What is PrimeXBT?
PrimeXBT is a renowned trading platform that allows its users to invest in the most popular currencies on the market. With multiple trading functions and a good security system, traders will be able to carry out leveraged trades and profit from price variations without having to go through a tedious KYC (Know Your Customer) process.
Who owns PrimeXBT?
The PrimeXBT platform belongs to Prime XBT Trading Services, an Ltd company registered on the Seychelles. This company is responsible for directly managing the policies and operation of this Bitcoin trading platform.
Who is Primexbt’s CEO?
There is no information as of yet on any particular individual who has founded the company, which means that although Prime XBT Trading Services represents and owns the PrimeXBT platform, they have decided to keep the names of the management sector anonymous.
Where is PrimeXBT based/located?
The company Prime XBT Trading Services is registered in Seychelles, although they have stated having offices in St. Vincent and The Grenadines. It is also known that PrimeXBT’s trading infrastructure was moved to Switzerland over a year ago.
How many users does PrimeXBT have?
The PrimeXBT community is certainly huge, and although it is not known exactly how many users make up the platform, its market has a daily volume of 357 million USD. A high level of trading volume can indicate that there are many users and a lot of investment.
How much is PrimeXBT worth?
PrimeXBT established itself as one of the best platforms specialized in margin trading with BTC, so its net worth could compete with that of other leading crypto exchange platforms. However, Prime XBT Trading Services has not yet announced the exact price or announced its sale.
Who regulates PrimeXBT?
PrimeXBT trading services are not regulated. The platform is free to offer its multiple trading functions in the countries where it operates without limitations.
When was PrimeXBT founded?
PrimeXBT was founded in 2018, so in relation to other trading platforms in the market, this company is relatively new. Its performance in the last 2 years has resulted in a high liquidity index and excellent results for the community.
How does PrimeXBT make money?
Like other crypto exchange platforms, PrimeXBT benefits from the commissions charged to users for transactions and withdrawals. Although deposits are received for free, withdrawing BTC from the platform requires a fee of 0.0005 BTC (a little high compared to other wallets).
Primexbt vs BitMEX – what are the major differences?
The main difference between PrimeXBT and BitMEX is that it can offer its trading services in the United States, while BitMEX users can only access it through Virtual Private Networks (VPN).
What can you trade on PrimeXBT?
As we mentioned earlier, PrimeXBT offers trading with cryptocurrencies and 25 currency pairs from the Forex market, commodities from the comfort market (such as oil and gold) and indexes. This makes PrimeXBT one of the most complete trading platforms.
How many coins are listed on PrimeXBT? What cryptocurrencies does PrimeXBT have in detail?
PrimeXBT allows trading with 5 cryptocurrencies (Bitcoin, Litecoin, Ethereum, EOS, and Ripple). These coins can be traded against BTC if you want to operate only with crypto and/or against USD if you want to establish a relation with fiat currency.
What fiat currencies are supported on PrimeXBT?
PrimeXBT does not support deposits in fiat currency, although extensions linked to the platform can be used to make said deposit. However, you can send Bitcoin to the wallet address provided by the platform and your funds will arrive without complications.
How to trade on PrimeXBT?
First, you have to deposit BTC into your PrimeXBT Bitcoin wallet. Once you funded your account, you must go to the “Trade” option provided in the upper bar of the platform and you will be guided to the available markets. Once the charts are displayed, you can start your analysis on the asset of your choice. To set a trade you must choose what type of order you want place and the details (price, stop loss, take profit) and once confirmed, you will have successfully entered the market.
Does PrimeXBT have KYC?
PrimeXBT does not request for any kind of KYC requirements, which will save you days when carrying out your first trades. Other trading platforms will make their users wait for weeks before they can place an order while their KYC documents being confirmed.
How to transfer bitcoin to PrimeXBT?
In order to transfer Bitcoin to your PrimeXBT account, you will have to copy the BTC address provided by the platform, which you are going to paste in the transaction form (when sending the tokens). Finally, specify how many BTC you want to send and confirm the transaction. Your funds will arrive in one hour if Bitcoin’s network is running fine.
How to transfer cryptocurrency from Coinbase to PrimeXBT?
Login your Coinbase account. Head to the “Portfolio” section. Choose the cryptocurrency you would like to send (In this case, Bitcoin). Coinbase will display a bar with your BTC wallet and you will click on it. Press the “send” button and write down the transaction details (Your PrimeXBT BTC wallet address and ammount). Confirm the transaction and it will be on its way.
