PrimeXBT is a trading platform that allows you to work in the markets of real and digital assets.
The platform does not require AML-KYC verification, and its simplified registration enables trading in minutes.
Sponsored content by PrimeXBT
In the previous article, we explored what it is PrimeXBT, different functionalities that it offers to its users and its partner programs. In this article, we will show you how you can work on this platform.
PrimeXBT is a bitcoin-based trading platform, without AML-KYC verification, that offers a wide range of benefits so that you get the most benefit regardless of your trading level.
In this guide you will learn everything from how to register and make your first deposit to how to operate and submit different types of orders.
It is worth noting that this guide is aimed at learning how to use PrimeXBT, not how to trade. If you want to learn about trading, consult professionals in the field.
Another important thing about this tutorial is that even though PrimeXBT is cross-platform, we focus on teaching you how to use it from its web platform. However, the operation is basically the same for any operating system.
Register on PrimeXBT
Considering PrimeXBT It does not require any kind of AML-KYC verification, registration is extremely simple. You will only need to provide the platform with your e-mail, password and country of residence.
To start your registration in PrimeXBT, you must first go to the homepage of the portal, where you have to select the registration option.
If the page is displayed in English, you can change it from the language option in the top menu.
What follows is to confirm the email from the given link. When logging in for the first time, you will be asked to indicate your country of residence. With this you will have your account ready to go.
Deposit on PrimeXBT
The account is already open PrimeXBT Now you need funds to work. When you first log in, the Deposit Bitcoin and Start Trading! window will appear, taking you to the Deposit option. You can also access this option from the Account section in the top menu.
Remember that PrimeXBT is a Bitcoin-based platform, which means you can only deposit and withdraw in BTC.
What follows is to send the desired amount to the following address, keeping in mind that the minimum deposit amount is 0.001 BTC.
If you don’t have BTC, PrimeXBTin partnership with Changelly, allows us to exchange altcoins for BTC or directly buy bitcoins with our bank card through the Simplex platform powered by Changelly.
With funds available in your Wallet account, you must transfer them to your trading account in order to trade.
Making this transaction is quite simple. You need to go to the Account Summary option in the Account section of the top menu and select Deposit to merchant account.
In the box you will need to indicate the amount to transfer, click on Transfer and that’s it. This process does not imply any kind of commission.
Opera and PrimeXBT
With the funds in your trading account, you can now go to the Trade section. When you open it for the first time, you will be shown a small tutorial about some concepts that you need to be clear about when trading.
This concept refers to the level of funding you can get in the cryptocurrency market (100x) and the foreign exchange market (1000x). This allows you to open positions much larger than you could with your capital alone, increasing your profits and losses.
To better visualize what leverage consists of, let’s look at this example: Let’s imagine that a $100 position in BTC/USD leaves us with a profit of 3% ($3) by investing only our capital. But if we invest the same capital with 100x leverage, the 3% profit will be about $10,000 for a net profit of $300, or 300%.
Every financing has a cost and it depends on the liquidity of the underlying asset. For example, in the BTC/USD trading pair the daily interest is 0.083%, but in the XRP/USD pair it is currently 0.194%. If you open and close a leveraged position on the same trading day, you are not subject to overnight funding. You can learn more about commissions and interest charged via the platform here.
This type of position is based on the purchase of an asset (opening a position) at a low price, with the intention of reselling it (closing the position) at a higher price, when the price of the asset rises.
Example: I open a position with 100 USD and buy 0.01429 BTC at 7,000 USD for each BTC. If the price rises to $8,000 and I sell, I will make $12 in profit, 12%.
A short position is the sale of an asset (opening a position) at a high price, with the intention of buying it back (closing the position) at a lower price when the price of the asset decreases. Basically, in Short trading you sell high and buy low.
For example, I sell 0.01429 BTC for 7000 USD and get 100 USD. If the price drops to 6000 and I close my position, I would get 0.01667 BTC, a profit of 16.6%.
These positions are most profitable when used with the leverage that PrimeXBT offers.
You can manage different types of accounts that work for all markets.
- Market order: It is an immediate execution order. You just set the amount and the system executes it at the best market price it can get.
- Limit Order: In this order, you place a price above or below the market price, depending on whether your position is short or long, and it will only be executed if the market reaches the set price.
