PrimeXBT is a new trading platform that lets you trade Bitcoin and other assets with up to 1:100 leverage. This lets you trade without having to invest huge amounts of capital. And because PrimeXBT is built on crypto, this platform doesn't have some of the drawbacks of older exchanges like KYC, high trading fees and and limited market hours.
PrimeXBT is a platform for trading cryptocurrencies and other assets. aka – profiting from market movements, whether thats up or down. If you're looking to just invest in Bitcoin over the long term, check out this post on my best investing strategy for Bitcoin.
Here's my guide to using PrimeXBT:
If you had shorted Bitcoin at the top…
Ever wondered how much money you would make if you had shorted Bitcoin at the top. You can short Bitcoin through PrimeXBT (as well as go long) and you can trade with 100x leverage. So doing the maths. If you had opened a position of 1 Bitcoin at the top (around $20k) and then rode it to the bottom (around $3k) you would have made over $1.6 million! Yep with just one trade you would have set yourself up for life.
Now opening a $20k trade is not something most people can afford to do. I would only recommend you take on such a risky trade if you can afford to lose that $20k without breaking a sweat. But what if you had invested just $100? Well you would have turned that into over $8.4k which obviously isn't too bad at all!
Making Money with PrimeXBT
PrimeXBT is a trading platform that lets you trade with class leading leverage of up to 100x. If you're new to bitcoin and new to trading, then I wouldn't recommend trading like this. Leverage can be risky. Therefore I'd recommend PrimeXBT to advanced traders. It is possible to reduce the amount of leverage you use on PrimeXBT and this would reduce the risk you're taking on.
PrimeXBT is a great platform if you're looking to make some big moves in the crypto market.
What you can trade on PrimeXBT
Although the prime attraction is being able to trade cryptos with upto 1:100 leverage, you can also trade a number of other assets on PrimeXBT. As well as Bitcoin you can also trade a number of other cryptocurrencies, and traditional assets like forex, indices and commodities.
Trading with Bitcoin
On PrimeXBT you deposit using Bitcoin. This makes it super convenient and easy to get started. There is no complex verification process that you need to go through, like you do with traditional brokers. You just deposit and you are ready to start trading. You can also buy bitcoin through PrimeXBT and Changelly (their exchange partner).
The Trading Platform
Trading on PrimeXBT is user friendly and easy to use. The platform is safe and secure and is also reliable. Reliability has been a concern with competing platforms, but I've had no problems trading on PrimeXBT, even during times where there is huge market movements.
The platform is web based, so you don't need to download any software to start trading (which is so much better!!).
How much does it Cost
So you can start trading with as little as $10 worth of Bitcoin. So there isn't a huge barrier to entry. And yes it's possible to make decent profits with such a small amount of capital thanks to leverage.
PrimeXBT does have fees that are similar to other platforms. It's best to check these out before you start trading so you understand how it works.
Where else can you trade Bitcoin with Leverage
PrimeXBT looks like it's getting to be one of the dominant players in the “trade with bitcoin” space. But it's not the only player. So if you're looking for some more options, these are my top picks:
Binance – The most popular crypto exchange by volume has now added margin/leveraged trading.
SimpleFX – I've just started trading with SimpleFX to try it out. It's a lot like PrimeXBT (albeit with less leverage). It has a huge range of assets to trade. So if you're looking to trade CFDs with Bitcoin then this is the place to do it.
Bitmex – The platform that everyone thinks of when it comes to margin trading Bitcoin. It does have reliability issues though and the interface is nowhere near as good as PrimeXBT's or SimpleFXs.
Plus500 – If you want to trade Bitcoin with leverage but don't want to deposit or trade with Bitcoin, then you should use Plus500. They are one of the largest CFD trading platforms. You'll need to deposit using Fiat and unlike PrimeXBT you'll need to go through a verification process.
If you're a good trader and you're looking to make more money with your bitcoin instead of just letting it sit around doing nothing, then PrimeXBT could be the platform for you.