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.
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.
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.
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 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.