PrimeXBT is undoubtedly amongst the leading cryptocurrency exchanges, but unlike many of its counterparts, the platform also supports the trading of legacy market products such as stocks, commodities, and forex.
The platform was founded in 2018, and from the very beginning, it managed to grow exponentially. At present, the exchange serves clients in over 150 countries, providing sufficient liquidity and a variety of trading instruments.
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- PrimeXBT video tutorial
- What Are the Available Markets on PrimeXBT?
- How to Register on PrimeXBT
- How to Deposit and Withdraw
- How to Trade Bitcoin With Leverage
- How to Trade Bitcoin Futures on Huobi
- How to Trade Bitcoin Perpetual Swaps
- Customer Support
- Trading Fees
- Security: Is it Safe to Trade on Huobi Futures?
PrimeXBT Video Review & Tutorial (Updated 2021)
PrimeXBT implements a high level of security measures, and as of writing these lines, it has never been hacked. The overall trading interface is straightforward and easy to work with.
What Are the Available Markets on PrimeXBT?
Starting off, let’s take a look at all of the available markets on PrimeXBT, as this is definitely a unique feature that’s different from most cryptocurrency exchanges.
Legacy Stock Indices
PrimeXBT allows its users to engage in trading some of the major indices such as NASDAQ 100, the S&P 500, NIKKEI 225, ASX 200, and others alike. Users can open both long and short positions in an attempt to profit from the movement of the price, regardless of whether it’s positive or negative.
Alternatively, traders can also engage with the global markets for commodities. Some of the more popular ones include Crude Oil, Natural Gas, Gold, Silver, and so forth.
Because they are offered through CFDs (Contracts for Difference), users don’t have to worry about physically handle the storage of those products.
The world’s foreign exchange market is undoubtedly the largest one there is, and PrimeXBT offers some of the most recognizable currencies from countries such as the UK, the US, Australia, Canada, and so forth.
Traders can open positions on the USD, the British Pound, the Yen, the Euro, and so forth.
Of course, the exchange also supports cryptocurrency trading with leverage. At the time of this writing, the supported coins include Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Litecoin (LTC), Ripple (XRP). These are all traded against the USD, while ETH, EOS, LTC, and XRP can also be traded against BTC.
How to Register on PrimeXBT
Registering on PrimeXBT is fairly simple and straightforward. Users only have to provide an email, choose a password, and (optionally) provide a telephone number for enhanced security. This is how the registration form looks like:
Initially, there’s no need to go through an extensive Know-Your-Customer (KYC) verification, and you can start trading immediately. However, according to the platform’s KYC page:
“We reserve the right at any time to conduct a verification of a client’s identity or source of funds, known as Customer Due Diligence (CDD), to ensure that PrimeXBT services are not abused and the user does not violate AML requirements.”
In other words, PrimeXBT might require an additional review that could have you hand in some or all of the following verifications:
- Proof of Identity
- Proof of Address
- Proof of Source of funds
For security measures, and before you deposit even one Satoshi, It’s also highly recommended to enable the Google Authenticator 2FA for an added layer of security. This can be done from the “System preferences” tab in your account settings.
How to Deposit and Withdraw on PrimeXBT
Depositing funds on PrimeXBT is really simple, though the only accepted currency is Bitcoin. The same is true for withdrawals – users can only withdraw BTC.
If you want to deposit, all you need to do is go to your account settings, select “Deposit,” and send BTC to the provided address.
Additionally, traders can also buy BTC using a credit or a debit card (higher fees might apply). To withdraw, simply go to the withdrawal tab and input the amount of BTC and the destination address. That’s everything there is to it.
Customizing Your Trading Interface
By customizing widgets and your platform layout, you can create a workspace that meets your needs. This is done using the “Add Widget” button.
The platform has provided the option to add a range of different widgets for trades:
- Chart Widget – you can open a trading chart on your workspace and use it to monitor by using technical indicators.
- Watchlist Widget – this will allow you to monitor other trading pairs with the latest market data.
- Dashboard widget – you will get direct access to order forms for the specific pairs that you have selected on your own.
- Positions widget – this option will show you all the current active positions that you have; you can modify them from here.
There are other widgets that you can add, such as order history, order books, alerts, symbol library, account widgets, statement widgets, and many others.
Those are just a few examples of how your workspace could look like:
PrimeXBT Leverage Trading – Up To 100X
The easiest way to picture margin trading is by using division. So, for example, if you have selected leverage that is times 10, then you can expect the cost of the position to be reduced by a factor of 10. In other words, it will be divided by 10.
