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PRIMEXBT Review – Scam Or Paying?
PrimeXBT is a new cryptocurrency trading/exchange website that allows its users to trade cryptocurrencies with leverage. It also makes registration very easy for its users with no KYC needed. KYC which is a short form for Know Your Customer is a form that is usually presented to users signing up to some websites, to fill out so that the companies running the website gets to know it’s users properly.
Most websites do this for safety purposes. Usually when you submit your KYC form, you get access to more features of a website or your financial limits get increased.
Unlike other crypto currency trading/exchange websites, this website allows you to spend less to earn profits with crypto currencies. This website seems to be operating from Iran and is currently 199 days old. All countries are allowed to use this website.
How It Works
Click on Register button from the top right side of the website to sign up. Registration takes just about 40 seconds with no KYC (Know Your Customer) form involved. Registration is free and you can start trading just after signing up.
Advantage Of Leverage On PrimeXBT
This website lets you trade especially most popular crypto currencies with the ratio 1:100 leverage.
To help you better understand this, let’s say that the price of 1 Bitcoin is $5,000, and the price increases by 5 percent as you were making your investment. On other exchanges without leverage, you will buy 10 BTC with about $50,000 ($5,000 * 10). Since the price went up by 5% your BTC will be $5,250 when you sell them. So you will make $2500 from the $50,000 investment you made.
But if you use PrimeXBT to make this trade with a leverage of 1:100, here is how it would go. You simply have to pay only 1% of the $50,000 which you paid previously to get 10 BTC upfront. This means you just have to pay $500 upfront. You will still profit $2500, but what you invested is only $500 instead of $50,000. So now you can increase your profits greatly with the same amount of original investment.
I hope this makes some sense to you.
But Why Would This Leverage Be Helpful?
Think about it. You are now spending $500 only to make a profit of $2500 or more, instead of spending $50,000. It sure feels safer.
What if you want to use some of the funds from $50,000 for some other purposes? Now you can, with PrimeXBT. It’s that simple and advantageous.
Is PrimeXBT Scam Or Not?
PrimeXBT has good reviews on TrustPilot with a great rating of of 4 stars from 2 users.
Here are their comments
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On ScamAdviser PrimeXBT has a great trust score of 91% too. Although it is a new website, and just 199 years old, but the rating is positive, and has two comments from too users attached to it. One is positive while the other is negative.
Also, the consumer reviews seem to be good on ScamAdviser with most of them saying that is is better than BitMex (another crypto currency exchange website)
However, forexnewsnow gave it a poor 1 star rating. One of their major complaints being that there is no office address provided.
On Coinbureau PrimeXBT has a good rating of 7.9.
PrimeXBT currently has an alexa ranking of 129,079 and it shows there is some good traffic coming to the website. Many people are using the website to trade. I would consider the user growth normal and good.
I am positive that PrimeXBT is legit, although there seems to be some negative reviews in some places online. I still think it is worth giving a trial but with precaution. When using websites that are new and not yet very much popular or known online. The wise thing would be to try it out with what you can afford to lose and if it does work fine for you, then you can build trust and try with more funds.
Gives you 1:100 leverage ratio. Allows you to spend less to earn more (saves you funds while trading). This is uncommon in other exchanges.
Very beautiful, user friendly and mobile responsive website design. Color combination and chart view is great.
Could be used by newbies with ease.
Has a valid SSL Certificate.
Mixed online reviews (some positive and some negative).
79 • Excellent
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Write a review
It is super easy to use this website. I have been leveraging its perks and making a good profit through Bitcoin trading. The overall experience on the platform is cherishing. With their great efforts, trading became a lot easier for me.
Trading has never been this easy
It is one of the best Bitcoin-based platforms, that offers leveraged trading on several digital assets including Bitcoin, Ethereum, Litecoin, and Ripple. I stepped into this website to get my bitcoin trading experience leveraged, and it has really been a great help for me! 5 stars.
We are happy that you find PrimeXBT platform useful.
