Cryptocurrency trading firm PrimeXBT has enhanced its offering to provide a cross-market platform that allows traders to transact across a plethora of cryptocurrencies and other financial instruments — including forex, 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.
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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.