PrimeXBT is an award-winning multi-asset trading platform that recently introduced its most substantial update in the company’s history. The PrimeXBT V2.0, as it has been dubbed, brings a variety of new features to the popular CFD trading platform, warranting an updated guide focusing on what’s new in 2021.
Here’s a guide to trading CFDs on crypto, commodities, forex, and more using the all-new and improved PrimeXBT V2.0 update. Expect to learn what is CFD trading and other related concepts.
What Is PrimeXBT? The Advanced All-In-One Trading Platform
PrimeXBT is a multi-currency margin trading platform first launched in 2018. Throughout the last several years, the list of trading instruments offered by the CFD trading platform began to grow more vast and diverse.
BTC trading pairs were added for top crypto assets, the list of stock indices was expanded, and more. In addition to all majors, there are some more exotic forex currency pairs from emerging markets listed as well.
PrimeXBT also debuted Turbo, a unique way to get positioned in the market, and is now the exclusive home to the Covesting copy trading module. The trading platform took home several awards for its excellence and innovation, but the most significant upgrade to the platform ever arrived this year in what they’re referring to as PrimeXBT V2.0.
What Is New In PrimeXBT V2.0? ETH, USDT, and USDC Support Added
There’s a new Main section right off the bat, the dashboard now features much more intel at a glance, and each major sub-section of the PrimeXBT website has seen some striking visual enhancements.
But the most important new aspect of PrimeXBT V2.0 of all is the new currencies added to the list alongside BTC. Users of the platform can now utilize ETH, USDT, and USDC to create separate margin accounts to trade CFDs.
Adding Ethereum expands the platform’s overall reach, as does the addition of USDT and USDC; however, the inclusion of stablecoins means so much more.
Stablecoins provide a stable base currency for margin allocation. No longer do trader’s PnL or bottom line need to be impacted by Bitcoin’s notorious volatility. Because these unique crypto assets are tied 1:1 with the dollar, their value doesn’t fluctuate as frequently - good or bad - as Bitcoin or Ethereum does.
While that type of volatility is excellent for trading markets, it’s not as beneficial for a base margin account currency. But all that has changed with PrimeXBT V2.0.
What Are CFDs? Contracts For Difference Explained
CFDs stand for contracts for difference and are a way traders can profit from and speculate on market volatility. These derivatives products differ from the buying and selling that spot trading only allows for by letting traders profit from both market directions.
If a trader expects Bitcoin to go up, for example, they can long the BTCUSD CFD on leverage using the margin trading platform. If they think it will go down instead, they can short it. PrimeXBT even lets traders have both positions open at once for hedge strategies.
Spot platforms only let traders profit when things are rising, forcing the investor to either sell or take a loss on their assets when they aren’t.
Why Trade CFDs With PrimeXBT In 2021? Benefit From The Bull Market
2021 is the year of the Bitcoin bull run and the year that cryptocurrencies have become a force in finance. Stock indices are also in a bull market, metals could soon turn back around, and even forex is more volatile than usual.
There’s money to be made around every corner in markets right now if you have the right access and tools. PrimeXBT offers CFDs for all today’s hottest markets, including Bitcoin, gold, oil, Nasdaq, and many more, all under one roof. Over 50 total trading instruments are offered, with some of the most competitive fees and features around.
Using risk management tools, technical analysis software, Covesting copy trading, and much more all built-in, traders never have to leave the platform to get everything they need. In case they are on the road or out and about, there’s a mobile app for iPhone and Android too.
By leveraging the advanced trading tools offered at PrimeXBT, investors can start trading markets with less upfront starting capital, tighter control over risk, and be better equipped for success in the future.