As all traders know, adapting to a new trading platform can be hard, but if the platform offers benefits, it will be worth it in the long run. With PrimeXBT offering so many unique features that make it stand out from the other trading platforms, it is a no-brain for traders to cross and use it. However, even though the platform is extremely intuitive and user-friendly to new traders, some people might still find it too complicated to use. This article will, through a couple of steps, surely help you start trading on PrimeXBT.

Depositing on PrimeXBT

The first thing a trader has to do after joining PrimeXBT is, of course, depositing the funds in order to trade. We tried to make the deposit process as quick and intuitive as possible. Funding your account is done in a few steps:

Log into your personal account on PrimeXBT; Click “Deposit” on the left side of the menu; Copy the PrimeXBT destination address or scan the QR code; Send the funds to the address from your wallet.

If, however, you do not have a wallet with cryptocurrencies stored, PrimeXBT still has a quick solution! By integrating Changelly widget to the platform, traders can now deposit funds by using their fiat money. This process requires traders to:

Select the required currency; Specify the amount of fiat or other cryptocurrencies they want to convert to Bitcoin; At this point, our platform transfers you to Changelly website, where the transaction will be finalized.

With the ability to deposit with Bitcoin, fiat and more than 120 altcoins, PrimeXBT is extremely versatile in terms of deposit options. After the funds are deposited, they are credited to the “Wallet” balance. In order for the trader to use the funds for trading, he will need to transfer them to the Trading account. That can be done in the “Account” section of PrimeXBT.

Trading on PrimeXBT

After depositing the funds and transferring them to the trading account, you are ready to trade on PrimeXBT trading platform! We offer various order types so the traders can be as versatile as they want. On the other hand, choosing which order to place is extremely easy.

Once in the trade panel, you can choose to “go long” or “go short” on an asset. Once you choose whether you want to bet on the price of the asset going up or down, it’s time to place an order. PrimeXBT offers opening Market, Limit, Stop, or OCO orders on both short and long positions.

● A market order is nothing but a straight buy or sell order at the market price. This is the default order choice, and the fill time is always instant;

● Limit orders are used to specify the maximum/minimum price that a trader would buy/sell an asset for. This order type is used to improve the entry/exit price, but does not guarantee instant (or any) execution;

● A Stop order is used buy/sell an asset once the price of an asset reaches a specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order;

● OCO order is a combination of two orders opened for one position. If one order is triggered, the other is canceled.

After successfully choosing an order type, choosing the right amount can be crucial. PrimeXBT offers leverage of up to 100 times the deposit size. After selecting the amount of choice, it’s time to send order, and start trading!

Protecting a position while trading on PrimeXBT

Another thing to consider while trading is protecting the positions with “take profit” and stop-loss” orders. These orders are as “safeguards” when trading. “Take profit” order instantly closes an open position once the specific price point is reached. On the other hand, “stop-loss” order closes an open position once the price reaches a set level, but against your position.

● A take profit order is an advanced order type applied to open position, that sets a target exit price that achieved a level of profit specified by the trader.

● A stop loss order protects a trader from the value of an asset going too far in the opposite direction of the trade they predicted, and prevents the trader’s position from risk of liquidation.

These orders can be set up both while creating new positions and added to already opened positions. In order to set up an order while creating a new entry:

Click the “Trade” button on the selected trading asset; Once the order parameters window opens, fill the data required and put a tick on the the “Protection Orders; Set the “Stop Loss” and “Take Profit” price levels and proceed with creating an order.

If the position is already created, then simply:

1. Right-click or double-click on an open position in the “Positions” widget;

1.1 Select “Modify positions”; or

1.2. Double click on the open position on the chart;

2. In the window that appears, set the Stop Loss and Take Profit level and click the “Modify positions” button.

Any Stop Loss and Take profit orders can be canceled or modified at any point in time before they are executed.

Conclusion

Trading on PrimeXBT offers many new features, and getting used to the process does not always go smooth. However, with our intuitive user interface as well as articles (such as this one) that will guide traders to the platform, anyone can learn how to trade on PrimeXBT! Check out the trading platform at https://primexbt.com/and start trading with us.