The PrimeXBT trading platform revealed on Wednesday, 22 August 2019, that it has reduced its trading fees for crypto and forex trades.
The newly announced fee structure features lowered overnight financing fees on all crypto trading pairs, in addition to a reduction of ten times in trading fees across all forex pairs.
According to a PrimeXBT spokesperson: “We are delighted to offer new reduced fees to PrimeXBT platform users. We believe that traders should focus on trading opportunities rather than on costs. Oftentimes, amazing profit opportunities are being missed only due to unreasonably high fees. And we don’t want that – we are here to provide the best possible trading environment for our customers.”
PrimeXBT currently supports trading on its platform for five different cryptos including Bitcoin, Ethereum, Litecoin, Ripple, and EOS and also provides a 100X leverage. The company though has stated that it believes the forex market is the ‘largest and most liquid market in the world, making forex ideal for intra-day trading with leverage’. Thus they have more forex currency pairs, 18 in total, which includes USD and EUR or GBP and JPN. The platform offers up to 500x leverage on crypto, forex, commodities, stock indices, derivatives, and other assets.
PrimeXBT is a registered company in Seychelles which opened its services in early 2019. A week ago, the company announced that they are preparing to move their operations to Switzerland. The company has reportedly already begun transitioning its trading infrastructure.
After the announcement was made, trading fees for all forex pairs have been reduced ten times their initial value. Not only that, but the trading fees on spot contracts for gold and silver have also been decreased tenfold.
The new commission structure introduced by PrimeXBT will be advantageous to high-frequency traders, as they will be able to earn more profit on successful trades.
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