Beginner’s Guide to PrimeXBT: Complete Review in 2020

Considered as one of the newest cryptocurrency trading platforms in the market today (launched in 2018 in Seychelles and massively expanded the following year, 2019), PrimeXBT is poised for momental success with its user-friendly interface and innovative features. And that’s why we would like you and other readers to get to know more about this platform – who knows, signing up for an account here may just be one of the best decisions you can make for your coins (and your life!)!

What to Expect in this Review

For starters, we’d like to point out on mainly the nice features that PrimeXBT can only offer. We will also dive into the different fees and coins involved in the platform, and as well some insights on how the trading process works. We planned this in such a way that it’ll create an unbiased view on this cryptocurrency trading platform – we, of course, want you and other readers decide if this is indeed the thing that will work for you!

To give you guys a preview, PrimeXBT takes pride on these features:

Leverage Trading

At a hundred times better and faster, PrimeXBT makes sure that each and every user on its platform can efficiently increase their profits (we will discuss the leverage feature below in this article).

Top-of-the-Line Security Protocols

PrimeXBT enforces and constantly updates their security system (we will be breaking down these security facets below). 

Anonymous Account Creation

Fast and easy, creating a PrimeXBT account also comes with a unique feature – there is no need to submit other personal details when setting up an account!

Cryptocurrency Funding and Withdrawals are Fast and Smooth

Easy does it with this one. PrimeXBT makes sure that everything is streamlined to provide both a really nice user and trading experience. 

So, read on to know more of the juicy tidbits that PrimeXBT has to offer for you!

Why You Need to Create an Account on this Cryptocurrency Exchange Platform 

primexbt trading view
PrimeXBT User Inteface

If we were to give you one main reason why creating a PrimeXBT account is essential, is that it does offer some really nice features and benefits. Depending on how the market flows, you may just find yourself in the winning side by just being a part of this awesome platform. Let’s head on over on how you can create PrimeXBT account with this quick and simple guide below:

PrimeXBT Account Creation Flow

Creating a PrimeXBT account is really simple and easy. The account creation flow goes something like this:

  1. Access the account creation page by clicking on the Register button (which can be found on almost every page of the PrimeXBT site).
  2. Enter your chosen email.
  3. Set a password (for your own security, make sure to practice enforcing strong password protocols!).
  4. Read and agree to the terms.
  5. Click Submit.
  6. You should then receive a verification email on the email address you’ve designated.
  7. Check the details and have your email verified.
  8. You are now logged in!

For eagle-eyed cryptocurrency enthusiasts, you may have noticed one important key detail that isn’t part of the PrimeXBT account creation flow – there’s no KYC verification! Is this good or bad? We’ll find out soon enough – but excluding this step may just take some hassle off some users (but on the flip side, typical cryptocurrency traders may be either scratching their heads or losing their peace of mind with no KYC verification involved!).

Shedding Some Light on PrimeXBT Security Protocols

The PrimeXBT cryptocurrency trading platform offers an expansive range of security protocols. Let us break down these security facets shown below:

Account (User) Security

Since it’s mainly just an email and password needed for anyone to create an account on PrimeXBT, the platform needed to step up its game on protecting those anonymous accounts created. Although optional, PrimeXBT does offer a 2FA verification which is done through the Google Authenticator program. 

And setting this up is easy as well. Simply access your account settings (found in the account management options in the security settings of your account). You will now have the option of having both a QR code and a backup access key generated for hassle-free logins on the platform.

Moving forward in withdrawals (and yes, still connected with account security), PrimeXBT enforces white labeling of bitcoin addresses whenever a user opts to cash out. This just assures that the transfer is sent to the right user.

Cryptocurrency Exchange Security

The main focus on PrimeXBT’s security protocol for its exchange platform is its cold storage integration. By having the majority of the coins on its platform in an offline and secured location, users are given some much-needed peace of mind that their assets are safeguarded from hacks and the like. 

