PrimeXBT Adds FX, Commodities and Indices to Crypto Platform

Cryptocurrency trading firm PrimeXBT has enhanced its offering to provide a cross-market platform that allows traders to transact across a plethora of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and other financial instruments — including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, indices, and commodities.

Not without risks, margin trading via PrimeXBT now covers 18 currency pairs, spot contracts for gold and silver, and CFD contracts for oil, gas and stock indices. In an attempt to appeal to crypto traders of varying experience levels and budgets, PrimeXBT provides up to 1:100 leverage on all available crypto and traditional assets.

“The new asset types will accommodate global traders from traditional financial markets, and expose cryptocurrency traders to other popular financial instruments, the company said in a statement.

Founded in 2018, PrimeXBT offers leveraged trading, real-time market data, and analysis tools across a wide spectrum of crypto assets. Last month, the company signed a B2B partnership with European digital assets exchange Covesting to integrate and license its technology and utility token.

As part of the launch campaign and for a limited time only, PrimeXBT said it would offer their clients no-fee trading for all CFD and FX instruments until May 1.

Crypto venues complement offering

Despite its prolonged winter, the move shows how the cryptocurrency space is maturing in a similar way to the $5 trillion foreign exchange market.

Leveraged trades are often handled via traditional brokers, who offer high-volume traders a trading desk to execute large trades with a faster settlement and lower fees. However, Coinbase, Poloniex, Gemini, and Circle started their over-the-counter trading operations earlier last year.

The OTC business complements those exchanges’ underlying services as many institutions were already using OTC as a proxy for crypto trading.

“Now, cryptocurrency traders will be able to expand their horizons and begin trading in new asset classes, further diversifying their portfolios and trading skillsets. We are thrilled to offering forex, indices, and commodities to crypto traders," a PrimeXBT's spokesperson commented on the new offering.