PrimeXBT: Let’s explore the elite trading platform | cryptopolitan
- Susan G. Hall
- on Aug 29, 2022
The PrimeXBT trading platform has earned itself elite status among the trading community since its inception during the crypto winter of 2018. The platform has kept traders profitable during the bear market, and the flexibility offered has allowed the same traders to take advantage of the ensuing uptrend.
With another crypto winter about us, in this PrimeXBT review, we’ll explore the elite margin trading platform and its award-winning mobile app from a user perspective and give you the most realistic and in-depth look at the platform. -shape never seen.
The registration process is simple and only takes a few minutes from start to finish to start making a deposit. Users must confirm an email address and can optionally choose to be verified by going through a KYC process. PrimeXBT recently rolled out new account rewards that provide users with a crypto bonus for passing KYC and completing other tasks.
Deposits can be made in the form of BTC, ETH, USDT, USDC, and COV tokens. For the convenience of users, PrimeXBT has implemented the Ethereum blockchain, Blockchain Tron, and BNB Smart Chain to allow the deposit of ERC-20, TRC-20 and BEP-20 tokens. This saves users on long-term fees and deposits are confirmed at a much faster rate.
Funding an account
With a deposit made, users can fund a Margin Trading Account, Covesting Strategy Manager or Tracker Account, stake idle cryptocurrencies using Covesting Performance Accounts, and much more. Separating crypto wallets and margin accounts can prevent asset liquidation or total loss due to a wrong click.
Always carefully consider how much cryptocurrency you have stored in each wallet and account type. Be sure to keep enough margin in a margin account in case the market moves against your position. In case the margin is not enough to maintain the positions, the platform will first notify the user with a margin call before liquidation.
The main course of PrimeXBT is in the form of leveraged margin trading positions. Long and short positions are offered with up to 200x leverage on cryptocurrencies such as Bitcoin, Ethereum and trendy altcoins. Up to 1000x is possible on traditional assets like forex currencies, commodities, stock indices and metals.
The power of leverage allows traders to remain profitable within tight trading ranges and maximizes profit potential in trending market environments. Stop Loss Protection and other risk management tools help keep losses at bay while reaping all the benefits that leverage offers. Take positions much larger than the capital size would typically allow and make as much money as possible from every market move.
With long and short positions, traders can hedge crypto spot positions, gain complete flexibility and control over both market directions, or build a diversified trading portfolio across a variety of uncorrelated asset classes and anti-correlated.
Crypto positions can be further hedged with currency or commodity positions, or a portfolio with a strong risk appetite can take additional positions in stock indices or other altcoins to diversify a portfolio into BTC and ETH. Investors passionate about the digital gold narrative can take a position on precious metals like gold and silver.
The Covesting copy trade module is a peer-to-peer copy-trading community with a fully transparent global ranking system at the very center of the experience. Leaderboards rank top traders by ROI and track all related performance to give potential subscribers information on who to follow. Followers can then copy the trades of top ranked traders and profit from them when they do without all the hard work.
The strategy managers take a share of the profits from the capital of the subscribers, encouraging these traders to increase their income for themselves and their subscribers. The higher a strategy manager is, the more money they can earn, so it’s easy to stay motivated and that means a more engaged and active community for followers to enjoy.
The coveted yield accounts allow passive investors to earn interest on all staked crypto assets. By staking dormant crypto assets from the PrimeXBT account dashboard through various DeFi protocols, crypto holders receive daily payouts paid directly to the staking balance for compounding returns.
Yield accounts can earn up to 14% APY during peak market times. Ease of use takes the stress out of DeFi and gives users access to some of the highest variable interest rates in the industry. APYs can be increased up to 2x by activating COV token memberships.
COV Token Memberships
COV token memberships are a crucial part of the experience with the Covesting ecosystem so ingrained in the PrimeXBT platform. They come in the form of Advanced, Premium, and Elite memberships, and each unlocks an increasingly better set of benefits for Covesting traders. These memberships can be activated in the MyCOV section, which also includes data on the supply, price, and other token information of the native Covesting token.
Subscribers can eliminate new listing fees and improve profit share in their favor. Strategy managers can allow up to 20% off trading fees to put more money back in their pockets from trading profits. And we have already mentioned how COV token memberships can increase Covesting yield accounts.
PrimeXBT Trading Academy
The PrimeXBT Trading Academy is the place to be if you are a trader who wants to learn, improve your game or stay up to date with the latest market updates. Led by expert trader Dirk Hartig, the PrimeXBT trading academy is filled with all kinds of videos.
The videos consist of market reports, tutorials on using the platform, new trading strategies, and more. The educational website is available for free whether or not you have signed up for PrimeXBT, which is an incredible resource and value for the entire cryptocurrency and trading community.
PrimeXBT contests are another newer section that traders can take advantage of and benefit from in various ways. The most obvious way is to enter weekly trading competitions for a chance to win a portion of a crypto prize pool by using risk-free virtual funds to trade in a simulated market environment.
Without any risk, traders can also test trading strategies, practice what they learned at the PrimeXBT trading academy or experiment with new trading indicators. This makes PrimeXBT contests a big win even if you are not competing for a prize.
The PrimeXBT mobile app provides on-the-go access to everything you need to stay on top of your positions and trading portfolio while on the go. The application is sleek, user-friendly, intuitive and mimics the appearance of the advanced trading platform. The main difference is that the app has been redesigned to work best with taps and swipes instead of clicks.
Otherwise, the completely free application for android and iOS Smartphones make trading in the 24/7 cryptocurrency market much less stressful. It is no longer necessary to remain glued to a trading desk to see what Bitcoin might do next and react. Simply create a watchlist, set limit orders, and check through the mobile app when time permits.
We’ve covered a lot of ground with this PrimeXBT, and there’s still a lot to discover. There is also a lucrative four-tier referral program with daily crypto payouts, the ability to purchase cryptocurrency with a credit card, and a crypto exchange tool.
PrimeXBT positions itself as an all-in-one solution, and it applies that across mobile and browser-based experiences. If the review hasn’t already convinced you, check out PrimeXBT and try out the various features yourself.
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