The world of cryptocurrencies moves fast and so do the exchanges where they are traded.
The ones that don’t move fast enough like the Bittrex or Poloniex of the world are ought to fall behind in the game. The same is true in the realm of crypto margin trading too.
Margin exchanges that don’t adapt to the ever-changing needs of the cryptosphere are getting discarded by the market forces.
Their status-quos are falling and new ones are taking the place of old.
One such platform that has raced its course to the frontlines of the crypto margin trading exchanges is PrimeXBT.
Is PrimeXBT Legit? Is Prime XBT Safe? What are Pros and Cons of Margin Trading with PrimeXBT?
If all these questions are popping up in your head, then don’t worry. I’m here to introduce you to this exchange if you haven’t heard of it yet. I will do so by touching upon the following silent points so that you don’t remain unaware of any of its features.
So let’s get in:
For the readers of The Money Mongers, PrimeXBT is offering a deposit bonus promo code of 35%. To claim your PrimeXBT bonus of 35% on your Bitcoin deposit just follow these steps:
- Signup for a New account on PrimeXBT from here.
- Add funds into your account and on the same page in the field of promo code add ‘themoneymongers’
- And! that’s it. Now you have your 35% Welcome bonus on your deposited amount.
What Is PrimeXBT?
PrimeXBT was launched in 2018 from Seychelles and since then started making a name for itself.
But now in 2019, it has experienced a throttling growth owing to its customer-centric approach paired together with superior products that have lured crypto traders to move to PrimeXBT.
For the uninitiated:
PrimeXBT is a Bitcoin-based margin trading platform that allows you to trade 30+ assets including cryptocurrencies, stock indexes (S&P500, FTSE100), commodities, and forex all with one account.
It gets better:
Using PrimeXBT you can get up to 100x leverage on BTC, ETH, XRP, LTC and many more favorite cryptocurrencies of yours. Go long or short whenever you wish based on the Technical Analysis (TA) done on the clean UI of PrimeXBT.
All this heavy trading of different assets including cryptocurrencies is done on their specially designed trading engine capable of executing over 12,000 orders per second to give you a seamless experience.
PrimeXBT Margin Trading Products
A wise man once said, “never bet on just one asset”
Inline with that motto, PrimeXBT goes beyond just the Bitcoin trading platform and allows its users to trade multiple products from a single Bitcoin-based platform.
PrimeXBT mainly provides four types of products, namely:
- Cryptocurrencies
Using PrimeXBT, you can trade BTC, ETH, XRP, LTC, and EOS with 100x leverage and the lowest fees to get much larger exposure than the amount you deposited to open the trade. That’s the magic of low margins and high leverage which you only get at PrimeXBT !!
- Indices
On similar lines have access to the most popular indices around the world such as S&P500, FTSE100, JAPAN, and much more along with the freedom to trade them with BTC on leverage.
- Forex
Margins and leverage are the mainstay in Forex markets and using PrimeXBT you can go long or short on 25 major Forex with leverage range approaching up to 1000x
- Commodities
Analyze, time or speculate on the prices of high profile commodities such as oil and gold, and profit from their growth and decline using PrimeXBT’s integrated platform.
Long/Short Trading With Advanced Order Types
| Main order type: | Protection orders: |
| Market order | Stop Loss |
| Limit | Take Profit |
| Stop Market | |
| OCO (One-Cancels-The-Other) |
Going long or short becomes easy with PrimeXBT, especially, in the volatile world of cryptocurrencies because of the low margin requirements and high leverage.
For ease of understanding, you can consider them as CFD products but settled in BTC.
They act as a broker and all trades are settled in Bitcoin. Also, collateral/margin is used in Bitcoin. But trading itself is more similar to STP brokerage rather than an exchange with internal order books.
How do I use PrimeXBT Leverage Trading?
| Country Available | Worldwide (170+ Countries) |
| Trading Currencies |
BTC, ETH, EOS, LTC, XRP
|
| Margin Limits/Leverage Up To | 100x |
| Margin Trading Fees | 0.005% |
| Prime XBT Minimum Deposit | 0.001 BTC |
| USP | No KYC & 30+ assets including commodities, stocks, forex & crypto |
With PrimeXBT you can start trading in only 3 steps:
#1. Register
It is a NO KYC platform meaning you aren’t required to go through the arduous and irritating process of clicking your selfies to prove your identity.
To get started, just go to PrimeXBT.com and register yourself using your email address. Use our PrimeXBT Promo Code to get a 35% Bonus on your Bitcoin Deposit.
That’s it and you are ready to trade in seconds!!
#2. Deposit
Once you are done doing this, go straight to the ‘Deposit’ section (as shown in the above image) and get your Bitcoin address from here. Transfer BTC from your wallet on to this address to fund your PrimeXBT wallet to start trading.
#2. Trade
Lastly, once you have transferred the funds, move to the ‘Trade’ section (as shown in the above image) to start your exciting trading journey with the PrimeXBT platform.
New to the Platform? Do check our PrimeXBT tutorial on How to Trade on PrimeXBT
PrimeXBT Supported Countries & Languages
PrimeXBT scores heavily against its peers in this department too 🙂
PrimeXBT isn’t averse to any particular country and since it doesn’t touch fiat currencies there is no KYC verification process required also which makes it one of the few completely anonymous crypto exchanges in the market.