Please let our support team know if you have any questions related to its features.
PrimeXBT is a great platform
PrimeXBT is a great platform that makes it super easy to design and execute trading strategies on many different assets.
I’ve personally been enjoying using their new platform called PX Turbo. It’s a very engaging trading experience where you bet on short time frame price movements. So far I’ve found it to be highly profitable and super easy to use.
I’m also looking forward to the upcoming Covesting Fund Management Module, which should be another great way to diversify my strategy by following top traders.
Overall I’ve found PrimeXBT to be far better than all the competing platforms, with its abundance of different features making it an easy choice for both novice and advanced traders.
Thank you for your feedback!
We are happy to offer wide range of trading tools to our users. Indeed, Covesting module is a wonderful feature which will further improve PrimeXBT traders experience.
Good luck in trading during such volatile times!
This trading platform is very good
This trading platform is very good, it does not crash during the highly volatile price movements of Bitcoin. The order execution is flawless, executed very fast, under a second. One of the advantages of Primexbt is that you can trade multiple markets (forex, stocks, commodities, and crypto) with a single BTC deposit. The support is very helpful when I have questions and they answer lighting fast. The year 2020 saw many new trading instruments introduced on Primexbt and from the looks of it, 2020 will be even better from this perspective. This is a platform that gives you a choice, therefore, unlocking more than a few trading opportunities.
Prime XBT Review: Complete Exchange Overview
Prime XBT is a brand new cryptocurrency exchange that is giving clients the ability to trade a number of crypto pairs with leverage.
This will provide traders with another interesting alternative to the status quo with crypto margin trading. Prime XBT is trying to take on some of the more established Futures and CFD brokers that operate in the space.
However, can such a new exchange really be trusted?
In this Prime XBT review, I will attempt to answer that. I will also give you some top trading tips that you need to know.
PrimeXBT is a cryptocurrency exchange that is registered in the Seychelles. The holding company name is Prime XBT Trading Services and their Company number is 148707. The exchange opened their books to the market in early 2020.
Since that time, they have also opened an office in St Vincent & The Grenadines and have moved their trading infastructure to Switzerland. Currently they boast over $375m in daily volume and claim to have over 30 employees.
One of the main selling points behind PrimeXBT is the fact that they have leveraged trading for a number of different assets. These include 6 cryptocurrency pairs with a max leverage of 100x and a number of forex / commodity assets with leverage up to 1,000x!
Prime XBT also makes use of the liquidity provided by larger exchanges and market makers in the industry. They aggregate or “pool” their liquidity from over 12 different exchanges.
PrimeXBT has traders from over 150 different countries. However, given certain regulations, there are some countries that they do not accept traders from. These include the likes of the USA, the province of Québec in Canada and a few others.
Is Prime XBT Safe?
Given the ever increasing news of cryptocurrency exchange hacks, one of the most important considerations for the trader is security. This is also one of our main review criteria when it comes to grading an exchange.
There is an entire section on the information page that details the security protocols that are employed by PrimeXBT.
Most of the coins that are held at PrimeXBT are kept in cold storage. This means that they are kept in a secure offline environment away from internet connection and the threat of potential hackers.
In order to service their current payments and withdrawals, they will also need to run a “hot wallet” but only a limited number of coins are kept in this state. In order to make any movements from the cold wallet to the hot wallet, they make use of multi-signature access.
This means that in order for any transactions to take place in the Prime XBT wallets, they will need the authorization from a number of different people who hold those keys. This reduces the risk of a single point of failure.
In terms of other security protocols that they have in place, they also make use of Cloudflare’s technology in order to mitigate the risks that are posed by Distributed Denial of Service Attacks (DDoS).
Finally, they also have advanced hardware modules where they run their trading technology. These are hosted on AWS web servers which is known to be one of the best in the industry.
Like most exchanges and financial sites these days, PrimeXBT has full SSL encryption. This means that all communication that you send the exchange will be encrypted and make it hard for any malicious actors to intercept it.
