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PrimeXBT Review | Key Features Offered By Advanced Trading Platform

Reviews of trading platforms are essential in assisting traders with selecting the proper platform for their unique trading style, taste in trading instruments, and features that stand out as must-haves. It can save traders a great deal of time and money, by weeding out the platforms that don’t deserve a deposit.

In our latest review, we are looking at the recent ADVFN award winner of the Best Bitcoin Margin Trading Platform, PrimeXBT. We will highlight the most important facts and features about the platform to allow you to make an informed decision of the platform is right for you.

What Is PrimeXBT?

PrimeXBT is a multi-asset Bitcoin-based trading platform known for offering long and short positions on forex, crypto, commodities, and stock indices.

The platform has enjoyed a surge in users recently due to its diversity of trading instruments. Many platforms will focus on just one category or market – Bitcoin, stocks, forex, or other. PrimeXBT has them all on one platform together.

The possibilities in portfolio building are nearly endless, with over 50+ trading instruments available according to the company website.

Technology

With Bitcoin as the base currency of all accounts, the platform must rely on its proprietary, industry best technology.

PrimeXBT is built on a custom trading engine, designed for speed, security, and reliability from the ground up. 99.9% uptime is possible due to the constant development and improvement of internal technology.

Customer BTC is kept in an offline cold storage wallet while leaving only a small portion of BTC in an online hot wallet. Multisig is provided for security against attacks and transfers between hot and cold wallets require a complicated process involving a number of company employees.

Bank-grade security infrastructure acts as the backbone of it all. Compulsory address whitelisting adds an additional layer of protection by allowing customers to whitelist specific withdrawal addresses they are certain to own. In the unlikely event that your PrimeXBT account is compromised, a hacker will not be able to transfer out any funds.

There’s also two-factor authentication, Cloudflare DDoS protection, SSL encryption, cryptographically hashed passwords, and a partnership with Bitfury’s Crystal for blockchain analysis. Combined these tools act as many lines of impenetrable defense.

Trading

The trading terminal comes equipped with helpful charting tools allowing trend lines to be drawn or indicators to be added for planning and strategy.

Traders can position themselves in whichever direction the market rises or falls by taking long and short positions. Long and short orders can be opened simultaneously to build hedge positions.

Stop loss orders let users assign a price at which position is closed at a small loss to protect from greater loss. This is an essential risk management tool used by professional traders that will also benefit newcomers.

Take profit orders prevent a trader from having to stay in front of a PC 24/7 monitoring their positions. The added control and flexibility is great for busy day traders.

OCO orders combine a stop order with a limit order. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled.

Deep liquidity from multiple providers means orders execute instantly with little or no slippage.

Getting Started

Registration is fast, taking less than a minute or so. Very few details are required. It is easy enough that anyone’s grandmother could do it with their eyes closed.

PrimeXBT offers some of the lowest minimum deposits around at 0.001 BTC. This is great for traders wanting to test the waters before making a bigger commitment.

Deposits are made to a Bitcoin wallet or through a service called Changelly enabling alternative methods. It is critical that only BTC is sent to the account address or there is a risk of loss of funds. This isn’t a fault of PrimeXBT, however, but an aspect of Bitcoin and cryptocurrency technology.

Because of the high level of security, withdrawals are made just once per day, also from the account BTC wallet. Only send BTC to another BTC address. Remember, this is important and the only downside to using a Bitcoin margin trading platform.

If any issues at all arise, the platform offers around the clock customer service through a live chat window. A help center and company blog also provide details on how to use the platform to its fullest.

PrimeXBT: Recommended

PrimeXBT passes our tests with flying colors. During our review, we experienced a reliable trading experience and were able to execute trades with almost no slippage. The speed at which orders execute is incredible.

We especially liked the platform’s customizations.

But by far, without a doubt, the best part about PrimeXBT is the fact that there are so many assets in one place.

All major forex currencies pairs are included. All major stock indices are offered for index trading. Oil, gas, gold, and silver as well. The most important cryptocurrencies like Bitcoin and Ethereum are also available.

