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PrimeXBT

What is PrimeXBT?

A leading cryptocurrency exchange, PrimeXBT started in early 2019 in Seychelles. Despite its recent debut on the market, the exchange boasts many clients worldwide and has grown by leaps and bounds. 

What makes this exchange so attractive to users? This robust platform provides the essential tools needed to handle consumers' daily trading activities. 

In the process, it has won numerous awards. These include recognition from the ADVFN International Financial Awards in the 2020 best crypto margin trading category. 

Once you start using the exchange, you'll quickly see why there's so much attention on PrimeXBT. The platform lends itself to a variety of user skill levels, from novices to advanced users. Yet, it can execute an impressive 12,000 orders per second. 

What's more, it's integrated with more than 12 liquidity providers, making it an excellent spot to handle all of your crypto needs from indices to commodities trading and Forex. 

Features of PrimeXBT

PrimeXBT comes with many excellent features, providing users with access to:

  • Cryptocurrencies
  • Indices
  • Commodities
  • Forex

What should you know about each of these categories and its benefits before you get started? Here's what you can expect to achieve when using PrimeXBT.

Cryptocurrencies

Currently, PrimeXBT supports five different cryptocurrencies. These digital currencies include Ethereum (ETH), Litecoin (LTC), EOS, Ripple (XRP), and Bitcoin (BTC). 

Indices

When you use PrimeXBT, you gain access to the world's most popular indices for trading. Some of these indices include the FTSE 100, DAX 30, SP 500, SX 200, and more. 

Commodities

When you become a member of this exchange, you can speculate on the prices of a variety of commodities. Whether you want to trade in gold, natural gas, oil, or something else, you'll gain access to the resources most interesting you with PrimeXBT. 

Forex

What else do you need to know about PrimeXBT? You can trade both minor and major currency pairs on the platform. In the process, you'll get charged commissions in the form of trading fees. 

Leverage Trading on PrimeXBT

If you're interested in leveraged trading, PrimeXBT offers the solutions you need. It provides you with the advantage of generating revenues on "borrowed funds." Leverage trading can even help you make money when your asset's price drops. That is, if you know what you're doing. 

What about leverage trading on crypto pairs? On forex pairs, expect to maximize leverage 100:1 and up to 1000:1. The actual leverage amount you'll receive depends on the type of asset and its size. When compared to other exchanges, PrimeXBT offers higher leverage rates.

But the differences don't stop there. You'll also notice that larger positions on PrimeXBT require more margin. This added margin decreases your exposure and minimizes your risk when it comes to leverage trading. 

How does this work in a real-world situation? Let's consider one scenario. Imagine you've got $10,000, and you bet $100 on Bitcoin, predicting it'll go long seeing 100x leverage. 

What happens if your hunch is right and BTC climbs in value by 10 percent? You'll gain $1,000 in the process. 

And what if the opposite occurs and BTC decreases by 10 percent in value? Get ready to pay $1,000. In other words, you've got an enormous capacity for profit and loss with this approach. 

PrimeXBT Orders

Another critical factor to take a look at when it comes to PrimeXBT is how orders work. There's a range of order types available with the exchange. These different options allow you to define specific levels for exits and entries. 

With the platform, you'll enjoy standard order types as well as some protection orders. They include:

  • Market orders
  • Limit orders
  • Stop market orders 
  • One-cancels-the-other (OCO) orders
  • Protection orders

What are some of the benefits of knowing how and when to rely on these varied order types? Let's take a closer look.

Market Orders

If you're looking for the most straightforward and traditional order type, go with a market order. These get executed as soon as they get placed at the prevailing market price. If you want to sell or buy ASAP, choose this order type. 

Limit Orders

When and why should you use limit orders? Limit orders let you sell or buy an asset at a pre-determined price. This type of order works well when you'd like to sell or buy an asset at a specific level away from the market. 

As soon as the market touches this level, the order will automatically get executed. How long is the period for which such orders get set up? You can list them as either "good till-cleared," or they can be day orders completed the same day.    

Stop Market Orders 

Stop market orders prove similar to market orders once a specific preset level gets reached. You can use them to limit losses on your position via a stop-loss. Or you can make a profit in a favorable position. 

One-Cancels-the-Other (OCO) Orders

What about one-cancels-the-other orders? These orders get executed when one order triggers another. In a nutshell, you prioritize how orders get completed. Once your number one order gets achieved, the others automatically cancel. 

What's the allure of this order type? It lets users build complex interactions as well as layered investments. 

Protection Orders

When you use PrimeXBT, you also gain access to protection orders. These orders offer additional protection on any order or position you currently own. You can place these orders on new stop, limit, or market orders simply by selecting the "Place Stop Losses / Take Profit" option on the order form. 

What's another way that you can set up a protection order? You can go with your main order above it. These protection orders are like brakes, offering extra safeguards. 

We recommend using protection orders when dealing with plenty of leverage while trading. Don't neglect this risk, or you could face "order slippage." 

Protection Orders and Order Slippage

What's order slippage? This phenomenon occurs when you place an order, and the value you receive isn't even close to the entry point for which you hoped. 

What causes this slippage? Although it happens for various reasons, the two principal causes remain limited liquidity in the market and a matching engine that's not fast enough.

Fortunately, PrimeXBT has constructed an efficient trading engine capable of executing orders in less than 7.12 milliseconds. That means you can rest assured you'll experience less slippage. 

This online exchange boasts a robust trading system. It comes with the adaptability to meet the needs of both novice and advanced traders, which isn't an easy feat. 

But if you live in the United States or Canada, you won't be able to take advantage of the platform's many services. For this reason, you should consider other platforms that better cater to your geographic location.

Not sure where to start? Explore our comprehensive list of cryptocurrency exchange reviews.

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