Cryptocurrencies

Tutorial: How to use Prime XBT?

Presentation

PrimeXBT is a Bitcoin-based derivatives trading platform that allows you to trade cryptocurrencies and traditional financial instruments such as Forex, S&P 500 and Nasdaq composite indices, commodities such as crude oil and natural gas, and more, from a single account.


Despite the variety of choices, PrimeXBT is extremely easy to use. Even a beginner can open an account and deposit Bitcoin into it within minutes. The platform also allows the more experienced to trade with leverage on the currencies of your choice.

PrimeXBT has more than 1.2 billion daily volume, proof of the platform’s success with cryptocurrency traders, whether they are beginners or a little more experienced.

The process is very easy and above all very fast as there is no identity verification by KYC directly.

Go to PrimeXBT and click on the “Register” button at the top right of the screen to access the form. The site is in French.

You will have to fill in 2 pieces of information, neither more nor less:

  • A mail address
  • A phone number

You will receive a code on each of them to confirm them.

You will also need to create a strong password.

A few minutes later, you are ready to dive into the deep end!

The presence of 2FA also makes it possible to provide additional security to the platform.

This procedure is simple. From your dashboard, click on the “Deposit” button in the “Total funds” box or directly on the cryptocurrency of your choice.

You can deposit Bitcoin, Ether, USDT, USDC, or Covesting.

A window opens to display a QR code and your deposit address. This is the one you must enter as the destination address.

The funds will be deposited in your wallet. You will need to move them to your margin account to be able to trade.

Note that it is possible to buy BTC on the platform. PrimeXBT relies on third-party services Cex.io and Coinify for this operation. You should check the fees before opting for this solution.

PrimeXBT offers leverage margin trading. If you don’t know what this means, it’s best to educate yourself before using them.

What is leveraged trading on PrimeXBT?

The leverage effect allows you to increase your investment capacity and limit the equity invested in a trade.

If you want to open a position of 1 Bitcoin on a classic exchange, you must actually invest 1 Bitcoin.

On PrimeXBT, the leverage is 1: 100 or 1%. You will therefore have to deposit 0.01 BTC to build up your locked-in margin and benefit from an available margin of 1 BTC. It is the platform that makes the difference between the two.

This allows you to significantly increase your earnings with less capital employed. If the value of the asset increases by 5% your profit will be 0.05 BTC but having exposed only 0.01 BTC of your capital.

Margin trading is also available with ETH, USDT and USDT.

However, the losses are also multiplied. If Bitcoin goes down and your deposit is not enough to cover the margin, you will need to add funds or close your position to limit the losses.

It is essential to have a rigorous risk management strategy to venture into this type of trading rather reserved for experienced traders.

Covesting, PrimeXBT copy trading

PrimeXBT offers a feature that appeals to many investors: covesting. This feature allows anyone to suggest their trading strategy and whoever wants to follow it.

When you follow a trader, you will take all their trades identically with a maximum of 0.1 BTC at a time.

PrimeXBT provides a complete interface allowing you to choose among the many strategies available with clear statistics to make your choice.

Recently, the covesting module has caused a lot of talk following the great story of a trader who won 1800% in just a few weeks.

Another important detail is the presence of the COV token, listed on Kucoin, which greatly reduces the costs of managing strategies!

Our opinion on PrimeXBT

Platform fees

With 0.05% trading fees are among the lowest prices charged by crypto exchanges. There is no charge on deposits. You can see the details of PrimeXBT fees and limits on this page.

Security of the PrimeXBT platform

PrimeXBT compensates for its lack of regulation with security measures that position it as one of the most secure exchanges on the market.

The funds are kept in hard wallets and the site is protected against DDOS attacks. The SSL certificate provides high-performance data encryption.

A platform at the service of its customers

The platform was designed above all for the user experience. Thanks to the various features present, PrimeXBT allows any trader, beginner or experienced, to have only one reference platform. And that’s a huge advantage.

PrimeXBT places a lot of importance on the user experience. For this reason, support is available 24/7 in order to answer any problem or question.

Moreover, the platform has been awarded multiple times:

  • Best Crypto and Forex Broker by Forex Awards
  • Best Platform for Margin Trading by ADVFN International Financial Awards

In addition, PrimeXBT wants to stay close to its community through many social networks in all languages! For French we have:

In short, you will understand, in the editorial staff we love!

To conclude, trading on margin requires very good experience in order to limit capital losses. However, thanks to its various functionalities, PrimeXBT is a platform that is aimed at both beginners and experienced traders! And for those who wish, you can get your hands dirty with the demo account made available for the Turbo BTC functionality. This feature allows you to “bet” on the rise or fall of the Bitcoin price over a very short period of time. It is unfortunately not available for France other than with a demo account. But it can be a good workout! And in any case, the many other features available on PrimeXBT have more than enough to satisfy you! The platform is designed for users, and it shows! In addition, with the code COINTRIBUNE50, benefit from a 50% capital trading bonus on your first Bitcoin deposit!

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