Five Reason To Trade Forex Currencies With PrimeXBT

3


Although PrimeXBT is primarily known amongst the crypto community, the platform in the past won The Forex Awards for Best Cryptocurrency and Forex Broker, and Best Crypto Trading App. 

As a result the cryptocurrency-based margin trading platform has developed a cult following with forex traders and other traditional markets as well. In this article, we are breaking down the five reasons to trade forex currencies with the PrimeXBT advanced trading platform. 

Why Forex Traders Flock To PrimeXBT

PrimeXBT made its debut in the 2018 crypto winter and introduced long and short positions on Bitcoin, Ethereum, and other top crypto assets. 

Over time, the company took its years of expertise in traditional markets and launched a lineup for traditional assets which brought stock indices, commodities, and forex to the trading platform for the very first time. 

Today, the list of trading instruments has grown considerably, reaching more than 100 of the hottest global markets all under one roof. Even the list of cryptocurrencies has expanded vastly to include DeFi, Metaverse, and meme coins.  

The Massive List of FX Currencies 

Before we jump into the focal point of the article — five reasons to trade forex at PrimeXBT — let’s review the full list of forex currencies:

  • United States Dollar (USD) 
  • Euro (EUR)
  • Australian Dollar (AUD)
  • Pound Sterling (GBP) 
  • Swiss franc (CHF)
  • Japanese Yen (JPY) 
  • New Zealand Dollar (NZD) 
  • Singapore Dollar (SGD) 
  • Turkish Lira (TRY)
  • Russian Ruble (RUB)
  • Mexican Peso (MXN)
  • South African Rand (ZAR) 
  • Hong Kong Dollar (HKD) 
  • Chinese Yuan Renminbi (CNH) 
  • Thai Baht (THB)

In total, there are over 40 different trading pairs using the above forex currencies for seemingly endless combinations.

Five Reasons To Try Forex Trading With PrimeXBT 

Here is the moment you’ve been waiting for! It’s time to find out the five best reasons to trade foreign exchange currencies with the award-winning PrimeXBT trading platform. 

Up to 1000x Leverage

The forex market is volatile, but compared to the crypto market it is a walk in the park. Price movements tend to be between 1-3% intraday at most and can spend a lot of time ranging. 

Professional traders with solid risk management strategies can maximize the profit from each minor price movement with the power of 1000x leverage. Cryptocurrencies trade at a max 200x leverage by comparison. 

Leverage can increase losses dramatically if the market moves against your position, so be sure to get a good read on the market first with technical analysis and utilize proper stop loss protection.  

Long And Short Trading

Because forex markets can range for long periods or give way to powerful trends that can overextend, traders demand flexibility over their portfolio and positioning. 

Long and short positions on the entire list of major, minor, and exotic forex currency trading pairs mean traders get the full control they desire. Spot FX traders who buy forex in lots can also hedge their spot positions using PrimeXBT trading tools. 

Limit orders and OCO (one cancels the other) orders further allow traders to fine tune trading strategies. There is also a take profit order type that closes automatically when prices reach a price target. 

Technical Analysis Tools

Technical analysis is a must for any trader seeking to maximize the probability of success while minimizing the chance of experiencing losses. Traders can look for support or resistance levels to go long or go short, or draw trend lines to form chart patterns like wedges or triangles. 

More than 40 different technical indicators and oscillators are built into the platform and can be toggled on and off at any moment. Popular tools include the Relative Strength Index, Parabolic SAR, MACD, On-Balance Volume, Bollinger Bands, and many others. 

By entering the no-risk weekly competitions within PrimeXBT Contests, traders can backtest trading strategies and technical indicators to formulate a winning system. 

Covesting Copy Trading

Forex traders who regularly show promise can show off their skills by becoming a strategy manager within the Covesting copy trading module.  

Strategy managers can extra earn income from followers’ profit share, who copy the strategy using their own equity. To attract followers, strategy managers must prove themselves by risking the ranks of the Covesting leaderboards. 

Legendary strategy managers of the past made as much as 90,000% ROI and a staggering amount of money for their followers. Covesting strategy managers can trade crypto, commodities, stock indices, and of course, forex currencies. 

The Most Liquid Market In The World

PrimeXBT is the Best Cryptocurrency and Forex Broker, but why do trader’s pick the forex market in the first place? Because it’s the most liquid market in the world!

Crypto traders also like the forex market because it is global and due to the sheer size and scope of the international money supply, forex trades 24/7, 5 and a half days a week. 

Forex currencies also make a great addition to a portfolio heavy in risk assets like stock indices and crypto. They also complement positions in oil, gold, and more, which are quoted in USD — the most dominant forex currency in the world. 

Conclusion: Try The Forex Awards Winner PrimeXBT

While the dollar remains the global reserve currency mostly unchallenged, PrimeXBT also has remained relatively unchallenged in its dominance over forex and crypto trading. 

With the largest selection of forex currencies and crypto assets under one roof, PrimeXBT is the best of both worlds. Find more reasons to love forex trading at PrimeXBT by visiting the official website or downloading the Forex Awards’ Best Crypto Trading App. 

Was this writing helpful?



Source link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More