PrimeXBT Review 2021: Primexbt best trading platform security
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PrimeXBT is an emerging cryptocurrency exchange based and registered in Seychelles. The company is registered under the name PrimeXBT Trading Services under company number 148707.
Starting in early 2019, PrimeXBT has expanded its ground to opening St.Vincent and the Grenadine offices. Moreover, the company has moved its trading infrastructure to Switzerland. With a daily trading volume of $375 million on the platform, the platform has seen great success in a very short time.
A lot of PrimeXBT’s success can be attributed to the fact that the platform has leverage trading for an array of diverse assets. These assets are composed of six cryptocurrency pairs and numerous forex/commodity assets with leverage as high as 100x and 1000x, respectively.
Moreover, the platform makes excellent use of liquidity provided by notably larger exchanges and market makers in the industry by pooling it. With traders from over 150 different countries, PrimeXBT is one of those rare platforms that doesn’t have exuberant amounts of restrictions; however, it does restrict trades from some countries and provinces such as the USA and Quebec.Visit PrimeXBT Platform and get 35% on Your First Deposit!
Is PrimeXBT Safe?
With the increasing number of high-risk coins, projects, tokens, and products being introduced to the market, you must do your own research. Understanding the feasibility, financials, concept, mechanism, and security of the company is very important when choosing a platform for your trades. Interestingly, PrimeXB has an entire section on its website going into detail about the various security protocols it uses.
With the rising attention from malicious users such as frauds and hackers, many exchanges have fallen victim to them. Billions, if not millions of dollars, have been stolen from notable exchanges. Considering the pertaining risks of negative attention from hackers, PrimeXBT holds most of its coins in cold storage.
PrimeXBT holds users’ funds in a secure offline environment, away from any internet connection, therefore substantially mitigating the risks. Although to manage their current payments and withdrawals, the platform has no choice but to utilize hot wallets; however, only a limited number of assets are kept in hot wallets. PrimeXBT has utilized multi-signature access to any movement from cold wallets to hot wallets to further bolster their exchange’s security.
This means that for transactions to execute on the platform’s wallets, they need to authorize the transaction from a number of key holders. Doing so dramatically mitigates the risks of a single point of failure.
Additionally, PrimeXBT utilizes CloudFlare’s technology to minimize risks from potential Distributed Denial of Service Attacks, commonly known as DDoS. Lastly, PrimeXBT has also implemented advanced hardware modules to execute their trading technology by hosting on AWS web servers, which are known to be some of the best in the industry.
PrimeXBT is entirely encrypted with SSL encryption. This means that all of the users’ communication to the platform and on the platform will be encrypted, making it harder for hackers to listen and breach.
Moreover, it’ll also help users determine if they’re on a phishing or scam website. Often, websites without SSL encryption are considered unsafe and could deem harmful for you.
Lastly, PrimeXbT uses the bcrypt algorithm, a popular password-hashing algorithm, to store users’ passwords. This means that users can relax without worrying about their passwords and data being breached by hackers.Visit PrimeXBT Platform and get 35% on Your First Deposit!
Despite all of the protocols, suppose a hacker were to get access to your password. PrimeXBT has taken all the necessary steps to implement impenetrable security. In the case of a hacker, gaining access to a user’s password will still keep the account safe, thanks to the 2FA protocols set on the platform. This means users have to authorize logins on their phone via Google authenticator or other authentication methods to gain access to the account.
Although, with the security protocols set by PrimeXBT, it’s highly unlikely hackers gain access to your account; however, you can always go the extra mile with setting up 2FA on your phone. Setting up 2FA on PrimeXBT is relatively easy. All you have to do is navigate to the security settings, scan the QR Code, store the backup key, and that’s it.
Note that you must keep your backup key secure in case you want to reset your 2FA. Suppose your phone is stolen or lost; you’ll need your backup key to gain access to your account.
Lastly, PrimeXBT is one of the few exchanges that require an obligatory white-labeling of Bitcoin addresses when withdrawing funds. PrimeXBT has set these protocols so hackers can not transfer your funds to rogue addresses if your account is breached.Visit PrimeXBT Platform and get 35% on Your First Deposit!
If you don’t know what leveraging is, don’t worry; let us explain. Leveraging or trading on leverage is a process where traders get more exposure to an asset than they have invested, allowing traders the opportunity to capitalize on borrowed funds.
