Privacy and regulatory restrictions for the trading of certain assets have been a hindrance for crypto enthusiasts for long. The evolution of Bitcoin and cryptocurrency as money has enabled an easy cross-border transfer of value. PrimeXBT leverages this feature to offer a haven for risk takers and efficient money managers.
PrimeXBT is a trading platform for spot and future purchase of cryptocurrencies, stocks, forex and commodities.
The platform is similar to BitMEX in many aspects starting with a Bitcoin-based design. The deposits to the exchange can be made in Bitcoin only, it does not support FIAT transfers. Moreover, while BitMEX supports only a few cryptocurrencies, PrimeXBT aims to offer crypto users with a wide range of investment products.
Centralized or Decentralized Exchange
With the recent development around DeFi space, decentralized exchanges like Uniswap and Kyber Network offer a secure trading platform for users. However, there are still risks associated with margin trading on DeFi exchanges and certain other project risks which can be mitigated by manual assistance only.
PrimeXBT is a centralised exchange run by its’ managers and employees. The exchange is backed by Prime Technology Ltd (Seychelles company nr. 217308) and Prime XBT Trading Services LLC (Saint Vincent and the Grenadines company nr. 222LLC2019). The exchange withdrawals are managed manually by exchange employees between a specified period of time every day.
It is a non-regulated exchange which offers non-KYC registration; hence, anonymity and privacy are guaranteed.
All-in-One Platform
Despite being a crypto-centric exchange, PrimeXBT offers trading in traditional assets such as equities and gold. There are more than 30+ assets including Crypto, Forex, Commodities and Stock Indice. PrimeXBT is the market maker of these contracts. It also offers a plethora of opportunities for investment in global markets which includes stock indices from Germany, France, Hong-Kong, Japan, Spain, the United Kingdom and the United States.
This provides an opportunity for millennial investors and new entrants to easily invest in assets. Moreover, many times geographical restrictions and regulations prevent investment opportunities for individuals. In the recent oil market hysteria, one could have easily taken the opportunity to benefit from the volatility and invested in oil when it blew past $0 during the supply-demand inequilibrium as a result of world-wide lockdowns.
For the extreme risk-takers, the platform offers 100x leverage on trading these contracts. A maximum of 50 positions (predictions) can be open at a time.
The exchange is a potent platform for gamblers as well where traders can simply put money in UP or DOWN movement of an asset for a short very short interval of time. These along with leverage trading are high-risk products that could potentially reap huge rewards.
Liquidity and Performance
PrimeXBT handles an average daily volume of ~$375,000,000. The exchange has an active user base of approximately 100k and has over 450k+ registered users. The liquidity of members and value is important for trading because futures markets rely heavily on the parity of volume between buyers and sellers.
Otherwise, during times of extreme volatility or due to whale orders there might be slippage which can cause prices to crash over small periods of time and stop out or even liquidate traders. This will be an isolated event on specific exchanges, while the price of the asset on other markets would remain unaffected. This is a critical issue for the performance of an exchange.
Furthermore, speed and efficiency during extreme price movements are also critical for an exchange. In the past, Coinbase users have faced multiple downtimes during such times. This can be frustrating for a trader and PrimeXBT offers the assurance of world-class performance.
User Interface
The user interface of the exchange is similar to the classic trading screens of reputable exchanges like BitMEX and Binance. To increase the efficacy of trading, the platform offers customizable widgets which allow users to create their own trading screens. One can make it identical to any setting they’re comfortable with.
Moreover, it also offers one-click and double-click trading which gives a much faster response time to traders. The portal also allows multiple charts and a variety of other features including trading from the charts itself.
Copy Trading
The exchange prides itself in offering copy trading in a third-party partnership with Covesting. Copy-trading of leading traders and portfolio mirroring of leading investors is both a learning and profit-making opportunity for newcomers to the financial markets. Copy Trading is far more efficient than following traders through videos and tips because of the time lag in placing orders.
Daily Limits
There is no deposit and withdrawal limit on the exchange. (Please check)
On registration, users are offered a $50 bonus which can be used as collateral for trading. The minimum deposit amount for redeeming this reward is 0.009 BTC. On a volume of over 300 and 600 BTC, of discount 25% and 50% is offered on the trading fees. It also has an elaborate referral system that pays up to 4 levels of referrals.
Furthermore, the CPA program is also offered for professional marketers such as website owners, influencers, and more. The CPA offer provides payouts from $40 for first-time deposits, up to $1,250 for active traders.
Cryptocurrency enthusiasts are often blindsided by the gains and opportunities in the market. More experienced traders and hedge fund managers use money and risk management techniques to protect their capital. The primary way to reduce one’s risk is by diversification of the investment portfolio. PrimeXBT offers a variety of investment contracts of different classes of assets to help efficiently manage the portfolio.
Open a free account at Prime XBT here.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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