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PrimeXBT Retrospective And What’s Next For The Ultra Hot Trading Platform

PrimeXBT is an award-winning cryptocurrency margin trading platform that has undergone an enormous transformation over the last several years since its inception.

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PrimeXBT Retrospective And What's Next For The Ultra Hot Trading Platform

PrimeXBT is an award-winning cryptocurrency margin trading platform that has undergone an enormous transformation over the last several years since its inception. As such, we’re looking back at the platform’s early beginnings, significant milestones over the years, and the many ways the platform regularly steps up its game for traders across the globe.

1. The Beginnings Of Greatness

PrimeXBT launched in 2018 during the depths of the crypto bear market but had no trouble gathering steam due to the platform offering short positions on various crypto assets. To start, there were only cryptocurrencies, but later the platform branched out into traditional markets.

The pitch during the early days of PrimeXBT was that it was a different type of crypto trading platform, built from traditional market experience, so it wasn’t too surprising to see trading instruments like CFDs on forex, commodities, and stock indices, and more were eventually included.

There are now more than 50 instruments total for a 10x increase over the initial list of five, and new trading instruments are always being considered. The wide variety of these instruments allows traders to build a diverse trading portfolio, build hedge positions, and more. PrimeXBT even lets traders access altcoin versus BTC trading pairs to churn additional profits out of any altcoin season.

Traders can long and short all of these trading instruments and access advanced order types such as limit, market, and OCO orders. Stop loss and take profit levels can also be added for the possible control.

2. Continued Evolution

On top of altcoins, a significant milestone in the PrimeXBT timeline was introducing the V2.0 upgrade, which introduced multi-asset support and a visual overhaul. The layout was also improved, with a new Main section, Margin section, and Reporting section added.

What is bitcoin online trading

The crux of the update focuses on adding ETH, USDC, and USDT next to BTC as options for margin account base currency. CFDs were previously available only through BTC-based margin accounts, but with ETH and stable coins, greater reach across different market participants can be achieved.

Stablecoins significantly added for traders who care most about their base margin account currency remaining as stable as possible. Relying on BTC and ETH can result in large fluctuations due to natural crypto market volatility.

3. Technical Tools On Tap

PrimeXBT always had built-in charting tools from day one and was a significant selling point early on. However, this is an example that even what existed has since grown and evolved as well. There is now a dedicated analysis section with technical analysis tools offered free from TradingView.

TradingView support allows traders to snapshot and share charts online, which has a spillover effect of promoting the PrimeXBT trading platform thanks to its signature look. Users can draw trend lines, patterns, and more and access more than 40 different technical indicators.

Technical indicators include the Relative Strength Index, Bollinger Bands, Ichimoku, Williams Gator, and many others. The PrimeXBT company blog features several guides that teach traders how to use these tools, essentially offering the total package for traders from start to finish.

4. The Debut Of Covesting

A pivotal moment for the trading platform was when the Covesting copy trading module went live – first as a beta, then officially. The beta phase was used to hone the experience for the general population, and today it is a thriving ecosystem and peer-to-peer trading community filled with strategy managers and followers.

Followers connect with strategy managers via a global leaderboard system. Total profits rank strategy managers, so followers can always see which strategy managers are the most successful. Based on those success and risk metrics listed, followers can choose which strategy managers to follow.

Bitcoin Cryptocurrency

Followers then copy the trades of these strategy managers and earn profits when they do. Strategy managers cut followers’ capital to keep incentives high to succeed. Followers are also given tools to manage any unwanted drawdowns or take profit without stopping following a successful strategy.

5. COV Token Staking And Yield Accounts

With the Covesting copy trading module live, integrating the COV utility token into the ecosystem was the next major step. A new MyCOV section was added with information on token supply, the contract, token burns, and more. There, users can activate Advanced, Premium, and Elite membership levels that enable account-level utilities.

Utilities include trading fee discounts for strategy managers and many benefits for followers, such as eliminating following fees, increasing follower limits, and increasing the profit share back to the follower on successful copied trades.

COV token staking will also unlock up to a 2x APY boost when the Covesting Yield Account system goes live in Q3 2021. Using the tool, staking other idle crypto-assets can offer users up to a 35% variable APY.

This is likely by leveraging the potential of top Defi protocols and simplifying the process so that there is no tinkering with blockchain wallets or technical requirements. Stake assets stored idly on the PrimeXBT platform, including ETH, BTC, USDT, and USDC, enjoy a regular, recurring yield.

6. What Is Coming Next For The PrimeXBT Trading Platform

Most of PrimeXBT’s updates over the years have generally come out of nowhere. When you think you’ve heard the last of them, another innovation appears and shakes up the industry yet again. There are rarely rumors circulating, but when news breaks, the community pays close attention.

