 What is going on guys welcome back to Bitcoin daily. I am Jay and today we are doing a tutorial on Prime XBT. It is a Fairly new platform that we've used before and we've had a lot of questions about it and It is you can use leverage on the platform and you can trade Not only cryptocurrencies you can also trade forex you can trade CFDs you can trade the indices you can trade oil and gold Silver stuff like that. So it's a very very unique platform That we'd like to introduce to you guys and share with you guys. So enjoy this tutorial and Let's get it register an account The registration process is quick and simple Go to the registration link in the description of this video by going down hitting show more and clicking the link Once you click the link hit open free account and that's going to take you to this page Here you're going to choose your credentials It's optional to provide your phone number Then just agree to the terms and condition and hit register Understanding the account interface So when you first log in this is the landing page You'll see on the top there's five different tabs The tabs consist of the account Which is where you make deposits withdraws change account settings and keep track of your accounts activity and statistics The next tab is trade also known as a trading terminal This is a section used to monitor the market place trades and control your orders and positions The next one is turbo Turbo is a short-term Bitcoin Settling contracts where you bet whether the price is going to go up or down. We'll get more into that in a bit The next one is co-vesting Co-vesting is a strategy management and following tool We'll also talk more about this And then the last one is analysis Analysis is basically charts by trading view for technical analysis So let's talk about the account section the account section of the platform allows you to manage your account Here you can place deposits and withdraws change account language Security settings and keep track of your affiliate referral network The account summary page is used to monitor trading history and account statistics This page consists of four parts the wallet trading account account status trading history and account statement, but The promo code page allows you to redeem unique promo codes and reflect information about any Activated promo campaign on your account this page consists of two parts the promo code and activated campaign the deposits This reflects information about your deposits and allows you to make deposits to your wallet The withdrawal page allows you to place or cancel withdrawals and reflects all external withdrawal history The affiliate earnings or refer an earned page Allows you and reflects the information about your referral network and your payouts Last but not least the system the system preferences page Allows you to change the system settings such as language email notifications to FA, etc understanding the trade interface The trade section also known as the trade interface is where all trading actions are performed The trade section of the platform is used to monitor the market place trades control your orders Positions and reflects detailed statistics of your trading account Regular trading account and co-vesting fund trading account have separate independent trade terminals The add widgets button allows you to open the widgets menu and add widgets to your workspace Clicking on the add widgets button will bring up the widget menu. There are seven different widgets Which can be added to your workspace The trading mode button allows you to select the desired trading mode Clicking on this button will bring up the trading mode menu There are three trading modes Regular trading a new order form is brought up whenever you attempt your attempt to place a trade This will allow you to select a dish additional parameters for your trade before sending your orders Additionally, you will receive a confirmation prompt whenever sending cancelling closing an order or position The one click trading allows you to control orders and positions with one click Orders and positions will be sent canceled and closed immediately and without confirmation prompts Default order type is set to market. No protection orders are attached to new orders But can at be added manually after an order has been placed New order quantity is defined by the quantity selector near the trade the red or green buttons Double-click trading allows you to control orders and positions via double clicks When double-clicking orders and positions will be sent canceled closed immediately and without confirmation prompts Default order type is set to market. No protection orders are attached to new orders unless added manually after an order has been sent New order quantity is defined by the quantity selector near the trade Buttons No, make sure that exercise caution when using one click and double-click trading as Accidental clicks can lead to unwanted orders being placed Trading account statistics reflect current trading account info Workspace is the area of the trade page where all your widgets are shown all trading is performed on your workspaces The four default widgets are chart watch list positions and orders You can add or remove any widgets from your workspace Also, you can move rearrange and resize widgets by clicking and dragging them by the borders So making your deposit Navigate to the deposit page of your account Once you're there, you will see that there are currently two deposit options on prime XBT direct BTC deposits and alternative deposits To do the direct BTC deposit from your personal Bitcoin wallet to your prime XBT wallet All you have to do is copy your personal prime XBT wallet address and Paste it into the destination field on the site or wallet service from which you are sending funds or use the provided QR code as you can see right here Now the alternative deposit allows you to buy Bitcoin using a credit card or via currencies via their partner CEX and have it transferred over to your Bitcoin wallet So to purchase Bitcoin click buy Bitcoin Once you click that it will bring up the CEX widget Here you just got to select your currency and the amount that you wish to purchase then just hit buy Once you hit buy just go ahead and enter an email address So I'm just going to enter something random Select country. So I'm in the United States select a state Some not all states are able to buy Bitcoin. So that's one thing you need to keep in mind Then you hit next On the next page, you're gonna this is gonna come up So here you do have to upload a picture of your ID document to CEX.io and enter your payment information then click next The third step is you confirm your payment after your payment has been confirmed You'll receive an email from CEX.io with purchase confirmation and details of your Transactions such as the CX ID and the amount of BTC purchased available trading pairs There are over 50 unique