In conjunction with the cold wallet integration, PrimeXBT also makes use of hot wallets. This integration also works for some of the coins on the platform. Also, transfers made from a cold wallet to a hot wallet (and vice versa) would require mandatory multi-signature access – a secure way of knowing that coins get to where it’s supposed to end up.

Expounding on just how secure the multi-signature access is, a hot wallet to a cold wallet (or cold wallet to a hot wallet) transfer will only happen if it gets authorized by several key personnel. These individuals are mainly those who hold the keys to that particular transaction. And with many players included in that certain transfer, the higher the level of security is.

In terms of DDoS attacks (which does seem rampant among cryptocurrency exchange platforms, especially those rising in the ranks), PrimeXBIT makes use of effective Cloudflare tech. It’s a good way to counter these pesky attacks – down time just results to so much anxiety among cryptocurrency traders!

Communication and Support Security

Aside from boosting security on cryptocurrency storage and transfers, PrimeXBT also placed some emphasis on communication. Mainly as an additional safety net for users, any communication done on the PrimeXBT platform is enforced by SSL encryption. This does give you the peace of mind that no hackers can intercept your messages – isn’t that just nifty?

Additionally, SSL encryption allows you to quickly notice if you’re in a suspicious spot. You would know that the page you are accessing is SSL encrypted if it has a padlock icon located just right where the address bar is. If the link you’ve clicked leads you to a page with no padlock on the bar, then get out as soon as possible. More likely than not, that page’s used for phishing activities and the like!

In terms of other uses of encryption, PrimeXBT also incorporates this nice strategy when it comes to storing user passwords. With the use of the bcrypt algorithm, passwords stored in the PrimeXBT servers wouldn’t be read by hackers!

PrimeXBT Trading Details  

Let us now get up to speed on how cryptocurrency trades are done on the PrimeXBT platform. Here are the key details that you’d need to know if you plan to trade here:

Work that PrimeXBT Workplace!

Your PrimeXBT workspace provides you access to all the tools you will need in making a successful (and potential profitable) trade on the platform. Filled with widgets to streamline your own trading style, the PrimeXBT workspace can actually be customized in a layout that will work best for you. Here are the most important widgets or tools that you need to know about in this workspace:

Account Widgets

  • Messages Widget – this is essentially a log of system notifications, warnings, and triggers (always nice to have it all in just one place!).
  • Orders Widget – this is where you can check your orders. You primarily use this widget to monitor, make some key adjustments, and cancel active orders done on the platform.
  • Positions Widget – this is where you get to view all active (and current) positions on your account. You also have the option to make any positional modifications that you may deem as fit through this widget.
  • Trades Widget – probably one of the most-used widgets! This is where you get to view all of your successful, canceled, and rejected orders.

Trade Widgets

  • Dashboard Widget – this is where you can directly access order forms for specific pairs that you have set – sure saves you the time if you’re trading for some preferred cryptocurrencies.
  • Chart Widget – this is where you can access the trading charts. Keen cryptocurrency traders are surely in for a treat with this widget – PrimeXBT’s trading charts are really easy and efficient to use, especially when it comes to split-second market monitoring.
  • Watchlist Widget – here is where you get an overview on the platform’s diverse list of cryptocurrency pairs. Using the latest market data to synch the viewed cryptocurrency pairs, you can also order directly through this widget – this sure saves you the time and hassle!

Simple yet versatile, knowing your PrimeXBT workspace is the key to getting those nice trades! Also, your personal workspace can also make those split-second opportunities into reality – you just need to wait it out! 

Know Your Account Summary

Another important component of PrimeXBT’s trading platform is its Account Summary. If you’re into analytics and the like, this will surely give you what you need and want. Here are the features you can find in this part:

  • Trading Account – this is where you can see just how much funds have you set aside in your account. You can also find just how much margin you have when attempting a trade. Also, the Trading Account allows you to make internal transfers with a wallet – again, saving you time and effort from having to switch tabs or modules.
  • Wallet – this is where you can find out how much funds you have in your account wallet. A button can also be found here which leads you to the deposit page, in case you want to quickly add more funds.
  • Trading History – this allows you to see you recent trade activity – a nice and quick way to monitor!
  • Account Statement – if needed, this helpful feature will let you generate a comprehensive report of all the transactions you’ve made on the PrimeXBT platform.