There are many platforms out there that cater to just one or maybe a couple of these markets at once. The value of being able to manage many positions in an all in one solution cannot be understated.

A mobile app and easy to use tools mean that anyone can utilize the advanced trading platform. All it takes is a small BTC deposit and to complete registration.

PrimeXBT Analysis: Bitcoin Hash Rate Sets New ATH, Fundamentals Scream Buy The Dip

In stocks, company profit margins and operating expenses are top priorities in fundamental analysis. Fundamental analysis in forex currencies could involve looking at each nation’s GDP or country’s political health. Commodity fundamental analysis looks at supply, demand, and environmental factors.

But when it comes to cryptocurrencies like Bitcoin, fundamental analysis is vastly different. It involves terminology unusual to finance like hash rates, proof-of-work consensus algorithms, block reward halvings, and all kinds of bizarre barometers of network health.

However, these measurements, when combined with technical analysis, can be extremely telling about where Bitcoin is in its current market cycle. And with the current state of the Bitcoin network along with pure technicals closely mimicking the previous bull market breakout, the latest dip in the cryptocurrency could be the last opportunity of a lifetime to “buy the dip.”

PrimeXBT analysts have put together a compelling case as to why Bitcoin fundamentals are more bullish than ever, and how technicals back up the bullish momentum. Here are all the crucial factors to carefully consider before taking any position in the crypto market.

Bitcoin Network Healthier Than Ever, Crypto Fundamentals Could Fuel Rapid Rise

News broke this week that Bitcoin’s hash rate, the unit of measurement representing the combined processing power of all of the miners contributing to securing the Bitcoin network, reached a new all-time high.

Not only that, but the critical metric surged some of the largest it ever has week over week, all while Bitcoin price plunged over $2,000. Despite the drop, there are very few – if any – signals in Bitcoin charts, fundamental, technical, or otherwise, that would suggest more bearish downside.

The increase in hash rate could signal more miners are getting into Bitcoin with it becoming a more profitable venture once again. Miners could also be building up their processing power ahead of the next bull market to remain competitive. Whatever the reason, the cryptocurrency’s hash rate skyrocketing is anything but bearish.

A moving average tool based on Bitcoin’s hash rate and mining difficulty called the hash ribbons were developed by crypto fundamental expert Charles Edwards, who used the tool to signal when miners are capitulating. More importantly, the tool also signals when this process is over, which has thus far been the most lucrative buy signal in Bitcoin history. That signal just triggered again.

Stock-To-Flow’s Time To Shine, Or Else It May Be Time For Plan C

Much of Bitcoin’s value and even its recent bullish momentum are due to its hard-coded digital scarcity. The max Bitcoin supply is 21 million BTC, and even less exist due to what’s currently circulating and what’s been lost forever.

In an attempt to affix a valuation based on this scarcity, regularly adjusted for Bitcoin’s reducing block reward that cuts the BTC supply miners receive in half every four years, a pseudonymous analyst named Plan B has developed what’s called the stock-to-flow model.

The stock-to-flow model is one of the most important, realistic, yet polarizing valuation methods available for Bitcoin. Those vehemently opposed to the model argue that Bitcoin market cycles are lengthening, while those that subscribe to the theory believe that the halving causes bull runs.

According to the theory, lower supply entering the market caused demand to outweigh supply and the asset’s valuation to take off like a rocket after each halving. Bitcoin’s halving is now months in the past, and although the asset is climbing, we haven’t seen the same explosion as the last bull market. However, as fundamentals are signaling, that’s what could lie next in the crypto market. If not, and “Plan B” fails, “Plan C” could stand for “crash” if investors suddenly stop believing in the theory and sell in a panic.

Bitcoin Technicals Support Fundamental Growth And New Uptrend

Failure here, however, is unlikely, as fundamentals suggest. And backing up the strong fundamental signals in Bitcoin are just as powerful technical patterns.

Technical analysis is a practice designed to increase the probability of success by predicting market movements based on patterns and other signals. Various indicators also are used to predict Bitcoin going up or down or even sideways.

