PrimeXBT is a crypto currency, forex, stocks, and indices trading platform that offers a wide range of CFDs tradable assets to traders in the European Union, the United States of America, and Australia. USD/JPY, USD/CHF, USD/CAD, AUD/USD, EUR/CHF, EUR/GBP, and GBPUSD are just a handful of the currency pairs offered to PrimeXBT online traders.
The Foundations
A contract for difference (CFD) is an agreement between two parties to swap the difference in asset cost after the contract ends. The cost difference could be positive or negative, and traders can open a long or short trade to take a long or short position.
For example, if one party paid $400 for an asset and is holding it in an as long position, and another party paid $350 for the identical asset, the difference in cost is $50 ($400-$350), and that is what will be exchanged with both parties at the end of the trade. You initiate a long position on the EUR/USD pair by purchasing euros from your broker and selling USD from your account.
Create an account
New users must first register on the PrimeXBT website. After registering, you may access your account and begin trading. The signup process is quick and easy. You must provide your account username, email address, mobile number, and password.
After that, you must authenticate your mobile number by texting a short code to the phone number you supplied during registration. You can now fund your account after verification.
You can fund your account using any available payment method, including credit card, Skrill, Neteller, and others. Funds added to your PrimeXBT account are maintained in separate accounts and are not utilized for any other reason.
Check your identity
The Prime XBT platform is overseen by CySEC (Cyprus Securities and Exchanges Commission), the European Union regulatory entity that governs the operation of online trading platforms. It would be best if you first validated your identity to continue trading on the PrimeXBT platform. Knowing your customer’s approach is critical for safeguarding traders from fraudulent activities like money laundering and illegal financing.
Personal information about yourself and your business must be submitted, including your complete name and date of birth. Credit card statements, utility bills, and other papers with your name and address will be utilized to verify this information. This is the only way to ensure you are who you say you are and conduct legal business. If you have any questions or concerns concerning your trading business, contact the company’s customer service or check with CySEC directly on their websites.
You can put money into your trading account at any time. By clicking the “deposit” button, you can choose a payment method and enter the amount you want to deposit. Always keep enough money on hand to cover your losses and turn a profit. The required minimum deposit is $150. The minimum deposit amount using a credit card is $50.
If you have any queries or encounter difficulties depositing funds, please get in touch with customer care via live chat or email. You can also read the FAQ section on deposits and withdrawals on the PrimeXBT website. The company accepts credit cards, debit cards, bank wire, skrill, and other payment methods.
Exchange Rate
One of the key advantages of trading on PrimeXBT is that you are not subject to fluctuating currency rates. PrimeXBT is in charge of all transactions, deposits, and withdrawals and will always charge the market rate. The transaction also includes the fees for transferring funds.
For example, to withdraw money from your account, click the “withdraw” button and enter the amount you want to transfer or request a withdrawal. You will be given an estimated time for the transfer based on your withdrawal method.
Install the Prime XBT trading platform and generate a login password for future usage. This is necessary since you cannot access your trading account without it. Then, download your trading charts, which show all financial information about Prime XBT assets’ prices, time, demand, and supply. Numerous charting software options are accessible online, but most traders prefer Metatrader 4 since it is reliable, easy to use, and convenient. The Prime XBT website provides access to MetaTrader 4 software. Configuring the software takes a few minutes, but there is nothing else to do once done. You can log in to your account and start trading whenever you wish.
Begin trading
Following installation, you must choose an asset with which to trade. To trade the Euro/USD pair, for example, go to the “EURUSD” tab and click the “purchase” option. Decide whether to go long or short based on your trading approach. All other Prime XBT assets are available on the “Assets” tab, where you select your item.
By choosing “close,” you can close your current open position and open a new one depending on the new price action for that asset. If you wish to sell your stake, select “sell,” and if you want to close it, select “close.” You will view your order history, which contains all your prior orders.
Use indicators such as moving average and price volume to minimize risks and make the most of the Prime XBT trading platform. Moving averages identify trends, whereas price volume is used to assess an asset’s performance. Examine the charts with the MACD and the moving average after determining what to trade. When the Price Change is positive, the MACD displays an upward trend; when Price Change is negative, the MACD shows a downward trend.