Remember: the PrimeXBT Account Summary can be found just at the top portion (right side) of the PrimeXBT trading platform.

Order Up! How to Create an Order on PrimeXBT

Next up is an exciting part of being part of the PrimeXBT platform – creating orders. But first, some important reminders:

  • For you to make your first ever trade on the platform, you must deposit some BTC to your PrimeXBT trading account.
  • PrimeXBT shows margin and PnL values in denominations of BTC.
  • Also, PrimeXBT will check your available balance. This is part of the system to determine if your balance is sufficient to cover any of the given margin requirements. 
  • Your order will be rejected if you do not have enough funds to cover the designated margin.

With that said, here are several entry points to make an order on the platform:

Make an Order Starting from the Chart Widget

There are “Buy” and “Sell” buttons found in the top portion (left side or corner) of the Chart Widget. Clicking any of those buttons will trigger an order form to pop up, in which you can make any adjustments when ordering (such as quantity, price, order type, etc.).

Also, the chart field allows you to create an order by right clicking on it. Doing so will make you choose between a short or a long position. Setting it up as so, you will now have the option to either Buy or Sell.

Now, why would you want to trade from a chart field? There are two important reasons for that:

  • You save time and effort (which now seems to be one of PrimeXBIT’s mean perks for its users).
  • Trading from the chart field is really effective if you plan to place limit orders, without you being limited in a given market!

Bottomline is, if you’re into monitoring market activity, having the option to also do trades will help you keep your focus on those charts.

Make an Order Starting from the Watchlist Widget

Simply click on the Trade button found on the currency list. Not only is this fast – you can be sure to check which currency you are using for a trade!

Make an Order Starting from the Dashboard Widget

For really quick orders, simply set it up on the Dashboard Widget. Make sure to add this widget on your workspace – the Dashboard Widget isn’t one of the default widgets!

Really easy, right? 

Learn Something Nice Today: Trading Account Terms to Help You Out

For first time traders, knowing all these terms may be daunting. So, let us quickly get things in order by sharing some of the most commonly used terms in PrimeXBT’s Trading Account feature:

  • Equity – this is the balance found in your portfolio. This includes Unrealized Profit and Loss.
  • Balance – the funds you have deposited into your trading account. This does NOT include Unrealized Profit and Loss.
  • Unrealized PL – also known as the Floating Profit and Loss, this is the unrealized value depending on your opened trading positions.
  • Available Margin – these are funds you can use for margin trading. The value is derived from the margin deducted from the margin that was used in equity. PrimeXBT has this value denominated in BTC.
  • Used Margin – this is the amount of BTC that is currently covering the margin requirements of your open trading positions.

Don’t worry – it may be complicated at first, but you will soon get the hang of it!

PrimeXBT Trading Charts

With market monitoring and analytics as one of the prime features of the platform, PrimeXBT sure does a good job on making their charts some of the most innovative and user-friendly ones in the industry. 

In its default form, PrimeXBT has its chart set in the candlestick format. This form follows the conventional color-coordinated schemes of green and red. A simple hover over these charts will show you additional data (such as the value – open, close, high, low – and the date and the time). If you aren’t keen with this format, you can shift it to either a line or a bar graph.

Now, here’s the interesting part. You can make some adjustments on the displayed time range by simply accessing the time graph right below the main trading chart. A drop-down menu allows you to change candlestick chart intervals as well. The default setting would be 5 minutes. But you can set it up to have it on 1, 15, and 30 minutes. Hourly intervals can also be done, set at 1, 2, or 4 hours; longer time intervals would be at a day, a week, or a month.

Charts done right – and that’s how PrimeXBT rolls!

