2022-3-13 20:38 |
PrimeXBT is a rapidly growing margin trading platform offering cryptocurrencies, commodities, forex, and stock indices under one roof. With the platform recently increasing the list of trading instruments to more than 100, it was high time for an in-depth review to examine more deeply what the award-winning venue has to offer.
Within the review below, in addition to learning more about which trading instruments are offered, the review will also dive deeply into the many cryptocurrency-based products and services that exist on the platform beyond the traditional concept of trading. Here is our in-depth review of PrimeXBT in 2022.
PrimeXBT HistoryEstablished in 2018, PrimeXBT quickly became a popular destination for cryptocurrency traders to go short on Bitcoin, Ethereum, and other popular cryptocurrencies during the ongoing bear market. While other platforms struggled to gain their footing, PrimeXBT focused on building out its product offering.
As cryptocurrencies became a more significant part of the macro landscape, PrimeXBT, given its team’s decades of experience around traditional markets, introduced margin trading on leverage for a wide variety of forex currencies, commodities, and stock indices. The list of these trading instruments grew over the years, and so did the list of crypto pairs.
With a broader set of cryptocurrencies becoming increasingly in demand as the crypto industry matured, PrimeXBT responded by adding several altcoins. More recently, PrimeXBT listed crypto pairs for newer sectors receiving the highest request from users. These categories include GameFi, Metaverse, DeFi, NFTs, and more.
During this time, PrimeXBT also released a handful of innovative cryptocurrency-based products and services, many of which were in partnership with European fintech software developer Covesting. Covesting and PrimeXBT’s collaboration has resulted in groundbreaking products like the Covesting copy trading module, yield accounts, and COV utility token integration.
Reputation and ReliabilityBefore we get to the trading instruments, we next focus on what matters most: a platform’s reputation. It is the number one barometer to gauge what your own experience might be.
PrimeXBT, first and foremost, has received a plethora of industry awards and accolades for excellence in several key areas. The platform has never been hacked and boasts as much as 99.9% uptime, according to website statistics.
Orders execute fast and with no slippage across more than 100 different of today’s most exciting and volatile markets. Users on social media respond favorably to the brand’s large presence, which is always a hallmark of trust. The company also regularly engages with the community through giveaways, polls, market updates, and more. There is also an official Telegram channel.
Trading InstrumentsWithout further ado, we will dig into the massive list of more than 100 trading instruments. The list of commodities includes the most important geopolitical assets, especially during recent events, such as natural gas and oil. PrimeXBT also offers exposure to safe-haven precious metals gold and silver.
The list of forex currencies is sizable and could stand on its own, with all major forex currencies, minors, and a list of exotics based on emerging markets. The range of stock indices includes all of the most traded from around the world, such as the Dow Jones, S&P 500, DAX, FTSE, and many more.
Cryptocurrencies make up the lion’s share of the list, beginning with large-cap cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Cardano, and others. Everything else from meme coins like Dogecoin and Shiba Inu to Metaverse tokens Decentraland and The Sandbox. The most recent update alone brought 24 new crypto trading pairs. You have to see the list for yourself to appreciate the scale truly.
Trading ToolsThe trading tools are exceptional and easy to use for anyone, even newcomers. Menus and price charts are made perfectly clear, and the interface is customizable through several widgets and tools.
The platform offers long and short positions, even simultaneously, to allow for creative positioning and planning. Hedge positions can prevent risk and profit when the market moves against your spot holdings. Stop-loss orders and a unique way to take profit when a target is reached are also added to orders as potential modifications.
There are also built-in technical analysis tools to help traders develop a strategy and approach markets with care before taking a position. For example, plotting support and resistance or drawing trend lines can help a trader understand where to place a limit order or a stop loss. The analysis toolset also featured dozens of the most used technical indicators, such as the RSI, MACD, Ichimoku, and more.
Partnership With CovestingMany of PrimeXBT’s best features come from a B2B partnership with Covesting. Covesting has licensed PrimeXBT its exclusive copy trading technology. The Covesting copy trading module is a peer-to-peer trading community that connects followers with strategy managers who regularly show skills in a ranked online leaderboard.
Followers can make money by leveraging the skills of more experienced traders, and strategy managers make a cut off follower’s earnings making the entire situation a win-win. Top performers have reached as high as 90,000% ROI.
Even more profit is unlocked when certain COV token membership tiers are activated. Strategy managers get a trading fee discount, for example, while followers can activate a more significant profit share and higher following counts. COV utility token memberships also activate up to a 2x boost within the APY-generating yield accounts.
Additional ServicesPrimeXBT offers several other ways to make money or get value from the platform outside of the Covesting ecosystem. The company recently debuted a library of content within the PrimeXBT Trading Academy educational website. The PrimeXBT Trading Academy offers dozens of videos with tips on how to trade effectively, market updates, and more.
With the newfound skills, users can then head to the Contests section to compete in trading competitions that could lead to prizes of up to $10,000 or more in crypto. Moreover, users trade using virtual funds, so there is no risk, more fun, and an opportunity to backtest trading strategies and practice skills in a simulated market environment.
PrimeXBT also offers a four-level referral program with daily payouts in crypto. Users can grow an extensive profit-generating network if they have enough followers due to the viral nature of the program.
The BasicsRegistration is simple and takes under a few minutes and very little private or personal information. PrimeXBT cares about privacy. The platform is built on superior bank-grade security infrastructure and offers a variety of account protections such as two-factor authentication, compulsory address whitelisting, and more.
There is no minimum deposit, and a variety of currencies are accepted: BTC, ETH, USDT, USDC, and COV. The platform charges some of the lowest fees around. Deposits are made to a secure cryptocurrency wallet. Withdrawals are made every 24 hours due to a proprietary cold storage solution for added protection.
There is 24/7 live customer service, a help center, and a dedicated account manager for fully personalized services and royalty treatment.
SummaryThis review is clear: few platforms compare when it comes to the sheer variety of trading instruments and innovations packed into one platform. With so much under one roof, users have very little reason to visit other platforms once they become accustomed to the advanced tools offered by PrimeXBT.
When an asset gains enough liquidity and becomes in-demand, the company is committed to adding to and expanding its lineup. There are constantly new releases announced on the company blog, which helps maintain the strong reputation and market leadership position. Consider registering for PrimeXBT today.
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