PrimeXBT offers traders excellent liquidity, a user-friendly interface, high leverage, and several products they can use to make gains on their crypto. The platform also has some superb trading volumes and is also highly secure.
Even with the many positive attributes of this popular crypto exchange, it also has its fair share of shortcomings. Therefore, before you decide to give it a try, it is essential to ensure you have enough information on what it is all about.
This tutorial aims to help traders understand the exchange much better by explaining some essential things like what PrimeXBT is all about, its product offering, and the registration process.
PrimeXBT Trading Tutorial: What Is PrimeXBT?
PrimeXBT is a top-tier crypto exchange that markets itself as a one-stop-shop for all your crypto trading needs.
The company started operation in 2018 with its headquarters in Seychelles but has since shifted its offices to Switzerland. Also, it is now a global crypto exchange with a presence in more than 150 countries
Besides crypto trading, the company offers several other products, including forex exchange and commodities and stock indices. Therefore, there is much more you can do in the exchange besides just trading crypto.
PrimeXBT aims to solve the challenges that most other platforms face, such as lengthy KYC approvals process, few order types, inadequate liquidity, and high trading fees.
The platform supports the most common cryptocurrencies, including BTC, ETH, LTC, and XRP. Traders get over 50 trading pairs from the supported crypto, including BTC/USD, ETH/USD, LTC/USD, and XRP/USD.
What Does PrimeXBT Offer?
PrimeXBT has a diverse product offering that will be perfect for beginner traders that prefer to try out something different from traditional spot trading.
Also, their diverse product offering works well for experienced traders that prefer having a diverse portfolio with several types of crypto investments. Here is an overview of some of the main products that the platform offers.
1. Leveraged Trading
PrimeXBT is one of the major players in the margin/leverage trading segment of the crypto trading industry. In recent years, the company seems to be taking on other more prominent and older players in the margin trading industry like Bitmex.
For their leverage trading, the crypto exchange offers maximum leverage of 100x, which is almost as good as it gets in the industry. The high margin means you can amplify your position by up to 100 times.
For example, if you want to open a leveraged position with an actual investment of $100, you can amplify the position to $10,000 with 100x leverage. Hence, if the price of the assets rises by just 5%, you will earn $50, which is $45 more than the $5 you would make without leverage.
However, it is always important to take extra precautions when trading with leverage. From the example above, if you are using 100x leverage, just a 1% fall in price is enough to trigger liquidation.
2. Covesting/Copy Trading
Covesting or copy trading is a unique product from PrimeXBT that will allow traders to follow and copy the trading strategies other successful traders execute. By covesting, even newbie traders can profit as they will not need any experience or expertise to execute successful trades.
Covesting saves a lot of time since you do not need to spend several hours reading the market to know where to invest. Also, it saves you the time you would need to build and test a strategy before implementing it in an actual trading scenario.
Copying other successful traders is an easy way of learning how to trade successfully. What’s more, you will not need to monitor your portfolio constantly. PrimeXBT provides a detailed covesting tutorial, so traders should not have difficulties figuring things out.
3. CFDs Trading
When trading on the PrimeXBT platform, you will be trading CFDs (contract for difference). You can go either long or short since you do not own the underlying asset.
With CFDs trading, you can make a profit when the price of an asset rises or falls depending on the position you choose, which is not possible in a traditional spot trading market.
The contracts are for paying the difference in the asset price from when buying it to when selling it. CFDs ensure you profit provided the underlying assets’ price moves in either direction.
4. Interest Yield Account
You do not have to trade on PrimeXBT to earn money with your crypto. The company also allows you to stake your assets and earn an interest of up to 14% APY.
This product is an excellent passive income and can work great even for newbie traders yet to master leverage trading and covesting but still want to make some money with their crypto.
PrimeXBT allows you to deposit different assets in your yield account, including USDT, USDC, and ETH. Additionally, traders get to choose the period from 1 month to 5 years.
5. Mobile App
Another feature that many traders on the PrimeXBT platform love is the mobile app. The mobile app has most of the features and functionalities you get on their desktop trading interface, including detailed charts and all the order types.
What’s more, the app is available for both iOS and Android devices and is super easy to navigate. Therefore, with PrimeXBT, you can keep track of your positions, open new ones and even add more assets to your wallet from anywhere.
How do I register on PrimeXBT?
The registration process on PrimeXBT is as straightforward as it can get as the company does not require any complicated verifications during the initial account setup. All you need is a valid email address, mobile phone number, and a password.
Here is a step by step guide for creating an account on PrimeXBT:
- Go to the PrimeXBT main page, https://primexbt.com/
- Click the blue “Register” button at the top right corner
- Fill in the registration form with your email address and create a password
- Verify your email address using the verification email that you will get, and your account will be ready to use
- It is also a good idea to secure your account with 2FA before you deposit to start trading
How Do I Deposit and Withdraw on PrimeXBT?