When leveraging, traders can potentially enhance their returns by specific factors. However, this also works with losses. Similar to profits being magnified, losses are also magnified.
Leveraged trading has an avenue of benefits. Traders can quickly short assets. This means traders can benefit from price falls or downtrends. As mentioned, PrimeXBT offers various leverage ratios for crypto pairs and forex pairs. Users have to put down a percentage of the required capital to take out a position.
Moreover, the exact leverage users will be allowed for the position also depends on the type of asset that traders trade. Other factors such as the size of the position also play into determining leverage on the platform.
Here are some of the base leverage options for various assets on the platform:
LEVERAGE reflects the amount of a traders own funds (margin) required, in comparison to the size of the position that they wish to open.( 1:1000, 1:100, 1:50, 1:20, 1:10, 1:2 ).
MARGIN is the amount of a Trader’s own funds that are required to open a position.
Example: with 1:100 leverage I only need 0.01 BTC of my personal funds (Margin) to trade with 1 BTC.
PrimeXBT offers the following Leverage:
– Cryptocurrencies – up to 1:100
– Indices and Commodities up to 1:100
– Forex majors – up to 1:1000
This is one of the most impressive points about PrimeXBT’s trading platform. Unlike other notable cryptocurrency exchanges, there is an extended range of assets that traders can trade on this platform. While most cryptocurrency exchanges limit their trading options to just trading cryptocurrencies, users can easily trade Forex, Commodities, Stock indices, and more on PrimeXBT.
When choosing your preferred trading platform, trading fees can really help you consider if the platform will be profitable for you or not. Suppose you trade a significant volume on the exchange, and then these trading fees can add up on a cumulative basis and deter your profit margins.
Interestingly, PrimeXBT is very transparent and open with its fees. The platform has two types of fees, namely: trade fee and overnight fee. The platform charges a trade fee for entering a position, and the platform charges overnight fees for financing a position overnight.
PrimeXBT’s fee structure places it more in line with the model of a CFD broker than a futures exchange. PrimeXBT does not charge any settlement fees on contracts; however, they do charge overnight fees for holding the position. Note that this fee won’t execute if you enter and exit the position with the day.
Here’s the fee breakdown for a select number of assets on the platform:
Registering an account on the PrimeXBT platform is easier than ever. All you need to have is an email address and a password. Traders can also insert a referral code, if they have one, for special features and discounts on PrimeXBT.
Unlike most exchanges, PrimeXBT does not hassle its users with lengthy KYC processes. Traders don’t need to go through KYC or AML checks on their platform. Traders don’t have to provide sensitive information to the platform to verify their identities.
PrimeXBT is a fully anonymous exchange, allowing traders to secure their identity and not risk losing precious data or information. Moreover, this makes the platform less of a target for hackers looking to exploit user databases.Visit PrimeXBT Platform and get 35% on Your First Deposit!
PrimeXBT Deposits and Withdrawals
PrimeXBT’s deposits and withdrawal system is fairly simple. PrimeXBT allows traders to make cryptocurrency deposits through their crypto wallets. Moreover, the platform also allows traders to deposit funds into their account through their credit cards, debit cards, or SEPA transfers.
Once users have set up their funds, they can deposit it into their accounts. All they have to do is go to the account section, click the Deposit button.
For Direct Crypto deposits, traders have to choose the currency they prefer to deposit, copy the wallet address provided by the platform, and transfer their funds to the respective crypto address.
To start trading with leverage and access all of the platforms features, you will first need to make a deposit to your personal wallet: BTC, ETH, USDT (erc20), or USDC (erc20). Make a deposit and enjoy a : 350$
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Suppose traders want to deposit funds through their credit cards, debit cards, or SEPA transfers they can do so on the PrimeXBT. Suppose traders want to buy Bitcoins, they can do so by clicking on the ‘Buy Bitcoin’ button. Choose their preferred payment option and service and click buy.
Currently, Traders can be choose from the following services to buy cryptocurrencies on the platform:
Not going into too much detail, all of these services are trustworthy and support a plethora of payment options ranging from bank transfers, online wallets, cash payments, debit or credit card payments, digital currencies, and gift cards. While Paxful is a peer-to-peer platform other platforms allow traders to quickly buy Bitcoins. Note that you might have to share your personal identification if you intend to use any of the services mentioned above. While PrimeXBT doesn’t need any form of sensitive identification, these platforms do.
