Prime XBT: Overall Crypto Exchange Review
Prime XBT: Overall Crypto Exchange Review
Prime XBT is a crypto margin trading platform that provides access to global markets with Bitcoin. It offers access to 50+ synthetic-markets which involves trading in crypto, commodities, forex and various stock indexes. It facilitates all trades through a Bitcoin-based account.
Moreover, it is one of the prominent platforms for active traders. The company has grown phenomenally over the years. It serves customers in over 150 countries.
However, why would you choose a Bitcoin-based exchange amid various crypto exchanges?
In this review, I will take you through the reasons why Prime XBT stands out amongst all.
PrimeXBT was established in 2018. It operates under the legal name Prime XBT Trading Services. It is registered in Victoria, Seychelles. It has about 75+ employees and is headquartered in Switzerland. The company has an average daily trading volume of about 540M. The global brand is accessible in 150 countries worldwide.
It has been honoured with various awards like “Best Crypto and Forex Broker”, Best platform for Margin Trading” and “Best Crypto trading App by various recognized entities.
Prime XBT trading:
As a trader, you will be spending the maximum time on the main trading platform. Hence, one of the pre-requisite includes a sleek and intuitive interface for the smooth functioning of your trades. Prime XBT’s trading interface is simple to understand in order to execute trades. The trading interface advocates a client-based approach focusing on user requirements. It’s bifurcated into primary headings with further subheadings under each one of them, thus providing a bunch of options. The introductory titles include Account, Trade, Turbo, Covesting and Analysis.
The standard trading interface includes trade history as well as positions on the left side, whereas technical charts on the right side. This attracts the user attention where it’s most required. Bilaterally there are various technical and analytical tools that the user can access. These can be efficiently utilized by integrating them with technical charts to chalks out better positions and maximize profits. It also offers options like Single Click and Double Click trading apart from regular trading.
It also provides users with highly customizable options like adding widgets. The widgets are instrumental in adding watchlists, positions, charts etc. This creates personalized experiences for users, hence facilitates better trading.
The trading interface also includes Prime XBT Customer Support assistance. This is instrumental in resolving any issues or clarifications related to depositing or trading.
The registration process is simple. It is as simple as booking profits through well-executed trades taking less than a minute.
The user is required to submit a mail address along with a phone number and password to sign up for Prime XBT’s free trading account. Therefore opening a wide range of opportunities. However, the user needs to complete the registration through email confirmation.
Facilitating Deposits & Withdrawals:
Depositing Bitcoin in your Prime XBT account requires transferring BTC from your wallets to the exchange’s deposit address. However one must make sure of sending BTC to a BTC address. For those who don’t possess Bitcoin can instantly purchase on the exchange through their Visa card or Master Card.
In the case of Bitcoin withdrawals, the user must head to withdrawals and enter the Bitcoin address where the funds need to be transferred.
Let’s understand what sets apart Prime XBT from its competitors in the crypto ecosystem.
- Highest Leverage opportunities
This is one of the profit-making opportunities that Prime XBT provides its users with limited funds. It allows an extra margin for users to acquire larger positions than the amount invested. In simple terms, it will enable users to book profits on borrowed funds.
While executing a trade using leverage, it can potentially lead to greater returns. On the downside, the losses are also extravagant.
Another use case of leverage is that you can short an asset. This means one can book profits even with the falling price of an asset with the intention of selling it in future. However, the leverage ratio varies depending upon the type asset, the position you are willing to take and the size of the position. However, it ranges from 100:1 to 1000:1. In layman terms, the user needs to deposit 1% of the funds in order to take that position. Also, larger margin leads to greater exposure and substantial risks. Hence one must utilize Prime XBT’s leverage with utmost caution.
- Utmost Privacy
For all those who are privacy concerned, Prime XBT does not register personal information and intricate details of the user. It is a fully anonymous exchange that does not require KYC or carry out AML checks on their traders. Hence one can automatically get started without worrying about information disclosure. Therefore user privacy is the exchange’s utmost priority. However, the requirement of personal information is in case of directly buying Bitcoin from the exchange’s interface.
- Low transaction Fees and discounts
Prime XBT charges as low as 0.001% trading fees. It also offers various discounts from 25% to 50% in trading fees depending upon the type and size of the trade. Along with it, it provides a $200 bonus as the new user registers and deposits a minimum of 0.0450000BTC in the exchange for future trades.
- Increased Liquidity
It provides increased liquidity from 12+ integrated liquidity providers which include more extensive exchanges. It aggregates liquidity from various exchanges to overcome the shortfall of required finance assets.
- Greater transaction speed
The average transaction speed is about 7.16ms. The number of transactions executed per second ranges up to 12000. Therefore, increased transaction speed leads to holding better positions and liquidating them when required. Quick transactions have an added benefit in the dynamic financial markets.
Prime XBT Covesting
Prime XBT is one of the first exchanges to offer users with Covesting. This feature helps users to copy top trades of professional traders and earn the same profits. When the user clicks on the Covesting tab, they can access the top-performing trades made during the past 24-hour time frame or since their joining.
Prime XBT Turbo
Turbo platform is one of the most user-friendly platforms of Prime XBT. It has nothing to do with charts, hence simplified. It allows users to take the position of an asset for a defined time for fixed gain. It is basically like price predictions wherein at the end of the expiry; the user gets a fixed payment. Therefore, the user has limited downside risk.
Prime XBT Security
The exchange maintains a robust infrastructure in order to protect itself from threats or malicious activities. Therefore, the majority of its digital assets are stored in cold storages. Only limited portions are held in the hot wallet. Prime XBT also employs SSL encryption and bcrypt that allows protection of data. It further employs 2Fa (dual-factor authentication) backed by Google authentication to prevent unauthorized access. Also, the requirement of mandatory deposit address whitelisting is for withdrawals. The above measures are followed by regular checks and internal audits by the technical team.
Prime XBT Regulations
Prime XBT is a non-regulated broker. Hence it does not hold any license from a regulated entity. However, it adopts required compliance standards to operate in the digital asset industry.
Conclusion: Does the search for the ideal Crypto exchange ends here?
Congratulations. You have understood the nuances of Prime XBT. Amidst alternatives like BitGo, BitMEX and many others, a cryptocurrency exchange like Prime XBT is hard to let go. Sleek interface, smart features, innovative product, abundant technical resources and reduced costs are few of the reasons which makes it suitable for an active crypto trader.
If you are someone who likes innovation, technological advancement, and robust security with low transactions fees, then don’t hesitate checking them out.
However make sure you are fully aware of the risks involved in trading platforms, therefore make an informed decision depending on your preference and requirements.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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