The Prime XBT SSL Padlock
It will also help you identify if you have accidentally landed on a phishing site of some sort. This is because the actual login page should have a secure padlock in the browser. If you do not see this then it means that you could be on a phishing site and should leave immediately .
When it comes to storing your passwords, Prime XBT claims that they use the “bcrypt” algorithm. This means that even if a hacker were to access the servers of the exchange, they would not be able to read them.
Of course, even if a hacker is able to get hold of your password, Prime XBT offers two factor authentication. This means that you will have to authorise 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.
Setting up 2FA in user Accounts on Prime XBT
It is incredibly important to save this backup key as it will be required for you to reset your 2FA in the case that your phone gets stolen or lost. If you do not have this then you may have to wait for up to seven days as the broker manually resets this.
Lastly, when it comes to withdrawals, Prime XBT is one of the few exchanges that require a mandatory white-labeling of Bitcoin addresses. This means that your funds cannot be sent to a rouge address in the instance where your account is breached.
Prime XBT Leverage
For those that do not know, trading on leverage is a way for the individual to get more exposure to an asset than they have put down in funds. This gives the trader the advantage of making money on “borrowed funds”.
When you trade on leverage can potentially enhance your returns by a certain factor. Of course, this also works on the way down as losses are also magnified . Below is an example of how leverage will work on the PrimeXBT platform.
Overview of Leverage on Prime XBT
Another advantage of leveraged trading in general is that it allows you to short an asset. This means that you can make money on a fall in the price of the asset. In the case of a short position, you are borrowing the coin in question in order to sell it forward in the future.
As mentioned, the maximum leverage on PrimeXBT is 100:1 for the crypto pairs and up to 1,000:1 on some of their forex pairs. This means that you only need to put down a 1% (or 0.1%) of the required capital in order to take out that position.
The exact leverage that you will be allowed for the position will depend on the type of asset that you are trading as well as the size of the position that you are taking on. For example, here are the base margin requirements and resulting leverage for a range of assets.
You can see a full list of the leverage limits for the other assets in your account management area.
In order to most appropriately manage market risk, Prime XBT will reduce these leverage limits for those traders that have a higher exposure to the market. Below is an example of the leverage based on position size for Bitcoin and Ripple for example:
Leverage limits based on position size
As you can see, larger positions will require more margin and hence reduce your exposure – and subsequently broader risk.
With all of these leverage numbers, it is important to point out that this is the maximum leverage limit and you can indeed opt for a lower number level. This may in fact be a more prudent move as even the slightest amount of volatility in can lead to an exhaustion of funds with 100x or 1,000x leverage.
If there is a case where you exhaust your equity and the value of your account falls below a certain level then you will get what is termed a “Margin Call“. With traditional financial brokers, they will actually call you and ask for the margin. Prime XBT closes out the position instead as they need to manage the risk that they have on their books.
This was actually one of the more impressive aspects for us about the PrimeXBT trading platform. There are an extensive range of assets that you can trade there.
Unlike exchanges such as ByBit and Deribit, you are not only restricted to trading cryptocurrency assets. You can also trade Forex, Commodities and stock indices. Below are all of the assets that you can trade.
Asset Coverage at Prime XBT.
So, this means that you can also take a view on some of the more traditional assets. There are indeed many times that we would like to take a position to hedge trades in the crypto market.
Prime XBT Fees
Trading fees are a really important consideration as they can directly impact your profitability in the long run. If you trade a great deal of volume on an exchange then these fees add up on a cumulative basis.
