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PrimeXBT is a crypto exchange registered in the Seychelles. It was launched in 2018.
Going long means that you bet that a particular cryptocurrency will go up in price, and going short means that you bet that a particular cryptocurrency will go down in price.
See more about the nature of this type of trading below under Leveraged Trading.
The exchange emphasizes a number of advantages with its platform on its website.
For one, you can create an account here anonymously and the exchange requires no personal information.
Also, the exchange has a multilevel security system which they argue is industry-leading. You can also do leveraged trading with up to 100x (more on that below).
On the date of first writing this review, PrimeXBT informed that they had a 24 hour trading volume of almost USD 60 million.
This is indeed a decent liquidity. On the date of last updating this review (10 January 2021), the 24 hour trading volume had increased more than 60 times to USD 3.9 billion.
This is a remarkable improvement and an absolute world-class trading volume. On the same day, BitMEX had 3.15 billion, around 20% less than PrimeXBT.
PrimeXBT offers leveraged trading on its trading platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage.
If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin.
Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal).
On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal).
So, as you might imagine, there is potential for huge upside but also for huge downside
At PrimeXBT, you can’t deposit via wire transfer but credit card deposits are perfectly fine. As credit card deposits are accepted, PrimeXBT qualifies as an “entry-level exchange”.