Choose a trading pair
On the PrimeXBT platform, you may select from various trading pairings. If you want to trade the Euro/British Pound pair, pick “EUR/GBP” and click the purchase button. Below where you choose your trading pair, you will find all available trading pairs based on your asset.
By clicking on “close,” you can modify the location. It will close your current open position and open a new one in response to the new price action for that asset. Click “sell” if you want to take a short position. To close your position, click the “close” button. You will view the order history, which lists your prior orders.
To learn more about the PrimeXBT platform and how to use it, watch the video tutorial:
Compliance with all rules and regulations is required for any organization that provides a secure and regulated environment for its clients and allows them to conduct international trading in the Forex market or the domain of CFD. Otherwise, it may be sanctioned or even shut down. The CySEC is in charge of regulating enterprises that engage in such “financing operations.” Their purpose is to safeguard (and inform) clients against fraud and to ensure that they engage in beneficial transactions.
Place a trade
PrimeXBT’s trading platform gives a full overview of the financial instruments accessible for trade. Users can choose the security and agree on the current price and volume, as well as the number of units they want to buy or sell.
Users may also place trades with stop loss and take profit options using the platform. The stop-loss feature allows traders to specify a price that, if achieved, will initiate an automated order. When a trader exercises a take profit option set above or below their entry price, the position is closed, and extra units are sold.
Trading history
You may view your trading history and transaction list by clicking on the “history” tab, where you can see your transactions and choose whether to show profit or loss for each transaction. This panel also displays the client statistics. You can examine your recent net profit and losses in percentages and your current capital gains or losses based on their worth.
Reports
PrimeXBT also offers reports, which provide a complete results list for all available assets. Depending on their preferences, users can then download these reports in various formats, including PDF, Excel, and HTML. Reports containing charts and graphs illustrating how trades were made and when they occurred are also created.
Use a stop loss
A stop loss is a price that, if reached, will initiate an automated trading order. For example, if it is Stop Price 1 and the user has set a sell order at this amount, the system will put an open buy order after Stop Price 1 is met. The order’s strike price will be either above or below the current market price, but traders utilize stop-loss orders in two situations:
When they desire to buy an asset at a low price (buying at a low price), traders prefer to buy a stock at a lower price because they believe it will fall even lower. When they desire to sell an item at a higher price (Selling at a higher price)
When a trader believes that the market for a specific stock is approaching its peak, he may sell his stocks at the peak price. He does this by combining a take-profit and a stop-loss order. If you buy 100 shares of ABC Ltd. and sell them at Rs 1500 with a stop-loss order at Rs 1400, he will profit Rs 1000. (Rs 500 x 100 shares). If the stock price has fallen to Rs 1200 by the time the order is completed, only 80 shares would be sold, with 20 shares held back as a stop loss.
Use a take-profit
A take-profit order is an order which can be placed at a particular price above or below the market price. Once this price has been reached, a new order will be opened for the user, and additional units of the underlying asset will be purchased.
A trader may set a take profit order above or below his entry price. This can be used to make quick profits from rising/falling prices. Using a protective stop-loss order is always advisable before taking a profit order.
Use a limit order
A limit order allows you to purchase or sell at a price other than the market price. For example, if the customer wants to purchase 100 units of an asset at Rs 3000 per share, they must set a “limit price” of Rs 3000.
Limit orders can be placed on one or more financial instruments on the PrimeXBT platform, but they do not guarantee execution. When filled, the financial instrument’s price is determined by the current market rate rather than the originally established price. Users have more control over their trades when they use stop limits, take profit, and protective stop loss orders.
Use a stop-limit order
A stop limit order includes the conditions of both stop loss and limit orders. This means that the transaction will be placed whenever a certain price is reached, but it will be executed at or above that price. If S1 is Rs 1000 and L0 is Rs 1000, the trade will be executed only if the current market rate exceeds Rs 1000. It will not execute beyond this price, as set by the user. The advantage of employing such an order is that it can preserve traders from large losses caused by unpredictable price swings.