It is a global platform for global users and lovers of crypto trading.
However, PrimeXBT does says that it doesn’t accept users from such countries or territories where its activity shall be specially licensed, accredited or regulated by any means.
So users should check any law applicable to them and be responsible themselves for it, if they reside in any such country, for example, United States.
Moreover, the platform’s beautiful and simple UI is already available in 8 international languages such as English, Chinese, Japanese, Russian, Spanish, Korean, Portuguese, and Turkish.
So if you are well versed in any of these languages you are ready to make the move to PrimeXBT to level-up your game of trading cryptocurrencies.
PrimeXBT Fees and Supported Cryptocurrencies
Since the platform is for cryptocurrency-focused users, the PrimeXBT Trading Platform supports 5 cryptocurrencies such as BTC, ETH, LTC, XRP, and EOS with 9 different trading pairs.
| Symbol | Min. order size | Trading fee | Financing/day Long | Financing/day Short |
| BTC/USD | 0.01 BTC | 0.05% | -$16.0 per 1 BTC | -$16.0 per 1 BTC |
| ETH/USD | 0.01 ETH | 0.05% | -$0.60 per 1 ETH | -$0.15 per 1 ETH |
| ETH/BTC | 0.01 ETH | 0.05% | -₿0.000060 per 1 ETH | -₿0.000015 per 1 ETH |
| LTC/USD | 0.01 LTC | 0.05% | -$0.20 per 1 LTC | -$0.05 per 1 LTC |
| LTC/BTC | 0.01 LTC | 0.05% | -₿0.000020 per 1 LTC | -₿0.000005 per 1 LTC |
| XRP/USD | 1 XRP | 0.05% | -$0.00054 per 1 XRP | -$0.00003 per 1 XRP |
| XRP/BTC | 1 XRP | 0.05% | -₿0.00000054 per 1 XRP | -₿0.00000003 per 1 XRP |
| EOS/USD | 1 EOS | 0.05% | -$0.012 per 1 EOS | -$0.003 per 1 EOS |
| EOS/BTC | 1 EOS | 0.05% | -₿0.0000012 per 1 EOS | -₿0.0000003 per 1 EOS |
So broadly speaking they charge two types of fees: trade fee and overnight financing.
Note: Since instruments at PrimeXBT are leveraged trading products, you finance the traded value through overnight financing. This borrowing cost (financing) is dependent on the liquidity of the underlying asset. If you open and close a leveraged trading position within the same trading day, you are not subject to overnight finance.
For other assets, you can check their fees and conditions here.
PrimeXBT Customer Support & Assets Security
PrimeXBT’s customer support is second to none and their customer-centric approach has been the secret sauce for their meteoric rise in 2019.
I have personally experienced this when each of the last three times I have received quick responses on email from their team on my queries. Their Twitter handle is also quite approachable from where I could query more about their product.
They also have 24/7 community supporting, all questions about the platform you could ask in the Live Chat, their team will be glad to answer any questions.
Of course, if you have any left, especially after reading this detailed PrimeXBT review 🙂
Apart from excellent customer support, they have built their product ground-up to reduce latency related security issues. As a standard, you can enable 2-FA on their platform using an app like Google authenticator.
Additionally, they have added another security feature called ‘Withdrawal Address Whitelisting’ where one can only withdraw funds on whitelisted addresses only.
PrimeXBT vs. Competitors
When you compare PrimeXBT with its peers it stands out to be best in terms of user experience, accessibility, fees, and charting features, etc.
Have a look:
| Feature | PrimeXBT | BitMEX | Bitfinex |
| Leverage | 100x leverage on all digital assets | BTC – 100x ETH – 50x LTC – 33x XRP – 33x |
BTC – 3x ETH – 3x LTC – 3x XRP – 3x |
| Cross-Margin | Yes | Yes | Yes |
| Customizable layout | Yes | Yes | No |
| Professional charting package | Yes | No | No |
| Trade from charts | Yes | No | No |
| Advanced order types | Yes | Yes | Yes |
| Deposit options (Payment Methods) | Bitcoin, 130+ altcoins, credit card* | Bitcoin | Bitcoin, altcoins, fiat currency |
| Address whitelisting | Yes | No | No |
| Trading fee | 0.01% on digital assets | 0.075% on BTC 0.25% on all other | 0.1% – 0.2% on all assets |
| Native mobile app | Yes | No | Yes |
If still confused do check our comprehensive guide on How to get started with crypto leverage trading
Conclusion
After knowing all these things about PrimeXBT, if you have a question about its legitimacy than only God can help you !!
Jokes aside, but this is surely the finest of the crypto margin trading platform with huge liquidity and superior architecture so that there are no slippages.
After all, you would not want that in a volatile market when you are going long or short on crypto like bitcoin.
The last thing to understand with PrimeXBT is that though it is a sort of a crypto derivatives exchange it is more like CFDs but settled in BTC and not futures.
So don’t get confused with that but in any case, PrimeXBT’s product offers the same kind of leverage and protection you would get when trading futures but with higher flexibility.
What are you waiting for?
Go get to speed and register yourself before PrimeXBT closes its registrations before the next bull-run of cryptocurrencies which is imminent !!
See how PrimeXBT compares to other platform:
- Top 5 Trending Cryptocurrencies In 2020 - May 19, 2020