Similar to the funding or depositing section, the withdrawal function is fairly simple. Considering the risks inherent to cryptocurrency exchanges, PrimeXBT is taking necessary steps to keep their platform safe from exploitation. Therefore, for security, PrimeXBT controls its hot wallet with restricted cryptocurrency and handles all pending transactions only once a day between 12 PM and 2PM. Requested withdrawals are executed on the same day before 12:00 UTC; however, withdrawal requests requested after 12:00 UTC are reviewed on the following day.
Withdrawing your funds is very easy. All you have to do is choose your withdrawal address, enter the amount you want to withdraw, verify, and withdraw.Visit PrimeXBT Platform and get 35% on Your First Deposit!
PrimeXBT Trading Platform
Coming to the main point, PrimeXBT’s trading platform is easily one of the most eye-catching features of the platform. PrimeXBT has gone the extra mile by developing its native trading technology coupled with extensive and sophisticated functionality catered to traders of all skill levels.
PrimeXBT offers a significant degree of customization to its users. Traders can build out their dashboards that they can access on top of the platform. Traders can add widgets, panels, charges, messages, and more to their dashboards. They can also use the platform’s Telegram bot to send price alerts, open positions, executed orders, and more.
Traders can even customize colors, grids, spacing, and lines on the platform. PrimeXBT is a prime example of a customizable, user-friendly trading platform. Taking a look at all the tools available on the platform, traders can use a broad range of different sophisticated trading tools such as fan lines, Fibonaccis, retracements, and other trace lines.
Traders can also use many technical analysis indicators such as momentum indicators, relative strength indicators, and volume-based indicators. Since it’s on PrimeXBT’s trading platform, traders can easily customize those too!
Primexbt Order types
PrimeXBT also boasts an array of diverse order types on its trading platform for veteran traders. These order types allow traders to specify levels for entries and exits. They are essential as a risk management tool to control losses when it comes to leverage trading.
Here are some of the basic order types available on PrimeXBT:
- Market Order
- Limit Order
- Stop Market Order
- Protection Order
- One Cancels the Other Order
PrimeXBT Turbo Account Interface
PrimeXBT’s Turbo allows you to make short term price predictions and profit from correctly predicting whether the price of an asset will be HIGHER or LOWER after a short interval (30 seconds, 1 minute or 5 minutes)
‘Turbo‘ section consists of 2 main parts: Turbo account interface and the Turbo statistics bar:
1) Turbo prediction interface – change chart settings and make predictions. Here you can select the parameters of your predictions, such as Currency, Duration and Amount of funds used in a prediction.
2) Turbo statistics bar – on the left side of the ‘Turbo’ page, reflects prediction (position) statistics and activity. This part consists of 5 tabs
Quick Start for PrimeXBT Turbo
1) Choose your Turbo account currency
2) Choose the prediction currency
3) Choose the Duration and Amount of funds used to be used in your prediction.
Click UP or DOWN to make your prediction
There are 2 types of predictions:
UP – the price of the selected asset will be HIGHER at prediction expiry
DOWN – the price of the selected asset will be LOWER at prediction expiry
Primexbt Covesting – Strategy management and Followings
- Click on a Strategy to bring up that Strategy’s performance and Following page, then click ‘Follow’:
- Select the initial following amount, and make sure to review the Following’s details. Enable any desired utility (optional) if you wish. Click ‘Follow’ to start the Following:
PrimeXBT Mobile App
With the rising number of smartphone users, it is imperative that every exchange provides top-class services to mobile users. PrimeXBT’s mobile app provides much of the same features on their mobile app as they do on their website. Supported by both ioS and Android devices, PrimeXBT’s app is user-friendly, easy to use, and accessible.
Traders can customize their layout to suit their trading preferences, utilize various order types, and trade through their mobile app. However, PrimeXBT’s mobile trading does have some drawbacks.
PrimeXBT is a one-of-a-kind trading platform in the market. There’s hardly anything in the market as successful, intuitive, and sophisticated as PrimeXBT. With exceptional customizability, range of investment options, list of order types, low trading fees, withdrawal options, and other features, PrimeXBT is an ideal platform. However, like most exchanges, it has its fair share of drawbacks.
It would be nice to see the platform test the waters with API functionality as more exchanges introduce API functionality to their platforms. Allowing traders to code their own bots and trading algorithms on the platform could add to the platform’s success. All in all, the platform is unlike any in the market.
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