PrimeXBT is quite transparent with their fees. They only have two types of fees and these are the trade fee and the overnight fee. The former is a fee that is charged for entering the position and the latter is for financing the position overnight. We have the fee breakdown for a selection of assets in the table below”
|Pair||Trading fee||Financing/day Long||Financing/day Short|
|BTC/USD||0.05%||-$3.9 per 1 BTC||-$3.9 per 1 BTC|
|ETH/USD||0.05%||-$0.13 per 1 ETH||-$0.13 per 1 ETH|
|XRP/USD||0.05%||-$0.00038 per 1 XRP||-$0.00038 per 1 XRP|
|EUR/USD||0.01%||-12.62 points||5.76 points|
|GBP/USD||0.01%||-9.15 points||2.9 points|
|Nasdaq||0.01%||-5.5 points||-3.5 points|
This places Prime XBT more in line with the fees model of a CFD broker than a Futures exchange. They are not charging settlement fees on the contracts but are charging an overnight rate for holding the position. The latter will not apply if you enter and exit the position within the day.
The trading fee of 0.01% – 0.05% is much lower than comparable CFD brokers such as IQ Option etc. The exchange recently released their tiered fee structure for those traders who do a considerable amount of volume on the platform. Below are the discounts that you can earn based on 30 day rolling trading volume.
- 300–600 BTC: You will get a 25% discount on the above rates at PrimeXBT.
- 600 + BTC: Traders with volume over this amount will earn a 50% discount on the current fee offer
In terms of funding your account, there are no fees that are applied to inward payments. However, if you are to withdraw funds from the exchange then you may have to pay an arbitrary miner fee in order to propagate your transaction (these are standard across the industry).
Prime XBT Registration
If you have decided that you would like to try out the PrimeXBT platform then you will need to register an account. In order to do this, you will need to provide them with an email and password. You also have the option to insert a referral code if you were given one (more on this later).
Registration form for Prime XBT
They will send out an email to the address that you have provided so that you can verify it. Once this is done you can log back into your account and access the trading platform and the account features.
Something that you may have noticed is that PrimeXBT does not require any forms of identification when you sign up. This is because they are one of the few exchanges that do not complete KYC or AML checks on their traders.
They are a fully anonymous exchange which can be advantageous for those traders that value their online privacy and would not like send over personal documentation. Moreover, this makes the exchange less of a target for identity thieves who are looking for juicy targets in databases.
Funding / Withdrawals
Prime XBT is a crypto only exchange. This means that they do not take any Fiat currency funding and you can only make deposits / withdrawals in Bitcoin. If you need to get your hands-on Bitcoin to fund then you will have to use a Fiat gateway such as Bitstamp or Kraken.
Once you have your Bitcoin, funding your account is relatively simple. You will head on over to to your account section and you will hit the “Deposit” button. This will take you to the deposit page where you can access your PrimeXBT Bitcoin address.
Deposit pages on Prime XBT
They have also tried to ease the burden of buying Bitcoin with Fiat as they have integrated a Changelly widget on their deposit section. This is a third party Bitcoin purchasing service where you can quickly buy your coins with the use of a credit / debit card.
Once you have the applicable address, you can send your Bitcoin in. The deposit may take a bit of time to show up in your account due to the fact that they require a total of 6 confirmations on the network before they will credit it.
Withdrawing from your account is just as simple. In this case you will head on over to the “withdraw” page where you will provide them with your personal Bitcoin address. This will be the Bitcoin address that you would like to white-label for all future withdrawals.
Initiating a withdrawal on the platform
Once you have requested the withdrawal, you will have to wait for them to process it. If you are requesting quite a sizable withdrawal then it may take a bit of time to be processed. This is because withdrawals are processed from the hot wallets and if they do not have enough on-hand they may have to access some from their offline cold wallets.
Prime XBT Trading Platform
As a trader, you will be spending over 90% of your time on the main trading platform. As such, it is quite important that it is well laid out and semi intuitive from a user interface perspective.
We were actually quite impressed with the Prime XBT trading platform. They have developed their own trading technology and there is extensive functionality which can satisfy traders of most skill levels.
On the PrimeXBT platform, you have three main sections which can be accessed in the header toolbar. These are the account administration section, the information section and the actual trading platform itself.
The main trading platform on Prime XBT
The first thing that you will notice about the platform is that it offers a large degree of customization. You can build out your own work-spaces that you can access at the top of the platform.