PimeXBT gives you several options for funding your account. You can transfer crypto from another wallet, which is the easiest method, and you can also buy from the platform using a debit/credit card, bank transfer, or SEPA transfer.
Note: Once you have funds in your wallet, PrimeXBT allows for in-wallet exchanges. You can exchange BTC, ETH, COV, USDT, and USDC amongst each other.
Here is an overview of the steps to follow when making a deposit:
- Click on “Deposit” under the “Dashboard” section in your account
- Choose the currency you want to deposit
- Copy the wallet address that you get or scan the QR code
- You can then paste the address on the destination section in the wallet you are transferring the assets from
The process is the same when withdrawing but instead of clicking “Deposit” in your dashboard, choose “Withdraw” instead. A popup menu will then appear for you to fill in the withdrawal address and amount. Finish by clicking “Submit Withdrawal” and then confirm it via email.
How to Trade Bitcoin & Altcoins On PrimeXBT?
PrimeXBT has a user-friendly and straightforward interface that makes trading the platform easy, even for a beginner. Here are the steps to follow to make your first trade of the exchange.
- Move funds to your trading account by going to the dashboard and clicking on “Fund,” which will be a green button on the right side. Transferring from your wallet to the trading account is free and instant.
- Open the trading interface to place your order.
- Once the interface is open, you can now choose the crypto pair you want to trade and fill in your order size.
- Next, you have to choose whether to go long or short. The long button is green and will be just after the order size section, while the short button is red and will be before the order size section.
- A new window will open for you to review your order. If everything seems okay, you should click “Send Order” to execute it. You can see the order under the orders widget when you complete it.
What are the Various Trading Fees on PrimeXBT?
PrimeXBT keeps their trading fees competitive, and they keep them lower than the industry average to make sure they do not eat up a lot of the trader’s potential gains.
The exchange charges a 0.05% flat rate fee per transaction, which is lower than the 0.075% that most reputable crypto exchange platforms will charge you.
Besides the trading fee, PrimeXBT will also charge traders for holding a position overnight. The actual cost you pay will depend on the specific pair you are trading, but it is 0.194% for most pairs.
The exchange will not charge you any deposit fees, and so any costs you incur when adding funds to your account will come from other parties facilitating it, like banks.
The withdrawal fees will depend on the asset you are withdrawing. For example, the cost of withdrawing BTC is 0.0005 BTC per transaction. The withdrawal fee is the same regardless of the crypto amount you withdraw.
Does PrimeXBT Require KYC?
KYC verification is not mandatory at PrimeXBT, and so you will not need to upload any documents before you can start trading.
That said, the exchange often does Customer Due Diligence (CDD), requiring some customers to verify their identity and other things like the source of their funds.
PrimeXBT will often do CDD when its security systems pick up suspicious and unusual activities in a trader’s account. The exchange can also initiate the procedure if a trader violates terms and conditions.
When the exchange initiates CDD, they often place withdrawal and even deposit limits on the account until you provide the required documents.
PrimeXBT KYC Levels?
Since PrimeXBT does not require traders to undergo KYC verification, the platform does not have any KYC levels. However, the exchange still has many security features to keep trader accounts and funds safe.
Some of the key security features include Google authenticator 2FA, BTC address whitelisting, manual withdrawal clearance, and cold storage for most digital assets in the platform.
Therefore, PrimeXBT is still a secure enough platform even with no KYC levels. What’s more, their absence means that you will not have withdrawal limits and other restrictions even when new on the crypto exchange.
How to Complete KYC on PrimeXBT?
You will not need to complete KYC verification on PrimeXBT, so there is no need to worry about going through a lengthy and complicated process.
However, when the platform initiates a CDD procedure, you may need to follow a process similar to KYC verification to prove your identity to continue using the exchange with no limits.
In such instances, the company will require you to provide proof of identity and address. Sometimes they will also need you to explain the source of your funds with evidence. The team at PrimeXBT will give clear directions on how to upload the required documents.
PrimeXBT is one of the best platforms for leverage trading as they will allow you to trade with a maximum leverage of 100x. Hence, it is super easy to amplify your earnings on the platforms.
Additionally, the company also has low trading fees and no hidden charges to make trading on the exchange a cheaper venture. What’s more, it is a beginner-friendly platform with an intuitive interface and also makes trading easy for newbies with its copy trading feature.
One more thing that traders love about the platform is that it does not have mandatory KYC requirements. Hence once you finish setting up your account, you can start trading with no restrictions.
All in all, PrimeXBT is worth giving a try, which is more so for traders into leverage trading.
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