PrimeXBT Honest Review - The Bitcoin-Based Crypto Trading Platform
PrimeXBT is a leading bitcoin based crypto trading platform established in 2018. The platform permits the trading of a wide range of financial markets, including cryptocurrency, Forex, Indices, and commodities, using Bitcoin as collateral.
The crypto trading platform was registered in Seychelles under its holding company PrimeXBT trading services, license number 148707. PrimeXBT is an efficient trading platform that provides exclusive trader tools that both new and experienced traders can use.
It offers different types of orders like a limit order, stop-loss order, leverage trading, and permits the users to trade on traditional and crypto markets using Bitcoin.
PrimeXBT also offers margin trading up to 1000 times your initial investment amount. It also has a novel "covesting" feature that lets you see and mimic the trading moves of top-investors on the website.
Also, it offers copy trading and turbo trading option that allows you to make short-term price predictions. If your guess is correct, you make a quick double-digit profit.
Unfortunately, PrimeXBT is not available in 14 countries including the U.S. and Canada. This cryptocurrency exchange is a good fit for: Experienced users looking for advanced features and opportunities designed to increase profitability.
New users will enjoy the ability to copy the trades of experienced traders. All users will benefit from being able to trade different kinds of assets including crypto and major stock indices like the S&P 500.
Official Website: https://primexbt.com/
Found in: 2018
Native Token: None
Listed Cryptocurrency: Bitcoin, Ethereum, Litecoin, Ripple, EOS
Trading Pairs: BTC/USD, ETH/USD, LTC/USD, XRP/USD, EOS/USD, ETH/BTC, LTC/BTC, EOS/BTC, XRP/BTC
Supported Fiat Currencies: None
Supported Countries: 150+
Minimum Deposit: 0.001 BTC
Deposit Fees: 0
Transaction Fees: Average
Withdrawal Fees: 0.0005 BTC
Application: iOS and Android
Customer Support: 24/7 Live chat & Email Support
Buy and hold or trade cryptocurrencies, S&P 500, Gold, EUR/USD, and 30+ other assets in one Bitcoin-based account. Open PrimeXBT Trading Account!
With PrimeXBT, the social trading feature allows a trader to track trades, automatically copy the trades of other successful traders, and use them for their benefit.
Unique Features of PrimeXBT
Prime XBT allows its users to use bitcoin-only accounts and they can make deposits using Bitcoin, Tether, Ethereum, USD Coin, etc. All the trades executed on the platform are carried out only in Bitcoin.
Prime XBT trading services offer privacy to their cryptocurrency traders meaning a user does not need to undergo any mandatory KYC process before they start trading.
Even though it is self-regulated, it has partnered with numerous anti-money laundering authorities around the world. The crypto trading platform is well-designed and innovative with widgets that can be customized.
It provides over 12 integrated liquidity providers capable of executing over 12,000 orders a second, and enables the average market orders to be executed immediately.
Quick sign-up process
A demo account available
A user does not need to submit to KYC procedures.
Lower trading fees, maximum leverage, competitive trading conditions, and competitive service fees.
Trades can be executed super-fast
It offers margin trading in traditional assets and cryptocurrencies. Offers 1000x leverage of up to 1:1000.
Minimum deposit is 0.001 BTC.
Both new and experienced traders can use the platform.
Trade cryptos, foreign currencies, major stock indices, and commodities
Affiliate Referral system
Novel covesting feature
Copy trading platform
Robust technical analysis tools and charting
No demo accounts
Clients in the US, Canada do not come under the supported countries list.
Self-regulated and does not offer fiat currency deposits and withdrawals.
No spot trading.
Few crypto trading pairs
Not available in 14 countries including the U.S., Canada, and Japan
No lending or staking services
Limited direct crypto transfers
Prime XBT allows you to secure your account using email plus password combination along with Google Authenticator-based 2FA.
Account Opening Process
To open an account with PrimeXBT, click here to register. The registration process takes less than a minute because no personal details or verification is required.
The user needs to fill in their details like full name, email, and have a strong password. Next, accept the terms of the service and submit your details.
A verification email is then sent to the trader’s email ID. After confirmation, you will be automatically logged in to the account. There are no KYC processes, forms, verifications that Prime XBT requires.
The next step is to deposit funds into your PrimeXBT trading account. You can also use a credit card on a widget to buy bitcoin and deposit to start trading.
The principal fees at PrimeXBT are Trade fees and Overnight Financing. PrimeXBT charges trade fees or commissions on the trades executed.
The trading platform also charges overnight finance fees for holding a position open overnight, but this varies from trading pair to pair.
PrimeXBT offers lower fees, and it does not charge any fees on deposits. Withdrawal fee is 0.0005 BTC, which is a standard fee to cover the Bitcoin transaction cost.
A trading fee is charged when a trader opens or closes a position every time. This exchange transacts only with cryptocurrencies. It has a widget in its deposit section where the user can buy Bitcoin through a credit or debit card.
