PrimeXBT In 2021: A Trading Platform Walkthrough
PrimeXBT is an award-winning margin trading platform offering CFDs on forex, crypto, commodities, stock indices and more under one roof. It has been through a number of changes since its inception, and continues to debut new products, services and upgrades that keep the platform growing and users coming back for more.
Because of the high frequency of updates and the constant evolution of its product lineup and trading instrument offering, walking through the platform today is a completely different experience than it was at its inception. This latest walkthrough, updated for 2021, contains all of the latest changes within the Covesting ecosystem, the new Exchange tool, and the PrimeXBT V2.0 upgrade and all that entails. Plus, there is also a conclusion that talks about an upcoming development to the Covesting community that could bring additional profits to token holders.
The Dashboard And The Main Section
Unless you are performing technical analysis, copy trading, or margin trading, then you are most likely spending the bulk of your time in the Main section of the PrimeXBT account dashboard. There, each of the available wallets are located since the PrimeXBT V2.0 upgrade went live.
The V2.0 platform upgrade brought with it the introduction of multi currency support, along with support for ETH, USDT, and USDC in addition to the BTC-based margin accounts the platform has received industry awards for.
The addition of stablecoins makes margin trading a bit safer, due to having a stable base account margin currency that isn’t subject to the market volatility of Bitcoin and Ethereum. Because support for the Ethereum blockchain was added, ERC-20 versions of USDT and USDC were chosen and a wallet for COV tokens was included.
Clicking each wallet allows users to make a deposit or access the Exchange service tool or buy assets to fund a margin or Covesting account. By using the Exchange service, users can also purchase COV tokens through COV/BTC and COV/ETH trading pairs.
Withdrawals are made once per day due to a secure cold storage system that prevents any chance of hacks. Addresses must be whitelisted for user protection and deposit accounts are secured by bank grade security infrastructure and two-factor authentication.
Setting Up And Using A Margin Trading Account
Once a deposit account is funded, users can begin Litecoin Litecoin trading with lowest fees around, or trade any of the other CFDs available across forex, crypto, stock indices, and commodities. A margin account must first be created using BTC, ETH, USDT, and USDC.
With a margin account, anyone can go long or short, build hedge positions and much more. Stop loss orders and take profit customizations give traders the most fine tune control over strategies possible.
Covesting Copy Trading, Yield Accounts, And COV Token Staking
Alternatively, a Covesting account can be created using the same base currencies, although Covesting accounts are further broken down into followers and strategy managers. Strategy managers are ranked in a fully transparent global leaderboard system. Followers can follow these strategy managers and copy their trades.
Followers earn a portion of the success fees generated from strategy managers and strategy managers themselves earn a cut of the action. This keeps these strategy managers with skin in the game so they are incentivized to do their best. Better performance also helps them rise the ranks of the leaderboards, which can lead to even more followers due to greater visibility.
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The Covesting ecosystem also includes the My COV section, which provides up to date stats on COV token supply and token burns. It is also where users of Covesting can stake COV tokens to enable additional account level utilities.
Covesting is also where users can join a waitlist to learn more about the upcoming Covesting Yield Account system scheduled for Q3 2021. The tool will allow users to stake idle crypto tokens for a variable interest rate in the form of an APY.
Staking COV tokens can enable an additional 2x APY boost and joining the waitlist adds another 1% boost during the first month after the tool makes its debut.
Technical Analysis Tools Built In Provide Traders With An Edge
Another important area of the site that has appeared since the platform went live many years ago, is the addition of the analysis section. Rather than having to leave a trading platform to perform technical analysis for strategy building and to find support and resistance, users can do this right from the same dashboard the rest of their trading activity takes place in.
This results in less time spent, more focus, and the potential for greater success. It also makes analysis a part of everyone’s trading routine, rather than a chore that requires yet another window or monitor setup.
Charting tools are provided by TradingView, which supplies the best tools across the crypto market. Users can draw trend lines, chart patterns and more, and access many of the most popular technical analysis indicators such as the MACD, Relative Strength Index, Ichimoku, and more. These tools can be used successfully to predict future market movements to some degree.
Referral Programs, Settings, Telegram, Bot, Blog, And Much More
PrimeXBT also offers a four-level referral system that can be quite lucrative due to the high commissions paid. Users who take advantage of the program have earned more than $2 million in BTC and other crypto assets.
There is also a Settings section where users can take advantage of a unique Telegram bot, and set certain account preferences. Users can also interact with both PrimeXBT and Covesting via Telegram and Twitter as well.
PrimeXBT also offers a mobile app for Android and iOS devices. There is 24/7 customer service via live chat, a help center, and a company blog filled with tips, guides, and information about what the company is working on next.
Taking the PrimeXBT trading platform for a spin yourself is the best way to learn the ropes and get comfortable with the advanced trading tools. Although they are built with professionals in mind, they are also suitable for novices so all experience levels are welcome.