asset markets offered by PrimeXBT with up to 1000 leverage. This includes crypto currencies such as Bitcoin, Ethereum and Ripple CFDs for major stock indices like the S&P 500, the ASX 200 or the DAX 30 The world's most popular forex currency trading pairs across USD, JPY, AUD and many more Commodities like natural gas, Brent and WTI crude oil and precious metals gold and silver The variety provides more opportunities to profit than most other competitors and offered unrivaled portfolio diversification right now traditional markets are especially attractive for traders making PrimeXBT an exceptional value proposition So let's talk about leverage First of all, here's a disclaimer Trading with leverage carries a high level of risk Leverage can work both to your advantage and Disadvantage. As a result trading with leverage is not suitable for all investors If you're a beginner you should not be trading with leverage If you're not a profitable trader without leverage then you should not Be trading with leverage Leverage just emphasizes your results. If you're a profitable trader, you will be a bigger profitable trader If you're a losing trader, leverage will make you a bigger losing trader Leverage or margin lets you open a much bigger position than what you have in your account You can use up to 100X leverage on a trade When trading cryptocurrencies on PrimeXBT To get more detailed on how much leverage you can use on each particular asset you can go to the information section on the top menu Next click fees and conditions on the menu on the left So trading with leverage on PrimeXBT is a little bit different than other exchanges like BitMEX and ByBit so BitMEX and ByBit have used what's called isolated margin and PrimeXBT only uses cross margin So I went ahead and did a little research and got you exact answers from PrimeXBT themselves So this right here is a tweet from someone that was asking the same question that you're probably asking It says I'm confused about how you select your leverage on PrimeXBT. For example How can I trade VTC on 10X leverage? They replied someone replied you can't select it's automatic based on your trade size So for example if I have a hundred dollars worth of VTC and I try to open a position worth a thousand dollars It will automatically use 10X leverage and set the liquidation price appropriately I'm just used to the way BitMEX works is all So here was the direct answer from PrimeXBT They said correct you adjust leverage by adjusting your position size Liquidation will occur once you're available balance becomes less than margin required to maintain position So that's plus minus total unrealized PNL It's called cross margin versus isolated margin. That is used on some other exchanges Then someone else asked so if my position size is 5% of my available margin Then I am trading at 5X leverage and PrimeXBT replied that is correct This is much more simple than manually adjusting leverage for every single position Also more safe against liquidation because cross margin includes all unrealized profit from other positions into available margin and That's pretty much it guys So I just wanted to go ahead and show you directly from them their answers on how you can control your margin Because the margin on PrimeXBT It's not like you do it on BitMEX, which I know a lot of you are probably used to Where you do you do isolated margin and you choose what size your margin is Here it's all based on your position size So be careful when entering positions here Make sure you pay attention to your size Very very important making your first trade So first you're gonna need to transfer your funds from your wallet to your trading account on the account summaries page In order to do that just go up here to this tab where it says account click it Now you're gonna see here it says wallet and here it says trading account So I currently don't have any funds in here But if I did then this right here would be green and I'd be able to click it Where it says fund trading account what that does is fund your trading account and now this is the money that you can trade with Once you've done that to place an order open the trade section on the top here In the chart widget Right here on the left corner You're gonna choose which pair you want to trade and You're gonna choose the size of your position So we're just gonna hit one now. You're ready to sell or buy depending if you want to go short or long Once you've decided which one you want to do just hit it Over here order type you can select market you can select limit stop or OCO Select your amount Make sure you have what's which of the way you want to go and Then you hit place stop loss take profit. I always always always recommend Setting this up your stop loss and take profit if you don't know what your stop loss and take profit is you should not be entering a trade You say it again For those of you in the back If you do not know what your stop loss and take profit is If you do not know where we're gonna be cutting your trade if it's wrong And taking profit if you're right if you don't know where those two points are do not enter the trade Because you're going to fail that is not how you trade But once you have that all set up then you go ahead and hit send order So let's talk a little bit about quarter types Market order, which is the first one here is in order to be executed immediately at first available market price Traders use this order type when they have an urgent execution Market order is the default choice in order in the order form after you click buy or sell You only need to fill the amount of asset you're willing to buy or sell All right, the next one is a limit order Limit orders are used to specify a maximum or minimum price The trader is willing to buy or sell at traders use this order type to improve their entry exit price however, they do not guarantee execution as There is a chance that the market man may not reach the limit order level Limit price must always be lower than the highest ask for buy orders and higher than the lowest bid for sell Please note that the system will warn you if the order is too high or too long To complete the order you have to choose the order duration So let's click on the limit. So choose the order duration. You have two options So you have GTC, which means good till canceled and day And the system will show you how many hours remain until the order is canceled if not executed. So as you can see there expires at 20 and Remains four hours and three minutes. So if you set a limit order, then you have it set as a date order and In the four hours and three minutes, it does not execute that means that Your order will be canceled and it will not fill Okay, you can also set up protection orders by checking the tick boxes It will expand from expand the form and allow you to set up a stop loss and take profit price. So This is right here boom boom you set that up by the