They have also designed this platform around “widgets”. This means that you can insert a new panel onto any one of your desired work-spaces. These widgets can contain a chart, order form, trades, messages etc.
You will select “add widget” and you will be given a list of different ones to choose from. You can spread the platform out across more than one screen or you can have numerous different markets on a single screen.
Adding trading widgets to PrimeXBT
When it comes to the charting package, PrimeXBT seems to have quite comprehensive charting functionality. This cold be ideal for those of you who like to trade with technical analysis.
For example, there are a number of customization options which allow you to alter the appearance of the charts. These include things such as the colors, grids and spacing. This is not something that we have seen on other charting packages developed by an exchange.
Taking a closer look at the actual tools that are at your disposal, you firstly have all the drawing tools that you will need to map your important levels. These include fan lines, Fibonaccis, retracements and other trend lines.
List of numerous charting functionality on Prime XBT
You also have a plethora of technical studies and indicators that you can use. These include all of the momentum indicators as well as relative strength and volume-based studies. You can also customize the indicators in terms of the time-frame and other important inputs.
For those traders who are more technical, you would prefer a broader range of order types and functionality. This will allow the trader to define specific levels for entries and exits. They are also imperative as a risk management instrument to limit losses especially when it comes to leveraged trading.
Order form at PrimeXBT
PrimeXBT has most of the standard order types as well as some protection orders. These include:
- Market Order: This is one of the more traditional order types and it will be placed and executed immediately at the prevailing market price. You will use this order if you want to buy / sell immediately.
- Limit Order: This is an order that is placed to buy / sell an asset at a pre-specified level away from the market. The moment that the market touches this level, your order will be executed. In terms of the length of time that these orders are in place, they are either “Good-till-cleared” which means they will remain like that forever. Alternatively, these could only be day orders that will be completed the moment that the trading day is closed.
- Stop Market Orders: These are orders that will become market orders the moment that a certain level has been reached. These are used by traders either to limit the losses on their position as a “Stop-loss” order or they are used in order to take a profit on a positive position.
- Protection Orders: These are available as additional protection on any position or order that you currently have. These can be placed on new Market, Limit or Stop orders by clicking on the “Place Stop Losses / Take Profit” box on the order form. Here you can set up a the protection orders to go with your main order above it.
- One-Cancels-the-Other (OCO): These are a set of orders whereby the execution of one order will cancel the other. Here, the number “1” order will be your main order and if this is executed, the other will be cancelled.
Given the amount of leverage that you will be trading with as well as the volatility in the crypto markets, we would suggest that you make use of the protection orders – for your own good.
Something that most traders are no doubt aware of is the risks of “order slippage”. This occurs when you place an order and the price that you get is nowhere near your desired entry point.
Slippage can occur for a number of reasons. It can be because the there is limited liquidity in the market or it can be because the matching engine at the exchange is not fast enough.
Given that PrimeXBT has developed a highly effecient trading engine, they are able to execute orders at below 7.12 milliseconds on average. This is actually pretty damn fast and means that you are likely to have less slippage.
Slippage Stats at Prime XBT
In fact, PrimeXBT actually measured the slippage on their executed orders. Accordig to their 2020 slippage stats, at least 94% of their orders were met at Quote or better.
These are actually pretty impressive stats for any brokerage or exchange. Of course, this is an average and you should also take note of the liquidity in the order books before placing large block orders.
PrimeXBT Mobile App
For those of you who are going to be away from your desk you will be happy to know that PrimeXBT also has mobile apps. These will allow you to monitor your trades on the go.
These are supported on both iOS and Android devices. We actually downloaded the app and tested it out to see exactly how functional it was.
Well, it appears to have alot of the same functionality that you have on the desktop platform. You have charting, easy order execution and account management.
PrimeXBT Mobile App and Ratings
Something that we found particularly impressive about the app is that you can customise your layout to suit your trading preferances. You also have pretty extensive order options which is more than we have seen on other trading mobile apps.
