Prime XBT is a trading platform launched in 2019 that lets traders take advantage of the ability to trade bitcoin and other major cryptocurrencies with leverage.
They have become one of the major players in the margin-trading industry taking on heavyweights such as BitMEX.
The exchange aims to address problems common to other platforms, including lengthy KYC approval processes, unpredictable downtime, low liquidity, problems trading in failed markets, limited order types, poor user experience, and high trading fees.
Instead, PrimeXBT offers amazing leverage, a highly user-friendly interface, huge liquidity, and trading volume. Read on for our full review.
Prime XBT Leverage
Leverage is one of the many features that advanced traders look for, but most platforms offer very limited leverage when it comes to trading cryptocurrencies. PrimeXBT stands out by offering a leverage of 1:100.
This means that for every $1, you get $100 worth of buy or sell power. This essentially gives you access to a larger market position, allowing you to make even more profits, or actually make losses.
Leverage is one of the key features of PrimeXBT and one of its main features. The website also provides a detailed description of leverage on its website to help those who do not fully understand.
This explanation includes an example with BTC/USD for example.
- In this example, let’s say bitcoins are worth $10,000 each, and their value has increased by 5% over the course of your investment.
- If you use a traditional exchange without leverage, you can buy 10 BTC for $100,000 (10 x $10,000).
- If the price goes up 5 percent, your BTC will be worth $10,500 each, so if you sell them, you’ll get $5,000 off your $100,000 investment.
Conversely, if you want to do the same trade on PrimeXBT with its 1:100 leverage, you only need to pay 1 percent of the $100,000 position, which means an investment of $1,000.
In that case, it means you’ll still make $5,000, but you’ll only have invested $1,000. In other words, you can multiply your profits by the same starting capital.
PrimeXBT explains some of the benefits of trading with leverage, including the ability to increase profits, gearing opportunities (the ability to free up capital you might use for another investment), and when the market goes down. Including the ability to profit.
PrimeXBT also has a convenient leverage calculator, so you can gauge your purchasing power based on your available capital.
Just keep in mind that while using leverage increases the potential reach of your funds and your potential profits, it will also increase the potential losses.
Therefore, you should always be cautious when using the maximum leverage offered on PrimeXBT. That being said, those with trading experience and confidence in their methods find leverage to be an incredibly useful tool.
profit from market movements
Since the cryptocurrency market does not always move up, PrimeXBT offers ways to make profits whether the market is going up or down. You can trade any of the most popular cryptocurrencies and hedge profits from current holdings or market rallies or declines.
In other words, you can go either long or short with PrimeXBT. Buying is when you go long while selling is when you go short. For the long run, you will buy bitcoin and see your account value increase as the price of BTC goes up.
In this case, a drop in the price of BTC will cause the value in your account to drop. Conversely, you can go short, which means you open a position that will increase in value if the price of BTC goes down.
You can see specific examples with calculations for each of these types of trades on PrimeXBT. There is also information on how to calculate your profits, so you can understand what is going on in your account. To calculate your profit or loss, you simply take the difference in price points at the opening versus closing and multiply this value by the position size. If you combine this with leverage, you can increase your position size.
prime xbt trading
Apart from enjoying the ability to go long or short and leverage up to 1:100, PrimeXBT differs in several ways. It has a very user-friendly interface that is fully customizable and includes support for multiple monitors.
The trading platform is a best-in-class option as it is secure, reliable and fast. It is easy enough for beginners to understand, yet includes advanced tools that professional traders want.
Charting tools are particularly useful with a variety of charts, a range of drawing tools and indicators, and the option of trading directly from the chart. PrimeXBT also offers very low trading fees. You’ll see straightforward and low commission rates, so it’s no surprise. Additionally, PrimeXBT offers tighter spreads.
primexbt trading platform
You can preview PrimeXBT’s live trading platform to know how it works before opening an account. The preview version of the platform is incredibly similar to the real version.
The only difference is at the very bottom of the screen labeled “Status”. If you have a live account, you will see a list of positions with the following columns for each: Symbol, Position ID, Time and Date, Side, Size, Fill Price, Current Price, Take Profit, Stop Loss, and P. /Ale .
Since the preview version is not associated with an account, this section is blurred out and above it, you will find the option to log in or register.
Overall, the trading platform is exactly what you would expect as it is very similar to the trading pages that experienced investors are used to. At the top left of the screen, you will see a list of cryptocurrency pairs.
These include LTC/USD, BTC/USD, ETH/USD, EOS/USD and XRP/USD. For each, you can view the bid price, ask price and make changes. These figures are color-coded in white, green or red.
