Most new crypto startups and platforms blossom during a bull market when profits are flowing, and new venture capital is everywhere. The only problem is, as we’ve seen recently with the FTX collapse, these companies crash and burn just as fast as they appeared out of nowhere.
The PrimeXBT margin trading platform is different –– launched during a bear market –– and was immediately forced to show how strong its foundation was from the moment it made its crypto market debut.
Many years and a complete market cycle later, crypto winter has returned, and there is no better place to be than PrimeXBT. The platform is relied and offers innovative acquisition and trading tools to the global trading community that are designed to make money during both uptrends and downtrends.
Here is everything you need to know about the history of the award-winning PrimeXBT.
The Early Days Of PrimeXBT And The First Bear Market
PrimeXBT launched during some of the most difficult months of the last bear market. Crypto trading volume dropped alongside asset valuations, making shorting the only way to survive with capital still intact.
Long and short positions are what PrimeXBT does best. The margin trading platform provides risk management tools and leverage to get the most out of each position taken. Built-in technical analysis software is also included.
PrimeXBT quickly found success by letting crypto holders hedge spot positions and short Bitcoin, Ethereum, Litecoin, and other coins.
Going The Traditional Route Instead Of Sideways
Once the bottom was in, the next brutal phase arrived: a sideways crypto market. Crypto is known for its notorious volatility. When that disappears, the boredom gives both bulls and bears a max pain scenario.
In response, PrimeXBT, which has roots in traditional finance, introduced forex currencies, commodities, stock indices, and precious metals to the platform. For the first time, crypto traders could look for opportunities outside the asset class.
Today, those assets can be used to diversify a trading portfolio. It is an essential part of the all-in-one PrimeXBT experience. Traders don’t need to manage multiple platforms to get a handle on all major markets at once. It was shortly after this that the industry awards began pouring in.
The Partnership With Covesting And A New Era
In the months following, PrimeXBT capitalized on its momentum and formed a partnership with Covesting, a licensed DLT-services provider from Europe, which released its copy trading module on PrimeXBT to take advantage of the rapidly growing community.
The Covesting copy trading module is now an integral piece of the global trading community, representing competition across finance. It also allows passive investors to become followers and automatically copy the trades of strategy managers.
Strategy managers make money from each follower’s success fees, making the system highly profitable for both sides. Strategy managers can make more income than ever before, while followers get to make money from more experienced traders.
The Introduction Of More New Features And Platform Improvements
The Covesting ecosystem grew, adding new features and enabling COV token memberships which unlock additional benefits for followers and strategy managers. It also offers up to a 2x APY boost in Covesting yield accounts which debuted later in the timeline.
Following that development, the PrimeXBT Trading Academy was introduced, allowing new traders to learn from an experienced trader, Dirk Hartig. A massive library of video tips and trading strategies now exists, providing valuable information.
PrimeXBT Contests was also released. It’s a side venue where traders can compete in weekly competitions for a chance to win crypto-based rewards and prizes. The no-risk trading environment enables an opportunity to practice trading or backtest technical indicators.
An Award-Winning App And Trading Platform Experience
The company added a way for crypto investors to buy BTC, ETH, USDT, USDC, and other popular cryptocurrencies and launched a mobile application for free on Android and iOS devices where the full suite of PrimeXBT trading tools can be accessed.
The app earned the Forex Award for Best Crypto Trading App, while the platform also won Forex Awards for Best Crypto Trading Platform and Best Crypto and Forex Broker. PrimeXBT also won the ADVFN award for Best Bitcoin Margin Trading Platform.
The most recent industry honour was for The Most Trusted Crypto-Asset Trading Platform from Crypto Expo Dubai, making it one of the more decorated brands in the finance industry.
Conclusion: What’s Next For PrimeXBT?
After many incredible years in operation and many positive surprises, there is no telling what the innovative platform will roll out next. With such a history behind it, this also means that PrimeXBT is reliable. In today’s market environment, that alone is worth its weight in gold.
To learn more about what PrimeXBT has to offer, check out the official website or download the PrimeXBT app from the Google Play Store or Apple App Store.
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece.