PrimeXBT review, the multifaceted exchange
PrimeXBT-review

PrimeXBT review, the multifaceted exchange

By MikeZillo | Project I Support | 26 Oct 2021


As per the title this exchange is really multifaceted, it doesn't only manage cryptocurrencies and everything that revolves around them, but it also opens to traditional financial products.

Commodities, stocks, forex; you can trade them with everything that you can sell.

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Also, you can use BTC to purchase any asset available on the exchange.

Let's take a closer look at how it works.

REGISTRATION

The opening page shows slides in succession on the fundamental operations of the exchange, below, the first one: the one that shows the trading volume in the last 24 hours.

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There are others that explain the operations of this exchange.

Let's proceed to the registration starting from this link: https://go.primexbt.com/click?pid=13944&offer_id=12

Immediately the page opens with the request for the basic data for a registration: e-mail and password.

After submitting the data, you will receive an email with the activation code: everything in realtime.

NOTE: KYC is not required, so the protection of privacy is guaranteed.

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Below the code request screen that is sent by email.

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The procedure ends with the entry of the country where you are operating and a welcome bonus of $350.

This bonus has certain requirements in order to be used and it should be managed following carefully the instructions that are shown.

THE DASHBOARD

Once the registration is complete you are in the dashboard, where you can perform all the operations that the platform provides.

The dashboard is made up as follows:

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1 - Dashboard menu where you can access the settings and especially the referral section, which as we will see later, offer an additional source of income.

2 - Frame where you can move within the sections of the exchange: trading and convesting the main parts and the analysis that serves to define the entry and exit points in your trading operations.

3 - General balance of all wallets

4 - Dedicated wallet of each crypto.

5 - This is the part that sets this exchange apart: the margin accounts. Basically they are parallel accounts that send and accept funds only from the main wallet.

With this procedure, the funds are safe: if the main account is compromised, the funds cannot be withdrawn because no address can interact with Margin wallets.

Later on, I will explain more about how Margin wallets work.

Moving further down you have access to one of the characteristic parts of this exchange: following.

This section deals with copy trading and the Covesting yield.

Copy trading as the word itself says, is the possibility to "copy" the same trading operations that professional traders perform.

The area without the identification number is a reminder with the countdown on the expiration of the welcome bonus.

THE AFFILIATE PLAN

Once the 24 hours have expired, the countdown is replaced with the link to the affiliate plan.

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Pressing the green button brings you to this screen:

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Box 1 contains your affiliate link that can be copied or sent via social networks (Facebook, Telegram and Twitter).

In box 2 you have the general statistics of our network;

In box 3 details of our network up to the maximum (4th level) is represented.

Scroll down to a diagram that schematizes the affiliate network.

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Note that the profitability percentages are not calculated on the trading volumes that the network moves, but on the commissions of each operation, making this scheme potentially very sustainable.

FIRST DEPOSIT

Let's go back to the Dashboard and make a first deposit, for example 100 USDT:

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Click on the indicated button and the screen with all the necessary data to make the transfer opens.

The button next to it is used to perform the reverse procedure, i.e. to send tokens instead of receiving them.

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In the upper part, we are given the possibility to change the currency we want to send without necessarily going back to the dashboard and clicking the relative "Deposit" button.

While waiting for the Miners to validate our transfer, the dashboard shows in the column "Pending" the amount we are receiving (or transferring).

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Depending on the network congestion, after a short time (in my case a little more than 1 minute), the following message of receipt of funds arrives.

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Below is the updated dashboard.

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Now we have the funds on the general wallet, but they are not usable in any way, we need to transfer them to the relevant Wallet Margin.

MARGIN WALLET

To do this, go down the page and press the button at the top right of the tab MARGIN, + Open New Account

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A new window opens asking you to select a coin from those listed:

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Obviously, the choices decrease depending on the accounts you create. Only USDC is displayed on the screen, because the other accounts have already been created.

Once the account is created, the dashboard will look like this.

