PrimeXBT has gone through a dramatic transformation over the past several years since its inception, which calls for an updated walkthrough focusing on both novices and professionals alike. For example, a recent PrimeXBT V2.0 platform upgrade altered the layout of the account dashboard and introduced a wealth of new features.
This guide specifically focuses on the various tools and features offered by the award-winning trading platform that, when in the hands of a novice or professional, can yield different results for different reasons. More importantly, the walkthrough has been updated for 2021 to include all of the latest developments and innovations living on the PrimeXBT trading platform.
Finally, the guide will conclude with a preview of what else is to come for the multi asset margin trading platform offering CFDs on crypto, stock indices, forex, commodities, metals, and more.
PrimeXBT Becomes Multi Asset Platform With V2.0 Upgrade
Upon visiting the PrimeXBT dashboard, the new PrimeXBT V2.0 upgrade will immediately be apparent for those that used the platform previously. The visual upgrade stands out instantly, and upon further inspection, there is no denying the value the newest features provide.
First and foremost, the upgrade enabled support for additional currencies in addition to BTC. ETH, USDT and USDC were added, with the infrastructure for fiat currencies and other cryptocurrencies to be added in time.
Included was an Ethereum wallet for ERC-20 tokens and ETH. Both USDT and USDC are ERC-20 versions of the stablecoins. And there is support for the COV token which unlocks a host of account level utilities.
Novices might not see the value in trading with stablecoins as base margin account currency, but professionals prefer the stable pricing and lack of trademark crypto market volatility that BTC and ETH sustain. A recently added Exchange tool allows one coin to be swapped for another. COV tokens can also be purchased this way.
The Main Path To PrimeXBT’s Advanced Trading Tools
The rest of the Main account section includes information on all wallets, including assets contained and a way to easily access deposits or withdrawals in a click.
There is no minimum deposit and users can buy assets to trade with from a third-party module if they don’t have any to deposit. Accounts are protected by bank grade security infrastructure, and professionals can increase security further through compulsory address whitelisting and two-factor authentication.
The Main section also includes a snapshot about Covesting performance, as well as acting as the central navigation point for the rest of the experience.
Following down the left hand side of the PrimeXBT navigation, the Referral section is next. Here there is information regarding the lucrative four-level referral program that pays out as much as 20% commissions, with 15%, 10%, and 5% on level two, three, and four referrals. This is also where the referral link to promote to the public can be found.
A Reports section is available from here that provides users with a detailed statement on all trades, transactions, and account transfers – both internal and external. Novices will appreciate that it is there, but professionals who trade with size or serious frequency will find it to be a lifesaver compared to other platforms.
Next in line there is a short but sweet Setting section where users can toggle the language settings, reference currency, notification settings, and more. This is also where passwords can be changed and two-factor authentication can be set up. There is even a Telegram bot that can be connected that will provide instant updates on positions and the market itself – helpful for a professional who needs to access this information but is on a poor internet connection.
BTC, ETH, USDT, & USDT Margin Accounts Are Available
Moving along to the top navigation and from the Main section, we have Margin. The Margin section is further broken down by Account, Trade, And Trade History. This is where all the action is. The Account section is used to move funds from a wallet to a margin account, which is important for margin allocation and capital protection.
Next, Trade is the place where positions are taken, long or short, and stop loss orders are set. This area is customizable with widgets. Trade History is self-explanatory, and logs the booked profit and loss related to each position that is opened or closed.
Access The Covesting Ecosystem, My COV, And Much More
The Covesting section contains the entire Covesting ecosystem, which packs a lot into one area of PrimeXBT. The Covesting copy trading module connects followers and strategy managers together on a peer-to-peer platform. Followers can then use transparent metrics and stats to pick a strategy manager, follow them, and copy their trades.
As a novice, the benefits are clear. There is no longer a need to actively manage positions on your own, or perform detailed technical analysis. There is much less sweating over positions, and there is less temptation to trade when there isn’t a reason to do so. Tapping into the experience and skills of others can be a more profitable solution for novices than attempting on their own.
Professionals in this situation are better served by becoming a strategy manager and making a cut off followers’ successfully copied trades. This gives the strategy manager more incentive to keep trading as trading with follower capital means better ROI.
Technical Analysis Tools Are Only A Click Away
Finally, PrimeXBT also offers built-in charting tools to use to your advantage when margin trading cryptocurrency. Tools from TradingView are included in the Analysis section, where users can draw trend lines, chart patterns, and much more.
There are dozens of technical analysis indicators included, such as the Ichimoku, Relative Strength Index, Parabolic SAR, MACD, and many others which professional traders all swear by. Combining these tools and risk management systems can lead to profitable trading strategies and more success.
Novices can also benefit by accessing these tools because there is no cost involved, and it is a free way to practice, get a hands-on education, and learn to use technical analysis tools and become a professional themselves.