Secure the best trading platform Primexbt

Starting from the beginning of 2019, PrimeXBT has expanded its premises to open St.Vincent and Grenadine offices. Furthermore, the company has moved its commercial infrastructure to Switzerland. With a daily trading volume of $375 million on the platform, the platform has achieved great success in a very short time.

A lot of PrimeXBT's success can be attributed to the platform's leveraged trading for a diverse range of assets. These assets include six crypto pairs and multiple forex/commodity assets with 100x and 1000x leverage, respectively.

Furthermore, the platform makes great use of the liquidity offered by the notable larger exchanges and market makers in the industry by aggregating it. With traders from over 150 different countries, PrimeXBT is one of those rare platforms that doesn't have a huge number of restrictions; however, it restricts trading from some countries and provinces such as the United States and Quebec.

Is PrimeXBT safe?

With more and more high-risk coins, projects, tokens and products being introduced to the market, you have to do your own research. Understanding a company's viability, finances, concepts, mechanisms, and security is important when choosing a platform for your transactions. Interestingly, PrimeXB has an entire section on its website detailing the various security protocols it uses.

Security Exchange

With increasing attention from malicious users like scammers and hackers, many exchanges have fallen victim to them. Billions, if not millions, of dollars have been stolen from notable exchanges. Considering the risks associated with negative attention from hackers, PrimeXBT keeps most of its coins in cold storage.

PrimeXBT keeps user funds in a secure offline environment, away from any internet connection, thus greatly reducing risk. Although to manage their current payments and withdrawals, the platform has no choice but to use hot wallets; however, only a limited number of assets are held in hot wallets. PrimeXBT used multi-signature access to any movement from cold wallets to hot wallets to further enhance the security of their exchange.

This means that in order for transactions to take place on the platform's wallet, they need to authorize transactions from several key holders. Doing so will greatly reduce the risk of a point of failure.

In addition, PrimeXBT uses CloudFlare's technology to mitigate the risk of potential Distributed Denial of Service Attacks, commonly known as DDoS. Finally, PrimeXBT has also implemented advanced hardware modules to implement their trading technology by hosting on AWS web servers, which are known to be some of the best in the industry.

Confidentiality of contact information

PrimeXBT Tradingis fully encrypted with SSL encryption. This means that all user communications with the platform and across the platform will be encrypted, making it harder for hackers to hear and breach.

Moreover, it will also help users to determine if they are on a scam or phishing site. Usually, websites without SSL encryption are considered unsafe and can harm you.

Finally, PrimeXbT uses bcrypt, a popular password hashing algorithm, to store users' passwords. This means users can relax without worrying about their passwords and data being compromised by hackers.

User security

Despite all protocols, let's say a hacker gets access to your password. PrimeXBT has taken all the necessary steps to make security impenetrable. In the case of a hacker, gaining access to a user's password will still keep the account secure, thanks to the 2FA protocols established on the platform. This means that users must allow login on their phone through Google authenticator or other authentication methods to gain access to the account.

Although, with the security protocols established by PrimeXBT, it is very unlikely that hackers gain access to your account; however, you can always go further with setting up 2FA on your phone. Setting up 2FA on PrimeXBT is relatively easy. All you have to do is navigate to the security settings, scan the QR Code, store the backup key and that's it.

Note that you must keep the backup key safe in case you want to reset your 2FA. Suppose your phone is stolen or lost; you will need a backup key to gain access to your account.

Finally, PrimeXBT is one of the few exchanges that requires mandatory white-labeling of Bitcoin addresses when withdrawing funds. PrimeXBT has set up these protocols so hackers can't transfer your funds to fake addresses if your account is compromised.

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PrimeXBT Leverage

If you don't know what leverage is, don't worry; Let us explain. Leverage or leverage-based trading is a process by which traders gain more exposure to an asset they have invested in, allowing traders the opportunity to capitalize on borrowed funds.

When leveraged, traders can potentially enhance their profits by specific factors. However, this also works for losses. Just as profits are exaggerated, losses are also exaggerated.