth market analysis, and popular indicators.
The most popular indicators available include moving averages, strength index, etc. These features enable users to monitor the trends and know when prices are rising or falling thereby keeping you away from unnecessary losses.
Offers margin trading – Margin trading is also known as leverage trading. Leveraged trading allows you to trade 100X the amount you contributed. This simply means that you are borrowing more funds from the exchange to increase your chances of making a profit.
This sounds good but have in mind that it is a risky trade so stay off it if you are not an experienced trader. If you are an experienced trader, you can try it. For margin trading, you can try it out first through their demo platform using fake funds.
Account opening – account opening in PrimeXBT works just like other exchanges. Here is what you need to do.
Visit PrimeXBT homepage and click on Register
Provide your email and suitable password
Your country codes
Your phone number
Approve the Ts and Cs by clicking on it
Click on Register
Enter your verification pin and confirm your Email
Enter your country of residence.
After the registration, you will get a message. Select on continue. For you to receive the welcome bonus of $350, you will have to deposit USDT 850, BTC0.017, USDC 850, and ETH0.425. You have 24 hours to make this deposit from the time of registration.
Again, you will have to do your 2-factor authentication to protect your account from hackers.
Trading – after your registration and receiving your welcoming bonus, the next thing is to start making the deposit you will use to trade.
You can deposit any crypto supported by PrimeXBT like BTC, COV, USDT, USDT, or BTC. You can also buy Crypto by debit/credit card, or SEPA transfer.
Another way is to deposit your externally held Crypto. To do this;
Visit the dashboard
Click on deposit icon
Select your preferred Crypto
Copy your PrimeXBT wallet address or scan your QR code
Finish the transfer from your external wallet and take note of the deposit time frames.
After funding your Crypto wallet, transfer it into your margin account and start trading.
You have to be very careful while trading because if you mistakenly transfer to the wrong address, you will lose your funds.
Covesting strategy – the covesting feature in PrimeXBT is like a mentor-mentee program. Here, beginner traders can mirror the activities of experienced traders. This is a good way of earning an additional profit if you are not yet grounded to trade by yourself. You simply need to copy the activities of the experienced traders.
Also, advanced traders can create a portfolio and trading strategy for others to copy. To be a covesting leader, you will need some funds which vary based on the Cryptocurrency you are holding. 1.2500 ETH, 0.05 BTC, 2500 USDT, 2,500 USDC. So, choose based on your currency.
Turbo strategy – PrimeXBT turbo is another feature that enables you to earn a passive income. By predicting the short-term price of different assets, you can earn 70% ROI (return on investments) within minutes. Some of the assets include Bitcoin, S&P 500, Gold, EUR/USD, and Oil. As good as this sounds, it is a risky move.
If by chance, you make a wrong prediction, you will lose the amount you pledged for the Turbo. So, if you are not sure or experienced, and you are not ready to lose money, then stay off Turbo.
Account Management – you can easily manage your crypto accounts through the website. From the website, you can create, and make deposits or withdrawals. You can also track your multi-currency wallet, access your margin trading, covesting strategies features, and turbo predictions.
Rewards from the referral program – there are many ways to earn Passive income from PrimeXBT. In addition to trading, you can also earn through their four-method payment system. This simply means earning through referrals.
The ways to earn through referrals include:
When you bring direct referrals to the system
When your referrals refer others
This implies that the more people you refer, the more rewards you will earn. To refer people, use your custom referral link.
Secure network – PrimeXBT has a strong secure network. They put so many measures to ensure that your assets are safe. Some of these measures include the two-factor authentication, encryption of passwords using the bcrypt hashing function, encoding and protecting websites using the encrypted secure sockets layer (SSL), and preventing denial-of-service attacks using Cloudfare.
Passive earning income – the exchange offered some additional way of earning. The covesting and Turbo features enable users to earn passively.
Available in Limited Countries – the exchange restricted access in over 14 countries including the United States. So, no matter how promising it sounds, if your region or country is restricted, you won’t be able to trade with them. Also, no explanation was made on the reason for this restriction.
A limited number of crypto currencies – the exchange only offers about five cryptocurrencies. Although cryptocurrencies are popular and among the largest in the market, it still places a limitation.
There are seven cryptocurrency trading pairs available in PrimeXBT. They include:
USD Coin (USDC)
With all the tight security measures like two-factor authentications, encoding, and protecting the website and the rest, your assets are reasonably safe with them.
There is no record of their website being hacked in the past. However, you have a role to play in keeping your assets safe. While registering your account, ensure that you do the two-step authentication.
Also, while depositing, withdrawing or trading, ensure that you verify your address, because any wrong deposit will lead to a huge loss. Keep all your passwords safe and don’t expose them to a third party.
Once you do your part, together with the tight security measures put in place by the exchange, your account will be completely safe.
PrimeXBT is a good trading option that has been considered safe and profitable. With the clean records they had in the past, they can easily be trusted. Ensure that you do your part in keeping your assets safe, and always ensure that you follow all the rules and regulations guiding the exchange.