Cryptocurrency trading firm PrimeXBT has enhanced its offering to provide a cross-market platform that allows traders to transact across a plethora of both crypto and fiat currencies.
Not without risks, margin trading via PrimeXBT now covers five new currencies, including the Mexican Peso (MXN); the South African Rand (ZAR); the Hong Kong Dollar (HKD); the Chinese Yuan Renminbi (CNH), and the Thai Baht (THB). The company has also added five new trading pairs.
The new assets, and their pairs, include:
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PrimeXBT has initially launched trading on 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.
PrimeXBT, which claims it handles more than $200 million in daily volumes, has also released a product that mimics the attributes of binary options trading. Called ‘PrimeXBT Turbo,’ the platform may appeal to the same type of people who traded binaries in the past or even those playing poker online.
PrimeXBT’s bitcoin-settled synthetic contracts offer a form of trading in which you predict if the price of Bitcoin will rise or fall in a certain amount of time. Each contract has a specific expiration date at which the platform checks to see if you expected the correct direction. Each ‘Bitcoin binary option’ also has a specific payoff that you can win, up to 90 percent.
With a duration of just 5-seconds, 30-seconds, and one-minute, don’t kid yourself. This is a gambling product, pure and simple.
The proliferation of cryptocurrencies as binary options is not a fresh idea as traditional binary options platforms were aware of this popularity when cryptocurrencies were experiencing a boom. Seeing these trends play out, some native crypto firms have put their heads together to offer a similar product.
Founded in 2018, PrimeXBT offers leveraged trading, real-time market data, and analysis tools across a wide spectrum of crypto assets. The company has the aspiration to bridge the gap between cryptocurrencies and traditional asset classes, boasting features including 100x leverage, advanced order types, and charting tools.