PrimeXBT is a cryptocurrency exchange that offers users from around the world to participate in cryptocurrency and forex trading options to try and make monetary gains from the trading activity.
More than 170+ countries are readily compatible with the exchange. However, some features are blocked in some countries as our readers will find out later on. The exchange has a decent reputation among the cryptocurrency community and is also growing users who are more interested in forex trading rather than other options available on the platform.
How to Start with PrimeXBT?
Download the official app from the App store and Register
PrimeXBT is available on both iOS, Android and desktop users. We will do this review from an Android phone and the process should be the same from every platform barring a few User Interface differences that can be easily overcome.
Once you have downloaded the PrimeXBT app, open it and it will show like this:
Select Register new account
Enter your preferred email address and a strong password.
You will be sent a confirmation email like this one below and you need to confirm your address for an account on PrimeXBT. This link expires after some time for security reasons within your email inbox.
Open App, Enter Details, Select Security and Login
You can now open the app and enter your login details. At your first login, you can select the kind of security you want with your new trading account. It is preferred that you select adequate security levels because your valuable assets are going to be on this platform and it is better to protect these assets.
There is a fingerprint login and verification option.
You can skip it for now by clicking cancel or set it up.
The Trading Options
Once the other security options have been availed or skipped on PrimeXBT, now you can see the layout of the exchange:
There are five cryptocurrencies currently listed on the platform with varying pairs available as you can see from these trading pairs. They include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) and EOS.
EOS, ETH, XRP and EOS can be traded in both USD and BTC pairs, however, BTC can only be traded in USD pair. Traders look to apply different strategies to earn valuable profits that can be earned in either cryptocurrencies like Bitcoin or fiat USD.
Apart from these five basic cryptocurrencies, there are several other options available for trading purposes. As you scroll further down this list, you can see other pairs crop up.
They include various national currencies and their pairs with each other especially the USD. This is forex trading and is popular around the world.
Now these pairs are considerable in number as you start scrolling down. They started with Australian Dollar (AUD)/Canadian Dollar (CAD) pairs and then continue alphabetically to others. All in all, excellent options available for forex trading professionals. At the end of the line, other options are also available including famous assets like BRENT crude, AUS200, Dow Jones, EUR50, NASDAQ, SP500, NAT.GAS and others. This is a really good options for traders who want to get into the conventional trading sector by depositing their cryptocurrencies.
Making a Deposit
But, to trade, you have to have some deposits. Head over to the menu on the top left side and you will have a pop up menu come out. The orders show the current trading orders you have set while positions show your current portfolio. If you want to deposit money, you need to select the fourth option “Deposit”.
Now a new window will open in the browser and it will show a final step required by the app before one can submit funds to the system. You need to select the country of your residence. Almost all countries are available considering the long list but services differ from each other. This is also mentioned in the disclaimer below.
Now you have fully registered in the new app. Congratulations are now in order.
Since many of these new platforms are vying for users because of lucrative operations and fees, the first deposit on the platform comes with a $50 bonus, but only for a limited amount of time:
Now you can finally see the public address dedicated to your account. Making payments is made easier with the help of QR code option. You can simply scan this code through your Bitcoin wallet and send some amount here. Alternatively, you can copy this address and send it there manually.
If you don’t own crypto at the moment or prefer not to use it, there are also fiat options available. Scroll down and you will see another option to buy via credit/debit card.
The latest exchange rate will also be displayed before the user and if one accepts, you can directly purchase it.
There are also some rules and regulations that you might need to read before making deposits and withdrawals. Withdrawals can be accessed from the same top left menu bar.
Now that the rudimentary options have been availed and deposits done, one can then proceed to “Trade” option on the bottom menu on the app to study the currency patterns and trade accordingly. To learn more about the fee structure, you can ask for help.
Trading option is similar to watchlist except here you can trade directly rather than just following prices.
Turbo is the third option available on the platform. It allows users to predict the price of assets and they get rewards if they are proven right.
Covesting is another useful option available on the platform. You can access it by tapping the third icon from left on the bottom menu. Covesting allows new investors to set aside their money and allow experienced investors to profit from it. However, the app lets you know the risks involved in covesting and a heavy disclaimer is included. You can also create your own strategy for trading here.
Affiliate Program and other Options
The Affiliate program is also an important incentivized system for users on primexbt platform. It allows users to gain rewards on an Affiliate heirarchy based system. It means the more referrals your referrals make, the more rewards you get.
The fourth tab on the bottom menu is titled “More” and you can tap on it to see these options in a pop up menu style:
Analysis portion is for studying graphs of different assets and their trading pairs. There are different analytical tools present here.
Tutorials help newbies understand the PrimeXBT platform and trade on it. There are over five tutorials available starting from how to make a deposit and continue on.
The Chat option is available for users who like to inquire about the different services.
Finally we have the feedback button and then logout ofcourse.
PrimeXBT is a very easy-to-use cryptocurrency exchange that traders from all over the world can use effectively. Covesting and Turbo options are especially innovative especially for a new exchange but since these are high-risk options, traders should proceed with caution.