How To Do Foreign Exchange Trading With Crypto - PrimeXBT
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Whether you are a trading pro or a beginner, forex trading is a great way to diversify your trading. Forex trading often has livelier markets than stock indices. It is a great way to find opportunities when the stock or crypto markets are experiencing a lull. With over 50 assets, PrimeXBT is a platform where you can quickly access a wide variety of stock indices and forex trading options. With these at the ready, you will never find a dull moment when trading. By utilizing forex trading through PrimeXBT, you are given an array of options with trading analysis tools and customizable widgets.
What is Forex Trading?
Forex is short for ‘foreign exchange’. It is a worldwide marketplace used in the exchange of national currencies. Because of the easy interchangeability of currencies, forex trading is an incredibly liquid market. With how global the world has become, forex markets have high potential since they account for market circumstances like tourism and geopolitical events. Traders who are able to notice and time the valuations of currencies can make use of plenty of opportunities.
Although professionals make a career out of forex trading, it is often considered a great option for beginners to get started on trading. PrimeXBTs user-focused interface already makes it simple to sign up and start trading because of their award-winning, smooth-operating platform. With only a minimum investment of 0.001 Bitcoin, you can dive into the world of forex trading with PrimeXBT.
What is PrimeXBT?
PrimeXBT is a multi-currency trading platform. With PrimeXBT, you have the option to trade for stocks with cryptocurrencies in a safe, efficient, and secure way. Not only that, you have the added option to do forex trading, providing a truly full-fledged marketplace at your disposal.
Let’s say that you see an excellent forex trade and wish you could instantly utilize your crypto for that currency pair. You can turn to PrimeXBT for these services.
Signing Up To PrimeXBT For Forex Trading
Signing up to PrimeXBT is simple. In order to start trading, there are not any KYC (Know-Your-Customer) loops that you have to go through. You just have to enter your email, password, and phone number (optional) and your account is set up. You do not have to enter extra private information like your bank account or passport information, making the process private, quick and simple.
To deposit Bitcoin from an external wallet after account set-up, click the main section at the top. Click on the deposit button after. You should be shown a variety of sections, one of them Bitcoin (BTC). you will be able to copy your PrimeXBT wallet address and paste it to the destination section on the website or wallet service you are sending funds from. You can also use the QR code provided by PrimeXBT. Only deposit Bitcoin to this address. If you deposit anything else, you may find your funds missing.
You will also be able to deposit Ethereum (ETH), Tether (USDT) and USD Coin (USDC) with the same instructions above. Note that, like with the Bitcoin example, you must also be sure that you are sending the right currency to the right address. Do not risk your funds by pasting a wrong address.
Another way to deposit funds into your account is to press Main, hit Deposit at the top, click Buy Bitcoin, choose the platform you want, and then buy Bitcoin. If you choose this option, you will have to show more private information like an ID and Social Security Number.
Forex Trading on PrimeXBT
Go to the page where you find the market charts and hit Trade on the left side of the screen. You will be able to see the exchanges on the left side. Once you click on your chosen exchange pair, like USD/JPY or XAG/AUD, notice a Buy and Sell option at the top of the trading chart.
The Sell button means you are planning to short sell the market. Along with your own crypto for collateral, you are borrowing assets from PrimeXBT at its current price. With short selling, you are predicting that the price will go down. Then, you will sell the position later hoping that the price will drop. In other words, you borrow at a higher price, buy the assets back at a lower price, and give back the assets you borrowed and take the monetary gains.
You can also click Buy, which means you are doing long trades. You’re predicting that the price will go up from the current price and be higher value later along the road.
Forex Trading Features
After clicking Buy or Sell, you can choose what type of order you want for your chosen currency pair. These orders are as follows:
Market - Market order type means that the order is made at the market price that is instantly available.
Limit - You’re the one who sets the price. This price is the limit of what you are willing to buy or sell. The market may or may not reach this setting.
Stop - This indicates when you want to buy or sell an asset once it reaches your indicated price. That indicated price will be your market order.
OCO - This allows you to make two orders under certain conditions. Once one of the orders is triggered and completed, the other one is instantly canceled.
For each one of these, you can put up a stop loss and take profits. A stop loss protects the long positions by selling at a price that you choose.
Be mindful that in forex trading the value of each currency depends on the units that the currencies operate on. For example, USD 100 can be over 7,000 Rupee, which may lead to a higher number in the Amount 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. Putting a stop loss helps in risk management, protecting from events like price spikes and giving clearer strategies on when to exit. When the price reaches the level the stop loss is set, the position will close automatically. This will, in turn, save you from losses. This also allows you to mitigate losses and take profits without being glued to your computer screen all day.
In the example above, you can see that when the USD/CAD pair reaches that specific price in a stop loss, your projected stop loss in Bitcoin (BTC) is shown. When the same pair reaches a high enough price you are satisfied with, the projected profit is also shown in BTC.
To close your position, you just have to find the plus sign at the top, create the positions tab, right click on the position you have and then close it. You will have completed the trade and consolidated the gains and losses.
PrimeXBT also has advanced tools for experienced traders, like charting software that allows you to draw patterns, plot trend lines, gauge the support and resistance of an asset, use fibonacci retracements, jot down your own text on the chart and more. There are also customizable widgets that let you tailor the platform as you see fit like changing the size and position of sections.
Once you have made your trades, your funds will be held in PrimeXBT’s cold storage, which you can withdraw once a day. This option may seem limited since it is only once a day, but PrimeXBT implements this feature for increased security measures.
The fees are low when it comes to forex trading, as low as 0.001%. You can find a chart of PrimeXBT’s fee system on their website.
PrimeXBT’s platform gives you one of the easiest, user-friendly ways to use your crypto as collateral to get acquainted with forex trading and trading in general. It will also give you the tools to sharpen the skills of a professional. You will be able to exchange with PrimeXBT and widen the scope of your trades with a wide variety of tools. Whether you are a beginner or a pro, PrimeXBT’s award-winning platform will give you everything you need to maximize your trading potential.
PrimeXBT has prepared a special offer for their new customers: they will get 50% of their first deposit credited to their account as a bonus that can be used as additional collateral to open positions!
Don’t forget to join PrimeXBT / Covesting telegram community to find more information about the Trading terminal, Copy trading module and how to save up to 25% of your commission with COV token and other token utilities!