In terms of the reviews by other traders, they appear to be quite mixed. In the iTunes store the traders appear to be happy with the app. However, in the Android store there are many complaints about the slow reaction time of the app.
So, should you use mobile trading?
Well, we are not really fans. Even though PrimeXBT claims that you have all of the same functionality as the browser based platform, you still can never replicate the same trading conditions. We would suggest you use the web app as a first port of call.
Nothing can be quite as frustrating for a trader than an exchange that takes a long time to respond to their questions or customer support queries. This is why it is such an important criteria for us when we complete these reviews.
Given that Prime XBT is still a new exchange, there is no precedent when it comes to how long one is expected to wait for support responses. However, one of the biggest bottlenecks for previous exchanges was their KYC verification procedures. As mentioned, Prime XBT does not do this so it could free up support staff.
They claim to offer customers 24/7 support through a dedicated support email. You can contact their team on [email protected] if you have any questions that related to security, account management or product inquiries.
If you are logged into your account and you need help with regard to trading enquiries then you can reach out the them on live chat. This can be accessed by clicking the “Help” button in the top right of your screen.
Unfortunately, they do not have a dedicated phone line which you can dial in the case of an emergency. They also do not appear to have an online chat functionality but perhaps this is something that they could roll out later on.
Finally, if you suspect that something could be down with the exhchange then you can always head on over to their status page. This gives you an in depth overview of the operational status of the tradin engine, deposits / withdrawals and website.
Prime XBT Referral
If you have been using the exchange for a period of time and are comfortable with the service then you may want to consider getting involved with their referral program. This will allow you to earn a commission from referring friends to the platform.
Prime XBT operates a tier-based referral program where you will earn a percentage of trading fees not only on those traders that you directly refer but also a percentage from 2nd and 3rd tier referrals. Below are the commission rates:
Getting Your referral Link for PrimeXBT
This is better than the other futures exchanges such as BitMEX for example. Although they have the same commission for your direct referral, BitMEX does not offer tiered referral payouts. This means your earning potential is enhanced with PrimeXBT.
If this is something that you would like to get involved with then you will need to get your referral code. This is something that you can get in your account management page under the “referral” section. You can either elect to use a link with your code embedded or to give your referrals your code when they are signing up.
Tutorials & Guides
It’s always a nice touch when an exchange includes additional material to help smooth your trading experience. PrimeXBT is no exception.
If you are still struggling to use their trading platform then you can always head on over to their platform guide. This is available within the “Information” section in your when you are logged into your account.
If you would prefer a more visual guide then Prime XBT has included a number of video tutorials. These can be accessed from inside your account by clicking on the “Tutorials” section in the top right of your account.
Viewing the Platform guide (left) and videos (right)
These are professionally done and well presented. They include information such as how to place trades, set up stop-losses and protection orders, funding your account and safely using leverage.
Finally, Prime XBT also runs a pretty unique medium blog. Here you can find additional information on how to trade futures products. They also go over broader trading disciplines such as Technical / Fundamental analysis etc.
Areas For Improvement
While there were many things that we liked about the Prime XBT exchange, there are a few things that we think warrant improvement.
Firstly, when it comes to trading technology, they do not offer API functionality. This would allow developers to code their own bots and trading algorithms to trade on the PrimeXBT platform.
They also do not offer any PC client program to trade on. This could limit the opportunity for those traders who would like to trade away from the browser-based platform. Perhaps this is something that they are considering down the line.
However, PrimeXBT officials suggested that native mobile app for both Android and Ios is already fully developed and currently waiting for Appstore and google store approval. According to the team, both apps should appear in a course of one month.
Lastly, they need to increase their online presence and they need to establish a longer track record in the industry. Of course, this is something that can only really come with time as they grow out their service.
It seems from this review that Prime XBT could be an attractive option for you to trade leveraged cryptocurrency instruments. There are numerous traders that are looking for alternatives to the likes of BitMEX et al. and the exchange is launching at an opportune time.
