All About PrimeXBT V2.0 And Why The Update Is A Big Deal For Traders

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Today, the all-new PrimeXBT V2.0 launched for the first time, bringing about the much anticipated, first major upgrade to the award-winning trading platform since its launch in 2018.

Within the all-new look and user interface, the upgrade enables a wealth of new features for traders to take advantage of, including multi-currency account support for Ethereum and top stablecoins. Here’s what’s under the hood in PrimeXBT V2.0 and why this is such a big deal for the trading community.

The Cryptocurrency Industry Is Evolving As Bitcoin Adoption Spreads

The cryptocurrency market has evolved over the last several years, but the previous year has seen developments in nearly every sector of the industry. Bitcoin adoption is taking off, DeFi is exploding on Ethereum, stablecoins have carved out an enormous niche for themselves, and the projects built years ago are now turning into usable products.

Elsewhere in the market, trading platforms have also been stepping up their games as droves of new users flood the space seeking to get in on this once-in-a-lifetime secular shift from investing in traditional assets into digital.

Such is the case with PrimeXBT, an award-winning Bitcoin-based margin trading platform that is now expanding its accounts to support added currencies ETH, USDT, and USDC as part of the PrimeXBT V2.0 update. In the future, the company plans to add even more currency options, including fiat.

The move both caters to the growing crypto user base and the ecosystem surrounding Ethereum and stablecoins and provides traders with a more reliable base currency for risk management.

PrimeXBT V2.0 Supports Expanded Crypto Market, New ETH and Stablecoin Accounts

PrimeXBT has long offered solely Bitcoin-based margin accounts for the sake of the flexibility Bitcoin provides and its growing use as account collateral. Studies speculate that the cryptocurrency could disrupt the $20 trillion collateral market in the future.

Elsewhere in the cryptocurrency industry, the DeFi trend built on Ethereum and the abundance of capital in stablecoins have made these assets an undeniable force as collateral. To serve the growing demand, PrimeXBT has added multi-currency accounts in ETH, USDT, and USDC.

The benefits of accessibility speak for themselves; however, the real reason this matters so much to traders is that those relying on stablecoins instead of highly volatile crypto assets can nearly eliminate all risk associated with margin account base currencies.

In the past, a trader’s short position could have been earning them BTC, but because the price of Bitcoin was dropping, so would their account value in USD. With PrimeXBT V2.0 and margin accounts denominated in stablecoins, what you see for PnL is what you get.

How Traders Can Leverage New PrimeXBT V2.0 Margin Accounts

Beyond the new update’s ability to better hedge against market risk and to provide more options for traders globally to access the platform, PrimeXBT V2.0 brings with it several visual enhancements that are immediately notable.

Support for each type of currency added is included everywhere, with a separate margin account created exclusively for each currency type. A new main area has been added to the account dashboard, providing users with a snapshot of everything they need to know within a glance.

This includes open positions, PnL, account balances, and quick links to critical areas of the site such as deposits, withdrawals, and much more. Margin accounts have seen an upgrade, with advanced reporting enabled for better accounting and tax reporting.

Upgrades extend across nearly every section of PrimeXBT, including the brand’s four-level referral program and the Covesting copy trading platform. Referrals can now be earned in USDC, USDT, ETH, and BTC, depending on what currency the referred user relies on most.

Covesting has a similar separation between margin accounts for followers and strategies, with each strategy denoting which account currency it uses. Followers can then follow strategies that utilize the same base margin account currency they’ve deposited, and copy their successful trades.

PrimeXBT In 2021: New V2.0 Upgrade, Same Award-Winning Formula

Aside from all that’s new, underneath the new PrimeXBT V2.0 enhancements is the same reliable trading platform that has grown to billions in trading volume each day.

Users can still fund their accounts using minimal deposits to long and short CFDs on crypto, forex, gold trading, oil, the S&P 500, and much more. More than 50 different assets are offered, all using BTC, ETH, USDT, or USDC-based margin accounts.

The new V2.0 upgrade is out now on PrimeXBT, be sure to check it out and see what’s been added.

Photo by Pierre Borthiry on Unsplash

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.