In an announcement made (https://medium.com/primexbt/primexbt-adds-more-ways-to-profit-with-forex-indices-and-commodities-f51738b11f9e), Tuesday, April 23, crypto trading platform, PrimeXBT has decided to increase the variety of financial instruments offered. In addition to the likes of cryptocurrencies, traders will now have the ability to test the waters of the Forex, Indices, and Commodities. As per the claims made, this decision stems from wanting to expose crypto traders to various “financial markets, asset classes and additional avenues for driving profits.”
It seems like the team has listed 18 trading pairs that are common and well established on the Forex, all of whom now sit in the same platform as Bitcoin [BTC], Ethereum [ETH], EOS [EOS], Ripple [XRP], Litecoin [LTC]. Other additions include:
“Spot contracts for gold and silver, CFD contracts for oil and gas, as well as the world’s most popular indices.”
Here’s a look at the full list that has since been disclosed on PrimeXBT’s Medium post:
Source 1: PrimeXBT's Medium Post,
“PrimeXBT Adds More Ways To Profit With Forex, Indices, and Commodities”
Traders have also been advised to review PrimeXBT’s terms and conditions, as the inclusion of various asset classes and financial instruments implies modifying the guidelines as needed. To express the team’s gratitude, they have also made trading free of fees during the period, April 23 to May 1st, 2019.
PrimeXBT is dubbed, “a Bitcoin-based platform,” that offers leveraged trading on various cryptocurrencies. Founded in 2018, the platform came into existence as a result of having acquired valuable experience in financial markets. Since its launch, traders from 150 countries have been using PrimeXBT and the team reasons it as being due to their,
“top-tier liquidity and wide range of trading tools.”
So, what does leverage trade mean? As explained by PrimeXBT, leverage is beneficial because it allows traders to take advantage of low-price movements, which in turn can expand one’s position size – ultimately increasing profits. All it requires is a deposit, that is, a portion of the full value of one’s trade – with the rest provided by PrimeXBT.
For instance, if someone wants to purchase 10 BTC, each valued you $10,000, then one’s position will be $100,000. With leveraging, a trader will not need to invest $100,000, as per PrimeXBT’s framework, but only 1% to initiate a trade. And given that Bitcoin’s price increases by 5%, a profit of $5,000 will be earned – the same amount of profit as the trader with a position of $100,000. So essentially, the capital required is what’s different from normal trading versus leverage trading.