How to withdraw from PrimeXBT?
Before sending funds from your PrimeXBT BTC wallet you should know that you must add addresses to a whitelist for security reasons. If someone other than you would like to withdraw your funds, they could not do so if it is not to one of the BTC addresses you previously provided. Then, you can just go to “Withdraw” and set your Bitcoin transaction to another wallet.
Can I cash my BTC to cash with PrimeXBT?
PrimeXBT users cannot directly cash out their Bitcoins, as they platform only allows Bitcoin withdrawals. Once you send your funds from the trading account to your Bitcoin wallet, you can send your tokens wherever you like (If you want to cash out, send it to a P2P platform like LocalBitcoins).
What is the withdraw limit in PrimeXBT?
PrimeXBT does not have any withdrawal limits within its platform. Users can send how much Bitcoin they’ve earned to any BTC existing in the whitelist.
How to read PrimeXBT charts?
PrimeXBT’s charts will show green and red candles. The green stands for bullish candles, meaning that in the specific moment, the price went up. The red stands for bearish candles, which means that the price is going down. Read the trading volume to build a solid analysis (trading volume indicates how much an asset is being traded) and base your trades on what the market is showing you through the charts.
How to read PrimeXBT depth chart?
The depth charts tell us about the liquidity levels of the market in which we are operating. That is, it shows us when an asset (Bitcoin, for example) is placed on buy / sell orders and how much is being traded. The green area represents demand and the red area represents supply. If the market is in high demand and low supply, the price increases. If the case is reverse, the price will probably fall.
How long does it take to sell on PrimeXBT?
A sell order will be executed depending on what type of sell order you placed. There are market sell orders and limit orders. When you place a sell order in “Market”, your order will be instantly processed and you will get your tokens right away. If you place a sell order in “Limit”, you have to specify the target price on which you want your tokens to be sold. Your order will be executed as soon as the price reaches the level you previously set.
How to set a stop loss on PrimeXBT?
PrimeXBT allows you to set stop loss in all orders as a protective measure for your trades. When placing an order, click on the “Stop Loss” tab and write down the price level where you want your order to be cancelled, in case the price goes against your expectations.
How does PrimeXBT OCO work?
OCO orders (One Cancels Other) are meant to reduce a loss margin and leaving positions that are no longer necessary. For example, you set a long order at 5.000 with a target price of 6.000. If you think the price might go down before it reaches your TP, you can set an OCO order in 4.950 with your original target price.
Does PrimeXBT have trailing stop loss orders?
PrimeXBT indeed has stop loss options for every trade, but trailing strategies will have to be executed manually by the user. Tracking the price movements and protecting your funds with a stop loss level is one of the best ways to do it.
How to day trade on PrimeXBT?
Set orders that will not last more than a few hours or a day (in extreme cases). Day trading consists in analyzing price movements that will take place in a matter of two or more hours, although our targets could take a little longer to achieve if the market is being volatile.
How to margin trade on PrimeXBT?
Choose “Margin” amongst all available trading options. The first step to start your margin trades is to transfer funds to your margin wallet. Then, you can get a loan from the platform to maximize your earnings (although your losses can be bigger as well) and your profits will be calculated basing on the amount your working with. If the price goes against your expectations and you don’t cancel the order, the margin system will automatically deduct the debt from your balance to cover losses from the loan you took.
PrimeXBT – does trade close when margin funds end?
If you have an open trade and your margin funds run out, your order will be automatically stopped. The percentege you lost from the “loan” you usually take when margin trading will be deducted from your funds so the debt is payed off.
How to short on PrimeXBT?
The “Short” orders will be placed when you conclude that the price is about to fall, so you would be making profit for every penny that the price decreases. For example, if Bitcoin is at $10,000 and you issue a Short order and the price drops to $9,000, you will have earned a 10% profit margin.
How to long on PrimeXBT?
Long orders will be placed when the market indicators tell you that the price is about to go up. Assuming you buy 1 BTC at $5.000 and it rises to $7.500, you will have obtained a 50% profit (as long as your target price is achieved).
How much leverage can you use on PrimeXBT?
You can use up to 100x leverage on cryptocurrencies such as Bitcoin and 1000x in the Foreign Exchange Market. The higher the leverage, the more you can earn (and lose).
