The PrimeXBT platform is an outstanding and powerful crypto trading platform. This exchange has a set of features and services that supersede other crypto trading platforms in the industry.
Founded in 2018, PrimeXBT is a relatively new Bitcoin derivatives exchange but it has made a name for itself, thanks to what it offers to the users. This is a crypto-to-crypto exchange that not only supports the trading of digital currencies but other assets as well, including CFDs, forex and more.
This trading platform is one of the most popular trading platforms as it extends its services to more than 150 countries around the world. Other prominent and outstanding aspects of the exchange that make it stand out and powerful are mentioned below in this brief PrimeXBT exchange review.
PrimeXBT Platform Has a User-centric Approach
This crypto trading platform offers support to a variety of assets and investment options. Its record-breaking growth has caused it to grab the attention of a vast audience.
However, this is not the only reason why a large audience is inclined towards it. One of several reasons is the user-centric approach of the platform. The exchange uses leading-edge blockchain technologies that facilitate the traders in their trading activities and more.
The user-friendliness of the crypto exchange makes it a suitable option for every kind of trader, whether they have any prior experience or not. There are numerous guides, latest analysis tools and more that cater the needs of people who want to trade crypto for the first time.
Fee Charged by the Exchange
The fee structure of an exchange is always one of the most crucial aspects you need to look at before you choose an exchange. This is why, it is addressed in this PrimeXBT exchange review.
The fee charged by a trading platform not only includes the trading fee but also the fee for making any deposits or withdrawals. The categories of the fee charged may be same across various platforms. However, the amount can vary based on the crypto assets that are supported and the type of trading supported. The transparency of the amount may also vary.
Therefore, if you are looking to use the PrimeXBT platform you need to know how much fee it charges. This trading platform charges one of the lowest and transparent fees, details of which are as follows:
- Flat fee of 0.05% per trade (for digital currencies)
- Flat fee of 0.01% per trade (for forex pairs)
- 0.0005 BTC withdrawal fee
Security Protocols Used
Security offered by an exchange is yet another major attribute that needs to be explored before you opt for any platform. There are some platforms that are more technologically advanced than others. A platform that is well-designed with the use of high-end technologies has a higher chance of protecting the funds and information of the users from cyber threats and attacks.
Some of the leading-edge security protocols used by the PrimeXBT platform are as follows:
- Advanced web platform
- Two-factor authentication (2FA)
- Use of cold wallet storage
- Secured Socket Layer (SSL)
Leverage Trading Supported
This trading platform is quite powerful and versatile and offers support to various high-end features. One of its prominent attributes is the support it extends to leverage trading.
There are several platforms that support leverage trading. However, the impressive thing about the PrimeXBT platform is that it not only supports leverage trading but offers one of the highest leverages.
The leverage ratio it offers also varies based on the asset class you want to trade.
- If you want to trade forex commodities and indices you can get a leverage ratio of 1:1000.
- If you want to trade Bitcoin or any other cryptocurrency you can get a leverage ratio of 1:100.
There are several factors that make PrimeXBT stand out among its competition. However, one of the most distinctive features mentioned in this brief PrimeXBT exchange review is the availability of the Covesting feature.
This feature supports copy trading. This means that as a new trader you can opt to copy any of the professional traders who have a good portfolio so far. If you opt for Covesting, you will be automatically copying the trades of another trader. This means you will get the same benefits or losses as the trader you copy.
This is a beneficial feature and can also be opted by people who have a demanding schedule and do not have enough time to actively monitor the markets and place trades.
Some of the fiat currencies supported by the PrimeXBT platform are as follows:
- Australian Dollar
- British Pound
- Canadian Dollar
- Japanese Yen
- Swiss Franc
- US Dollar
Understanding the major features supported by the PrimeXBT platform is a good way to determine if this is a good exchange for you to use or not. There are several aspects you need to keep in mind while opting for a platform. Therefore, if you want to use PrimeXBT, you should know the details mentioned above.