The Primexbt Security – Is it safe?

For example, it is supposed that you have $10,000 in your trading account and you bet with $100 on BTC is going to long(BUY) (you expect the price to go up). You do so with 100x leverage. In case BTC then increases in value by 10%, if you bet only $100, you will earn $10 by just simply keeping Bitcoin. Now, when you bet $100 with 100x leverage, you can earn an extra $1,000 instead ($990 more than if you had not used your leverage). On the other hand, if BTC drops in value by 10%, you have lost $1,000 ($990 more than if you had not made use of your trading). Thus, as you can imagine, the great increase in price is always accompanied by the great risk.

Study on the leverage of PrimeXBT

Primexbt provides leveraged trading on its trading platform, which means you can receive a higher contact for increase or decrease in price of a certain type of cryptocurrency without necessary assets. It can be obtained if you “make use of” your trading, in a simpler expression, you borrow from the trading platform in order to bet more.

For people without clear understanding, the trading on leverage is a way for individuals to get contact with more assets than the amounts they have deposited. This gives traders an advantage when earning money from “borrowed amounts”, You’ll need to pay a fee when borrowing, you can learn about the trading fee, please see this article: Trading fees on Primexbt

Another advantage of trading with leverage in general is that it allows you to execute selling short for your assets. This means you can earn money when the price of assets reduces, for example in case of having a selling position, and you are borrowing coins mentioned to be sold in the future.

leverage of PrimeXBT

As mentioned, the maximum leverage on PrimeXBT is 100:1 for crypto currencies pairs and up to 500:1 for a number of their forex pairs. This means that you only need to deposit 1% of the required capital in order to reach that position. The high leverage corresponds to a high risk, but the exchange supports Stop limit and Take Profit tools for Traders to actively manage account portfolios.

The accurate leverage you will be allowed for a position will depend on the type of asset you are trading as well as the size of the position you are taking. For example, there are basic requirements for deposit and the resulting leverage for a range of assets.

The security system of PrimeXBT is safe or not?

There are more and more news about hacks of trading platform for cryptocurrency. Thus, one of the most important considerations for traders is security. And this is one of our major criteria for assessment when categorizing a trading platform. Let’s learn about the Primexbt Security

The entire section on the information page displays in details about the security protocols used by PrimeXBT.

  1. Exchange Security

Almost coins held at PrimeXBT are in Cold Storage, which means they are kept in a safe offline environment and avoided away from the internet connection and the threat of potential hackers.

cold wallet PrimeXBT

Cold storage wallet is a solution for storing crypto assets that isn’t connected to the internet. Therefore there is no way to access the funds held there.

Hot storage wallets, on the other hand, have a direct connection to the internet and the exchange’s server.

In order to execute current payments and withdrawals, users will also need to run a “hot wallet” but only a limited amount of money held in this state. When users desire to make any movement from “cold wallet” to hot wallet, they have to use right of multi-signature access.

It can be understood that, if users desire to carry out any trading in PrimeXBT wallet, they will need the authorization of a number of different people holding those keys. This reduces the risk of a single point error.

In terms of other security protocols, they also use Cloudflare’s technology to minimize the risk resulting from Distributed Denial of Service (DDoS) attacks. Finally, they also own advanced hardware modules where they run their trading technology. They are stored on server of AWS web which is known to be one of the best in the industry.

Proactive protection with manual withdrawal process, If any withdrawal order is abnormal, we will keep it and verify to prevent hackers from stealing or using bugs to withdraw money from the system. PrimeXBT processes all pending withdrawals once a day, between 12:00 and 14:00 UTC. A withdrawal requested before 12:00 UTC will be processed on the same day. Any withdrawal requested after 12:00 UTC will be processed on the next day.

  1. Security of contact information

Like almost current trading platforms and financial websites, Primexbt Trading Platform has full SSL encryption (SSL stands for Secure Sockets Layer, which is the standard for secure technology, encrypted communication among Web servers and browsers). This means that all contact information that you send to the trading platform is encrypted and it is very difficult for any bad actors to intercept.

It will also help you determine whether you accidentally access any fraud website or not. This is because the actual site for access has to own a secure lock in the browser. If you do not see this notice, it means you may be on a fraud website and should leave it immediately.

In terms of storing your passwords, Primexbt claims to use the “bcrypt” algorithm. This means that even if any hacker accesses to the server of trading platform, they cannot read them.

  1. Security of user

Even if hackers steal passwords, Primexbt requires a two-factor authentication(2FA). This means that you will have to authorize login through the Authenticator of Google, Authy

security for user PrimeXBT

It is not imperative for you to activate 2FA on your telephone although it is highly recommended. You can do this quite easily through options of account management in “Settings”. PrimeXBT will provide you with a QR code and a private key.

In addition, some features such as tracking IPs logged into the account, login reports via Email, Account verification feature help you to be more secure if any arise when it happens.

Comments (No)

Leave a Reply