- Stop Order: It is an order to buy or sell an asset when its price reaches a certain price, the stop price, at which point it becomes a market order.
- OCO Order: It allows combining 2 same or different orders under special conditions: when one of the orders is activated and executed, the other order is automatically canceled.
With all these clear concepts we will show you how to order and track it.
This is the dashboard for the Shop section. It is divided into:
- Balance Bar: This shows the balance, your capital, unrealized gains and losses, used and available margin.
- Markets and their assets: list of tradable instruments depending on the market selected from 4 available on PrimeXBT.
- Instrument Chart: chart of the selected instrument. By default it is configured in Japanese candles and with volume and MACD indicators.
- Orders: List of open orders that have not yet been executed.
- Positions: Here you can see a complete list of open positions in all markets.
Open a position
Opening a short or long position within PrimeXBT is basically the same, what changes is the expected direction of the price movement. A long position is expected to increase in price, and a short position is expected to decrease.
To open a position, you will need to locate the buy button to open a long position or the sell button to open a short position. You’ll find these buttons above the main chart.
You can find out the minimum and maximum amounts for the order below relationship
For the purposes of this tutorial, we will select the BTC/USD instrument and open a long position, so we select Buy. This box will open.
Depending on the type of order (Order Type) you will place, you will need to add different values.
We recommend that you delve deeper into the different order types before using them.
We will use the simplest one, Market, which starts immediately and you only need to enter the amount.
If you want to limit your account, you can add Stop Loss and Take Profit by checking the appropriate boxes to set them.
Please note the following before ordering: when opening a position are using default leverage of 100x. For example, if your capital is 0.1 BTC and you open a position of 1 BTC, the capital used will be 0.01 BTC for a leverage of 100x. You can see this from the Margin Impact box – within the box from where you will open the new account – which shows you the balance of your capital that you will use to open the account.
Another important thing to consider is that while large highly leveraged positions can generate very good profits with little capital, they can also cause them to be liquidated very quickly by changing the price against what you expected, generating large losses. Be very careful with this.
When everything is ready and clarified, click Submit order to place it in the order book after confirmation. Since this order is executed immediately, you will immediately go long.
Once a position is opened, you will be able to track it from both the position list and the chart, as can be seen in the previous image. This makes it easy to keep track of the different positions you may have in different markets.
From the balance bar, you will be able to see the balances and available to continue working.
At the moment of order execution, our position is open and you can see it from the Positions section.
Within the Positions section, you will see a summary of the position with data: position size (Size), position type (Side), fill price (Fill Price), position loss or profit (P/L), among others.
If you have not set borders Stop Loss Fr Take profit At the time of sending the order, you can double-click on the position and it will open a box that will allow you to enter the appropriate data.
To manually close a position, you will see an “X” at the end of the line which, when clicked, will open a position summary box. There you have to select Close Position, confirm and that’s it.
When you close the position, the losses or profits will be credited to your account and you will see it in the balance bar.
Withdrawal of funds.
Withdraw funds from PrimeXBT You do this in the Withdraw option in the Account section of the menu.
You need to be clear that the funds available for withdrawal are those in your wallet, as they will not be shown as available for withdrawal in your trading account.
If you also want to withdraw funds to your trading account, you will need to go to the Account Summary option and select Withdraw to Wallet from your trading account. Enter the amount to transfer and that’s it, you can go back to the Payout section.
The next step is to add the destination (wallet) address. To do this, you will be presented with a list and you will be presented with the Add New Address option, where you add the BTC address and label, whatever you want; You save and that’s it.
You will then need to add the withdrawal amount. On the right side, you can see the available balance along with the payout fee. Please note that this fee may vary due to congestion on the Bitcoin network. You press submit to withdraw, confirm and that’s it.
In the PrimeXBT trading platform, we could see simplicity and ease of use as a central element of its design. In just a few steps you can start working and have clear and detailed information about what and how to do. Visual tools allow you to track your open positions directly on the chart.
PrimeXBT It is a complete platform intended for all types of audience, both amateurs and professionals in the field of trading. The use of BTC as the operating currency on the platform provides enormous flexibility to operate in all markets and great ease and speed when withdrawing funds from the platform.
If you want to know how the platform works in general, or if you want to generate income through its referral programs, by promoting it to your family and friends and through the means at your disposal, find out the details in the first part this tutorial here.