If a user already has bitcoins, it is simple to deposit them into their account through the bitcoin deposit address. Funds withdrawals is a simple and straightforward process.
A user needs to input the quantity and have a personal bitcoin address to proceed with the process. PrimeXBT platform provides address whitelisting, with already preset addresses that can be used for withdrawals.
Below is the list of fees charged by the PrimeXBT
For cryptocurrency trades, 0.05% is charged
For Indices and commodities, 0.01% is charged
For Forex, 0.001% is charged
Products Offered by PrimeXBT
This platform supports cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, EOS, and other supported cryptocurrencies. PrimeXBT also offers trading of some of the most popular indices like S&P 500, FTSE 100, ASX 200, DAX30, and more.
A user can trade in the Forex market using minor or significant forex pairs. There are commission or trading fees when you execute trades. For commodities, you can trade gold, natural gas, crude oil, etc.
PrimeXBT Trading Platform
PrimeXBT is a good trading platform designed for both new and advanced traders and provides a hassle-free online trading experience.
Even though it has several advanced trading features, it offers a browser-based platform that does not require installation or software downloads.
The crypto trading platform offers more trading chart types and analysis tools, 50 technical indicators, etc. The platform’s interface is fully customizable and provides various execution methods, trading histories, and visualization tools.
P.S. Some copy trading platforms may ask you to choose how much of your funds you want to allocate to a specific trader, which helps keep your risks under control.
For example, if a trader opens a buying position on gold with 5% of their trading account size, the same trade would appear in your trading account.
You may limit the risk per trade to any level you want in case you’re more risk-averse than the trader you follow.
Copy Trading Platform
Want to automate your trading by copying the best traders out there, trade by trade? Then copy trading is for you.
As you may guess, copy trading allows you to automatically copy professional traders without having to analyze the market by yourself.
In copy trading, the only research you need to do is to find a profitable trader on a copy trading platform.
PrimeXBT trading platform offers a simple way to filter through the trading results of experienced traders, making it easy to find the one that best fits your trading style and risk tolerance.
When a trader that you follow opens a trade, the PrimeXBT opens the same trade on your account, automatically.
You may also choose how much of your capital you want to allocate to a trader, as well as your total risks per trade.
PrimeXBT offers a Turbo trading platform and allows the users to take the position of an asset for a defined gain. If the trader’s prevailing market price prediction is correct after a certain amount of time, they get a fixed payout.
Users have three choices regarding the duration of trades, like 30 seconds, 1 minute, and 5 minutes. Presently, PrimeXBT trading platform supports trading pairs like BTC/USD, GBP/USD, ETH/USD, EUR/USD, EUR/JPY, USD/JPY, etc.
PrimeXBT offers a Covesting module available to all the users on their trading platform. It allows the traders to copy and execute the winning trade strategies of other professional traders.
It also permits traders to set and manage their trading strategies to execute profitable trades from current market movements. This provides new and advanced traders with an opportunity to boost their profit potential.
PrimeXBT Affiliate Program
PrimeXBT affiliate program offers generous rewards to its customers. It provides marketing tools and affiliate links to become a partner. Through referrals, an affiliate partner gets a small percentage as commission.
For example, if a trader brings in a new customer through the affiliate program and executes a trade worth $1000 in BTC, PrimeXBT trading fees are $50 or 0.05%, and the affiliate partner gets 20% which is $10 as a reward.
The PrimeXBT referral model has a four-tier payout system. You receive rewards not only for direct referrals you bring to PrimeXBT but for their referrals as well. It's like a multi-level marketing plan.
This setup can multiply the passive income you receive from the trading fees paid by the referral network you build.
You have to use your custom referral link to invite people. To receive max rewards, encourage your referrals to invite more traders.
The mobile app’s user interface is intuitive, and it is easy for the user to navigate and access complex charting tools.
Users can have control over their accounts, deposit and withdraw funds on the same trading day.
PrimeXBT Mobile App
PrimeXBT offers a mobile trading app where a user can install the app from the Google play store. The platform offers two-factor authentication. This means that you will have to authorize the login on your phone via the google authenticator.
It is not mandatory for you to enable 2FA on your phone although it is highly encouraged. You can do this quite easily through your account management options in your “security settings”.
PrimeXBT will present you with a QR code and a backup key. A user can then open a new account through the mobile app, and they can also execute a trade.
Prime XBT exchange has an extensive and powerful cybersecurity network to ensure that strict practices and measures are put in place for their customers to protect assets against any threats.
The platform also conducts periodical tests and audits, and provides a platform with strict security standards. PrimeXBT trading platform has been designed to meet the highest industry standards. The trading systems are uniquely coded to increase order execution, speed and to minimize latency.
It automatically monitors all the risks associated with an order size, buying power factor, maximum position size, profit or loss, and executes complete risk management when an order is placed.
This platform offers wallet security where the customer’s digital assets are stored in their offline cold storage. Further, only a portion of digital assets is held in their best crypto wallet, hot wallet, or online trading wallet.
