chart 1905225 1920The PrimeXBT trading platform has earned itself elite status amongst the trading community since its inception in the crypto winter of 2018. The platform kept traders profitable during the bear market, and the flexibility provided allowed the same traders to take advantage of the uptrend that followed.
With another crypto winter upon us, in this PrimeXBT review, we are going to explore the elite margin trading platform and its award-winning mobile app from the user perspective and give you the most realistic and in-depth look into the platform ever seen.
Getting Started
The registration process is simple and takes only a few minutes from start to finish to begin making a deposit. Users must confirm an email address and can optionally choose to get verified by passing a KYC process. PrimeXBT has recently rolled out new account rewards that give users 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 user convenience, PrimeXBT has implemented the Ethereum blockchain, Tron blockchain, and BNB Smart Chain to allow the deposit of ERC-20, TRC-20, and BEP-20 tokens. This saves users on fees in the long run, and deposits confirm at a much faster rate.
Funding An Account
With a deposit made, users can fund a margin trading account, a Covesting strategy manager or follower account, stake idle cryptocurrencies using Covesting yield accounts, and much more. Keeping crypto wallets and margin accounts separate can prevent the liquidation of assets or total loss due to a mistaken click.
Always carefully review how much cryptocurrency you have stored in each wallet and within each account type. Be certain to keep enough margin in a margin account in case the market moves against your position. In the event that the margin is not sufficient to maintain positions, the platform will first notify the user with a margin call prior to liquidation.
Leveraged Trading
PrimeXBT’s main course comes in the form of leveraged margin trading positions. Long and short positions are offered with up to 200x leverage on cryptocurrencies like Bitcoin, Ethereum, and trending altcoins. Up to 1000x is possible on traditional assets like forex currencies, commodities, stock indices, and metals.
The power of leverage keeps traders profitable during tight trading ranges and maximizes profit potential during trending market environments. Stop loss protection and other risk management tools help to keep losses at bay while taking advantage of all the benefits that leverage offers. Take positions much more significant than what capital size would generally allow for and make the most money possible from each market movement.
Portfolio Diversification
With long and short positions, traders can hedge spot positions in crypto, get complete flexibility and control over both directions of the market, or build a diverse trading portfolio across a variety of uncorrelated and anti-correlated asset classes.
Crypto positions can be further hedged with positions in currencies or commodities, or a portfolio heavy on the risk appetite might take additional positions in stock indices or other altcoins to diversify a portfolio in BTC and ETH. Investors keen on the digital gold narrative can take a position in precious metals like gold and silver.
Copy Trading
The Covesting copy trading module is a peer-to-peer copy trading community with a fully transparent global leaderboard system at the very center of the experience. The leaderboards rank top traders by ROI and track all related performance to give potential followers intel about who to follow. Followers can then copy the trades of top-ranked traders and profit when they do without all the hard work.
Strategy managers make a profit share from follower capital, encouraging these traders to grow their earnings for themselves and for their followers. The higher a strategy manager ranks, the more money they can make, so it is easy to stay motivated, and it means a more engaged and active community for followers to take advantage of.
Yield Accounts
Covesting yield accounts let passive investors earn interest on any staked crypto assets. By staking idle crypto assets from within the PrimeXBT account dashboard through various DeFi protocols, crypto holders receive daily payouts paid directly to the staking balance for compound returns.
Yield accounts can earn up to 14% APY during peak market conditions. The easy-to-use takes the stress out of DeFi and lets users access some of the highest variable interest rates in the industry. APYs can be boosted by 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 into 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 native Covesting token’s supply, price, and other tokenomic info.
Followers can eliminate new following entry fees and improve the profit share in their favor. Strategy managers can enable up to a 20% trading fee discount to put more money back in their pockets from trading profits. And we’ve already mentioned how COV token memberships can boost 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 their game, or stay on top of the latest market updates. Led by expert trader Dirk Hartig, the PrimeXBT trading academy is filled with all kinds of videos.
Videos consist of market reports, tutorials on how to use the platform, new trading strategies, and more. The educational website is available for free whether you have signed up to PrimeXBT or not, which is an incredible resource and value to the overall cryptocurrency and trading communities.
Weekly Competitions
PrimeXBT Contests is another newer section that traders can take advantage of and benefit from in a variety of ways. The most obvious way is by entering weekly trading competitions for a chance to win a portion of a crypto prize pool using risk-free virtual funds to trade in a simulated market environment.
With no risk ever, traders can also backtest trading strategies, practice what they learned in the PrimeXBT trading academy, or experiment with new trading indicators. This makes PrimeXBT Contests a big win even if you aren’t competing for a prize.
Mobile Application
The PrimeXBT mobile app offers on-the-go access to everything you need to stay on top of your positions and trading portfolio while on the go. The app is sleek, user-friendly, intuitive, and mimics the look and feel of the advanced trading platform. The primary difference is that the app has been redesigned to work best with taps and swipes instead of clicks.
Otherwise, the completely free app for Android and iOS smartphones makes trading the 24/7 cryptocurrency market much less stressful. There is no longer a need to stay glued to a trading desk to see what Bitcoin might do next and react. Just build a watchlist, set some limit orders, and check up via the mobile app when time allows.
Conclusion
We have covered a lot of ground with this PrimeXBT, and there is a lot left uncovered. There is also a lucrative four-level referral program with daily payouts in crypto, the ability to purchase cryptocurrencies with a credit card, and a crypto exchange tool.
PrimeXBT positions itself as an all-in-one solution, and it gets it right across the mobile and browser-based experiences. If the review didn’t convince you already, check out PrimeXBT and try the various features yourself.
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