We had the pleasure to interview the PrimeXBT team about their exchange, specifically about the features that make this new trading platform truly unique and innovative. We discussed how you can trade a lot more than just cryptocurrencies, as you can buy and sell Forex, commodities and stock indices. As well as unique features like Covesting that allow users to copy other traders, Turbo Mode a new approach that makes short term trading incredibly entertaining. Finally we talked about their partners and how they add value to their platform and their future goals.
Could you briefly tell us why we should love PrimeXBT?
PrimeXBT is an award-winning Bitcoin-based margin trading platform offering exposure to many of today’s hottest markets and assets under one roof.
Bitcoin may be trading sideways now, but the cryptocurrency market is poised for a breakout sooner than later. Gold is approaching its former all-time high in what is turning out to be a surprisingly powerful uptrend. Major global stock indices are more volatile than they have been in years, and so are most forex currencies due to the recent economic shakeup. Oil is recovering from its disastrous crash to zero months ago.
Traders on PrimeXBT have all of these opportunities available to them, without having to manage multiple accounts, logins, wallets, or platforms to access this many assets. Built-in technical analysis tools from TradingView come included, so traders have everything they need in one place.
Our customizable user interface is accessible and easy to use, yet offers enough depth and power for professionals. Everything can also be accessed through a free mobile app for iOS and Android for unrivaled flexibility.
We also offer the lowest fees anywhere on the market across all assets. Best of all, we reward our most active traders with a progressive discount system. This way, traders who want to take advantage of whatever the day’s hottest asset is get rewarded for jumping in and out of positions actively and trading multiple assets at once.
With Covesting ready to launch in approximately two to three weeks and markets still this on fire, we anticipate a surge in screenshots being shared with PrimeXBT PnLs as more traders catch wind of the new tool’s launch.
The exchange industry is extremely saturated. What competitive advantages and features differentiate PrimeXBT from the rest of the market?
Our commitment to a client-focused approach separates us from the rest of the competition, hands down.
We listen to feedback, we are active on social media interacting with our community, we are ready and available 24/7 with a friendly customer support team, and we are continually working to improve. Our community can rest assured that if they propose something to be included in future updates, we will at least discuss internally and make our best effort to ensure the request comes true.
Improvements are hyper-focused on our lineup of assets, building upon our security and technology solutions, and providing innovative trading tools that aren’t found anywhere else in the market.
Such tools include a unique way to get positioned in the market; Covesting, a trading strategy-following platform; and much more.
Can you tell us more how cryptocurrency traders can buy/sell oil, gold, stocks, and foreign currencies?
PrimeXBT provides exposure to major forex currency pairs, crosses, and exotics; commodities like natural gas and oil; stock indices such as the Dow, DAX, FTSE, and others; cryptocurrencies like Bitcoin, Ethereum, and Ripple; as well as gold and silver.
All of these trading instruments are available as CFDs. This type of derivative contract lets traders long and short assets rather than buy and sell the underlying asset. As a result, traders can profit from any direction the market turns and provides added flexibility for hedge positions, leverage, and more.
PrimeXBT also offers built-in charting tools from TradingView, for strategic planning and execution based on technical analysis.
All accounts are denominated in Bitcoin using a BTC wallet so that cryptocurrency traders will feel right at home with PrimeXBT. Other trading instruments are settled in BTC also, letting crypto traders build their BTC holdings while trading other markets.
How can users profit from following other traders?
Though a B2B partnership with Europe-based financial software development firm Covesting, we have introduced the Covesting Module on PrimeXBT.
Users of the platform can access the Covesting module to view ratings, build a portfolio, or create a “strategy” for users to “follow.”
If a trading strategy is successful, it improves the strategy’s rating in the public leaderboard system. There, each strategy’s ROI is revealed, along with the equity currently invested in the strategy, among other important details.
The higher the rank and success rate, the more likely followers will follow the strategy and inject capital into it.
Choosing the right fund as a follower allows the user to sit back and let more experienced traders profit for them.