PrimeXBT trading platform uses multi-signature, also known as “Multisig” to prevent unauthorized access and provide tolerance and attacks for losing access to their key by removing single points of failure.
Fund transfer from the storage to wallets is manually handled, and it requires collaborative work. PrimeXBT uses a dual-factor authentication that requires an in-depth verification process. This offers a higher level of protection than using single-factor methods, where it only requires a password.
PrimeXBT offers their customers an additional level of protection called withdrawal address whitelisting. This acts as an extra layer of security by allowing clients to whitelist a specific withdrawal address.
Address whitelisting can help prevent transfers to unauthorized wallets, which is useful if anyone gets unauthorized access to your trading account management page.
PrimeXBT website is protected through SSL (secure socket layer) technology and data is encrypted and transmitted through the internet.
Prime XBT offers 24/7 operations with a highly knowledgeable team to assist the customers anytime. It offers its support through email and via live chat feature on the website.
A user can send their queries to the customer support team and receive a reply within a few hours. The instant web chat feature is available on the website. You can get an instant reply to your queries through the chat assistance within a few seconds.
Our Verdict on PrimeXBT
PrimeXBT is one of the most popular and secured bitcoin-based exchanges that offer their users leveraged trading and the required tools to trade in the crypto market.
It is one of the best crypto exchanges. It is also self-regulated and provides its users with high-security systems and privacy. PrimeXBT is the best platform if you want to trade cryptocurrencies with lower fees.
How do you make money on PrimeXBT?
Open a Trading account. You can start earning interest on your crypto by joining PrimeXBT. The process takes less than 40 seconds.
Stake. Simply deposit funds, select the amount you want to stake and click “Stake now” button.
Get paid. Sit back and enjoy passive income. You can add or withdraw funds at any time.
How do I withdraw money from PrimeXBT?
To withdraw funds from your PrimeXBT account, go to the Main page of your Account. You can only make withdrawals to a whitelisted wallet address.
Choose the desired Network.
Select your withdrawal address (or add a new address)
Enter the amount of cryptocurrency you want to withdraw.
Click 'Submit to withdraw'
Open your email inbox and confirm the withdrawal.
Advanced technical analysis tools
The PrimeXBT technical analysis platform runs on Tradingview. It's preloaded with hundreds of popular indicators (like strength index, moving averages, etc.), more than 50 intelligent drawing tools for in-depth market analysis, and educational resources on the most popular trading concepts.
The charts are useful in helping traders identify up-and-down price trends for the assets they're watching. Users make more profits and avoid losses.
PrimeXBT Offers Leveraged Trading up to 1000x
PrimeXBT offers leveraged trading up to 1000 times the amount you contribute. Leverage trading (also known as margin trading) is a method involving using borrowed funds from the exchange.
The main reason to trade through leverage is to increase your profit potential. Leveraged trading allows you to trade and profit using much larger asset amounts than with your personal funds.
Leverage trading considerations
Be advised, leverage trading is very risky and only experienced traders should try it. You can practice leveraged trading on the PrimeXBT demo platform using fake funds.
What could be improved
Extremely limited number of trading pairs. PrimeXBT offers among the fewest trading pairs when compared to some active global exchanges.
Most digital exchanges offer dozens if not hundreds of crypto trading options for users to choose from. It's unusual and unclear why PrimeXBT would choose to offer so few options.
There is no access for residents of several countries including the U.S. The site lists 14 countries in its "prohibited jurisdictions" including Canada, U.S., and Japan. There is no additional explanation for the blocked access in these regions.
The platform doesn't currently offer lending or borrowing against your stored funds. More and more crypto exchanges are offering lending services.
This is especially true with the explosive growth of decentralized finance (DeFi) within the space.
Is PrimeXBT Allowed in the US?
No, PrimeXBT does not allow US resident users.
How Do I Get a PrimeXBT Bonus?
PrimeXBT offers a 50% welcome bonus but you need to deposit at least 0.01 BTC to activate the bonus.
Is PrimeXBT Free?
The Platform does not charge any deposit fee but they charge transaction costs for withdrawals.
Is PrimeXBT Legit?
Prime XBT is considered one of the market leaders and a legitimate company. It is registered in Seychelles under Prime Technology Limited, Seychelles company, number 217308. Since its inception, this global exchange has gained more popularity and has thousands of users spread across over 150 countries worldwide.
Is PrimeXBT Safe?
Prime XBT is a safe cryptocurrency exchange platform where users can trade different types of markets. It offers a maximum of 1000x leverage for its customers. It does not have any report regarding security breaches and provides its users with the best security parameters, procedures, and protocols. It stores its client’s funds in cold storage wallets with Two Factor Authentication.
Is PrimeXBT Regulated?
PrimeXBT is a self-regulated exchange.
Is PrimeXBT Covesting Legit?
Yes, convesting in PrimeXBT is legit.
Disclaimer – Trading in forex is a complex instrument with a high risk of losing money rapidly due to leverage, and the products are not suitable for all investors. Independent financial advice should be taken before proceeding.