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PrimeXBT Trading Platform Review

25 May 2020 15:06, UTC
PrimeXBT Trading Platform Review

The cryptocurrency market is gaining maturity: institutional investors, trading professionals, and brokerage companies are finally paying attention to it. Trading platforms add cryptocurrency assets to their offers. Step by step, cryptocurrency derivatives find and take their place in the market. Moreover, many platforms focus on derivatives trading, which distinguishes them. Bitnewstoday has studied PrimeXBT trading platform, which has become very popular among traders in just two years. Let's have a look at the facts behind its success.

Brief

  • Website: https://primexbt.com
  • Launched: 2018
  • Number of assets: 59
  • Average daily turnover: $550 million

Main platform

The PrimeXBT platform should be attributed not to crypto exchanges, but to the terminals for trading CFDs (Contracts For Difference). The company sets up a chart in the terminal that duplicates the price of the original assets. The difference is that the executed orders do not affect the price of assets, since no real bitcoins, litecoins and ethers are traded, unlike crypto exchanges.

This site is not presented on coinmarketcap.com and other similar sites. It is worth noting that such a business model has both pros and cons. Such trading platforms often provide low commissions, high margin leverage, and a large pool of assets. It is essentially impossible to hack such a trading platform to withdraw bitcoins or any other cryptocurrencies from it — they are obviously not stored in hot wallets.

The main benefit for the users: it is possible to earn a multiple of the initial deposit in a short period. Accordingly, PrimeXBT is rather aimed not at long-term investors, but mostly at intraday traders.

The more detailed benefits of PrimeXBT are as follows:

  • Low commissions;
  • The security of funds;
  • A variety of pairs for trading;
  • Professional platform with technical analysis tools (50+ types);
  • Different types of orders;
  • Comfortable UI;
  • Investment management module;
  • Lack of mandatory KYC procedures;
  • Applications for iOS and Android;
  • Technical support 24/7 (website, email and telegram).

The following assets are available for trading:

  • Forex (currency pairs);
  • Cryptocurrencies (Bitcoin, Ethereum, EOS, XRP, Litecoin);
  • Commodities such as oil and gas;
  • Stocks (Dow Jones, S&P 500 and others).

All data, including transactions, is backed by Amazon AWS servers. Liquidity is provided with fast execution of orders, with extremely rare delays. Mostly, an order is executed in just a few ms.

Most cryptocurrency-oriented platforms, including popular exchanges, cannot always boast a variety of tools for technical analysis. PrimeXBT uses more than 50 indicators, including the most popular for trend analysis and stochastics, as it is quite a useful tool when the market is in a sideways trend.

Along with market orders, there are also limit, stop orders and OCO (One-Cancels-The-Other), i.e. the order is canceled when the price reaches the certain mark. Users can trade both long and short.

PrimeXBT Turbo

Turbo trading mode is a familiar type of trading binary options. In fact, these are bets on the future price outcome, where traders need to predict whether it will be higher or lower than at the time of the bid. Will the price change for a single dollar or one thousand, there is no difference. In case of loss, the bet goes to the institution, but if the calculation was correct, the winnings will be 65-90% of the amount.

The winning amount is always less than 100%, which makes the mathematical expectation of all trading negative. In order to increase the chances of a positive outcome, there are several ways:

  • Set convenient timeframes. Some are good with the minute charts, others like 5 or 10 seconds;
  • Customize the chart for yourself: use candlestick analysis, put indicators;
  • Search the web for a strategy or come up with it yourself, based on a few simple principles. For example, make it a rule not to make more than a few transactions per day and trade a pair with a maximum profit ratio (85-90%).
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For users who would like to practice trading without risk of losing the deposit, a demo account is provided. It is a complete analogue of real trading, except that real money can neither be earned nor lost. The entry threshold for real trading is low: the minimum deposit is 1 dollar only.

Platform roadmap for the near future

The main planned release is the launch of another feature called Covesting. Covesting is an analogue of PAMM accounts that were popular 5-7 years ago in different jurisdictions, i.e. trust management for the commission.

The Covesting feature allows traders to raise funds for management. Investors will be able to evaluate the performance of traders and their trading statistics before deciding on an investment. Now the platform is launched for beta testing, and the results can be seen in the screenshot below. Successful traders can earn thousands of dollars per month showing stable high performance.

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Also, PrimeXBT plans to launch a module for purchasing cryptocurrencies with a card, as well as to continue updating the level of account security.

Conclusion

PrimeXBT combines several popular investment methods (Forex, PAMM accounts / Covesting, CFD) and many financial instruments (cryptocurrencies, fiat currencies, stock and commodity trading). The user interface and experience as well as security is on a high level, and the lack of KYC and the low fees make PrimeXBT a good choice for both experienced traders and beginners.



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