PrimeXBT is an award-winning margin trading platform best known for its diverse CFDs and the Covesting copy trading module. The platform recently underwent its most significant upgrade to its infrastructure, user interface, and more since its inception.
Among the many new features, a primary stand-out was the expansion of base margin account currencies from BTC only to include ETH, USDC, and USDT. PrimeXBT as no stranger to innovation, also promised more solutions related to the new assets and have now debuted a new crypto-to-crypto exchange function to traders of the platform.
Here’s what this new tool offers traders globally and why anyone would want to take advantage of the new feature.
The PrimeXBT V2.0 upgrade came with a massive visual overhaul and an all-new main account dashboard section providing a top-down snapshot of all of the most critical account metrics, especially around margin account balances.
It also provides an easy-to-access way to deposit or withdraw crypto, and now, there’s a way to exchange cryptocurrencies on the fly right from the PrimeXBT dashboard.
Starting immediately, PrimeXBT has added an Exchange section within the main dashboard in the Total Funds area of the page. Users can then input which account currency – ranging from BTC, ETH, USDC, and USDT – and the amount they want to exchange, along with which cryptocurrency they wish to receive in return.
The account module does the math and displays the exchange rate for transparency, and when completed, the respective accounts will be debited and credited instantly. PrimeXBT says that any exchanges are subject to daily exchange limits as well as volume or transaction limits.
After the transaction is completed, it is recorded along with other transfers and transactions so traders can stay on top of their taxes and accounting needs.
The new crypto-to-crypto function has various benefits for traders. For example, swapping to and from BTC or ETH to stablecoins during crypto market downtrends can further protect capital. In addition, Stablecoins USDC and USDT provide the benefit of a safe haven from the characteristic crypto market volatility and make for less risky base margin account currencies.
However, the same is true in inverse, where swapping stablecoins for ETH and BTC during uptrends can have a compound effect on anyone’s PnL. This means that if you are long BTC, and your account is denominated in BTC, the gains in Bitcoin price will increase and compound the overall success of the long trade.
Swapping currencies also makes sense for those with a diverse referral network, which earns crypto in whatever the referred users tend to use for base account currencies. For example, this means that any traders you refer who trade Ethereum will earn you ETH, but you might prefer to trade with stablecoins as the base currency – now you can exchange ETH for stablecoins with the new Exchange service.
The latest addition to the trading platform results from PrimeXBT’s client-focused approach, providing users with the total flexibility to move and exchange base margin account currencies at will to best suit their risk appetite and profit goals.
There’s also built-in technical analysis software, a peer-to-peer copy trading community, advanced order types, and more than 50 different CFDs across forex, crypto, commodities, and major stock indices.