PrimeXBT Crypto Exchange Review: What It is and How to Earn with It.
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Cryptocurrency and NFT trading are popular ways to make money in 2022. Finding the best platform for this might be a challenge for many. By introducing this PrimeXBT review, we want to simplify this challenge. Discover more about this crypto exchange and about its copy trading functionalities. Let’s examine all the basic things you need to know before signing up.
Published: 15 December 2022, 4:20 am Updated: 15 Dec 2022, 4:21 am.
Company’s History and Brand.
PrimeXBT was established as an online crypto exchange back in 2018. It quickly gained popularity because of its unique trading system designed as an intuitive tool of this platform. This is one of the reasons trading enthusiasts from more than 150 countries rely their funds on this platform. They are quite active – the average daily trading volume is over $500,000,000.
As for the legal operations of the PrimeXBT exchange, the entity has 3 offices under 2 jurisdictions. The company providing PrimeXBT copy trading services obtains official approval from the regulatory institutions in Seychelles and St. Vincent and the Grenadines. The US, Canada, Japan, France, Russian Federation, and some other jurisdictions are restricted.
Tradable Assets.
Foremost, PrimeXBT is a crypto exchange platform, meaning its users can earn from virtual assets created within special blockchain ecosystems. The diversity of such assets is quite wide since many companies introduce their own coins and where to copy trade crypto NFTs, some of which can be bought and sold on PrimeXBT.
Alongside virtual assets, PrimeXBT provides access to some traditional financial markets, commonly offers by brokerage services. Although there are not many tools for traditional trading (the platform focuses more on crypto trading), you can gain experience in trading such financial instruments as.
41 crypto-to-fiat currency pairs; 51 forex currency pairs; 5 commodities; 11 stock indices;
PrimeXBT Copy Trading Capabilities.
From many PrimeXBT reviews written by real traders, we found out that this exchange is particularly popular because of the PrimeXBT copy trading feature. What it is, and how does it work?
In general, the PrimeXBT copy trading service is a function that allows some traders to share their strategies, while others will copy them and earn from them without building their own strategies. Once a copy trader pays an entry fee of 1% and chooses a trader to follow, the system starts copying deals of the chosen signal provider. A signal provider will also earn a certain commission for sharing the strategy if it turns out profitable.
PrimeXBT copy trading has features similar to a regular trading platform. You can use the same type of orders – limit, stop, OCO, and market – and benefit from the leverage of 1:100. This is all thanks to the unique copy trading module on PrimeXBT called Covesting. Let’s find out more about how this software solution works.
Introduction to Covesting.
PrimeXBT copy trading services is available through the Covesting PrimeXBT platform. This module is an integrated feature that was designed as a unique solution to enable trades copying and sharing. Covesting PrimeXBT has over 80 financial products – the selection is the same as on the regular platform. As of the date of writing, more than 400 advanced traders share their strategies – you will definitely find something that suits you.
Covesting PrimeXBT isn’t just a third-party extension that adds extra features to the original platform. Covesting.io is an independent entity registered under the jurisdiction of the Gibraltar Financial Services Commission under the 116778 incorporation number. This means that Covesting PrimeXBT is a fully legitimate Distributed Ledger services provider that enables the safe operation not only with traditional financial assets but with cryptocurrencies and non-fungible tokens as well.
Is PrimeXBT Safe?
As a fully regulated entity, Covesting.io wouldn’t cooperate with an untrusted provider of trading and exchange services. However, this is the minor reason why we consider PrimeXBT copy trading safe. We believe that the trustworthiness of this company is proven by these two security measures:
SSL encryption – the feature that protects the website and its traffic from potentially dangerous entries. Cold Wallet – the type of cryptocurrency storage that provides you with the possibility to store all your crypto assets in Multisignature technology, meaning they can be accessed by those who can obtain a special seed phrase.
Commissions & Fees.
PrimeXBT doesn’t apply entry fees for regular traders. It charges only trading commissions, which depend on the type of securities you trade. The lowest trading fees are charged on the commodity and forex market – they are as low as 0.0001%. Crypto trading fees are 0.05%, which is still lower than the market average as the majority of modern exchanges charge crypto fees that vary between 0.08% and 1%
Margin Trading and Leverage.
Asset Min. Order Size Max Leverage ADA/USD 0.01 ADA 1:20 BNB/USD 0.01 BNB 1:10 BTC/USD 0.001 BTC 1:200 DOGE/USD 0.01 DOGE 1:20 ETH/USD 0.01 ETH 1:200 ETH/BTC 0.01 ETH 1:200 LTC/USD 0.01 LTC 1:50 SOL/USD 0.01 SOL 1:20 XRP/BTC 0.01 XRP 1:20 SHIB/USD 100000 SHIB 1:5.
Deposit and Withdrawals.
This is where we are going to criticize the PrimeXBT trading platform. It loses its competitors in terms of banking methods because some of the major crypto exchanges accept many deposit systems despite offering only crypto products to the trade. While PrimeXBT is offering access to other markets, deposits in traditional fiat currencies aren’t enabled. You can only transfer cryptocurrencies such as BTC, ETH, is copy trading illegal USDT (erc20), or USDC (erc20) from your existing crypto wallet. The deposit should be equivalent to 0.001 BTC.
The only way to deposit money from a credit or debit card or any other payment system is to use special fiat-to-crypto third-party converters such as Coinify, Xanpool, and Paxful.
A withdrawal might also become a challenge for those who are used to transferring money whenever they feel convenient. All withdrawals should be requested between 12 pm and 2 pm. Depending on the withdrawn amount, money will come the following day.
Advantages & Disadvantages.
✅ Advantages ❌ Disadvantages more than 100 assets to tradeaccess to high-leverage tradinga cold wallet is availablecopy trading through Covesting PrimeXBTthe possibility to make passive income by sharing strategies or earning on crypto interest lack of deposit methodsa trading balance can be replenished with cryptostrict withdrawal conditions.
Final Thought.
On the one hand, we like this platform because you can copy trade a winning position on PrimeXBT. But on the other hand, it’s not the best in terms of banking methods. Comparing all the advantages and disadvantages, we dare conclude that the PrimeXBT trading platform is worth your attention. It offers great trading conditions and a lot of opportunities to earn from cryptocurrencies.
FAQ.
Is Covesting a legit crypto copy trading for cryptocurrency (http://cryptocurrency.copytrade.press/?qa=1066/best-crypto-copy-trading-platforms-2023-marketplace-fairness) trade platform?
Covesting.io obtains a real license from the Gibraltar Financial Services Commission. It’s a completely legit crypto copy trade platform.
Can I trade PrimeXBT US?
No, PrimeXBT is unavailable under US jurisdiction.
Does PrimeXBT apply trading fees?
Yes, trading fees vary depending on the market. For crypto products, this is a 0.05% trading fee, while for all the other markets, trading fees aren’t higher than 0.0001%.