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PrimeXBT Full Review (New Interface 2021)

PrimeXBT Full Review (New Interface 2021)


1. Unique platform in crypto industry – Intro

showing the website main page https://primexbt.com

showing the page with all available trading instruments – https://primexbt.com/leverage-trading-crypto-indices-forex

showing the About section with partners listed – https://primexbt.com/about

– PrimeXBT is an award-winning Bitcoin-based margin trading platform that offers access to over 50 assets, including crypto (Bitcoin, Ethereum, Litecoin, Ripple), forex, commodities (metals, oil, gas), and indices such as S&P500, DAX, NASDAQ, and much more, all from a single account.

You can also use your Bitcoin as margin collateral to trade all available assets.

As seen over the past few months, there has been plenty of opportunities to profit from trading.

I would like to review this platform and go through its main functions and features to make your experience of using it much easier.

– This platform is a must-have solution for those wishing to expand their portfolios beyond cryptocurrency trading.

It offers a range of products and features not seen on other cryptocurrency platforms, such as copy trading through the Covesting module and access to all available markets regardless of which currency you use to fund your account.

– PrimeXBT offers high leverage, going to 100:1 on cryptocurrency assets and as high as 1000:1 for traditional markets such as forex, indices, and commodities.

– More importantly, PrimeXBT respects user privacy and has strong controls in place for data protection. Add to that there is no KYC, and the risk of exposing your personal data is very low.

– The platform also has some solid partnerships in place, including Devexperts, a proven trading software developer. Covesting, which is a DLT licensed services provider. And Bitfurys, who deal with AML checks on Bitcoin transactions.

– Let’s have a closer look at the account section and the trading platform itself.

2. Platform overview

– Show around the main dashboard with wallets.

– You can now use multiple personal wallets and deposit various currencies such as USDT, ETH, USDC for safekeeping or trading purposes.

– Get detailed reports on all your transactions and trading activity in the Reports section.

– Follow Covesting strategies, explore your portfolio and open your strategy.

– There’s an address whitelisting feature here. This offers added security so that even if an account gets compromised, the funds are protected as withdrawals can only be executed to previously whitelisted addresses.

Show the 4-level referral system that allows users to build an income-generating network and profit from direct referrals and referrals of the referrals 4-levels deep.

– Go to the Margin section in the menu

3. Trading and markets

Open the Trade platform and show around the Watchlist with all instruments

– As you can see, a huge variety of trading instruments are available here (show the watchlist.) You have SP500, EUR/USD, and plenty of other currencies as well. Also oil, gold, silver, European indices, and much more.

– A diversified strategy can hedge your risk. Apart from Bitcoin and altcoins, exposure to indices, metals, commodities reduces your risk exposure.

Now, you can open multiple trading accounts and use additional currencies, including stable coins such as USDC, USDT for trading, and PnL settlements.

PrimeXBT operates differently from most other trading platforms in that it runs on STP rather than P2P.

STP stands for Straight-Through-Processing. This means that instead of matching users internally or with the market-making algorithm, PrimeXBT sends all orders out to its liquidity providers. This gives users more liquidity and less slippage compared to other platforms.

– For example, placing an order on a crude oil contract sends it automatically to our liquidity partners, including large brokerages and banks, for a match.

Once the market triggers the order, it gets executed on your account.

– This is advantageous because it allows users access to international markets with deep liquidity.

– The same goes for cryptocurrencies; multiple exchanges are connected as feed and liquidity providers to PrimeXBT. As a result, orders are matched internally as well as with external liquidity providers.

– Independence from internal matching guarantees that users will always have the necessary liquidity to execute orders with minimal spread.

3.1 Order types

Show how to place an order – open the order window in the platform. Click through different orders.

So let’s place an order.

– You can do it in different ways – you can either right-click on the chart or right-click on the instrument from the Watchlist and choose to BUY or SELL. Here you can choose a type of order.

– Most of you are familiar with Market, Stop and Limit orders.