As expected, green indicates increase while red indicates decrease.
Clicking on any of the pairs listed here will bring you to a screen that lets you buy or sell the respective crypto. It will display the buy and sell prices as well as the low and high prices for the pair.
Below this section, still on the left side of the screen, you will see the order book. The order book displays information on the currency pair you recently selected from the top left corner. It is divided into sales and purchases. One of the nice things about this order book is that apart from listing the quantities and prices, it also displays a visual representation through graphs in green and red in the background. This way, you can see the current trends at a glance.
The body of the trading page is the actual chart, which is directly to the right of the crypto listing and order book and occupies most of the page. The upper left corner of the chart shows you the trading pair it represents.
You can adjust it by clicking on the box where it is listed and typing in the new pair (you will see the autofill suggestions) or by clicking the pair on the left in the crypto listing section.
Trading Charts on PrimeXBT
The default setting of the PrimeXBT trading chart is a candlestick chart. It is color-coded green and red with prices on the vertical axis and time on the horizontal axis. Hovering over any point on the chart will show you the open, high, low, close and price along with the specific date and time.
You can increase or decrease the time frame displayed by adjusting the time graph just below the main chart. The top of the chart is where you’ll find the most settings.
There is a drop-down menu that lets you change the interval of the candlesticks. The default is 5 minutes, but you can also choose 1, 15, or 30 minutes; 1, 2, or 4 hours; Or 1 day, week or month. On its left side there is an option to switch from candlestick chart to line graph or bar graph.
Next to this you will get options regarding crosshairs. You can also choose from a range of 13 indicators, lines and instruments to long or short and add. These include things like trend lines, trend channels and Fibonacci rises.
Advanced traders will be interested in the study section, which is accessible via an icon of a test tube to the right of the above options and to the left of the study. You can choose from several dozen available studies or add in your own study. Use up to five at a time.
There are two ways to trade with PrimeXBT. You can click a pair on the left side of the page and fill in the box that appears. Or you can use the section directly below the pair’s name in the top left corner of the chart.
PrimeXBT Fees and Limits
PrimeXBT charges two types of fees, trading and overnight finance. Because instruments are leveraged products you finance the trade value through overnight financing.
This borrowing cost (financing) is dependent on the liquidity of the underlying asset. If you open and close leveraged positions within the same trading day, you are not subject to overnight financing.
|sign, symbol||trading fee||financing/day long||financing/day short|
|BTC/USD||0.05%||-$3.9 per 1 BTC||-$3.9 per 1 BTC|
|ETH/USD||0.05%||-$0.13 per 1 ETH||-$0.13 per 1 ETH|
|LTC/USD||0.05%||-$0.03 per 1 LTC||-$0.03 per 1 LTC|
|XRP/USD||0.05%||-$0.00038 per 1 XRP||-$0.00038 per 1 XRP|
|EOS/USD||0.05%||-$0.0025 per 1 EOS||-$0.0025 per 1 EOS|
Exposure limit is a restriction on the size of a position that each individual client can maintain with PrimeXBT. The trading platform will not allow clients to place orders that will exceed the limit when executed.
The restrictions are set by the PrimeXBT Risk Management Department and the instrument depends on factors such as liquidity, volatility and other market conditions.
|sign, symbol||the minimum. order of magnitude||the minimum. order size change||Max. single business size||Max. contagion|
|BTC/USD||0.01 BTC||0.01 BTC||15 BTC||-$3.9 per 1 BTC|
|ETH/USD||0.01 ETH||0.01 ETH||200 BTC||-$0.13 per 1 ETH|
|LTC/USD||0.01 LTC||0.01 LTC||650 LTC||-$0.03 per 1 LTC|
|XRP/USD||1 XRP||0.01 XRP||55000 XRP||-$0.00038 per 1 XRP|
|EOS/USD||1 eos||0.01 eos||8500 XRP||-$0.0025 per 1 EOS|
PrimeXBT has made a solid offering in the crowded cryptocurrency trading space.
The trading platform is easy to use, and PrimeXBT stands out from the competition with its low commissions, tight spreads, and class-leading leverage of 1:100. The exchange officially opened last year and has gone on to cement a good reputation in the industry.
As with all types of exchanges that offer leverage, we recommend that you proceed with caution if you have not traded this way before. It is quite easy to go wrong and thus end and liquidate your cryptocurrency, especially if you are employing high amounts of leverage.
We’ve updated this review for 2020 and are now more confident in recommending them to our readers.
- low fee
- leverage available
- credit card deposit available
- referral system
- benami accounts
- not regular
- email support