Is the PrimeXBT Platform Suitable for New Traders?
If you are a new crypto trader then the PrimeXBT platform can be one of the best options you can go for. This platform is outstanding in a lot of ways and has made a name for itself in the crypto industry. However, every new crypto trader should take some time to learn everything that it has to offer. This will help the traders in determining whether it is a suitable exchange or not.
There are several other high-end reasons why PrimeXBT is an impressive trading platform and is often the top exchanges opted by new traders.
This PrimeXBT exchange review is brief, yet it focuses on some of the major aspects of the platform that can help every trader in discerning how and why it is good enough for them to use.
Introduction to PrimeXBT Platform
PrimeXBT is an outstanding platform that supports some of the best and technologically advanced features and services. This platform supports crypto trading and is a prominent exchange in the industry.
It was launched in 2018 and it is one of the fastest growing crypto-to-crypto trading platform in the industry. The record-breaking growth seen by PrimeXBT puts it among some of the top platforms in the world.
It not only focuses on making crypto trading easier for all traders but also offers high-end features such as several asset classes and investment options.
As a user of the PrimeXBT exchange, you will not only be able to trade digital currencies but other assets as well such as Forex and CFDs. It has a customer-centric business model, which causes it to easily extend its services to more than 150 different countries all over the world.
Apart from impressively-high liquidity and trading volume, there are other features of the platform that need to be explored as well. The details that can help you make an informed decision are as follows.
The PrimeXBT platform not only supports digital currencies but also offers support to fiat assets. As a user of the PrimeXBT exchange, you can trade both minor and major forex currency pairs.
If you want to use this exchange then you need to know the forex currencies supported by the platform, which include the following:
- S. Dollar
- Japanese Yen
- Swiss Franc
- Canadian Dollar
- British Pound
- Australian Dollar
Security Systems Used
This PrimeXBT exchange review sheds light on all the major aspects of the platform, which includes the level of safety it offers to the users.
The safety and security offered by a platform is an important attribute every crypto investor and trader needs to explore before they use the exchange. Even though there is no such thing as a 100% risk-free exchange, there are some platforms that are safer than the rest, thanks to the availability of high-end security systems.
The PrimeXBT platform is one of the safest exchanges in the industry as it implements various high-end security protocols. Some of the security systems are mentioned below in detail.
- Secured and dedicated server for the web platform
- Secured Socket Layer (SSL) protocol
- Use of cold wallets
- Two-factor authentication (2FA) system
Opting for a platform that takes your security seriously can help you tackle numerous security threats and cyber failures of any kind.
Leverage Trading Supported
Looking through a PrimeXBT exchange review can help give you a great idea regarding the type of features the trading platform offers and more. Whether you are a new trader or an experienced one, knowing what PrimeXBT offers can help you form your trading plans more efficiently.
Therefore, one of the crucial aspects you need to know before using the exchange is the support it extends to leverage trading. Not only this but it also offers one of the highest leverages, which is up to 100x.
Further details of this are as follows:
- PrimeXBT offers 1:100 leverage ratio for digital assets
- PrimeXBT offers 1:1000 leverage ratio for forex trading of commodities and indices
The suitability of the PrimeXBT platform for new traders can be even more prominent by taking a look at its highly distinctive Covesting feature.
The Covesting features supports copy trading, which is rarely supported by the trading platforms.
While the Covesting feature can be used by any trader, it is mostly beneficial for new traders and those who have a demanding schedule and cannot actively monitor the markets and open trading positions.
With the help of this feature, new traders can automatically copy the trades of experts and get the same profits or losses as them.
The PrimeXBT platform is a remarkable trading platform for several reasons. It has been designed to cater the needs of every kind of trader, especially the new traders. If you are interested in knowing how suitable this platform is then you should know the details mentioned above.