By Marko Vidrih on The Capital
When it comes to investing your money in anything you want to know as much as possible before you dive in. That’s why you may be looking for more information about PrimeXBT. This service is a Bitcoin trading platform that definitely needs a closer look before you decide to jump right in and invest or write it off for good. So, what do you need to know and how can you figure out if this is the type of trading platform that you should be putting your hard earned money into? Let’s take a closer look.
What is PrimeXBT?
PrimeXBT is a cryptocurrency exchange that allows you to interact with your choice of different currencies. It works in crypto, Forex, commodities and more. You’ll also have a wide array of options when it comes to futures and CFD brokers and everything in the crypto margin trading space. But it’s actually a relatively new option, which makes it questionable for some users. Some aren’t quite sure that it’s a good option or that it can be trusted. But there’s a whole lot of information that you can find and that you’ll want to know more about to make your decision on investing.
The company actually only opened in 2019, which is where some of the concern may come from. But nothing to worry about. They are registered in the Seychelles and have offices in St Vincent & The Grenadines as well as infrastructure in Switzerland. Even with just a year of experience they have over $375 million in daily volume and more than 30 people working for the company. All of this makes sure that they have plenty to offer for those who do choose to invest with them. But there’s more than just that to provide support.
What’s On Offer
There’s a whole lot available through PrimeXBT, especially a lot of leverage. You’ll actually find 6 different cryptocurrency pairs that offer a total of 100x leverage at the most and several different commodity and forex assets that offer leverage up to 1000x. That means you’re going to have a whole lot of opportunity to earn even more money from your investments. Investing even a small amount will give you the chance to reap even bigger rewards should those investments be successful in the long run, which is what you’re really looking for, right?
Through this process you’ll be able to use essentially borrowed funds in order to make additional money and reap even bigger benefits. You’re also going to have the ability to short your assets if you’re using leverage and you can make sure that you’re getting the maximum throughout the process. For crypto pairs, you’ll be able to get up to 100x and for forex pairs, you’ll be able to get up to 1000x, both of which are going to help you increase your potential. Just keep in mind that you’re going to need to look at the specific assets that you’re trading to figure out your leverage and take advantage of it.
The assets that you’re going to have access to are the most important part of the process and they’re going to really give you a whole lot of benefits and options. You’re going to have access to just about anything that you want when it comes to trading because you can trade cryptocurrency, forex, commodities and stock indices. All of these are going to make sure that you have plenty of opportunities to make a whole lot of money and to get a great return on your investment. Whether you’re looking to trade more traditional assets or more unique ones, you’re going to be much better off along the way.
How Safe is It?
Safety is always an important factor because when you’re investing your own money you want to know that it’s protected. When you’re putting your personal information into the process as well you want to make sure that no one is going to get access to it. That’s where PrimeXBT does an excellent job as well. They provide protection for your personal information including your accounts to make sure that you are protected from hackers. After all, that’s one of the biggest concerns that anyone would have when it comes to investing through any sort of online system.
For those who are concerned, you can actually check out the information page for PrimeXBT that’s available right on their website. From there, they detail all of the different security features and protocols that they use so you can make sure that your information and your money are safe and that you feel comfortable with all of it. But even more than that you have the protection that’s offered for the exchange process, and for the coins and currency that you are buying, selling and trading through the platform. After all, you don’t want to lose out on any of that either.
The exchange security offered by PrimeXBT offers advanced security for all of the cryptocurrency. This is done through the implementation of a cold storage process, which keeps the currency offline. Being offline means that the currency itself isn’t able to be hacked and removed because there’s no connection between it and the internet. This helps to create a secure system where you and others who invest with the platform can feel safer and more comfortable about the way that the currency is handled and what you’re investing in because you know that it’s safe.
Now, not all of the currency can be kept in cold storage because this would make it impossible to facilitate any form of transactions. Because of this, some of the currency is kept in what’s considered a hot wallet. In this way, payments and withdrawals can still be made. But in order to keep as much currency as possible in the secure form, there is a limited amount that’s available through the hot wallet. Not only that but in order to actually transfer money into the hot wallet you must go through a process of authorization and multi-signature access in order to get there.