The creator of the trading strategy then can both trade with a larger pool of capital and earn a profit-share from the success fees generated from the follower’s funds. It’s a win-win for all parties involved.
And in the case a trader isn’t worth following, the leaderboard and rating system will quickly reveal their inefficiencies to warn potential followers. This self-moderating system exposes true talent and ensures followers are selecting only the best strategies to follow.
There’s also no longer a rollover period, so there’s no waiting to ditch a losing strategy. The minimum amount to open a fund has also been lowered to 0.05 BTC, and the minimum investment is now 0.001 BTC.
These changes were made based on community feedback provided during the ongoing beta phase, helping us to make the Covesting platform the best possible experience ahead of the coming launch in the next few weeks.
What is the PrimeXBT Turbo, and how does it work?
PrimeXBT Turbo is yet another tool we offer that doesn’t exist anywhere else on the market. Turbo consists of a unique way to get positioned in the market. While assets are trading sideways, Turbo offers a break to the boredom and another, faster way to try your hand at trading.
Turbo, as its name implies, is designed for speed and fluidity. We’ve given it an attractive, vibrant visual interface to match its energetic name. Just about all assets we offer are included in Turbo, providing alternative trading options on each trading instrument on PrimeXBT.
Turbo is highly risky, and complete capital loss is possible. Due to this, we don’t promote this product, but continue to offer it as part of our divergent ecosystem of unique trading products. It is part of our mission to provide as many unique products as possible to traders globally.
The PrimeXBT team implores any users who consider utilizing this tool to read carefully through risk disclaimers, terms and conditions, and make certain they understand the product and any related risk associated with it.
For those bored with regular trading, or just want to change things up, this alternative trading product is available to try with a free demo account before using funds of your own.
PrimeXBT has a wide array of partners; how do they add value to the exchange?
Each partner is carefully selected to match PrimeXBT’s client-focused approach. Chosen partners must align with our company’s goals and ethos. We are proud to work with some of the finance industry’s best brands.
We are proud to be a current partner of Covesting, Bitfury’s Crystal for AML compliance, CEX Direct for buying Bitcoin with a credit/debit card directly through our platform, and now you – YellowBlock! XOXO 😉
Can PrimeXBT users expect to execute orders without slippage due to high liquidity?
PrimeXBT aggregates liquidity from top-tier sources and other leading exchanges for unrivaled order execution speeds and industry-low slippage.
Where PrimeXBT differs from other crypto exchanges, is through using STP versus P2P for trade matching. Instead of matching users internally, PrimeXBT uses straight-through processing to send all orders to its multiple liquidity providers, enabling greater liquidity and less slippage on all trading instruments.
Deep liquidity allows orders to execute fast, and our house-developed, ultra-reliable trading engine boasts 99.9% uptime over the last several years.
Peak volatility is the most favorable market environment for profitability, so it is mission-critical that during these explosive phases, our servers, security, and stability are operating full throttle.
Every company has short, medium, and long term goals. What can we expect to see from PrimeXBT?
In the short-term, goals remain set on working closely with Covesting to finish the development of the Covesting Fund Management Module, currently in its beta phase. Ensuring it is a fully functional, highly sought after trading product is paramount ahead of a full public release. We are expecting to release the complete product within the next two-to-three weeks.
We also continue to focus on delivering new trading instruments to our clients as markets catch fire and volatility spikes. We recently introduced new exotic forex currency pairs based on emerging economies, and are now focusing on our next batch of trading instruments based on user feedback.
Our medium-term goals involve launching a refreshed one-stop-shop mobile trading app with full functionality matching the desktop version of PrimeXBT, complete with friendly translations for most countries globally. We also seek to bolster our new analysis section with more trading instruments in the weeks to come.
The long-term goal is to continue to keep up the pace of our global growth and become the clear industry leader across all markets. We are committed to becoming the ultimate one-stop-shop platform for novices and professionals alike who want exposure to a variety of today’s hottest trading instruments.
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