The current technical structure on monthly timeframes shows a massive, multi-year symmetrical triangle breakout out of its resistance and confirming that resistance line as support. There is also a bullish retest of horizontal support taking place at the exact same time. Both of these key levels are holding up, post-halving, just like the last market cycle. And both cycles formed the same type of pattern – which is typically a bullish continuation pattern.

Long Bitcoin With PrimeXBT And Ride With The Cryptocurrency Bulls

After the breakout and retest of support turned resistance, Bitcoin price rallied from $1,000 to $20,000 in just over a year. Technical analysis is not an exact science, but statistics show that in more than half of all patterns at 63%, break out to the upside. If the movement prior to the symmetrical triangle was upward before the formation, that number increases to 89% of cases.

81% of all symmetrical triangle bullish breakouts reach their projected measured move target. In Bitcoin’s case, the target is well over $100,000 per BTC – matching with some expert Bitcoin price predictions and valuation-based projections such as the stock-to-flow model.

If this is the case, taking a long position on Bitcoin using a cryptocurrency margin trading platform such as PrimeXBT could end up being a trade of a lifetime. Past results don’t necessarily guarantee future performance, and an unusual amount of risk hangs over markets that could suggest this time is different than the last.

However, if history repeats and the halving theories such as stock-to-flow are proven correct, this recent crash could be the last dip ever. Analysis from the award-winning PrimeXBT shows Bitcoin fundamentals and technicals healthier and more bullish than Bitcoin has been in the previous three years. So long as proper risk management strategies are considered and followed, the upside reward could ultimately be worth the risk.

PrimeXBT offers long and short positions on CFDs for crypto, forex, stock indices, and commodities, along with all of the risk management tools to take a chance with Bitcoin. Traders unsure exactly how to approach positioning themselves can also follow other more skilled traders through PrimeXBT’s newly launched Covesting copy trading module.

Top Crypto Exchanges to Watch in 2024

As the crypto landscape continues to evolve, staying informed about the top exchanges is crucial for investors and traders alike. In 2024, the industry has seen continual growth and diversification, with platforms expanding their services and solidifying their reputations. The exchanges listed below have distinguished themselves in various ways, including user experience, security, regulatory compliance, and innovation. Here’s a look at some of the top crypto exchanges to watch this year: Binance,PrimeXBT, OKX, Coinbase, and Bitget.

Binance

Binance has remained a dominant force in the cryptocurrency exchange market. Founded in 2017 by Changpeng Zhao, it quickly rose to prominence by offering a vast array of cryptocurrencies, competitive fees, and a user-friendly platform.

In 2023, Binance reinforced its position as the preeminent cryptocurrency exchange, despite facing regulatory challenges. It achieved a new record in spot trading volume, totaling $3.8 trillion for the year and maintaining a dominant market share of 52.6%. This performance underscores Binance’s ability to adapt and thrive, even as it navigated significant regulatory scrutiny and a substantial $4.3 billion settlement with the DOJ and CFTC. The settlement marked a pivotal moment, leading to a change in leadership, with Changpeng Zhao stepping down and Richard Teng taking over as CEO. Despite these challenges, Binance’s commitment to regulatory compliance and innovation, coupled with its extensive ecosystem, including the Binance Smart Chain, Binance Academy, and Trust Wallet, ensures it remains a key player in the global cryptocurrency market. This resilience and adaptability affirm its status as the largest crypto exchange by trading volume, open to regulation, and focused on securing its platform for users worldwide.

Features and Innovations

Binance Smart Chain (BSC): BSC has continued to thrive as a blockchain platform for developing high-performance decentralized applications (dApps). It is known for its fast transaction times and low fees.

Binance Academy: An educational platform that provides free resources to the public about blockchain and cryptocurrencies.

Trust Wallet: Binance’s official cryptocurrency wallet, which supports a wide range of digital assets and is a gateway to blockchain apps.

Regulatory Compliance and Security

Binance has made significant strides in enhancing its regulatory compliance through cooperation with global regulators and by implementing strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Their security measures include two-factor authentication (2FA), cold storage of assets, and the Secure Asset Fund for Users (SAFU) to protect users’ funds.

