The PrimeXBT platform is one of the crypto-to-crypto exchanges in the industry. But it stands out among the rest due to the support it extends to other assets such as Forex, digital assets and CFDs.
As compared to its competition, PrimeXBT has seen a faster growth and success. It supports several asset classes and investment options that make it a versatile crypto trading platform.
If you are interested in using this trading platform then there are several aspects you need to know before you begin. While learning about the features the exchange offers, you should also explore the pros and cons of the platform.
Knowing the benefits and drawbacks mentioned in this brief PrimeXBT exchange review can help you be sure that it is a suitable and good enough platform for you to use.
Pros of the PrimeXBT Platform
The benefits offered by the exchange are quite outstanding. Which is also why it has an undeniable popularity in the crypto trading community. Knowing the benefits can also give you a good idea of what the platform offers and you can decide accordingly.
Leverage Trading Supported
One of the benefits of the trading platform mentioned in this brief PrimeXBT exchange review is that it offers support to leverage trading. Not only does the trading platform support leverage trading but it also offers one of the highest leverages in the industry, which is up to 100x.
The platform offers a very high leverage, which varies from forex trading to crypto trading.
- For forex trading commodities and indices, the platform offers 1:1000 leverage.
- For digital currencies, the platform offers 1:100 leverage.
Covesting Feature
The PrimeXBT platform is quite popular and an outstanding exchange, thanks to the fact that it is suitable for every kind of trader. One of the biggest selling points of this platform is that it supports Covesting feature. This is copy trading, which means the traders who lack experience or time to monitor the trades can copy experienced traders and get the same profits and losses as the traders they copy.
Low and Competitive Fees
The fee structure of the platform is yet another benefit mentioned in this brief PrimeXBT exchange review. It not only charges a low and competitive fee but is also free of any kind of hidden or additional charges.
The fee you will be required to pay is as follows:
- Trading fee: 0.05% per trade
- Withdrawal fee: 0.0005 BTC
High Level of Security Offered
The PrimeXBT platform stands out among other exchanges, thanks to several aspects. One of which is its high-level of security offered. This is one of the safest platforms in the industry as it makes use of high-end security protocols that protect the user funds and information from any kind of cyber threat or failure.
Some of the leading-edge security systems used by PrimeXBT include:
- Secured Socket Layer (SSL)
- Use of cold wallets
- Two-factor authentication (2FA)
- Advanced server
Variety of Asset Classes
This PrimeXBT exchange review also addresses another benefit offered. Which is the availability of various asset classes supported, except for Bitcoin.
These include the following:
- Commodities
- Crypto indices
- Forex assets
- Digital currencies
Cons of the Exchange
The drawbacks of an exchange are also very important to know about, regardless of the platform you are aiming for.
Knowing the cons of an exchange, such as the PrimeXBT platform, can help you get a better picture of what it offers. It is not necessary that the drawbacks of the exchange are major and they can be minor and avoidable. Nonetheless, it is still important to know the possible limitations so you can make an informed decision.
Unavailability in the USA
Before opting for an exchange you should always ensure that it is available in your country and region. This should be explored even if the platform is one of the most popular and largest exchanges. If a platform is not available for you then using it can bring forth a lot of problems and security risks.
Therefore, if you are interested in the PrimeXBT platform, you should know that it is not available for the residents in the USA. If you reside in the States then you should look for a platform that is available in your country or region.
Unavailability of Demo Accounts
Even though this crypto exchange is quite suitable for new and experienced traders alike. One feature that it lacks is the availability of demo accounts.
These accounts help beginners in testing the features of the platform and practicing trading so they can understand how well it works for them.
Key Takeaways!
The PrimeXBT platform is a popular, successful and prominent platform that not only offers high-end security but several impressive features as well. If you are interested in using the platform then you need to know the pros and cons mentioned above.