SSL encryption also protects all of the communication that you make throughout the course of the system, which is designed to make it more difficult for someone who isn’t supposed to have access to get access to anything that you say or do through the platform. It will also make sure that you are can always keep track of where you are and whether you’re on the actual platform, because you’ll always see the reference to SSL encryption in the form of a padlock in the browser address. Add in the ‘bcrypt’ password storage and you’re definitely going to have a whole lot of security.
And all of that is on top of the two-factor authentication. You need to have a password as well as a mobile device in order to gain access to your account. Now, you don’t have to enable this service, but if you do it adds an additional layer of protection to your account so that no one can get in without your authorization. Plus you can use a QR code or backup key in case you don’t have access to the device you use to sign up but still need to access your account.
Fees and Charges
As with anything, you want to make sure that you know about the fees and just how much you’re going to be charged if you do decide to invest with PrimeXBT. Luckily, this service is actually quite open and honest about their charges and the fees that are associated with their services. This makes it easier for you to decide what type of investments you want to make and whether or not they’re going to give you a good enough return to be worth the fees.
You’re going to have two different types of fees that are charged to each of your transactions and your accounts. The first is a trade fee, which is charged when you enter into a position. These fees are generally 0.01–0.05%, however, they are variable based on different types of transactions. There are also overnight fees that are charged to financing a position overnight. These fees can vary depending on whether they are short or long and the types of trades and positions you enter into.
With each of these fees you’re getting something that’s actually quite similar to what you would find with other services and with a CFD broker. It’s actually a little better than a traditional futures exchange, especially since you’re not being charged settlement fees. You only get a charge if you hold a position rather than if you enter into the position and then exit out of it within the same day. This makes it very convenient for you to get the investment that you’re looking for and to make sure that you know what you’re getting into from the start.
If you engage in a rolling trade volume you’ll have the ability to earn different discounts, which can also help you to increase the amount of return that you get on your investment while decreasing the amount that you pay. If you have a 300–600 BTC you’ll be able to save 25%, which is going to make a very big impression on the way that you invest. But if you have a 600+ BTC you’ll do even better, with a 50% discount on the fees that are being charged. All of this makes it a whole lot easier for you to get started.
Creating an Account
If you’re ready to get started with this service you’ll need to create your own account. The process is actually quite simple because all you need to get started is an email address and a password. If someone has sent you to the service you can also put in a referral code to give them credit. Once you’ve created an account you’ll verify it from your email and then you can get started with the platform. There’s no need for additional personal information because there are no AML or KYC checks like with other brokers and exchanges.
Getting Started With Investing
When you’re ready to start investing you’re going to need cryptocurrency in order to make your first transaction. You’re actually not able to use Fiat currency in any way with PrimeXBT. This can be a little confusing and frustrating for some that are just getting started with cryptocurrency, but exchanges and gateways like Bitstap and Kraken can help you turn your Fiat currency into cryptocurrency that you can then use with PrimeXBT and get started investing. Funding your account with the cryptocurrency you choose to use is actually quite simple.
All you need to do is choose to deposit and you’ll be able to access the bitcoin address that you need to start funding your account. When you’re ready to withdraw your money the process is the same, with a bitcoin address provided so that you can withdraw your money however you choose. Keep in mind that all money will be withdrawn as bitcoin as well. This means you may have to go through the transfer process again in order to transition your cryptocurrency to Fiat currency to be used in other areas or to be transferred into a bank account.
If you’re looking for a service that will allow you to invest in any of the cryptocurrencies that you want and get started even if you don’t have a whole lot of experience then PrimeXBT is a great way to go. It will give you plenty of features and options and you’ll be able to jump right in without needing a whole lot of help to understand the learning curve. Plus, you’re going to have plenty of leverage options that will make it a whole lot easier for you to dive into the platform and make even more wise investments along the way.
PrimeXBT: Designed for Novice Traders and Professionals Alike was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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