PrimeXBT is an award-winning trading platform that was founded in 2018. This platform has significantly grown in a short period and entertains users from more than 150 countries across the globe. It is one of the top brokers in margin trading and makes use of leading-edge technologies to cater to the need of all traders.
People who ask, “Is PrimeXBT legit?” should know that this is a crypto-to-crypto exchange that prioritizes the safety of its users’ funds. This platform supports the trading of Forex, digital currencies and other CFD assets.
This trading platform is one of the best platforms for crypto investors and traders who should know the following factors.
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Prime XBT – A Safe and Secure Exchange
The safety of the clients’ funds is the top priority at PrimeXBT. The exchange makes use of leading-edge blockchain technologies that ensure the funds of the clients are safe at all times. There are several security features of the trading platform that are as follows:
- The cold storage or offline storage system is used to hold a major portion of clients’ Bitcoin.
- There is a specific server for the web platform to prevent and avoid online attacks and scams. This also makes the web platform available for the customers at any time.
- There is an additional security layer that comprises of two-factor authentication method and Secured Socket Layer (SSL) protocol to keep the exchange communication network safe from hackers and scammers.
Fee Charged by the Platform
One of the most important factors to look for in the Prime XBT review is details of the fee charged by the trading platform. Every crypto exchange charges a fee to the users. However, users can differentiate between which platform is suitable to use and which is not, based on how low the charged fee is.
Choosing a platform that offers a transparent and good fee structure can help users in progressing and becoming good crypto traders if they have already invested in crypto.
PrimeXBT allows the users to buy and sell indices, cryptocurrencies, Forex and fiat currencies and offers one of the most competitive fees in the crypto market.
As compared to other exchanges in the market, PrimeXBT charges one of the lowest fees, which is about 0.05% per trade. This platform also charges a fee if a position has been held open overnight, however, it depends on the trading pairs.
PrimeXBT also charges a withdrawal fee, which is yet another important factor crypto investors and traders should not overlook. This exchange reduces the fee by 40% for all users and only charges around 0.0005 BTC if Bitcoin is withdrawn.
What is Leverage Trading and Can it Benefit the Customers?
PrimeXBT is a secure platform that is well-known for offering high leverage to users. By definition, leverage trading means credit trading, which is done by making a small cash deposit and borrowing a bigger amount.
- Crypto enthusiasts who choose PrimeXBT trading by leverage can enjoy 1:1000 leverage by trading Forex indices and commodities.
- On the other hand, PrimeXBT offers 1:100 leverage if the users trade Bitcoin and other cryptocurrencies.
Trading or investing in crypto is a risky matter and the same can be said for leverage trading. Leverage trading can increase the chances of losses for the users along with an increase in benefits. Therefore, people interested in leverage trading should take their time and get a better understanding before they start leverage trading.
What are Some Currencies Supported by the Platform?
This is one of the best trading platforms in the crypto market as it allows the trading of major as well as minor forex currency pairs. Since the platform allows the trading of numerous assets, it charges a commission on every trade.
Currencies supported by PrimeXBT include the following:
- Australian Dollar
- British Pound
- Canadian Dollar
- Japanese Yen
- Swiss Franc
- US Dollar
Can You Use PrimeXBT in the U.S.A?
Crypto enthusiasts who ask, ‘can I leverage trade on PrimeXBT in America?” should know that the platform is not available for traders in the U.S.A. However, since it does not require a lot of personal information, many traders can still use VPN and trade anonymously on the platform.
Does PrimeXBT Offer a Better Way to Trade?
PrimeXBT is an innovative and technologically advanced trading platform that offers opportunities even for people who are inexperienced or don’t have enough time to actively trade.
Interested traders can choose copy-trading and use PrimeXBT Covesting. Copy-trading enables the inexperienced trader to copy the trades of experienced traders on their accounts. The copy-traders don’t have to keep a track of the market trends and can enjoy the same returns automatically generated as the leading crypto traders.