Read on to find out more and to learn which platform is right for you
PrimeXBT Review
PrimeXBT is a relatively new and exciting cryptocurrency exchange that has a lot of powerful features for day traders and swing traders, not to mention a modern and intuitive interface that makes using it a great experience.
But let’s not get ahead of ourselves. Where did PrimeXBT come from? Can you trust such a new exchange? How does it stack up against the competition? What are the fees like?
That’s what we will be exploring in this PrimeXBT review – as well as much more. Read on and let’s take a look at PrimeXBT.
PrimeXBT – An Introduction
Before beginning with any cryptocurrency exchange, it’s always important to first consider where it came from, who is behind it, and whether you can trust it. While that might sound like a somewhat paranoid way to start a PrimeXBT review, the simple fact is that there are a lot of trading platforms out there that cannot be trusted. These are sites that make it difficult to withdraw money, that offer no customer support, and that have complex fees. It’s not entirely unheard of for companies to completely disappear with their users’ hard earned cash.
While all this is possible on any trading platform, it’s also certainly true that you have to be extra careful when using cryptocurrency. That’s because cryptocurrency is appealing to low-quality platforms and the people that run them due to the lack of centralized regulation. It’s all too easy to make off with cryptocurrency that doesn’t belong to you with no “paper trail.” Why? There’s no paper!
PrimeXBT is fortunately one of the “good guys.” That is to say that this is a company that has a particularly strong reputation despite only having been launched in 2019. The company is coming up to its 2nd birthday (and has in fact been around slightly longer than that in some forms) and has built up a strong community of users from more than 150 countries in that time. This large userbase is a testament to the quality of the service and the tools and the site has very good reviews from those traders.
All this should help put your mind at ease that PrimeXBT is a highly quality and well-made service with great customer support and reasonable fees. That said, some people will still prefer to use longer-standing and larger options such as BitMex.
For Daytrading
PrimeXBT has a number of powerful features that make it particularly appealing to day-traders. This is partly thanks to the tool’s ability to run ultrafast order executions. It also offers other advanced features such as leveraging (x100) and fiat trading.
Day trading is a type of trading that involves making quick decisions about currencies in order to benefit from market volatility. In other words, currencies have a tendency to rise and fall in value rapidly. These changes are small when you’re looking at a single coin, but once those changes are applied to a much larger wallet, they become far more significant.
Cryptocurrencies are currencies like Bitcoin and Ethereum that don’t represent a physical, tangible asset. This is unlike USD or GBP, for example, which are representative of gold. This also means that cryptocurrencies don’t need to be managed by a central government or bank and can instead be truly democratic.
The way that cryptocurrency works is by using complex algorithms in order to be “mined.”
What this means, is that you can’t simply “make more” cryptocurrency as it takes a super-powerful computer a long amount of time to withdraw it. The algorithm increases in complexity with each withdrawal and this means there will only ever be a finite amount of the currency.
Meanwhile, transactions are stored and saved on a giant ledger called the “blockchain.” This ensures that everyone knows who has what amount of money and that there is no risk of the currency being duplicated. It is also theoretically “impossible” to hack this system.
For all these reasons, cryptocurrency is just as safe as regular currency (perhaps moreso) and is also more flexible in many ways. Market volatility is higher due to the nature of this money, which means that daytraders buying and selling in a short amount of time can make much more money!
Meanwhile this also means that trades can be extremely quick as there is no central financial institution running everything. This is where PrimeXBT comes into its own, allowing savvy traders to quickly make large amounts of money by buying and selling currencies.
Features
The additional features offered by PrimeXBT take this to the next level.
For example, leveraging means that you can spend more money on a trade than is available in your “wallet.” This means you can buy more currency than you would otherwise be able to and then sell it for an even bigger profit.
However, this also means that you need to be very careful as you can potentially find yourself in debt!
For those that know what they’re doing and are confident however, leveraging allows you to potentially make far bigger profits than would otherwise be possible. PrimeXBT offers 100x leveraging, which is roughly standard as compared with the competition.
