A guide that will lead you through the steps to start trading on PrimeXBT
Getting started with a new trading platform such as PrimeXBT can be a little bit confusing, especially if you’re used to the classic designs. PrimeXBT is a platform that offers the highest leverage in the industry on the cryptocurrency pairs while you also allowing you to trade forex, commodities and stock indices from the same bitcoin based terminal.
To start your adventure go to the top right corner as shown in the picture and click “Register“. The registration is very fast as it doesn’t require KYC or any other hindering information.
You are required to only fill:
(3) Confirm Password
NOTE: After finishing the registration, consider enabling more security options in the settings page such as Google 2FA authentication.
Step 2: Depositing Bitcoin or FIAT
For deposits go to the left tab and click on “Deposit“, it will forward you to the deposit page.
This is the deposit page of PrimeXBT and as you notice you have two options
The first option is to deposit Bitcoin to your personal account address (1). The second option (2) is to buy Bitcoin with Debit/Credit cards through Changelly. By clicking on the exchange button on the tab it will redirect you to Changelly’s website to finish the transaction.
Now that you have deposited Bitcoin you need (1) to go back to the “Account Summary” page and then click on “Fund Trading Account“.
In the “Amount” field (1) you can input the desired amount of BTC that you want to transfer to the Trading Account. Then click (2) “Transfer” to finish the funding process.
Trading on PrimeXBT
Step 4: Opening Positions on PrimeXBT
NOTE: Before opening a position keep in mind that the leverage design here is different. Your entire “Trading Account” balance is acting as available margin.
To start trading (1) click the “Trade” button on the top left menu. This will take you to the trading page as shown in the picture. The next step is to find the asset which you want to trade. As you can see the platform offers quite a lot of options.
To not be confusing click by the overwhelming amount of pairs available click on (2) “All Markets” and a small tab will pop-up below. It will give the option to filter all of the available assets by category – CFD, Crypto or Forex.
Now that you have found the assets that you want to trade, it is time to open a position. On the right side of the screen, you’ll find a customizable dashboard with available assets.
NOTE: Red is for sell/short and Green is for buy/long.
Click (3) on either of the two to open a position in the desired direction which you think the price of the asset will go.
In the “New Order” tab on which you set the order and activate it. The layout is designed very well and below you’ll find an explanation of everything needed in order to set up an order correctly.
New Order Tab Options
(1) Symbol – the pair for which you are opening position at the moment, which also acts as a search. If you click on it, you will be able to jump to another pair of your choice directly
(2) Order Type – from here you can also select an order type – Market/Limit/OCO or Stop order.
(3) The amount you’re opening a trade with
(4) Select whether you want to go long (buy) or short (sell)
(5) Limit Price – the price target where you want your order to execute
(6) Margin Impact is showing how much of your margin will be used.
(7) Placing Stop-Loss and Take Profit prices is done through here with an available preview of projected loss/profit
(8) Here you can set the duration of the order GTC (Good-Till-Canceled) or DAY (expiring at the end of the trading day on the platform)
(9) Send the order. Clicking on it will send the order for processing.
Step 5: Managing and Closing Positions on PrimeXBT
Opening a position is not enough as you need to have very good management to emerge profitable on platforms with high leverage. Let’s dive into one of the most important aspects – managing.
You will find the open position on the tab below with all the needed information. You can customize it to your preferences. Let’s continue with the breakdown of the tab:
(1) This is the pair on which the position is open with its side (long/bought or short/sold)
(2) Size of the position with the price that it was filled at and the current price of the asset
(3) Potential Profit or Loss
(4) Take Profit and Stop Loss if you had them set-up, they can be adjusted at any time
(5) Time and Date
(6) Used Margin from the available funds in your trading account
(7) Closing the position
Adjusting Take Profit and Stop Loss
You need to know how to modify your Take Profit and Stop Loss. To do that click with the right mouse button to see this tab (1) and click on “Modify Position“. A new tab where you can modify the TP and SL (2) which can be adjusted separately will open up. After you are done click on (3) “Modify Position” and the changes will be saved.
Closing a Position on PrimeXBT
To close a position click on (1) the X or with the right button of the mouse and select “Close Position“. This will open a tab from which you can choose how much to close (2) as you can close a part of it. After you have chosen the amount that you want to close, click on (3) “Close Position“.
Step 6: Withdrawing from PrimeXBT
To withdraw funds from the Trading Account to the Account Wallet click on (1) “Account Summary”. From there you will be able to transfer your Bitcoin from the Trading Account to the main on-platform wallet. Click on (2) “Withdraw to Wallet” to withdraw to the desired amount to the main wallet.
Withdrawing to Wallet pop-up tab breakdown
This is the tab that will pop up on which you need to specify the amount that you want to withdraw (1) and then confirm it (2) to transfer the funds to the wallet.
To request a withdrawal to your personal bitcoin wallet click on (3) “Withdraw” (as shown in the first screenshot) page to withdraw your Bitcoins.
On the withdrawal page, you will need to specify the address to which you want to withdraw (1) and the amount of bitcoin (3). On the right (3), you will find the transfer details with all the necessary information for the withdrawal. When you are ready with everything and have double-checked the withdrawal address you need to click on (3) “Submit to Withdraw“.
NOTE: Withdrawals on PrimeXBT are done once per day between 12:00 and 14:00 UTC.
If you want to learn how to trade on another platform offering high leverage we suggest that you read our tutorial on “How to start trading on Bybit“.