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This post is a review as well as a guide for using a young specialized trading platform in the cryptocurrency market. This fairly new trading platform, PrimeXBT, is based on bitcoin.
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What Is PrimeXBT?
PrimeXBT is a platform for trading cryptocurrencies that was launched in 2018. In their short history, they have already cornered a large share of the cryptocurrency trading market.
One of the advantages of using PrimeXBT is that they do not ask for a tedious registration process in order to approve your account. Other bitcoin trading platforms use a security process that some traders consider an impediment to opening an account.
In contrast, PrimeXBT has simplified their security process, and you can open your account in just a few steps. We describe it here:
This process requires only about three minutes of your time. If you like, you can register now by following along with this step-by-step guide.
Access the Official Website
Clicking on the link above takes you to the official page. Then enter your email and create a password. Read and accept the terms and conditions.
Receive and Accept the Confirmation Email
Next, you will receive an email to confirm your account. Click on the link in the email, which will confirm your registration and take you back to the trading platform.
Enter Your Country of Residence
Unfortunately, PrimeXBT is not available in every country. Therefore, the platform will next ask you to enter your country. Then, if you live in a country where PrimeXBT is allowed, you’ll have an open account with this trading platform.
As you can see, registration takes only a few minutes and little documentation.
Prime XBT Regulation
However, you will still need to prove your identity. This is a requirement imposed by the broker’s regulatory body. But PrimeXBT operates under regulations that differ from European regulations. These regulations protect your money, but you have less need to explain yourself or prove your identity in multiple ways.
PrimeXBT chooses to operate under the more permissive regulations of Saint Vincent and the Grenadines. Large European brokers also have branches in these countries, as the more lenient regulations allow them to provide services many clients demand and cannot obtain in Europe.
Overall, the trading platform is exactly what you might expect. It is similar to the trading pages that experienced cryptocurrency investors are familiar with. For instance, 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 see the offer price, the sale price, and the change. Also, these figures are color-coded in white, green, or red.
As you might also expect, green indicates an increase while red indicates a decrease. When you click on any of the pairs in the list, a screen will appear that allows you to buy or sell the cryptocurrency pair you clicked on. To help you decide, it will show buy and sell prices as well as low and high prices for the pair.
Below this section, on the left of the screen, you will see the Order Book. The Order Book displays the information for any currency pair you have most recently selected in the upper left corner. It is divided into sales and purchases.
The main section of the trading page is the actual chart, which is directly to the right of the Order Book and cryptocurrency list and takes up most of the page. The upper left corner of the chart shows the trading pair the chart represents.
PrimeXBT Fees and Costs
PrimeXBT charges two types of fees, trading or closing. It also charges for overnight financing, or “swap.”
This cost of borrowing (financing) depends on the liquidity of the underlying asset. If you open and close a leveraged position on the same trading day, you are not subject to overnight financing or swap.
In the table you’ll see the percentage that you need to pay to open an operation. You’ll also see the cost for financing, which is the swap you will pay for leaving your operations open for more than 24 hours. (A swap charge could also apply if your operations remain open during the change daily newspaper, which you can ascertain by looking at the broker’s schedule.)
The 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 if executed.
The PrimeXBT risk management department has established this restriction. It is based on factors such as the instrument’s liquidity, volatility, and other market conditions.
PrimeXBT gets high marks from users, which is surprising for a cryptocurrency trading platform so young. Almost all mention aspects every user asks from a broker. Here is just one example:
“Simple registration and without much paperwork. Low trading fees. No general problem when making withdrawals or trading cryptocurrencies.”
Register Now with PrimeXBT
Registering with PrimeXBT and getting your colleagues and friends to do the same can be beneficial, thanks to the trading platform’s four-level referral program. This includes acquisition commissions and revenue sharing. Read more about it on the PrimeXBT official page.