Indeed, the high leverage levels make it a similarly attractive proposal which will allow those users to magnify their returns on borrowed money. Of course, this is a double edged sword and leverage can chop you down on the flip side. Appropriate risk management is a must .
There were of course some things that we thought warranted improvement. However, these are all as a result of the brand new status of the exchange. They may have several improvements to their technology in the pipeline. Similarly, they can only really build up a track record with new traders.
So, is Prime XBT the exchange for you?
If you are looking for a leveraged cryptocurrency exchange with relatively advanced technology, transparent fees and strong security procedures then it should be considered. You will need to make a judgement on whether you are comfortable using a brand-new exchange service.
|Minimum Deposit:||0.001 BTC|
PrimeXBT is a Bitcoin-based online platform, launched in 2020, which offers leveraged trading on several cryptocurrencies, including Bitcoin, Ethereum, Ripple and Litecoin. The website is owned and operated by Prime XBT Trading Services Ltd. (a company incorporated in the Republic of Seychelles with company number 206865) and by Prime Technologies Ltd. (a company incorporated in St. Vincent and Grenadines with number 25369BC2020). Neither company is regulated by a major financial watchdog.
Editor’s Note: Why PrimeXBT Sucks In 50 Words
The chart is incredibly small! And I mean smaller than a smartphone screen. Unfortunately, I couldn’t find a way to make it full screen or at least to get it to an acceptable size. If such a way exists, then PrimeXBT should definitely make it more apparent, because I’ve dealt with tens of trading platforms so I think I can find my way around the buttons of a platform. What I’m saying is that if an experienced trader cannot find that button, how can you expect a first time user to do it.
Why PrimeXBT Doesn’t Suck In 50 Words
You can trade Bitcoin and a few other digital assets with leverage up to 100x, which is HUGE considering that the usual leverage offered by CFD brokers is about 5x (I’ve seen 20x but this was on a very few occasions). Another great thing is that you don’t need to go through any KYC verification. No proof of residence, no selfies with your passport – just enter your email, choose a password and you can deposit, trade and withdraw.
Is PrimeXBT A Scam?
The owning companies are not regulated but according to the information found at the bottom of their website, they are “in the process of undertaking a legal and regulatory analysis of Bitcoin trading with margin”. It is unclear what that means exactly but seems they are looking to get regulated. Despite not being regulated, this doesn’t look like a scam and keep in mind that a lot of cryptocurrency exchanges are not supervised by a major financial watchdog simply because crypto, in general, is mostly unregulated. However, you should always use caution because this is a new broker and we cannot vouch for their integrity.
Should I Open An Account With PrimeXBT?
This trading venue is a mix between a crypto exchange, a crypto CFD broker and more recently, a Binary Options broker. However, there’s no trace of an order book or market depth, which prevents me from calling them a full-on exchange. But let’s not bother with semantics anymore and see what they have to offer.
I mentioned Binary Options so an explanation is in order: they offer PrimeXBT Turbo, which is a module for trading binary options on cryptocurrencies. At the time of writing, this module is still in the Early Access phase and you will have to get in touch with Prime XBT in order to get access and give binaries a spin, assuming that’s your cup of tea. However, the expiry times are limited to only 5 seconds, 30 seconds and 1 minute, which feels like the binary options rush is in full force once again. These extremely short expiries were the “culprit” for a lot of lost money in the old days of BO and also appealed to gamblers more than traders. The way PrimeXBT advertises BO is over the top, which is another similarity between them and the “old” BO brokers: “Trade fast. Stay Greedy”, “Insanely profitable” etc. Please, we’ve had enough of this type of marketing. All trading is risky! Keep that in mind.
The main trading platform is actually pretty good, with intuitive menus and info that was easy to access, but the huge downside is that the trading chart itself cannot be made full screen or at least big enough to see the candles properly. The software is web-based, with no option to download a desktop version. The order types are the usual: Market, Limit, Stop and Protection orders. The latter type includes Stop Loss, Take Profit and GTC (good till canceled) orders.