How much leverage per each coin can be used on PrimeXBT?
Users can choose to trade with 100x leverage on BTC/USD, XRP/USD and ETH/USD inside the crypto market, while Forex pairs such as EURUSD, EURGBP and EURCAD can be used with 1000x leverage.
Can you change leverage when in a position?
You can change the leverage if you change your position size. In any case, margin call will come if you start running out of margin funds. It is always best to set all your items (including leverage) before you place the order.
How to make money on PrimeXBT?
PrimeXBT users can make money by trading in 3 different markets, all with their own trading volume and assets. In this platform, money comes from price variations, so buying any cryptocurrency or commodities at a good price and selling it higher will give you excellent returns.
How to delete PrimeXBT account?
PrimeXBT has a customer service that will address the concerns of its users seriously and quickly. In case you want to delete or deactivate your account, contact them and follow the instructions according to what you want to achieve by suspending your account.
How to use PrimeXBT api?
For now, PrimeXBT does not have an interface for generating API keys, although they may create one in the future.
Can you trade on PrimeXBT from the us ?
All United States residents can use PrimeXBT trading services without restrictions, unlike certain crypto exchange companies.
What to use other than PrimeXBT in the us (legally)?
There are other crypto trading platforms for US residents such as Binance US, Coinbase Pro and Gemini. These exchange companies have different trading functions and policies, but they all work in the United States without further issues.
How to use vpn for PrimeXBT?
To access PrimeXBT from another IP address, you will need to have previously affiliated with a VNP service, which you must activate before registering an account, although this trading platform has not established service prohibitions in any country until now.
Where is PrimeXBT legal?
PrimeXBT services are legal all around the world, as there are no governments or any jurisdictions banning this platform from any country.
Which countries cannot use PrimeXBT?
All countries can enter the PrimeXBT market (so far). It is one of the few trading platforms that does not block IP addresses and is not regulated within any jurisdiction.
How secure is PrimeXBT?
The PrimeXBT platform has an optimal security system protected with Factor 2FA (it establishes a confirmation code sent to the devices of the account owner), encrypted link, cloudflare, among other solid security measures to prevent attacks.
How to backup PrimeXBT with 2fa?
There is a meny called “System Preferences” which you will have to access. Once you’re in there, tab on the “Enable GA” option shown in the Google Authenticator bar. You can backup your own secret key by clicking on “I backed up a 16-digit code” and then confirming the action through a 2FA code sent to your mobile device.
What fees does PrimeXBT charge?
PrimeXBT establishes a 0.5% trading fee on all cryptocurrencies with the following funding rates:
How to calculate PrimeXBT fees?
To calculate a PrimeXBT order fee you have to choose what kind of order you’re going to set and how long it will remain open. For example, if you are trading with a full trading power of 1 BTC (thanks to 100x leverage) you will be charged with 0.04166% of that amount everyday you keep your position.
How to get listed on PrimeXBT?
There are no token listings on the PrimeXBT platform as it only covers main cryptocurrencies, commodities and forex pairs.
How to install PrimeXBT app?
Access your Play Store/Appstore account and search for “PrimeXBT”. The official trading app should appear first. Press download and wait for the application to be installed.
How to use PrimeXBT app?
After you’ve installed your PrimeXBT app, login using your username and password. You will be able to read charts, place orders and use all trading options available in the platform, including margin trading. It is also possible to deposit and withdraw from the PrimeXBT app.
How does PrimeXBT referral work?
Every user will receive a referral code that can be sent to friends, family members or fellow traders so they can use it to sign in the platform. Once they do, you will receive a percentage of their income through every transaction they carry out since they joined PrimeXBT.
Where to find PrimeXBT referral code?
You can find your referral code in the “Account” section, where you can copy it and send it to whomever you like and start receiving profit from others trading operations.
How legit is PrimeXBT?
PrimeXBT is 100% legit, as you can successfully withdraw any of the earnings (and the deposits) you make without any inconvenience or tedious KYC procedures. Users can rest easy known their money is in good hands.
What are sites like PrimeXBT?
There are multiple Bitcoin trading platforms such as HitBTC, Binance, Bitfinex, Bybit and others. Although not every BTC platform has the option to set both take profit and stop loss in one order, same goes for simultaneous short and long orders.