– Additionally, there are OCO orders available on the platform. OCO – One Cancels the Other is an order type that allows you to place two orders. When one executes, the other gets canceled automatically.

Professional traders often use this to trade on the price breakout from the range. It’s useful when you’re unsure of the break direction but expect a significant price change.

– For convenience, an Order Window shows “Margin impact,” giving information on the amount of equity available to trade with. Remember, it’s not advisable to use more than 50% of your available margin. Otherwise, you risk getting margin called or liquidated.

3.2 Leverage

Another important thing to mention is leverage and how it works on PrimeXBT.

Other margin exchanges typically require you to set the leverage level (between 1 -100). But on PrimeXBT, the interface is much easier. Here, you control leverage by simply adjusting the position size.

For example, if you have a 1BTC on your account, you can open a 100BTC position at 100:1 leverage.

By opening this trade, you utilize the maximum possible margin of 100%.

In such cases, you will likely get a margin call or liquidated if the price goes against your trade.

Whereas opening a trade for 20 BTC, only 20% of the available margin is used. This gives more buffer to open additional trades or simply leaving a lot of room for the price to move.

It’s always recommended to have more than 50% of margin available to minimize liquidation risk, especially on highly volatile markets.

4. Fees

PrimeXBT offers low fees. You can find them here: https://primexbt.com/fees

Some exchanges offer 0.075 for takers while allowing rebates for makers. But  PrimeXBT is an STP broker and pays for execution at the liquidity provider.

This means they cannot offer market makers rebates. But, the trading fees are highly competitive at 0.05% on cryptocurrencies and even cheaper on other markets.

5. Turbo

(Go to Turbo section and open a few trades on the demo account)

– PrimeXBT constantly introduces new features and tools almost every quarter.

– A few months ago, they introduced the Turbo platform. This allows users to bet on the price action of multiple assets within very short time frames.

– You can earn up to 90% by predicting how the price will change in the next 30 seconds, 1 minute, or 5 minutes. Every asset has its payout ratio and contract durations.

– There’s a free 1 Bitcoin demo account, so users can practice trading without risking real funds.

– The platform provides a leader board with current most profitable traders on PrimeXBT Turbo.

– Please note that this product involves a high risk of capital loss. If your prediction is correct, you profit. However, if your prediction is wrong, you will lose the invested amount.

So I recommend trying this feature in the demo account first and building up smaller amounts on the real account until you get used to it.

6. Covesting

This module is provided by Covesting, a fully licensed DLT services provider. Covesting was one of the first to receive a DLT license in Gibraltar, along with Huobi, Etoro, and CEX.

Covesting allows traders to set up and manage trading strategies. It shows a pool of traders’ assets visible to the public and can be copied by others.

This provides an opportunity for both experienced and successful traders as well as beginners and followers to boost one another’s profit potential. After the platform upgrade, you can now create a strategy or follow traders using USDC, USDT, and other currencies.

7. Support and Reliability

Another important thing to mention is the platform’s reliability and support.

PrimeXBT has a strong support team with 24/7 live chat for an instant response. So, there’s no need to email and wait hours or days to get a reply.

Another thing is how PrimeXBT resolves any potential outage, downtime. In the past, when issues arose, PrimeXBT has always taken the responsibility to compensate users. (Check the Twitter history).

Things can happen as there are many moving parts to operate a trading platform, including reliance on third-party services outside of the company’s control.

The main thing is, does the platform use solve disputes fairly? We see from the social media accounts that PrimeXBT looks after its customers.

8. Finalize

PrimeXBT is different from most other crypto exchanges. For instance, it provides different execution with its STP liquidity providers model vs. P2P trading that most exchanges offer.

It also has a wide range of products and multiple markets under one roof.

Overall, it’s a competent and reliable platform that innovates with new products and strives to give customers a good deal.

It’s worth checking out, especially if you are bored with traditional crypto-crypto trading.



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