So you want to get into margin trading.
Or maybe you think it's time to dust off the old gloves
after a stint on the sidelines.
With a wide array of exchanges to choose from, it can be hard to know where to begin.
But you know the main players.
Binance, Huobi and Kraken, to name a few.
And if you've been following the channel for a while,
you'll know where we tend to do most of our leverage trading.
But there's a host of great options out there,
and they each come with their own unique set of benefits.
Today, we'll be taking a look at a platform we haven't discussed in a while
which has steadily implemented a range of improvements and upgrades
you won't want to miss.
Let's get it!
Welcome to BitBoy Crypto!
Home of the BitSquad
The largest and greatest crypto community in all the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, make sure to hit that subscribe button.
In this sponsored video, we take a look at PrimeXBT and its leverage trading platform.
PrimeXBT is a leverage trading platform that allows users to trade across a wide array of assets,
crypto, commodities, indices, as well as traditional forex.
Now, you'll know where my allegiances lie when it comes to what I like to trade.
Exclusively, EtherRocks.
But whether you're looking to short or long Bitcoin and come from a background in traditional finance
or simply looking to diversify your portfolio,
PrimeXBT is definitely one to consider.
The first and foremost question anyone should ask before they open a trading account
is whether the exchange is safe.
And as far as security is concerned,
PrimeXBT has one of the best reputations in the game.
After all, they're registered in Switzerland,
a country famed for its breathtaking mountains,
cuckoo clocks,
as well as being one of the safest places on earth to hide--
I mean, store your money.
All jokes aside,
PrimeXBT uses only best practice security protocols
including cold wallet storage,
whitelisted withdrawal addresses,
Cloudflare to protect against DDoS attacks,
and, of course, encrypted SSL to secure web traffic.
They also use the "bcrypt" algorithm,
meaning in the highly unlikely event of a security breach,
user passwords would remain out of the hands of any potential hackers.
Another important factor is usability.
And one of the first things PrimeXBT users will notice is their sleek easy-to-use interface
that makes for one of the smoothest fastest user experiences around
and all the seamless functionality of a Swiss watch.
It's super intuitive and with no KYC requirements to set up an account.
You get started with just a few clicks.
Speaking of which,
for anyone who's ever made the mistake of accidentally placing a limit sell order instead of a limit buy order,
they've even got a customizable double click feature,
meaning you won't accidentally sell a whole Bitcoin at 60% of the market price.
(How could this happen to me?)
(I've made my mistakes)
Another unique aspect is that PrimeXBT doesn't accept fiat deposits or withdrawals.
So bear in mind that you'll need to own some Bitcoin or stablecoins before you're ready to roll.
Yep, it's the future we all dream of.
A 100% fiat-free zone.
Meaning even if you wanted to long or short commodities, let's say,
you still have to put up some crypto as collateral.
Now, a word about leverage trading.
We love it here at BitBoy Crypto, and we use it because it's an incredibly powerful tool.
The difference between a screwdriver and a Black and Decker,
which is to say you've got to know what you're doing.
Yes, it's where the most seasoned traders make the biggest gains
but also where most rookies get wrecked.
It's high risk, high reward.
Like attempting to beat my TRX off the line.
It ain't going to happen.
But for anyone looking to supercharge their profits,
PrimeXBT offers leverage on crypto assets of up to 100X.
That's five times other exchanges like Binance and FTX.
They even offer a staggering 1,000X on forex pairs.
Word to the wise though, even super geniuses like me tend to steer clear of 100X leverage
because of the serious risk of catastrophe.
Plus, if you're new to trading,
you do well to avoid leverage full stop until you're able to make consistent gains.
Whether you're a total noob or Bobby Axelrod himself,
remember,
never trade with more money than you can afford to lose.
You've got to learn the ropes first before stepping into the ring.
But this is where PrimeXBT can also prove incredibly valuable
thanks to its Covesting feature,
which gives users have the chance to learn from the most successful traders on the platform.
It's pretty simple.
Covesting allows you to find, follow and benefit from the best traders by copying their strategy.
After all, everyone has their own unique way of doing things,
their own personal edge.
There are swing traders, scalpers, breakout traders, Fibonacci wizards,
a whole gamut of styles and techniques that the pros tend to stick to.
And to have any longevity in this game,
you need to find a style that works for you.
So although Covesting comes with a range of benefits to followers and strategy managers,
including the ability to earn and even stake COV tokens on the platform,
don't forget that only way developing your own trading style
can you become consistently profitable over time.
Besides, your Covesting guru might make so much money
that they actually retire for good.
Then what happens?
You panic, YOLO into a short and get wiped.
Copy trading can put you in the green, sure,
but you've also got to think critically and apply what you learn in practice.
It's the difference between watching LeBron James week in, week out
and actually being LeBron James,
or thinking you could be an MMA fighter just because you watch UFC.
I probably could though. I'm just saying.
A new feature I'm also excited about is the upcoming market and news information tab,
kind of one-stop shop for all things going on in the global markets
right there to help you make informed decisions in real time
while staying ahead of the curve.
It's a great idea,
and I personally can't wait to see it up and running
because, so often, it's by catching a story on the break
that traders can gain a meaningful first mover advantage.
Other features include a built-in Telegram bot that allows users to enable price alerts,
receive information about open positions, active orders, account status,
as well as giving you access to the customer service team at the press of a button.
Markets move fast,
and having your finger on the pulse can be the clincher in terms of getting that perfect entry,
closing a losing position,
or readjusting your overall strategy.
Speaking of customer service,
some of the centralized exchanges out there are notoriously difficult to reach,
half the time, that's just because there's so much of a backlog and demand.
Trying to get help can be like showing up at your nearest Best Buy on Black Friday
and hoping to speak to its manager about a coupon.
It's mayhem out there, folks.
With PrimeXBT, you've got 24/7 customer service with a proven track record of excellence,
and unlike other many exchanges,
the built-in chat feature pairs you off with a real life human,
so if you need any help or maybe even just a bit of personal validation,
the living breathing support team at XBT really are second to none.
Still, all this combined with competitive fees and one of the sharpest interfaces you'll ever see
makes PrimeXBT one of our go-to trading platforms for a range of crypto assets.
If you're looking for an exchange that meets all the highest standards and more,
well, you'd be crazy not to give this one a try.
That's all I got.
Be blessed.
BitBoy out.