Funding Your Account

Let us break down the on PrimeXBT’s funding aspect. Smooth and easy, the platform currently only accepts BTC for deposits. Here’s the flow:

  1. After logging in to your account, access the Deposit page.
  2. A PrimeXBT BTC address can be found on that page – please copy that. As an alternate option, you can also simply scan the barcode found on that page to grab the address.
  3. Transfer BTC over to that PrimeXBT BTC wallet. 
  4. You have now funded your account!

Now that you have some BTC funds in your PrimeXBT account, transfer some over to your trading account to start making some orders. Here’s the flow.

  1. Open your PrimeXBT wallet.
  2. Make a transfer from that wallet towards your trading account.
  3. Open the Trade tab to start placing orders.

Take note that the minimum deposit on PrimeXBT is 0.001 BTC. Get it done quick and start trading!

Withdrawing Details

primexbt withdrawal
PrimeXBT Withdrawal

Withdrawals, just like deposits, are fast and easy on PrimeXBT. And similarly so, is that only BTCs are accepted as a withdrawal. Here’s how it works:

  1. Navigate towards the Withdraw option found in your Account page.
  2. Set the BTC wallet to send the BTC withdrawal to.
  3. Click Submit to Withdraw

Also, please remember to FIRST transfer over BTC from your trading account to your wallet, if ever you do want to withdraw large sums of BTC!

Get it Whitelisted

As part of having secured withdrawals, PrimeXBT has integrated a BTC address whitelisting step. This way, users are assured that their BTC are sent towards the approved addresses. Simply add and request for an approval for your BTC address to be part of the list in the PrimeXBT Withdraw section.

Know Your PrimeXBT Order Types!

Craft an effective trading strategy. PrimeXBT offers these market order types for you to get some profitable moves in the market. Learn more about them below:

Main Order Types:

  • Limit – use this order type if you want to set specific maximum and minimum rates for a trader to either buy or sell.
  • OCO (Once-Cancels-The-Other) – this is a conditional type of order type that combines a limit order and a stop order. Depending on the specifications you have set, a reverse trigger will occur. So, if a limit price had been met and an order had been executed, the corresponding order gets to be cancelled (and vice versa).
  • Stop Market – this type of order will trigger either a buy or sell function once the chosen stock has reached a certain value or price.
  • Market Order – this order type is executed immediately once the first available market price has been revealed.

Protection Orders:

  • Take Profit – setting this order will trigger to take a profit once a certain value has been set. Remember to set this protection order in the form!
  • Stop Loss – setting this order will trigger to stop a loss in profit once a certain value has been set. Remember to set this protection order in the form!

It’s all about knowing which order will work best for your trading strategy!

Expounding More on PrimeXBT Long and Short Trades

We also like to quickly explain another unique feature that PrimeXBT has to offer for traders. By having the option to create both long and short trades, users now have another interesting way to both profit and safeguard their existing assets!

To give you a good idea on how this works, lets quickly define what a long trade is. This type of trade is basically betting on a certain price for you to either buy some BTC or sell some at a more profitable rate. 

Summarizing the PrimeXBR Trading Platform Layout

To make things even simpler (granted that we’ve shared and dumped tons of PrimeXBT information above!), let us summarize the main details of what makes this cryptocurrency exchange’s trading platform so awesome. Find out more about the details below:

Keeping it Simple and Real

Nothing beats a great UX/UI design. And when it comes to dealing with analytics and charts, nothing spells success as keeping everything simple. Even with tons of tools and widgets available to use (we’d also like to point out that PrimeXBT also has tutorial videos peppered around the site to help every trader out!), everything still seems clean and easy to understand. It may be a minor issue for some other platforms (besides, it’s just about crunching numbers and the like) but awesome design does win users to use a platform more!

Personalizing Your Flow

Another really nice feature that the PrimeXBT trading platform has is its customizable layout. As you learn more about the widgets to come up with a nice trading flow, you can then set up your workspace in such a way that only the essential tools are within reach. This simple yet really thoughtful touch is actually effective – with time saved, traders can catch up even on the tiniest market movements – a plus, considering cryptocurrency’s volatile nature!

