PrimeXBT Review: A Global Trading Platform For The People
The global community is a melting pot, melding together even more as breakthrough technologies like the internet and cryptocurrencies destroy borders and disrupt the status quo.
People come in all colors, shapes, sizes, and each have unique needs. The rapidly growing margin trading platform PrimeXBT has achieved such speedy growth because it offers a wide enough range of tools, trading instruments, and features to cater to anyone’s needs.
In this review, we deeply examine what PrimeXBT can do for you.
The Registration Process And Getting Started
Today, when an investor or trader signs up to an exchange or platform, they have to provide every critical piece of sensitive personal information possible. PrimeXBT instead focuses on what the people want and does away with lengthy KYC processes. The benefit is two-fold. The registration process is a snap, and no private data is ever put at risk of exposure.
People also come with various capital levels, and PrimeXBT addresses that upfront with no minimum deposit on BTC, ETH, COV, USDT, and USDC. There are several protections in place to keep accounts — and funds — protected at all times. Bank-grade security infrastructure is further fortified with two-factor authentication, compulsory address whitelisting, and a proprietary cold storage process.
A dedicated account manager provides a personalized experience, and customer service is around whenever they are needed via 24/7 live support chat or email. There is also a Help Center with guides on how to use the platform and a company blog where new information regarding platform updates or newly listed assets is published.
Accounts can be accessed from anywhere in the world via a free native smartphone application for Android and iOS devices or from the mobile or desktop browser for the fullest experience. Each mobile app packs in most of the platform’s best-in-class features, with more updates promised in the near future.
One Account With Access To Many Features
A single account offers access to a robust variety of cryptocurrency-based products and services, as well as margin trading on more than 100 trading instruments. Trading instruments range from major global stock indices, important geopolitical commodities, forex currencies from around the world, and cryptocurrencies.
As a crypto-centric platform, the list of crypto assets is extensive and covers a broad range of categories and sectors from meme coins to Metaverse, GameFi, DeFi, and large-cap coins like Bitcoin and Ethereum. Margin trading lets traders profit from cryptocurrency’s notorious volatility without the risk associated with owning some of these assets outright. It can also be used as part of a strategy to hedge spot positions.
The same account can be used to connect to the Covesting copy trading module. The peer-to-peer trading community brings followers and strategy managers together. Strategy manager performance is tracked transparently to allow followers a way to pick and choose who to follow. By following a strategy manager, the follower automatically copies the trades of the strategy manager, win or lose. Strategy manager ROI has reached as much as 90,000%, making followers a fortune at the same time.
The Tools Of The Trade
Margin trading accounts and strategy managers all make money and protect capital using the same professional trading tools and advanced order types. Long and short positions give traders total flexibility over a portfolio and the ability to profit from both directions of the market. Stop loss and take profit orders can be added when orders are placed or modified after opening for even more control.
PrimeXBT provides built-in technical analysis software from TradingView. Traders can scope out the market for support and resistance, at what point the trend is at, and much more. There are dozens of the most commonly relied-on technical indicators, including the Ichimoku, Bollinger Bands, MACD, and many more.
For traders that don’t yet know how to put these tools to use, the PrimeXBT Trading Academy educational website can put traders on the right path toward success. Led by expert trader Dirk Hartig, there is an abundance of trading tips, platform tutorials, and market update videos to explore.
With some experience gained, traders can practice in a real-time simulated market environment in the Contests section of the platform. Skilled traders do battle using risk-free virtual funds for a chance to win huge prizes, while novices can use the same circumstances to practice trading or backtest trading strategies. Weekly competitions offer prizes from $1,000 to $100,000 in crypto.
Additional Features To Consider
Even with all of this covered, there is still more to review. PrimeXBT also has new yield accounts that offer a variable APY back on any staked crypto assets. Right from within the account dashboard, users will be able to connect to top DeFi protocols to access rates of up to 14% APY. APY can be multiplied by up to 2x when activating COV token memberships.
The My COV section of PrimeXBT lets users activate all of the benefits of the native utility token of the Covesting ecosystem. COV token memberships range from Premium, Advanced, and Elite, and each unlocks an increasingly better set of benefits. Utilities include a trading fee discount, a profit share increase, or an increase in the number of accounts a user can follow.
In addition to yield accounts, passive income can be made through the four-level referral program. Payouts are made daily in the cryptocurrency the referred user trades with but can be instantly swapped into the crypto asset of your choosing using the PrimeXBT exchange tool built into each wallet. It allows for the direct swapping of one currency to another in a click.
Review Summary
PrimeXBT provides something for everyone, catering to the people. Even the company’s fee structure, asset lineup, trading fee discounts, and commitment to education show how much effort the company puts into its customer care.
The platform itself is fast, slick, and fully customizable. The trading engine is reliable and executes trades with lightning speed. The fluidity allows the traders to get the most out of global markets while minimizing risk. With so much volatility and opportunities in every market, the only missing piece of the puzzle is the platform you choose.
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