Review of
PrimeXBT. This cryptocurrency exchange is a good fit for advanced users seeking additional services and possibilities to boost their profits. The opportunity to mimic the transactions of expert traders will appeal to new users. Prime XBT is a cryptocurrency-only platform. This means they don't accept Fiat currency as a form of payment, and you can only make Bitcoin deposits and withdrawals. If you need to fund your account with Bitcoin, you'll need to use a Fiat gateway like
ShakePay or
Coinbase.
Because of the exchange's security, the majority of the coins stored by
PrimeXBT are kept in cold storage. This means they're kept in a safe, offline environment, away from the internet and prospective hackers. PrimeXBT, like most other exchanges and financial websites these days, uses complete SSL encryption. This implies that any communication you submit to the exchange will be encrypted, making it difficult for hostile actors to read it.
It will also assist you in determining if you have stumbled into a phishing site. This is because the browser should display a secure padlock on the login page. If you don't see this, you're probably on a phishing site, and you should exit right away. Even if a hacker manages to obtain your password, Prime XBT provides two-factor authentication. This implies you'll have to use Google authenticator to authorize the login on your phone.
Trading on leverage, for those who don't know, is a way for an individual to gain greater exposure to an asset than they have put down in cash. This provides the trader with the benefit of profiting from "borrowed funds." When you trade on margin, you can potentially increase your profits by a set amount. This, of course, works on the way down as well, because losses are exaggerated.
The amount of leverage you are allowed for a position will be determined by the type of asset you are trading and the size of the position you are placing.
A "Margin Call" occurs when your equity is depleted and the value of your account falls below a specified level. When dealing with traditional financial brokers, they will call you and request the margin. Instead, PrimeXBT closes the trade since they need to manage the risk on their books.
Inward payments do not incur any fees when it comes to funding your account. If you want to withdraw money from the exchange, you may have to pay an arbitrary miner fee in order for your transaction to be propagated. You may have observed that when you join up for PrimeXBT, you are not required to provide any forms of identification. This is due to the fact that they are one of the few exchanges that do not conduct KYC or AML checks on its traders.
The platform's first feature you'll notice is that it allows for a great deal of customization. You can create your own workplaces, which you can access from the platform's top.
Conclusion
According to this evaluation, Prime XBT appears to be a viable option for trading leveraged bitcoin products. Many traders are looking for alternatives to BitMEX and other similar exchanges. The high leverage levels make it an equally appealing proposition for investors who want to multiply their returns on borrowed money. Of course, leverage is a two-edged sword, and it may also be used to cut you down. Risk management must be done correctly.
