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PrimeXBT is a popular margin trading platform gaining added steam recently as the crypto bear market continues and asset prices collapse over the fear of recession and rising inflation. PrimeXBT first debuted during the previous crypto winter and helped its users survive the extreme price depreciation and volatility.
With the crypto winter back, PrimeXBT is again preparing traders with all the tools they need to remain profitable during more challenging times. Here is an updated PrimeXBT platform review for 2022, focusing on how the trading platform can help traders weather the storm.
How PrimeXBT Arms Traders With An Arsenal Of Advanced Trading Tools?
PrimeXBT launched in 2018 during the crypto bear market. While exchanges suffered from low trading volume and interest, traders flocked to margin trading platforms offering long and short positions. During a downtrend, spot traders can only go into cash, sitting on their hands until the downtrend is over with no ways to profit. With PrimeXBT, traders could short each bear market rally or dead cat bounce and long each retest of support.
Even when Bitcoin broke down to its bear market bottom, PrimeXBT traders were mostly unscathed or in profit, and stop-loss protection orders kept the plunge from leading to a capital-destroying drawdown. And when Bitcoin became bullish, PrimeXBT traders were on the right side of the trend once again, having gone long.
Today, the situation is similar yet even more critical. With an unfinished bull market of epic proportions or a recession on either end of the risk and reward spectrum, now is not the time to sit on the sidelines. Opportunities of this scope only come once in a lifetime. Unprecedented global market volatility is happening today.
What Else Does PrimeXBT Offer The Trading Community?
Getting started is relatively easy, taking only a few steps and a small deposit. PrimeXBT is a margin trading platform letting users trade on leverage. Leverage lets users start trading with very little starting capital and open positions much more significant than what capital size would typically allow. Leveraging this way amplifies the profitability of each trade but also increases the risk. This is why stop-loss protection and proper planning are also imperative to success.
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PrimeXBT has built-in technical analysis tools with dozens of popular technical indicators to help traders plan and execute a strategy. PrimeXBT also offers an educational website called PrimeXBT Trading Academy that teaches newcomers how to trade or provides pros with tips on how to improve their skills. PrimeXBT Trading Academy is led by expert trader Dirk Hartig, who shares more than 20 years of experience with the platform’s user base for free.
PrimeXBT lets traders put their skills to the test in a weekly trading competition for a chance to win crypto prizes. The same Contests section of the platform also acts as a real-time simulated market environment where traders can practice what they’ve learned or backtest trading strategies using risk-free virtual funds.
Perfect Your Portfolio With Positions Across Crypto, Commodities, Forex, And More
The margin trading platform is known best for its massive list of trading instruments. The list covers several different categories of crypto and traditional assets. Users can access forex currencies, crypto, commodities, and stock indices using just one account. Today’s hottest trending assets like gold, oil, Bitcoin, the S&P 500, and others are included.
Users can build a risk-averse, inflation-proof portfolio, fight against the risk of a recession, or hedge against spot positions with shorts when fear and volatility strike. More than 100 different trading instruments make any portfolio positioning strategy possible.
A free mobile app for Android and iOS users lets traders stay on top of their positions or trading portfolio while on the go, no matter where they are in the world. The mobile app also offers 24/7 access to PrimeXBTs live customer support chat, known for its customer service excellence. Users are also given a dedicated account manager for fully personalized services.
Covesting Copy Trading And Yield Accounts Explained
Through an exclusive partnership with Covesting, PrimeXBT is home to the Covesting copy trading module and Covesting yield accounts. Covesting yield accounts are a more recent addition, directly linking to DeFi protocols in the PrimeXBT dashboard. Users can stake idle crypto assets in a secure PrimeXBT wallet and earn a variable crypto-based APY reward in just a few clicks.
Covesting copy trading connects followers with strategy managers through a global leaderboard system. Strategy managers are ranked by ROI, while followers can sort through risk and success metrics to find the right strategy to follow. Once following, followers will automatically copy the trades of the strategy manager, making a share of the profits each time a successful trade is closed.
Strategy managers have made as much as 90,000% profits in some instances, making a fortune for followers simultaneously. All metrics are fully transparent, so what you see is what you get. It also means that followers can fine-tune their earnings by building a portfolio of followings. Profits can further be boosted by activating any COV utility token memberships.
Summary: PrimeXBT Packs In The Best Features Around
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PrimeXBT packs in many products and features – even the most extensive list of assets around – under just one roof. Even more shocking is that with all of this going on under the hood, the platform never skips a beat, has more than 99.9% uptime and executes orders in a flash. Thanks to a proprietary cold storage process for protecting customer funds, the platform has never been hacked.
With a clear focus on investing in its community through education and professional tools, PrimeXBT is a trader’s best friend and the best way to make it through the chilling crypto winter and any possible recession coming in the pipeline.