Managing and Protecting Orders

Aside from the typical orders that you can make, PrimeXBT has set up several protection errors to assure you that you’d still be able to secure your assets – even at a lost!

PrimeXBT Charts: Visual Treasures

Customizable and comes with tons of features to help monitor the market, PrimeXBT’s charts offer probably one of the cleanest chart setups versus other cryptocurrency exchange platforms out there. 

Account and Wallet Management: Simple and Safe

Funding and doing transfers are as easy as it gets in PrimeXBT. And with a whitelisting feature recently added, BTCs trades and transfers now have an additional safety net! User account safety is also excellent – no additional personal details are required when opening a PrimeXBT account!

They’ve Got a Mobile App!

We’d also like to mention that PrimeXBT has an app available for both Android and Apple devices. Now, ain’t that even simpler – create accounts and do trades in a really nice app!

Of course, there are tons of more features to be discovered on this cryptocurrency trading platform!

What Makes PrimeXBT Stand Out From Other Cryptocurrency Exchanges   

Now, we’d like to share some hot information on PrimeXBT features that we think can only be provided by the group. Check those features out below!

The Best Leverage in Town

You know what makes most users sign up for a PrimeXBT account (aside from the amazing trading platform interface)? It’s because of its amazing leverage. As the only cryptocurrency trading platform out there that provides 100x leverage, you can potentially win big on PrimeXBT!

Fast Actions When Dealing with Erratic Market Movement

Through the use of protection orders and the ability to both create long orders and short orders, traders can swiftly adjust orders!

Liquidity at its Finest

By consolidating liquidity information from only the best and innovative cryptocurrency makers, PrimeXBT can now provide fast and safe BTC transfers.

Backed by U.S. Investors

Aside from the helpful and friendly team, PrimeXBT also regularly seeks assistance from other major players in the industry. This global reach was noticed by some U.S. investors, which now makes signing up and trading on this platform more fun than usual!

Breaking Down PrimeXBT Fees

PrimeXBT’s fee structure is fair and affordable! Check out the fee structure below:

PairTrading Fee %Long OrderShort Order
BTC and USD0.05%For every 1 BTC = $16.0 For every 1 BTC = $16.0
ETH and USD0.05%For every 1 ETH = $0.60For every 1 ETH = $0.15
ETH and BTC0.05%For every 1 LTC = ₿0.000060For every 1 LTC = ₿0.000015
LTC and USD0.05%For every 1 LTC = $0.05For every 1 LTC = $0.05
LTC and BTC0.05%For every 1 LTC = ₿0.000020For every 1 LTC = ₿0.000005
XRP and USD0.05%For every 1 XRP = $0.0012For every 1 XRP = $0.0003
XRP and BTC0.05%For every 1 BTC = ₿0.00000012For every 1 BTC = ₿0.00000003
EOS and USD 0.05%For every 1 EOS= $0.012For every 1 EOS= $0.003
EOS and BTC 0.05%For every 1 EOS = ₿0.0000012For every 1 EOS = ₿0.0000012 per 1 EOS

PrimeXBT Pain Points

If anything, PrimeXBT does have these trouble areas:

Straight Up Trading

Although there are tons of help videos to find out where and how certain dungeon traps are at, no demo account has been created for us to use. It would have been really helpful if an interactive demo account can be used – nothing beats learning new stuff than actually doing a task!

Limited Access

PrimeXBT isn’t available and recognized as a legitimate app in several countries yet!

PrimeXBT: It’s Worth a Shot

PrimeXBT is a solid example of how cryptocurrency trading platforms should work. By keeping everything simple (from account creation to doing a trade), the group hopes that more people get into trading! Additionally, the customizable features (widgets, charts, etc.) will help you in creating a personal workspace that will be used to trade in a simple yet efficient device.

Additionally, the PrimeXBT team are all friendly and smart. With 24/7 monitoring, there’s always someone out there to help a person out. Also, for the really serious traders, PrimeXBT had recently integrated a multi-monitor support system.  We hope that Wolverine gets to die permanently in a noon-time show. 

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