PrimeXBT is one of the largest cryptocurrency exchanges in the market and is one of the top options for novice as well as expert crypto traders. There are several features of the exchange that you should know about, especially if you want to start trading crypto.
The benefit of knowing the features is that you will be able to determine if the available features are according to your needs and requirements or not. This is a helpful and essential practice that every crypto investor and trader should follow, no matter which exchange they want to use.
Having a good idea about what a platform has to offer is one of the best ways that can help you identify which of the available options is best for you.
Similarly, if you want to know “is PrimeXBT legit?” you should have the following information.
Currencies Supported by PrimeXBT
The variety of fiat or digital currencies supported by an exchange is one of the factors you should always look out for while looking for an exchange. This can help you give you a good idea regarding the capability of the exchange to handle large audiences and more. It can also show you how versatile an exchange can be.
Similarly, if you are interested in using the PrimeXBT trading exchange then you should know that it supports major and minor forex currency pairs to be traded on the platform. This platform also charges a fee that the traders have to pay, however, the fee charged varies from Forex pairs to digital assets.
PrimeXBT supports the following Forex currencies:
- Australian Dollar
- British Pound
- Canadian Dollar
- Japanese Yen
- Swiss Franc
- US Dollar
Trading with Leverage on the Exchange
Leverage trading is one of the aspects most crypto traders look for. Since it is easily accessible for the traders, many are inclined to opt for it.
However, there are two things you need to know before you start trading with leverage.
- You need to choose a proper platform that is secure and supports leverage trading.
- You need to be familiar with the concept of leverage trading before you start it.
In this brief PrimeXBT review, you can also learn about what leverage trading is. While trading with leverage, you can borrow funds from the brokers and place big trades. This is a good opportunity for people to earn big, however, it is also accompanied by a major possibility to suffer from financial losses. Therefore, you need to be mindful of the two tips mentioned above and choose a suitable exchange such as PrimeXBT.
Fees to be Paid
The fee structure of any exchange is one of the topmost factors that should not be overlooked while searching for a suitable exchange. Every cryptocurrency exchange charges a fee that the users of the exchange have to pay. However, the amount and transparency of the fee can greatly vary from one platform to another. Which is why it is important to take a look at the fee structure before one of the available options is finalized.
The PrimeXBT trading exchange also charges a fee, however, it is known to be one of the lowest and competitive fees in the market. As a user of the exchange, you can buy or sell commodities, indices, digital assets and forex pairs and pay a commission per trade, depending on the asset class.
- A low withdrawal fee of 0.0005 BTC
- A market maker fee of -0.025%
- A market taker fee of 0.075%
- Per trade, you would have to pay a flat fee of 0.05%
One of the most outstanding features of PrimeXBT is Covesting. This feature is what makes it a suitable trading platform for novice crypto traders. The Covesting feature offers copy trading, in which the new traders can automatically copy the trades of an expert trader and get the same returns or losses as the trader they copy.
Covesting can not only help the novice traders but it can also help people with a busy schedule to trade while on the go, without constantly looking at the market, monitoring their positions and more.
Security on the Exchange
If you want to know “is PrimeXBT legit?” then you should know that it certainly takes the safety of its users very seriously. This advanced trading platform makes use of leading-edge security systems, mentioned above, that ensure the funds and accounts of the users are kept safe from cyber threats and failures.
- A secured server for the web platform
- Secured socket layer (SSL)
- Two-factor authentication (2FA)
- Use of cold wallet storage
PrimeXBT is one of the most popular trading platforms in the market and offers several impressive features. The services and features offered by the exchange make it a suitable platform to be used by both experienced and novice traders.