Today, the best features of the platform, such as 24/7 customer support via live chat or 99.9% reliable uptime, come together with the latest innovations such as Covesting, the V2.0 upgrade, and whatever is to come next. Time has brought the platform much success, industry awards, and a growing reputation for serving novices and professionals alike. With no minimum deposits and opportunities, it is easy to see why the platform is so hot currently.

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Cryptocurrency

Should Your Business Accept Cryptocurrency Payments?

Cryptocurrency users have grown in number in recent years, and so has the variety of cryptocurrencies they are adopting.

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The payment options you accept in your physical or online store can be important in convincing your would-be customers to complete their transactions with you. If a customer cannot find their preferred payment option in your store’s list of accepted payments, they might not push through with their purchase and look for a business that aligns with their preferences.

Losing business in this way can be devastating for an establishment trying to set itself up for success in the digital age. As such, businesses should carefully consider whether or not to accept payments in the form of cryptocurrency. Cryptocurrency users have grown in number in recent years, and so has the variety of cryptocurrencies they are adopting.

Would it be a good idea to add this mode of exchange to your establishment’s list of accepted payment methods? In most cases, the answer is yes—especially if you’re eager to enjoy the following benefits and prepared to deal with the complications that come with it.

1. The Pros and Cons of Transacting in Cryptocurrencies

Having a Bitcoin, Ethereum, or Moreno wallet for receiving cryptocurrency payments from your customers can provide you with the following advantages:

2. Access a Wider Range of Customers

Once you start accepting cryptocurrencies in your digital or physical store, you make it easier for techie customers to purchase your products or services. Your market will not be limited to people who pay in cash or credit, as it will also include a portion of the people who have invested in cryptocurrencies in the past few years.

You’ll also be able to accept payment from anyone from anywhere, given that you can live up to your side of the bargain by delivering your goods or providing your services to the place where the customer indicated.

3. Ability to Provide Better Customer Experiences

Privacy is becoming rarer these days, and many customers would like to use their assets without compromising their data or being subject to scrutiny. Using cryptocurrency, your business is catering to their needs without risking their personal details. The same can be said for your business, as the protection offered by transacting in cryptocurrencies goes both ways.

4. Conduct Business with Lower Transaction Fees

One of the main draws of accepting cryptocurrency is a lack of a central system to regulate the flow of coins and tokens. This allows individuals and organizations that transact in cryptocurrency to choose an intermediary that can offer them the most favorable transaction fees.

Cryptocurrencies Bitcoin

Instead of paying 2 to 4% of each transaction to a credit card company or an intermediary, a business can cut down that cost or even eliminate it entirely. Also, there’s no need to wait for payments to clear foreign banks when transacting with crypto, even if the person paying you is based in another country.

At the same time, accepting cryptocurrencies also opens up your establishment to the following risks:

5. High Level of Price Volatility

It’s a well-known fact that cryptocurrencies are quite volatile. The price of the coin you use, BTC, ETH, or XMR, can change dramatically in a day. This, in turn, will affect how you will translate the value of your cryptocurrency assets and include them in your financial records.

You need to be able to quickly and regularly exchange the crypto coins in your wallet for digital or physical cash to protect your business from the drastic changes that the cryptocurrency market often goes through.

6. Technical Barriers and Upkeep

Cryptocurrencies are still developing and will continue to change to reflect the communities that support them. It’s a must to familiarize yourself with the current technologies behind this asset.

Still, you also have to keep an eye out for up-and-coming developments that can impact the coin you support and the community behind it. You need to be prepared for the changes this asset will continue to go through if you want to use it effectively for your business.

7. Regulatory Uncertainties

Cryptocurrencies offer a fairly new way of trading, as the first cryptocurrency was only released in 2009. Laws can be pretty slow in keeping up with technology, and digital coins and tokens can sometimes exist in regulatory limbo.

This can mean that, in many places, the people and organizations that use cryptocurrencies cannot expect the same level of protection afforded to consumers who use more traditional means of trade and exchange, such as fiat money and credit cards. It can also be difficult to determine how cryptocurrency assets should be declared in forms and regulatory reports.

There are many benefits when catering to customers who wish to conduct their business using digital coins. Accepting payments in the form of cryptocurrency as early as now can boost your establishment’s reputation among progressive-minded customers who see the role that crypto coins and tokens will play in the future.

Also, being a part of the cryptocurrency community early on will enable your business to easily adapt to future technologies that may develop from such a dynamic environment.

However, it’s important to consider whether your business is prepared to face the possible complications of going this route. Only by being fully aware of these risks and possibilities can you maximize the opportunities that cryptocurrencies present to your establishment.

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