Use a stop loss and limit order
The stop-loss order safeguards existing profits, while the limit order provides a modest profit over the current price. Using these orders in combination ensures that traders do not lose money when prices move in their favor.
Stop orders, for example, are put at Rs 100 per unit of a specific digital asset, whereas limit price orders (L0) is placed at Rs 110 per unit. For example, if L0 is Rs 110, a buy trade will begin, and 100 units will be acquired if this level is reached.
Use leverage
Your broker will allow you to trade with more money than you have in your account. As a result, if you have $1,000 in your account, you could borrow another $3,000 from your broker and potentially trade with up to $4,000 in your account (depending on the broker).
Trading using leverage is not for everyone, and it may be quite hazardous. That is why traders advise inexperienced traders to avoid it unless it is for short-term deals.
Leverage can also buy ETFs, a mix of two or more underlying assets.
PrimeXBT also lets you experiment with leverage by trading derivative contracts. This means that acquiring derivative results in creating a synthetic asset comprised of two or more underlying assets. For example, if you buy an options contract representing the right to sell 100 units of an ETF and the underlying asset is ten units, you will receive ten units. Your synthetic asset will consist of ten units of asset A plus one hundred units of asset B.
Derivatives can be used to prepare for an event such as a market crash or to increase the risk to prevent losses from abrupt price movements.
Monitor your trade
The advantage of trading on a digital platform like PrimeXBT is that users can monitor their trades in real-time, unlike other brokers where traders have to log in and check their accounts. Monitoring will help you keep track of your profits and losses and allow you to cancel any transactions if you feel the need to do so.
Monitoring is especially important for advanced traders who use complex orders such as stop loss limits or stop loss take profit orders. This way, they can see if all the trades are placed correctly. PrimeXBT offers a range of tools for monitoring and analyzing data with real-time charts, which can be used to observe price movements, volume, indicators, and order positions.
Use Real-time charts
PrimeXBT offers a range of tools to buy and sell stocks and digital assets. They are all ordered by the recommended stock price. Real-Time charts let users monitor the movements of stocks, digital assets, and precious metals and view prices associated with these instruments.
The real-time charts can be used to check the market sentiment at a particular time or to observe what is happening with prices and volumes on either side of important support or resistance levels. This way, traders can easily identify trends and patterns in the market which might otherwise go unnoticed by regular users who don’t use this type of charting tool on PrimeXBT.
The real-time charts are based on trend analysis, and they can be used to identify important trading opportunities. Market sentiment can also be used to determine when to buy or sell and sometimes to anticipate what might happen in the future.
Returning of funds
PrimeXBT does not compel users to make deposits in bitcoin. However, users can withdraw their funds at any time. This is a significant difference between PrimeXBT and other brokers. Depending on their policies, other brokers may demand investors to submit cash deposits ranging from $10,000 to $100,000.
Modes of trading
PrimeXBT gives its consumers the option of trading in one of two ways. The first is a web-based mode, and the second is a mobile app. PrimeXBT is a desktop, mobile, and tablet application. All three platforms are currently accessible on Android, Apple iOS, and Windows. Each platform has unique features based on its compatibility with the operating system.
This means that customers can trade from anywhere with an internet connection if they have a device that supports the platform’s app or software (desktop or mobile). The mobile app-based platform supports other prominent online service providers, such as WhatsApp and Facebook Messenger.
Mobile app users can log in to the platform using their social network accounts. They won’t have to form a new login account for PrimeXBT because everything will be linked to their social media profiles. For desktop users who prefer this type of access, a web-based version of PrimeXBT includes additional functionality not available in the mobile app or software version of PrimeXBT.
Conclusion
When it comes to selecting a trustworthy online broker for digital trading assets, PrimeXBT outperforms its competitors. This is primarily due to the numerous unique services other brokers do not provide. Users of PrimeXBT have access to tools, charts, and programs that provide them with information that can help them make better decisions.
They also receive useful notifications and trade alerts to assist them in making more informed trading decisions. This can be incredibly useful to their overall trading performance. Overall, PrimeXBT is a fantastic online broker that is simple to use and comprehend, with excellent tools to assist traders in reaching their trading objectives.
