When it comes to cryptocurrency exchange there are a number of different options out there, but you want to make sure you’re using one that is going to give you plenty of currency options as well as CFD’s that you can trade. You want something with excellent features and top-notch service and that’s what may have led you to consider PrimeXBT.
What is PrimeXBT?
Let’s start with a brief overview of what this service is. Well, it’s exactly what you’re looking for in the way of cryptocurrency exchange. It’s relatively new, founding only in 2018, but it has seen a whole lot of growth and it’s continuing to become more and more popular. Not only that but it actually serves 150 different countries. They are looking to create an innovative platform that offers all of the tools that users need to execute their daily trades.
It offers tools for newbies and advanced traders alike and has the standard security practices that keep traders and investors protected against cyber-attacks. Not only that but they have round-the-clock customer support to answer any questions or concerns that you may have along the way. And they offer their website in six of the most common languages in the world, including English, Chinese, Spanish, Korean, Portuguese and Russian.
Top Features and Benefits
What you’re really going to like about this system is that it’s 100% anonymous. The accounts don’t use KYC verifications and you don’t need to fill out extensive forms or even fill in personal information in order to create an account. That keeps all of your information even more secure. On top of that, you’re going to have some really competitive pricing.
With any cryptocurrency service you’ll have service fees and conditions on your trading. But with PrimeXBT all of those fees and added aspects are going to be competitive. Which means you don’t have to go broke in order to start trading. And you don’t have to wait around forever either because everything happens super quickly. Not to mention there’s leverage of 1:100 for crypto assets.
Add in the high level platform with all of the modern and sophisticated features and you’re definitely going to have a winner here. It’s a great benefit for someone who is just getting started as well as those who have been involved with crypto for a long time.
Comments and Concerns
Now, there are a couple of drawbacks when it comes to PrimeXBT and we want to mention those as well, so you can make an informed decision. The first is that the service isn’t available in the US and Canada. Now, that’s not entirely their fault, since it’s local laws that interfere with the ability to use the service, but it’s definitely a downside for those who live in these countries and aren’t able to try it out.
The one thing that they do have control over is that there’s no demo account. This can definitely be a drawback for a lot of new investors especially because they don’t know what they’re doing or how to execute different features. It would definitely be a benefit for the system to offer a demo that would offer strategy testing and help improve familiarity without taking on the risk of trading real money right off the bat.
All About Covesting
One of the newest features you’re going to find with PrimeXBT is their covesting product. This product allows users, both new and advanced, to copy trading activity from some of the top performing traders rather than doing all of the trading and research on your own. This can help you improve your results by enabling you to get the same odds and opportunities that those top traders are getting.
All you have to do is scan through the different available traders to see how they’re doing. You can follow their performance, check out their trading strategies and a whole lot more to see which ones are the best option for you and which ones match your trading style. From there, you can pick which trader you want to copy and move on to the next step.
Next, you set the amount of money or cryptocurrencies that you are willing to allocate into the strategy that you’ve chosen. You can set a limit as low or high as you like to make sure you’re not risking any more than you are willing to lose. You’ll be able to try out different options with different amounts of money to see which strategies actually perform best for you and which ones aren’t as good of a match.
Then you just set it up to follow. From there you’ll be able to sit back and watch as you get all the same results as the strategy and trader that you’ve chosen. You don’t have to do anything and you can even follow more than one trader at the same time to get even better results and better odds for success. All you need to do is follow these simple steps each time to choose what you want.
You’ll be able to get the same returns as those top traders, and because you can check out everything about them before you begin, you’re definitely going to be on the right track for picking out a trader that you will believe in and that you feel comfortable working with. You don’t have to interact with them at all. All you have to do is select to follow them based on their results, and you’re going to have a chance to see their returns brought back to you.
If You’re a Trader
If you’re a trader yourself who has good strategies and results you can absolutely sign up to be one of the offered options. You’ll need to prove that you have what it takes to really perform and to get some of the best results, but if you do, you’ll then be able to put your own results and strategies out there. You can let other traders follow you and get the same results and returns that you’re getting. What’s even better is that you’ll get paid for the experience.
When you allow others to follow you and you make profitable trades you’re actually going to get even more financial benefit than you would get entirely on your own. You’ll be able to monetize the skills that you already have and leverage those to give you even better results. Those other traders are going to see what you’re getting and want to trade like you and if you allow it, you’ll get paid. That makes it even better for you because you’re trading the same way you would anyway but getting even more return.
Why Should You Try It?
If you’re looking to get started following a professional trader there are a number of great reasons to go for it. For one thing, it’s going to be extremely simple. You can create a strategy to let others follow you or you can choose the strategy that you want to follow with just a few minutes. Or however long it takes you to check out the different options and decide which one you want to use.
You’ll also have a powerful system that lets you trade over 50 different instruments. You can get involved with commodities, crypto, FX and a whole lot more if you decide to try this one out. All you have to do is check out the options and decide what you’re actually interested in trading.
From there, everything is going to be more reliable than trying to go at it on your own. After all, whether you’re an experienced trader or new to the game, you’ll want to see what options are out there and you want to get as much capital as possible. With covesting you’re still going to have all of the reliability and security features that you already know and expect from the rest of the platform. That makes it even easier for you to try out.
Who it’s For
If you are a brand new trader and you’re not quite sure how the whole system works you may want to look into covesting as a way to get a little bit more income on the side while you’re trying things out for yourself. Investing can be a bit of trial and error as you figure out the strategies that work for you and you test out different areas to invest in as well as how much risk you’re willing to take.
Covesting helps you balance out some of the risk that you’re taking by trying things out on your own by putting some of your money into more tried and true methods and established traders. But of course, if you’re looking to get into trading but aren’t interested in being as active you can use this method as well. It gives you a return in a passive income way so you can reap the benefits but not have to take all the time and effort.
For those who are more advanced at trading you can still use this in the same ways. It’s a great passive income stream so you don’t have to always be in charge of the work. You can set this up while you execute some of your own strategies. It’s great for someone who wants to make sure they’re getting some returns, even if they’re not always actively involved in what’s happening.
And finally, it’s a great option for advanced traders who are looking to make a little extra money. If you’re already executing your own strategies to get returns why not help out some other people and get a cut of what they’re getting too? It’s an even better passive income stream for you because it lets you be in control of the money the same way you are with your own.
What you’re going to find here are transparent ratings of the trade strategies, which will help you make the decision of which ones you want to use. You’ll also have the option to diversify with different cryptocurrencies, commodities, FX and indices, which is a great thing for anyone who really wants to make money with trading.
You’re going to have an intuitive experience that’s based around making things easy and useful for the user. That’s going to help you feel like you’re getting even more bang for your buck. Not to mention you’ll have a copy system for crypto, which is still relatively new as far as trading platforms go and you’re likely not going to find it in many other locations.
What to Know
The fees associated with covesting can be a little higher than what you might expect, which is something you’ll want to keep an eye on when you’re working with this method. You don’t want to lose all of your profits because you were investing too low and the fees topped your benefits.
You’ll also want to keep in mind that you are limited on the coins that you can trade. There are only a few that are listed with PrimeXBT and that means you are limited to those coins when you get started with covesting as well.
If you’re looking to get started trading crypto you will absolutely want to check out PrimeXBT. It has a whole lot to offer and gives you plenty of different features even just as a platform for trading in the traditional sense. But if you’re looking for covesting and you want to get involved with a passive way to earn some additional profits then this is an even better option for you. It gives you all of the benefits that you could want or need, without having to take on so much of the risk at the same time. What could be better?
Source: The Capital