PrimeXBT: The ideal platform for leveraged (and anonymous) trading?

If you are into crypto trading and interested in leverage, I think you already know PrimeXBT.

If you haven't heard of this platform yet, maybe now is the time to discover it. Here we will give you our opinion on PrimeXBT and also give you a tutorial on how to use this platform.

Yes, because very clearly, it is a booming trading site which is already starting to overshadow the big name in the market. It was therefore essential that we focus on the subject, too.

That being said, I remind you at the start of this article that this is aimed at experienced traders. Indeed, PrimeXBT allows leverage. So you need to know that you can certainly win a lot, of course, but you can also lose a lot.

Leverage is truly the flagship tool of trading, which must be taken with a grain of salt. In short, you need to know what kind of bath you are getting into 😉

If you know what we're talking about, then I can only wish you good reading!

So, what is PrimeXBT?

PrimeXBT is a cryptocurrency exchange platform registered in the Seychelles at first. The name of the holding company is "Prime XBT Trading Services" and its company number is 148707. At least, the company has a real legal existence. The company was created at the beginning of 2019. Since then, they have also opened a subsidiary in St Vincent, in the Grenadines and have even a subsidiary in Switzerland.

Currently, the growing company has around forty employees.

The PrimeXBT trading platform was created in 2019; Yes, it's relatively recent. And since then, the company has continued to gain new users. It is a derivatives exchange that offers several financial assets to trade.

Whether it's cryptocurrencies, stock indices, commodities like gold or oil, you can obviously trade Forex as well. So far, nothing very original. This is indeed what we find in all trading platforms.

The only difference is mainly in terms of leverage in fact.

You can choose high leverage on PrimeXBT compared to other platforms. Moreover, if the company is so successful, it is mainly for this option. You can benefit from leverage ranging from x100 to x1000. Although there are other platforms that allow this, it is still quite rare.

Above all, it seems that the platform appeals to many traders because they do not require identity verification…. That said, the platform does not provide access to certain traders from countries such as the United States for example.

Some traders, in fact, know how to use leverage and are looking for platforms that allow them to be used more effectively. exponentially. This is precisely the case with PrimeXBT.

What is leveraged trading?

It is a platform that will allow you to trade CFDs (contracts for difference). These are types of contracts that allow you to speculate on the movements of an asset, without being the owner of this asset. CFDs are used by traders to maximize their gains, in particular.

It is not suitable for people who do not have trading knowledge.

This is why we warned you about buying crypto on EtoroEg.

Buying cryptos is one thing and trading cryptocurrencies is something else.

CFDs are very popular in the world of cryptocurrencies (and not only that!).

For those who don't know, leverage trading is a way of multiplying the amount of an asset that will be invested. This is why it has become so popular. This gives the trader the advantage of making money with “borrowed funds” of sorts. And if we trade with a larger amount…Well, we also win with larger amounts. That said, it also works in reverse. Gains and losses are magnified.

Another advantage of leveraged trading in general is that it allows you to short an asset. This means that you can make money on a decline in the price of the asset.

In the case of a short position, you borrow the coin in question in order to sell it in the future. As mentioned above, the maximum leverage on PrimeXBT is 100:1 for crypto pairs and up to 1000:1 on some of their currency pairs. (This is really rare on other platforms).

This means you only need to deposit 1% (or 0,1%) of the required capital to take this position. The leverage you will be granted for the position will depend on the type of asset you are trading as well as the size of the position you are taking.

In order to most appropriately manage market risk, Prime XBT will reduce these leverage limits for traders who are then more exposed to the market.

Leverage Limits

Larger positions will require more margin and will therefore reduce your exposure – and therefore there will be greater risk. With all these leverage numbers, it is important to point out that this is the maximum leverage limit and you can indeed opt for a lower number level. This may actually be a more conservative measure, as even the slightest volatility can lead to fund depletion with 100x or 1000x leverage. That's really something you have to keep in mind when choosing leverage.