A tip: since the functionality of the Exchange is dependent on the use of Margin accounts, it is better to create all of them the first time you log in.

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Scrolling on the dashboard to the Margin accounts tab, we see that a green Fund button has been activated instead of Deposit.

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Clicking opens the following window, which asks for the amount of funds to be transferred to the Margin USDT account.

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As I said above Margin accounts are crucial because they are "nested wallets" and perform transfers only and exclusively with the main wallet, so if the main account is forced, no funds can be withdrawn from these wallets.

START WITH TRADING!

Having made the deposit, we can now start to take full advantage of this amazing exchange.

From panel 2 of the dashboard we select the Margin tab.

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From here we get into the heart of the exchange!

The access to the trading screen is very simple: in the TRADE(4) tab, we have 4 tabs inside.

The first tab on the left includes all markets: crypto, commodities and forex;

The second one is the chart of the selected market;

The third one below on the left are the open orders;

The fourth one on the right below the positions.

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Let us proceed with the opening of a position. It can be opened by pressing any of the keys numbered from 1 to 3.

Pressed the following window opens

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As with any other exchange, the type of order can be selected in the appropriate box.

In this Exchange, however, another type has been added, the "OCO": One Cancels the Other.

With this mode, two orders can be placed at the same time. The first one that is filled, cancels the other one that is waiting.

For this example I have used the most frequent type: Limit Order.

Now, placing an order is extremely simple: The leverage is predefined by 1:100.

In the "AMOUNT" box you go to indicate the amount in BTC you want to buy and the "MARGIN IMPACT" box is updated.

Obviously we can manage the intensity of the leverage by de-multiplying the value of "AMOUNT".

Once the price is also set, we can send the order and it goes to a confirmation box.

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When we confirm the taking in charge of the order the screen of TRADE will appear as follows

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In the red box we see that the order list has been updated and on the chart a green dotted line has been added to the price level I have defined and a box indicates the amount of BTC I intend to buy @price defined.

As you could see the procedure is extremely simple and without errors.

The only particular attention must be paid in defining the amount of BTC in purchase, taking into account the leverage fixed at 100 and that the MARGIN account absolutely can not be less than the amount of any loss.

More generally we can say that it must never go below half: 50% committed to the various orders and 50% as the underlying in case of losses.

Very important and extremely advantageous are the fees that are applied in this exchange, the plan is as follows:

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Let's return to the Main Page and proceed to see the penultimate section of this multifaceted exchange.

THE COVESTING YELD

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Clicking on Start Earning will take you to the Covesting Yeld page.

Basically, this is the stacking of crypto in the DeFi environment.

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In this section you can understand the function of MARGIN accounts, in fact to make any operation that is not related to trading, you must have funds in the main wallet.

After that we proceed in a simple and expeditious way.

In this example I have staked 100 USDT.

We press the button "STAKING" indicated by the arrow

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And a dialog box pops up asking for the amount of tokens you want to immobilize.

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This is the easiest and most straightforward option for staking!!!

In the part below we have a calculator of the returns according to the time and the category we belong to.

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The next two folders are the summaries for the staking operations that are still active and those that have already ended.

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COVESTING TOP (COPY TRADING)

We have reached the last part of this extraordinary exchange: Covesting Top.

In other words we talk about Copy Trading, that is the possibility to copy the trading strategies of the best traders.

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By clicking on the "See all" link, you will be directed to a page where all of the top traders on the exchange are registered.

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Pressing again the "Follow" button on one of the traders in the list opens a banner where we must define the size with which we want to participate

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Obviously the size is to be considered in BTC, and not having funds in the wallet the box to define the size is red.

SUPPORT IN REALTIME!

In this short guide I have grouped the main functions of this multifaceted exchange, if something should not be clear, another strength of the platform is the 24/7 assistance via chat.

To access simply press the three lines indicated by the arrow and the menu opens.

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If we select chat, the banner opens through which we can interact with the support staff.

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How do you rate this article?


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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


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