PrimeXBT

When it comes to the world of crypto futures, PrimeXBT is a platform that certainly deserves attention. Recognized for its comprehensive futures trading capabilities, it has established itself as a leading choice for traders looking to leverage the potential of the futures markets within the crypto space.

Advanced Crypto Futures Trading

High Leverage on Futures: PrimeXBT’s claim to fame in the crypto futures market is its high leverage options, reaching up to x200 for leading cryptocurrencies like BTC and ETH. This presents traders with the opportunity to magnify their trading positions, although it’s important to approach such high leverage with caution due to the proportional increase in risk.

Diverse Asset Pairs: The platform offers a robust selection of crypto assets for futures trading, all paired with USDT. Traders can engage with major cryptocurrencies as well as more niche altcoins, ensuring that there’s something for every trading strategy and preference.

User-Centric Trading Experience

Customization and Control: The user experience on PrimeXBT is enhanced by its customizable dashboard, which comes equipped with powerful TradingView charting tools. Traders can tailor their trading environment to their needs, enabling them to manage their futures trades effectively and efficiently.

Fees Structured for Futures: Understanding the importance of fee structures in trading profitability, PrimeXBT maintains a competitive edge with low funding fees and a transparent fee schedule for futures trading. This makes it an attractive option for traders who are mindful of costs eating into their potential gains.

Copy-Trading Synergy with Futures

Integrative Copy-Trading Feature: In addition to its direct futures trading offerings, PrimeXBT also provides a copy-trading platform. This service is particularly beneficial for futures traders who may want to emulate the strategies of more experienced counterparts. The platform’s detailed ranking system aids users in selecting traders to follow, based on their performance and risk management practices.

Addressing the Challenges

While PrimeXBT’s futures trading platform is robust, it’s important to acknowledge that not all pairs offer the maximum x200 leverage. Additionally, the platform’s approach to margin trading includes certain limitations that might be seen as a trade-off for access to higher leverage.

In summary, PrimeXBT’s focus on crypto futures makes it a noteworthy exchange to keep an eye on in 2024. With its high leverage options, a wide array of asset pairs, and a user-friendly interface complemented by a low-fee structure, PrimeXBT is well-equipped to serve the needs of futures traders across the spectrum. Despite some limitations, its futures trading platform, alongside the innovative copy-trading integration, positions PrimeXBT as a top destination for those looking to delve into the dynamic world of crypto futures.

OKX

OKX, established in 2017 and based in Seychelles, is acknowledged as the world’s second-largest crypto derivatives trading exchange by volume. This comprehensive review from 2024 outlines the platform’s commitment to serving advanced traders with a suite of powerful tools including futures trading, margin trading, and trading bots. The platform’s accessibility to new traders is facilitated through educational tools like copy trading and a demo account, which comes pre-funded with virtual assets for practice.

OKX is not available to users in the United States or Canada.

Crypto deposits require identity verification, which may deter privacy-focused users.

Fiat withdrawals can be challenging, especially for currencies like USD or GBP.

OKX excels with its deep liquidity and a broad selection of cryptocurrencies. It supports multiple trading pairs for many top cryptos, which simplifies portfolio rebalancing. The platform’s low-cost trading structure is particularly advantageous, with spot trade fees lower than those found on competitor exchanges like Binance and Coinbase.

For educational purposes, OKX offers a demo account and the option for copy trading, helping new users learn from more experienced traders. The OKX Wallet app stands out with support for 77 blockchains, giving easy access to decentralized finance (DeFi) apps and services.

Target Audience:

OKX is ideal for those utilizing trading bots, thanks to a comprehensive selection of bots that can be employed to automate trading strategies.

High-volume traders of Bitcoin and Ethereum will benefit from reduced fees and robust liquidity.

Users already comfortable with managing crypto wallets will find OKX’s account funding options more straightforward.

Despite its advanced features, the exchange remains accessible to beginners, providing tools like copy trading and demo accounts that help acclimate users to the trading environment.