In the event that you exhaust your equity and your account value falls below a certain level, you will get what is called a “margin call.” With traditional financial brokers, they will call you and ask you for the margin. On Prime XBT, they chose to close the position instead (because they need to manage the risk they took).

What does it mean?

So this means that you can also have an opportunity on some of the more traditional assets. There are indeed many times when we would like to take a position to hedge trades in the crypto market.

? ️ Take advantage of diversified trading: Since you can trade cryptocurrencies and also more traditional assets, this means you can structure bespoke trades with other assets as well. For example, you can therefore exchange, or even buy gold with bitcoin, Ethereum or even against the Dow Jones. On crypto-to-crypto exchange platforms, of course, this is something you cannot do. These are limited to cryptocurrencies, as you know.

Prime XTB: A secure platform

Platform security is the number one thing to check before using a platform. We've heard so many hacking stories that we've all become more or less cautious. And that's good!

So, the company Prime XBTs has developed a very powerful security protocol.

In fact, most of the cryptos that are held at PrimeXBT are held in a cold wallet. This means that they are kept in a secure offline environment, without access to an Internet connection. This is how the risks are extremely reduced. It is only during specific payment transactions that the company will transfer a certain amount into the hot wallet. This security is complemented with other security protocols. For example, Cloudflare technology is used to mitigate the risks posed by distributed denial of service (DDoS) attacks.

Finally, the company has advanced hardware modules on which they run their trading technology. These are hosted on AWS web servers which are known to be one of the best in the industry.

Finally, each trader will be able to use two-factor authentication. This is also recommended for all the sites you use. All.

What are PrimeXBT fees?

PrimeXBT will apply two categories of fees:

• Transaction fees (specific to the majority of trading sites)
• Daily position maintenance fees.

For daily fees, this will vary depending on the liquidity of the assets you have. The stronger the market liquidity, the lower the commission will be.

Moreover, traders can avoid daily fees if they do not keep their positions open during the day. They will then only have the transaction fees.

For costs, it depends on the assets and in detail, this gives:

• Fees are relatively low compared to the competition for cryptocurrency trading:  0,05%.
• For stock indices and commodities:  0,01%
• Regarding Forex:  0,001%.

Also, the fees are subject to change. Basically, the higher your trade volume, the less commission you will pay. On 300 to 600 BTC: you will benefit from a 25% reduction on rates. If you exceed 600 + BTC: Traders whose volume exceeds this amount will receive a 50% discount on the current fee offer.

Note ✍️: Prime XBT operates more with the fee model of a CFD broker rather than as a futures trading platform. Basically, they don't charge settlement fees on contracts, but charge a daily rate to maintain the position. The latter will not apply if you enter and exit on the same day. Trading fees of 0,01% to 0,05% are much lower than comparable CFD brokers.

How to register on PrimeXBT?

If you have decided to try the PrimeXBT platform, you will need to create an account. It takes a few seconds. To do this, you will need to provide them with an email and password. You also have the option to insert a referral code if you received one (more on that later).

Once you are registered, check your email to confirm your registration.

Once this is done, you can log back into your account and access the trading platform and account features.

Don't forget to enable two-factor authentication. You should do this with all the crypto sites you use. This is the additional security you'll use via your smartphone. To log in to your account, you'll be asked for your (standard) password and the code generated by the two-factor authentication app.

Also, you may have noticed, PrimeXBT does not ask for any form of identification when you sign up.

Indeed, they are one of the few trading platforms that do not perform KYC or AML checks on their traders. It is a completely anonymous exchange which can be beneficial for traders who want to stay anonymous and do not want to send personal documents.

How to deposit and withdraw your winnings on PrimeXBT?

Be aware that Prime XBT remains fundamentally a crypto-only exchange. This means that you can only deposit and withdraw in Bitcoin. You cannot deposit Fiat for example.

