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.
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, 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 allow 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.
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.
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.
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.
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.
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.
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.
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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