OKX is known for its strong commitment to innovation, consistently updating and expanding its services to address the evolving needs of the crypto market. This dedication places OKX as a reliable platform for both seasoned and novice traders looking to navigate the complexities of the crypto trading landscape.

Bitget

Bitget has rapidly become one of the most notable players in the cryptocurrency exchange arena. In 2024, this platform continues to draw attention not only for its resilience in the face of a challenging market but also for its impressive growth, particularly in the derivatives trading sector. With a surge in transaction volume exceeding 300% in the previous year, Bitget has cemented its place among the top five global derivatives trading platforms—a notable achievement in a highly competitive field. Despite being relatively new, it has made significant inroads, particularly in the derivatives market. It is known for its user-friendly interface and innovative trading products.

Bitget’s ability to offer over 600 crypto tokens and nearly 700 trading pairs has provided traders with a wealth of trading opportunities. In addition to mainstream cryptocurrencies like BTC and ETH, Bitget has also introduced innovative trading products such as USDT-margined and USDC-margined futures, catering to the needs of both novice and experienced traders looking for versatile trading options.

In terms of fees, Bitget maintains a transparent and competitive structure, offering discounts for those using the BGB token and fostering a favorable trading environment for both makers and takers. The platform’s fee policies have been intricately designed to enhance liquidity and offer cost-effective trading experiences.

Features and Innovations

One-Click Copy Trade: Bitget is known for its innovative copy trading feature, which allows users to mirror the trades of experienced traders.

Futures Trading: Bitget offers a comprehensive futures trading platform with a focus on cryptocurrency pairs.

Global Expansion: Despite regulatory challenges, Bitget has been expanding its services to various countries, adapting to local regulations.

Regulatory Compliance and Security

Security is a top priority for Bitget, and they employ an array of measures to protect their users, including multi-signature strategies and cold wallet storage. They are also committed to adhering to global regulatory standards, which is key to their international expansion strategy.

Coinbase

Coinbase, a prominent player in the cryptocurrency exchange market, is a go-to platform for both beginners and experienced investors looking to dive into the world of digital currencies. This review, updated as of February 13, 2024, provides an in-depth look at what Coinbase has to offer.

Coinbase stands out in the cryptocurrency exchange market for several reasons. It boasts an impressive selection of nearly 250 cryptocurrencies, appealing to a wide range of traders, from novices to experts. The platform is designed to be user-friendly, offering interfaces that accommodate both simple and advanced trading techniques. Additionally, Coinbase provides a unique opportunity for users to earn free cryptocurrencies through the Coinbase Earn program, which rewards users for learning about new coins. For beginners, the platform is particularly attractive due to its wealth of educational resources, aimed at demystifying the world of cryptocurrency trading. The convenience of trading and managing portfolios is further enhanced by a highly-rated mobile app. Moreover, Coinbase rewards its users with crypto rewards and offers a Coinbase debit card, which is directly linked to the user’s account, for easier access to their funds.

However, the platform is not without its drawbacks. The fee structure on Coinbase can be confusing, as it varies between simple and advanced trades, with simple trades generally attracting higher fees. When it comes to staking services, the commission rates are on the higher side, which could potentially reduce users’ earnings. While there are opportunities to earn rewards, the range of cryptocurrencies eligible for such rewards is somewhat limited, especially when compared to other exchanges. Despite these cons, Coinbase’s comprehensive cryptocurrency selection and its blend of user-friendly and advanced trading features make it a solid choice for individuals at various levels of trading expertise.

Earning free crypto by completing educational content adds a unique and engaging dimension to the platform, incentivizing users to expand their knowledge while rewarding them for their time.

Despite these strengths, Coinbase’s fee structure can be somewhat opaque, especially for simple trades. This lack of transparency may be off-putting for users who value upfront and clear pricing. Furthermore, while Coinbase does offer staking options, the fees associated with this service are higher than what one might find when staking independently or on other platforms.

Coinbase’s mobile app is well-received by users, which indicates that the exchange has successfully translated its desktop trading experience to a smaller screen without sacrificing functionality.