That said, you can also buy them directly on the platform, for greater convenience. That said, on the platform, the fees are 6%, which is high. You can always buy bitcoin on cheaper platforms like Binance for example (especially if you use bank transfers).

Once you have your Bitcoin, depositing it into your account is simple.

Go to your account section and click on the “Deposit” button. This will take you to the deposit page where you can access your PrimeXBT Bitcoin address.

? Well done!

You just deposit bitcoin into your account and you can start trading!

Withdrawing your winnings is as easy as making a deposit.

Go to the “Withdrawal” page and enter your personal Bitcoin address. This will be the Bitcoin address you want to use for all future withdrawals. You can also change it later.

Once you request withdrawal, you will have to wait for the site to process your request. If you request a fairly large withdrawal, it may take a little time to process. This is because withdrawals are processed from hot wallets and if they don't have enough on hand, they may need to access some of their cold wallets offline. (This is done to maintain security).

How to trade on Prime XBT?

Now that you have deposited BTC on the platform, you can get down to business; At crypto trading, strictly speaking.

To start trading, you need to click on the “Trading” tab.

You have on the left the possible trades but it is sure the part on the right that you will have the chart of the pair you selected.

And, all you have to do is click on one of the red (sell) or green (buy) buttons depending on your situation and your opportunities.

Once you click on one of your stocks, this is where you will be able to adjust your trade.

For example, in the screenshot I chose the BTC/USD pair.

And you see in the window that is displayed that I can choose different elements:

• Order type: Market/Limit/Stop/OCO. It would take too long to explain everything, but if you want to place a simple order at the market price, you must choose "market".

Remember that Prime XBT uses 100x leverage. This means that if you want to open a trade of 1 BTC, you must enter 0,01 BTC. It's the leverage effect that will actually bring the rest.

To validate, simply click on “send order” and confirm your trade.

There you go, this is how you make a simple trade.

Once you make enough profit, all you have to do is close the trade and collect your profit.

A customizable platform

On the PrimeXBT platform, you have three main sections accessible in the header toolbar:

• You have the information section
• The administration section of your accounts
• The trading platform itself.

The first thing you may notice about PrimeXBT is that it offers the ability to personalize your space. You can create your own workspaces that you can access at the top of the platform. It is in this sense that they designed the “widgets”.

This means you can insert a new tab according to your preferences.

It can help to personalize your dashboard. It's up to you to adjust it according to your way of trading with the panels of your choice.

PrimeXBT has developed a very efficient trading interface. Orders can be executed in less than 7,12 milliseconds on average. It's actually very fast and speed in the world of trading is an essential criterion, as you know.

What are the disadvantages of PrimeXBT?

In general, we really like this platform, but there are still some small drawbacks. For example, the platform has not (yet?) integrated an API function.

Even if it doesn't change anything in trading, we can't make it work with trading bots for example, like Cryptohopp is for example.

In our opinion, this is the main disadvantage even if - once again - this does not change anything in the practice of trading on the platform itself.

Conclusion and final opinion on PrimeXBT

As you have seen, trading on the PrimeXBT platform is a very good choice.

In fact, if for example, you use Binance, this may be a way for you to try your hand at more intense trading.

In addition, for people who want to remain anonymous, we will say that this is the royal platform for that. You can trade without sending KYC, and that's no refusal (for many people).

Finally, trading with leverage… Well, if PrimeXBT is so successful, that’s mainly why. Very clearly.

The gains can be exponential if you are confident in your trade. Remember that you can also lose more if your trade is not good…

This is of course the essential rule to know in crypto trading and in trading in general.

Otherwise, overall, it remains a very good platform, from the point of view of opportunities, tools and graphical interface.

So, are you going to try it?

Please note: : If you are a beginner, be careful with everything that relates to trading in general. We are a news site and we simply give you information; Not to be taken as financial advice, of course.