What is forex trading?
Forex stands for 'foreign exchange'. It is a worldwide market used to exchange national currencies. Due to the ease of swapping of currencies, forex trading is an extremely liquid market. With the global development of the world, forex markets have high potential as they take into account market circumstances such as travel and geopolitical events. Traders with the ability to spot and time the prices of currencies can take advantage of many opportunities.
Although professionals make a career out of forex trading, it is generally considered a great option for beginners to start trading. PrimeXBTs' user-focused interface has made it simple to sign up and start trading because of their award-winning, smooth-running platform. With just a minimum investment of 0.001 Bitcoin, you can dive into the world of forex trading with PrimeXBT trade.
Signing up for PrimeXBT is simple. To start trading, there aren't any KYC (Know-Your-Customer) rounds that you have to go through. You just enter your email, password and phone number (optional) and your account is set up. You don't have to enter additional personal information like your bank account or passport information, making the process private, quick and simple.
To send Bitcoins from an external wallet after setting up an account, click on the main section at the top. Click on the deposit button after. You will be shown various sections, one of which is Bitcoin (BTC). you should be able to copy your PrimeXBT wallet address and paste it into the destination section of the website or wallet service you are sending money to. You can also use the QR code provided by PrimeXBT. Only send Bitcoins to this address. If you send anything else, you may find your funds are missing.
You will also be able to deposit Ethereum (ETH), Tether (USDT) and USD Coin (USDC) with the same instructions above. Note that, like the Bitcoin example, you also have to make sure you're sending the correct currency to the correct address. Don't risk your money by pasting the wrong address.
Another way to deposit money into your account is to press Main, tap Deposit at the top, click Buy Bitcoin, select the platform you want and then buy Bitcoin. If you choose this option, you will have to show more personal information such as ID and Social Security Number.
Go to the page where you find the market chart and tap Trade on the left side of the screen. You should be able to see the exchanges on the left side. When you click on your chosen exchange pair, like USD/JPY or XAG/AUD, notice the Buy and Sell option at the top of the trading chart.
The Sell button means you are planning to short the market. Along with your own cryptocurrency as collateral, you are borrowing the property from PrimeXBT at its current price. With short selling, you are predicting that the price will go down. You would then sell the position later in the hope that the price would fall. In other words, you borrow at a higher price, buy back the property at a lower price, pay back the property you borrowed, and make a profit with the money.
You can also click Buy, which means you're making long-term trades. You are predicting that the price will rise from the current price and have a higher value later.
After clicking Buy or Sell, you can choose the order type you want for the selected currency pair. These orders are as follows:
Market - Market order type means that the order is executed at the immediately available market price.
Limit - You are the setter. This price is the limit of what you are willing to buy or sell. The market may or may not achieve this setup.
Stop - This indicates when you want to buy or sell an asset when it reaches your specified price. That specified price will be your market order.
OCO - This allows you to fulfill two orders under certain conditions. Once one of the orders is activated and completed, the other will be canceled immediately.
For each one of these, you can place a stop loss and take profit order. Stop loss protects long positions by selling at the price you choose.
Be aware that in forex trading, the value of each currency depends on the currency it operates in. For example, 100 USD can be more than 7,000 Rupees, this can lead to a higher number in the Quantity tab to reach the same price in a trading pair.
Always assess your level of risk when trading. Never risk more money than you are willing to lose. Placing a stop loss order helps manage risk, protects from events like price spikes, and provides clearer strategies for when to exit. When the price reaches the set stop loss, the position is automatically closed. This, in turn, will help you avoid losses. This also allows you to minimize losses and profit without having to be glued to the computer screen all day.
In the example above, you can see that when the USD/CAD pair reaches a specific price in the stop loss order, your expected stop loss in Bitcoin (BTC) will be displayed. When the same pair reaches a high enough price that you are satisfied with, the expected profit is also shown in BTC.
To close your position, you just need to find the plus sign at the top, create a location tab, right click on the slot you have and then close it. You will complete the trade and sum up the profit and loss.
PrimeXBT also has advanced tools for experienced traders, like charting software that allows you to draw patterns, draw trend lines, gauge an asset's support and resistance levels, use Fibonacci retracement, record your own text on the chart and more. There are also customizable widgets that allow you to adjust the background as you see fit like changing the size and position of sections.
Once you've done your trades, your funds will be kept in PrimeXBT's cold storage, which you can withdraw once a day. This option seems limited as it is only once per day, but PrimeXBT implements this feature to enhance security measures.
Low fees for forex trading, only 0.001%. You can find a chart of PrimeXBT's fee system on their website.
PrimeXBT's platform offers you one of the easiest, user-friendly ways to use your cryptocurrency as collateral to familiarize yourself with forex trading and trading in general. It will also give you the tools to sharpen your professional skills. You will be able to trade with PrimeXBT and expand your trading range with various instruments. Whether you are a beginner or a pro, PrimeXBT's award-winning platform will give you everything you need to maximize your trading potential.
MULTIPLE ORDER TYPES
Execute a variety of advanced order types such as market, limit, and stop orders, as well as take profit, stop loss, and OCO orders (one cancels the other).
EASY TO USE
The user-friendly graphical interface and tutorials makes Primexbt review easy to use for anyone, new or experienced.
LIVE TRANSPARENT PORTFOLIO REPORTING
Access real-time portfolio metrics and position performance data right at your fingertips, from anywhere in the world.