beam by the boom all done Next is the stop order a stop order is an order to buy or sell an asset once the price of the stock Which is a specified price known as the stop price when the stop prices reached a stop order becomes a market order traders use this type of order for two main strategies a risk management tool to limit losses on existing positions and As an automatic tool to enter the market at a desired entry point without manually waiting for the market to place the order a Buy stop order is always placed above the market and a sell stop order is placed below the market All right. So as you can see here Stop and then the last one we have is the OCO or the one cancels other It's a conditional order an OCO order allows you to combine two different orders under special conditions Once one of the orders is triggered and executed the second order is automatically canceled Example of an OCO combination of two different orders Buy stop order plus sell a limit order if either the stop or limit price is reached an order is executed The second order automatically gets Canceled all right Oh, is that this flashing things like they're on the off hum and OCO order allows you to combine different Combined different as was identical order types. So you could do a stop stop plus a limit order Right to you the stop plus a limit you could do a stop plus another stop Or you could do a limit and a limit so you could do two different orders, right? You can do two different types of orders once one of the orders triggers then your work your other order is canceled So for example if I wanted to Say buy a dip at 10600 I would do 10,600 I Would set that order up and then if I wanted to set up a stop in case The price instead of going down to that support shot up beyond its current resistance I would do that boom So now I have my order set at 10,600 if it's dips to support or above Let's make sure it's above Now we could say it above 10,800 in the Scene scenario where it doesn't come up I mean doesn't drop down to my desired price and it breaks out instead now. I could play both of these Strategies together and once one of them triggers the other order will cancel All right, so let's jump into what is co-vesting All right, so cold the co-vesting model Module allows traders to set up and manage a strategy and or follow another trader strategy a Strategy is a pull of traders personal funds, which is visible to the public and can be followed by others This provides an excellent opportunity for both experienced successful traders and followers to greatly boost each other's profits potential Co-vesting is an excellent opportunity to earn profit for both active traders who wish to manage a strategy as Well as for anyone who wishes to earn a passive profit by following successful strategies of other traders As a trader you can create and manage your strategy others can follow your strategy and Automatically replicate your trades on the market You will then receive a percentage of all profits made by your followers thus maximizing your profit potential If you look here, this is the co-vesting page and you can see other traders their total profit and Today's profit How many days they've been active how many followers they have and how much followers equity there? They have in their strategy So you guys are probably wondering what is Turbo what is this thing turbo right? So if we go ahead and click it click on the turbo you will see this pop up And I actually rather see these candles versus that. I don't know about you guys, but I'm more of a These type of candles type of guy So what this is called is actually prime Xpt turbo it's a simple user friendly platform that allows you to earn by predicting short-term price moves of various assets such as Bitcoin gold S&P 500 oil and more Simply all you have to do is predict the chosen assets price well, you know whether it's going to be higher or lower than its current rate in the next 10 or 15 minutes and Once you do that you can earn between 60 to 90 percent of the amount of your investment To begin you choose an asset and the price direction that you want. So let's say Bitcoin we're going to do that money and We're going to predict to what price is it currently at right now. I'm gonna do 10 minutes It's at 7 we're gonna say Down trade one click So once you do that, then the confirmation window comes up It tells you your potential profit is 70% and that's the amount of Bitcoin You would earn back if you're right within the next 10 minutes and Hit confirm as soon as I hit confirm notice how the market Instantly goes against me because they got the notification in their phones Bitcoin Bitcoin got the notification everyone with it with Bitcoin and it said hey Bitcoin J. Just bet the down Everybody buy and an in silly pumped up. So any anytime you guys want me to pump your bags Let me know I'll buy in the opposite direction and it will pump up guaranteed So once you choose it, you just wait the 10 minutes once you have the order going You can see your open positions here You go look at your trade history. You see I did one already and I lost it. I didn't get it, right? I'm telling you I don't get them. I don't get these right when I tried it You look at all the trades you can look at the leaderboards. This guy's earned for Bitcoin doing this this guy is a legend and You can change your ID name and all that fun stuff. So Yeah, like I said guys tell me which way you're going I'll do the opposite way and you'll see that it will pump like this just like this. Oh Also, I forgot to tell you guys There's a demo account. So you guys can use the demo account to play around with it like I am I'm not just throwing money in here. Um, I Probably would will never just throw money in here to bet up or down on this But in case you're interested in this sort of thing do it with the demo account Play around with it. See how you do if you're as good as this legend up here, then go ahead and do it So last but not least fees and overnight financing So there are two types of fees trade fees and overnight financing fees Trade fees is incurred each time you buy or sell assets on the market an example each time you open and close a position So for cryptocurrencies if the is 0.0 5% for 4x 0.00 1% for indices and commodities 0.01 percent overnight financing is due for any position that is carried into a new trading date past 0000 UTC and is withheld from trading account balance a trading date lasts from 0000 UTC to 2359 UTC any position closed before that time will not be charged at all That is it guys. I hope you enjoyed it man It took a little bit for us to put this together So I really hope you guys found this useful and are able to learn and are able to go ahead and start using this platform After watching this tutorial if you guys have any other questions drop it below in the comments And I'll be happy to help you guys out. Thank you very much. Peace and love as always