PrimeXBT – а new 4th generation cryptocurrency trading platform bringing the most powerful functionality tool set for traders, announces their official launch date – February 4th, 2019.
The highly anticipated trading terminal has nearly 130,000 new users who have eagerly joined the waitlist in preparation to access the high leverage trading facilities.
In these last days before the launch, let’s take a look at the platform, its features and what problems it aims to solve in the crypto markets.
Problem #1: Low Liquidity
One of the biggest problems faced by crypto traders, is low liquidity and the inability to execute large orders, whilst avoiding the risk of slippage when moving between various exchanges and their platforms.
As is stands today with existing exchanges, if you have 100 Bitcoins and the price of one Bitcoin is $4,000, you cannot immediately sell all of them at once in the low-liquidity market.
PrimeXBT solves this problem by aggregating liquidity from 12 leading exchanges that host the most volume and trading activity, in real time. This allows the platform’s users to instantly buy or sell any amount of crypto. In doing this, PrimeXBT supplies over 1 Billion dollars in unprecedented cryptocurrency liquidity at the best possible rates.
This feature of aggregated liquidity alone, is enough reason to ignite the interest of any crypto trader, by the convenience it provides in managing transactions from the one platform – thus mitigating the costly risk of slippage.
Pairs available for trade: BTC/USD, ETH/USD, XRP/USD, EOS/USD & LTC/USD.
Problem #2: Limited Access to Advanced Trading Techniques
Being that the crypto markets are still in their youth in comparison to that of traditional fiat/forex/equity, etc., there are very few trading terminals that yet provide the possibility to utilize advanced and highly profitable trading techniques, such as high leverage and shorting.
The volatility of crypto-assets presents an increased risk when utilized with techniques that increase a traders profit potential, because as we all know: increased potential reward is always equivalently matched with an increased risk.
Forex and equity traders have been using leverage to gear their portfolios for years, as it presents a rare opportunity to multiply profits from small, but predictable price movements. The same technique used in cryptocurrency, presents the same opportunity but in a much shorter period of time, because of its volatility.
When used wisely, a savvy trader can use crypto’s volatility to their advantage, rather than shying away from it.
Prime XBT allows its users to access anywhere from 1:1 up to 1:100 leverage, to increase positions and potential profits by up to 100x. This means that a trader can trade with much more power than their account balance would otherwise allow.
For example, an account with just $100 can enter a $10,000 position; if the crypto-assets price positively moved by 5%, they would make a profit $500, as opposed to only $5 if no leverage was applied. With only 1% [$100] of your funds at risk, to potentially benefit from 100x profits, is a more than reasonable risk vs. reward.
Problem #3: Inability to Profit in Falling Markets
To effectively day trade, it’s essential to trade with the trend, irrespective of whether markets are rising or falling. Unfortunately, a large majority of crypto traders will nervously hibernate, or “hodl” in bearish markets, while waiting for the next bull run to take their crypto “to the moon.”
PrimeXBT allows for shorting, which means that you enter a position that profits from a crypto assets price going down. It works by lending from the platform to buy a certain amount of crypto, to then sell it with the intention of buying it back at a lower price. The difference in the sell and buy price is your profit, once you’ve back the initial amount loaned from the platform. If leverage was taken, you would multiply that profit by the leverage.
For example, you entered a short position with 100x leverage against Bitcoin and sold 3 BTC. The price dropped as you expected by $100, so you buy back the 3 BTC to secure a profit of $300 [3 x $100] x 100 leverage = $30,000.
Problem #4: Limited Order Types and Risk Management Strategies
The higher the amount of leverage taken, the higher the risk is that you will be liquidated, as the margin is obviously smaller – thus leaving less room for error. What’s important to note however, is that your losses are not also multiplied by the leverage taken, rather what you stand to lose is your position [this is known as a margin call].
Prime XBT provides a number of advanced order types to manage risk to avoid a margin call. This enables a trader to premeditate their entry and exit points, based upon what they are willing to risk in order to benefit from potentially multiplied profits. These include: stop-loss, limit, OCO [one-cancels-the-other], market and protection orders.
Once placed, these orders are automatically executed, so that you don’t lose more than you can afford to in the heat of moment if the market was to quickly turn against you. By effectively using these advanced order types, traders can effectively limit their loss potential.
Problem #5: Poor UX, UI and Complex Sign Up Processes
The PrimeXBT user interface is highly customizable and user-friendly, making it suitable for both novice and professional traders. The platform boasts the most sophisticated technology, charting software, with multi-monitor support, advanced technical analysis tools and 24/7 customer support.
Furthermore, PrimeXBT adheres to the strictest and most rigorous security standards available in the industry to date, with cold storage wallets, DDOS protection, withdrawal address whitelisting, two-factor-authentication, cryptographic password hashing and email verifications.
Sign up is simple. There is no KYC requirements, so new PrimeXBT users can be set up and anonymously trading in less than a minute.
Locked, Loaded, & Ready to Launch
Upon review of all of these features and solutions provided by Prime XBT, it’s not hard to see why almost 130,000 traders have joined the waitlist to access the platform as soon as it goes live on Feb 4th.
Crypto Wallet & Visa Card Spend.com launches Apple Pay & Google Pay on iPhone and Samsung Devices
Spend.com announced that the Spend App is now integrated and compatible with both Apple Pay and Google Pay, available on iPhone, Samsung, and other Android devices.
Spend is now the first company in the world to offer this service tied to 16+ supported digital currencies. The Spend team has created innovative ways to transfer, spend and send digital assets and currencies. Spend users will be able to link their Spend Visa® Card and Spend Virtual Visa® Card directly to their Apple Wallet and Google Pay Wallet.
What does this mean? Traditionally, Apple Pay and Google Pay allow users to make secure purchases in stores, in apps and on the web, as well as send and receive money from friends and family [in Messenger]. Now, when linked to the Spend Visa® Card, users will be able to take advantage of all the supported digital and fiat currencies available within the Spend App anywhere Apple Pay and Google Pay is accepted. These features will be available on the release of Spend App v2.5.
The Spend App
With a quick and easy download from either the Apple App Store or the Google Play Store, the Spend App and Wallet will be the only digital wallet ever needed again. The Spend App allows users to store, withdraw, send, and spend more than 16 cryptocurrencies and 27 fiat currencies at over 40 million locations.
Spend users also have the ability to send funds around the globe and/or exchange various currencies all from their Spend App. Whether someone needs to send money to family in Europe or buy/sell different currencies, it can all be done from the Spend App, which currently supports:
- 16+ Cryptocurrencies
- US Dollar
- Canadian Dollar
- 24 Additional Fiat Currencies
In addition to being able to send, spend, buy and sell currencies around the globe, users will have the power of detailed analytics at their fingertips to track coins and currencies. Spend’s in-app analytics gives users instant access to the most up to date charts and figures on any currency or coin users choose to track!
- Currency Swap: Looking to exchange CAD to USD or XRP to LTC. Exchange any currency instantly with Spend, where applicable.
- Multiple Currency Support: Hold USD, CAD, EUR, and 24 additional fiat currencies and over 16 cryptocurrencies all within the Spend Wallet.
- Performance: 99.9% uptime with enhanced performance infrastructure in place.
- Compliance Built-In: Verify account identity instantly within the Spend App.
- Buy Crypto & Send Fiat: Users can purchase 16+ cryptocurrencies from their linked bank accounts, right from the Spend App, as well as transfer funds in over 180 countries.
- Secure Storage: Highest level of AES encryption with PCI DSS Level 1 Certification.
Connecting the Spend Wallet To The Spend Visa® Card
Once a user downloads the Spend App, they will be able to access and manage their funds anytime with the Spend Wallet & Spend Visa® Card. Once verified utilizing Spend’s in-app KYC system, users have the choice to immediately get issued a virtual card that can be used immediately at any merchant that accepts Visa® online. Users also have the option to order a physical card. In addition, Spend clients can earn up to 6% rewards back on all purchases. Cards are now available in the United States and Spend has secured issuers for its Visa® Card product in Canada, Europe, and Asia-Pacific regions.
Spend offers its users three different levels of cards, each with its own unique benefits:
- Spend Simple™ – Spend’s introductory Visa® card. Spend Simple™ gives users access to the platform and all the great features offered. Upgrades are always available to Spend Preferred and Black.
- Spend Preferred™ – Spend’s most popular everyday Visa® card. Spend Preferred™ grants users a flexible spending limit for use as an everyday card with access to the Spend VIP Program and enhanced rewards.
- Spend Black™ – Our exclusive Visa® card for elite users. With an optional sleek metal design*, Spend Black™ cardholders receive access to the highest spending limits, highest rewards, and Spend VIP Elite Program.
With all Spend Visa® Cards, users will enjoy advanced security features, an option of both a virtual or physical card, 24/7 support, as well as both card and wallet rewards, powered by Spendcoin [$SPND].
No matter what level of card users are looking for, Spend has the perfect card to fit their needs, when tied to the Spend App.
At no point can cardholders load cryptocurrency such as Bitcoin onto their Spend Visa® Card. All cryptocurrency will be converted to the appropriate local fiat currency first on the Spend Wallet and then that local fiat currency will be loaded on the Spend Visa® Card for use in purchase and ATM withdrawals.
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