This allows you to trade the selected pair by borrowing from the platform. Of course, the higher the margin is, the more funds you have to borrow, and that’s why fees will also cost more, and the liquidation price will be closer.
PrimeXBT offers up to 1:100 leverage on all of the digital assets available on its platform. The core thing to understand is that traders are automatically provided with buying or selling power, which is equal to 100x times of their balance.
Traders can easily set the leverage by adjusting the position size rather than adjusting the leverage level itself like the other margin trading exchanges. For example, a user can open a 5 BTC position while having a 1 BTC deposit on a trading account, which will result in an effective 5x leverage.
How to Trade Bitcoin With Leverage on PrimeXBT?
Before you start, you would have to fund your trading account. To do that, go to the “Account Summary” page and click on “fund trading account.”
Once you have funds available in the trading account, you can click on “Trade” from the top navigation bar.
Now, we have customized the trading interface a bit, and that’s how it looks like. You can pretty much do the same if you like the outlook:
On the left side, you will see the watchlist. There’s a drop-down button that says “All markets,” and you can use it to select the particular market you want to trade. For this guide, we will use Crypto, as the pair that we want to trade is the BTC/USD.
How to Open a Position
Now, above the coin chart, you will see two buttons – Sell and Buy the selected asset – in this case, Bitcoin.
As soon as you hit one of them, this will trigger an additional window where you can select the specific type of order you want to place:
There are four available order types:
- Market Order – it means that the position will get filled by the best available price on the market.
- Limit Order – it means that you will set an order price manually using the Limit Price ticker.
- Stop Order – it will fill the position only when the stop price is reached.
- OCO Orders – this is a very cool feature that allows you to place two orders simultaneously. OCO stands for One Cancels Other – it will enable you to ultimately minimize the risk when trading by placing another order, which will cancel the previous one once the set price is reached.
For this sample position, we will use a regular market order to buy BTC at the current rates. We want to purchase 0.01 BTC at the current price of $15,470. This is how it looks like:
As you can see, we only have to post a 0.00010039 BTC margin because of the automated leverage that PrimeXBT has assigned. If you want to reduce the risk, you can simply open a smaller position. Alternatively, if you want a more risky trade, you can go ahead and open a larger position.
As soon as you’re happy with the order, you can go ahead and press “Send order.” This will automatically open your position and place it in the “Positions” tab.
As you can see, this is where you track the performance of your position. The tabs hows your sizing, the fill price, the current price, your profit or loss, take profit and stop-loss targets, and it gives you an option to close the position.
How to Close Your Position
On the right side of your position, you can find a little “x” mark that you can press if you want to close it. As soon as you do, this is the screen that will pop up:
Here, you can choose the exact amount of BTC that you want to close from your position, and when you input this, you can simply hit the blue button.
In terms of fees on the platform, there are a couple of things you should know. First, there are no deposit fees, though the minimum deposit amount is set to 0.001 BTC.
On the other hand, there’s a flat 0.0005 BTC withdrawal fee to also consider.
Now, when it comes to the trading fees for cryptocurrency trading, there’s a flat trading fee of 0.05%. However, there’s also the daily funding rate that you have to consider since this is leveraged trading.
The chart below shows the financing per day on both long and short positions.
To check the fees and funding rates on the other markets such as indices, commodities, and forex, please take a look at this page.
This is one of the core components of a well-maintained cryptocurrency exchange. Traders rely on quick and adequate response when they need it.
In our experience the customer support of PrimeXBT was very responsive. After we requested assistance, it only took them a few minutes to get back to us. They handled our concerns quickly and were very helpful.
Security: Is it Safe to Trade on PrimeXBT?
PrimeXBT boasts a range of security features to provide the safest environment for traders and their funds. Some of the notable ones include:
- Cold storage of digital assets using multi-signature technology.
- Full risk check following each order placement and execution
- Cryptographically hashed passwords
- Regular tests and on-site checkups
- Mandatory BTC address whitelisting
- Two-Factor Authentication (2FA)
The exchange hasn’t been hacked up to the point of this writing and is considered one of the reliable and secure trading platforms.
All in all, PrimeXBT appears to be a very well rounded trading platform. It offers a variety of features for its users, and, most importantly, it’s a place where traders can engage in different markets.
This has traditionally been missing from most of the cryptocurrency exchanges, as they are solely dedicated to digital currencies. With PrimeXBT, traders can also participate in legacy markets, which is a distinctive advantage.