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PrimeXBT introduces a new cryptoactive to cryptoactive switch functionality for traders

Posted by on June 22, 2021, tagged as

PrimeXBT is an award-winning margin trading platform, best known for its wide range of CFDs and the Covesting copy trading module. The platform has recently undergone the most significant upgrade to its infrastructure, with a new, comfortable user interface and much more since its inception.

Among the many new features, a highlight was the fact that base margin account currencies moved from having only the BTC option to also including ETH, USDC and USDT. PrimeXBT, being no stranger to innovation, has also promised more solutions related to new assets and has now introduced a new cryptoactive to cryptoactive switch feature for the platform's traders.

Here's what this new tool offers traders around the world and why you should take advantage of this new feature.

The latest functionality of the PrimeXBT platform supports multi-currency accounts

Inside the update PrimeXBT V2.0Then came a major visual overhaul and an all-new Main Account Dashboard section that provides a top-down snapshot of all the most important account metrics, especially around margin account balances.

It also provides an easy-access way to deposit or withdraw cryptocurrencies, and now there is a way to exchange cryptocurrencies anywhere directly from the PrimeXBT panel.

As of now, PrimeXBT has added an exchange section within the main panel located in the total backgrounds area of ​​the page. Users then need to enter the account currency, which ranges from BTC, ETH, USDC and USDT, and the amount they wish to trade, along with the cryptocurrency they wish to receive in return.

The accounts module makes the calculations and shows the exchange rate for greater transparency and when completed, the respective accounts will be instantly debited and credited. Any exchange is subject to daily trading limits as well as volume or transaction limits.

Once a transaction is made, it is recorded along with other transfers and transactions so traders can be aware of their tax and accounting needs.

Why cryptocurrency trading in base margin account makes sense for traders

The new crypto-active switch feature has several benefits for traders. For example, switching to and from BTC or ETH to stablecoin during downtrends in the cryptocurrency market can further protect capital. Stablecoins such as USDC and USDT, which PrimeXBT offers, provide the benefit of a safe haven from the volatility characteristic of the cryptoactive market and make base margin account currencies less risky.

However, the same is true the other way around, where trading stablecoins for ETH and BTC during uptrends can have a compound profit and loss (PnL) effect on anyone. This means that if you are bought on BTC and your account is based on BTC, the Bitcoin price gains will increase and will worsen your overall long trade success.

Currency trading also makes sense for those with a diverse referral network, earning cryptocurrencies in anything that referred users tend to use as their account's base currency. This means that any trader who recommends you trade Ethereum will give it ETH, but you may have a preference for trading stable currencies as the base currency; You can now exchange ETH for stablecoins with the new exchange service.

Crypto Exchange functionality is now available on PrimeXBT

The latest addition to the trading platform is the result of PrimeXBT's customer-centric approach, which gives users full flexibility to move and trade base margin account currencies at will and best suited to their needs. risk appetite and profit targets.

There is also built-in technical analysis software, peer to peer copy trading, advanced order types and over 50 different CFDs on forex, cryptocurrencies, commodities and major stock indices.

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