To start trading, clients will need to deposit and this can be done using only Bitcoin (minimum 0.001 BTC). It’s an inconvenience if you don’t have any Bitcoin but PrimeXBT offers Changelly as a widget. Using it you can purchase Bitcoin with your credit card (or swap another cryptocurrency to Bitcoin) and then deposit it directly into your PrimeXBT account.
There’s not much in terms of “classic” education meaning that you won’t find articles about what is Bitcoin, how to trade it or any history lessons. What you will get instead are good tutorials about how to use their platform and explanations about leverage, margin and trade orders.
Overall PrimeXBT seems like a good choice for anyone who understands the risks and advantages of high leverage and doesn’t want to go through the KYC hassle. I liked the platform but I couldn’t get it to work all the time, which could be a deal-breaker if it’s not addressed quickly. Other downsides are the lack of regulation (but that’s the case with most crypto exchanges) and a very short time in business. If you want to open an account just make sure you don’t deposit large sums right away. Give it some time.
We couldn’t locate an address and the only way of contacting this broker is the email: [email protected] and [email protected]
PrimeXBT User Reviews And Online Presence
At the time of writing we couldn’t locate any type of user complaints against PrimeXBT and this is most likely due to their low profile and limited online presence. They need to grow their service and their popularity but once that happens, we will surely see more clients talking about them and reviewing their offering.
Both withdrawals and deposits can be made using Bitcoin only (fiat and other cryptocurrencies are not accepted). To tackle this inconvenience, PrimeXBT integrated Changelly, which allows users to buy Bitcoin using credit cards. Withdrawals don’t incur a fee charged by PrimeXBT but you will pay the normal network fee for the BTC transaction. The minimum sum allowed is not specified but it should be similar to deposits (0.001 BTC).
Withdrawals are processed once a day, between 12:00 and 13:00 UTC. The time it takes depends on network clutter but if the sum is a significant one, 12 hours may pass because PrimeXBT employees will have to manually refund the hot wallet (only small amounts are held in online hot wallets and the rest is in cold offline wallets, which is actually a good thing for security).
Definitely, the elephant in the room is the 100x leverage which is the highest we’ve seen to date. You should know that leverage can greatly increase profits but it’s also a very sharp double-edged sword because it drastically increases risk as well. PrimeXBT Turbo is another extra feature but at the time of writing it is in Early Access stage.
User Friendliness 14/20
The website is translated into 8 languages, is well organized and with enough information to get you started. However, their platform is hit and miss, with incredibly small charts, which are definitely not user-friendly. Mobile platforms are available. The broker doesn’t require KYC, which means they don’t check if you are from the U.S. or some other part of the world.
Range Of Markets, Spreads And Leverage 17/20
The number of crypto assets is very limited, with only 5 choices (Bitcoin, Ethereum, Litecoin, EOS and Ripple’s XRP) but they’ve recently introduced fiat currencies and a few indices. The spreads are very tight, with only 2 USD on BTC/USD and less than 1 USD on ETH/USD. Keep in mind that spreads are floating so in volatile times they will widen. Leverage is 100x for all 5 cryptocurrencies.
Fees And Support 16/20
PrimeXBT charges two types of fees: trading fees (0.05% per trade) and overnight fees ($16 per 1 BTC, $0.60 per 1 ETH, etc.). The overnight fee will not be paid if the trade is opened and closed within the same day. Support is only available through email, which is a downside because you won’t get your problem solved instantly.
Deposits And Withdrawals 15/20
Bitcoin is the only accepted method for both deposits and withdrawals. The duration depends on network confirmation but keeps in mind that PrimeXBT processes all withdrawals only once a day, between 12:00 and 13:00 UTC so it will probably take longer than a normal BTC transaction.
PrimeXBT Extras 16/20
Huge leverage that can be a double-edged sword and no account verification (the client doesn’t have to go through KYC procedure). Also, clients can trade binary options on cryptocurrencies via PrimeXBT Turbo module (early access phase).
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