Another great feature that is ideal for day traders is the inclusion of PrimeXBT Turbo. This feature is completely unique to PrimeXBT and it essentially makes it much quicker to trade futures. Here, you can simply click with a button to handle specific, short-duration orders ranging from 5-60 seconds. You can earn a lot of money this way and it really does streamline and simplify the process for newcomers.
In general, the speed here is phenomenal. The average order execution time is just 7ms, which works via AWS (Amazon Web Services) to ensure the smoothest, and most uninterrupted process.
Something else that PrimeXBT offers that you won’t find everywhere, is the inclusion of Fiat currencies. This allows you to trade using regular currencies and thereby potentially earn more than you otherwise would be able to. It’s really useful to have multiple trading options all in one place and this can simplify matters for those that don’t want to stay restricted to purely cryptocurrencies but would also rather not set up multiple different accounts with a wide range of different exchanges.
Another thing to consider is that this gives you the option of a fiat gateway. What that means, is that you have the option to buy cryptocurrencies using fiat currency. In other words, you can log in and then simply buy the currencies that you want to start trading with. This is a great feature for those that are new to cryptocurrency trading and perhaps don’t have existing cryptos that they can invest! It also once again streamlines things and means you can start making money more quickly. You can also trade commodities this way.
Then there is covesting. This feature allows you to create a fund that lets others contribute toward your investments. You can likewise covest in other users’ funds and potentially earn funds simply by following the leads of others. This method allows 50 instruments to be traded, including all the PrimeXBT supported assets.
Despite being the new kid on the block, PrimeXBT does have a high volume and great liquidity. It’s about half what you might expect to find from a bigger platform like BitMex, but it’s enough that you stand a very strong chance of your order being triggered and you wouldn’t likely notice the difference.
Interface
The interface is also extremely well handled and is actually one of our favorites. This is a very clean and intuitive interface that makes it easy to find your way around. That’s very important for new users, but it’s also a great feature for everyone else as it means they can more quickly make decisions and base those actions on all the information they need to make the smartest choice.
This also feels like a very modern and crisp interface, which is one advantage of trading on such a relatively “young” platform. Compared with some of the competition (I’m looking at you BitMex), this is a great place to spend a lot of time looking at graphs!
Customer Support
One of the most important aspects of any exchange is the customer support. When you are entrusting large amounts of money to an exchange like this, it’s really important that you make sure you know that they will be available to respond and help should anything go wrong. This should be considered part of the service and is every bit as integral as the interface and the features themselves.
The good news is that PrimeXBT is here when it matters. We tested the customer service by sending a number of enquiries and requests, talking with tech support, and making calls. We found that the company was always quick to respond with helpful advice and that they typically solved our issues in no time.
This makes PrimeXBT a much easier recommendation, and especially given its relatively unproven track record and young age.
Fees and Currencies
PrimeXBT has a very straightforward pricing strategy, which is a refreshing thing to find in a very complex and confusing industry! This transparency and definition means you know precisely how much you will be charged before you go ahead and can make smart choices as a result.
The minimum deposit for trading is 0.001BTC. There is no fee for deposits, and only very small fees for trades and withdrawing money.
PrimeXBT offers a limited selection of cryptocurrencies, which are: BTC, EOS, XRP, ETH, and LTC. If you are looking to trade a currency that isn’t here, then you will need to look elsewhere. However, this selection is more than enough for most traders and certainly allows for plenty of options. Moreover, the fact that you can also trade fiat will significantly increase your options.
Conclusions
So, to conclude this PrimeXBT review, this is definitely one of the best exchanges out there for trading in cryptocurrency and especially for day traders. This gives you the option to make quick trades that can be highly profitable in a short space of time. You get all of the advanced features that you need here too, like leveraging and the excellent turbo mode. The ability to trade fiat currencies is the icing on the cake.
Add in the great interface – and we didn’t even mention the 30% bonus for new users – and you have a very compelling package.
With that said, this is a smaller and lesser known platform compared with competition from the likes of BitMex. It is also missing some currencies, and the push toward daytrading means it isn’t for everyone.
While the nice interface and simply options make this great for beginners, leveraging and day trading are not necessarily so well suited to newcomers. For everyone else, this is a great place to buy and sell cryptocurrency.
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