PrimeXBT Review 2023 – All You Need to Know
PrimeXBT is a leading crypto trading platform in the margin trading industry, established in 2018, and it is an exchange that permits the trading of Bitcoin and traditional financial assets. Users can trade in a wide range of markets, including cryptocurrency, Forex, Indices, and commodities, using Bitcoin as collateral. This exchange was registered in Seychelles under its holding company PrimeXBT trading services, number 148707. Until early 2019 had not launched its trading services; later, it opened an office in St.Vincent & The Grenadines and shifted its trading infrastructure to Switzerland. In this PrimeXBT review article, we have all the details you need to know about the PrimeXBT platform.
|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,
|Supported Fiat Currencies||None|
|Minimum Deposit||0.001 BTC|
|Withdrawal Fees||0.0005 BTC|
|Application||iOS and Android|
|Customer Support||24/7 Live chat & Email Support|
PrimeXBT Review – Platform Interface
What Is PrimeXBT?
PrimeXBT cryptocurrency exchange is a well-known online cryptocurrency exchange providing CFDs and cryptocurrencies. It has the highest trading volume on the platform. This company has a proven track record and has grown exponentially in a short time, and it has clients globally.
PrimaXBT is an efficient trading engine that provides exclusive trader tools that both new and experienced traders can use. It has effectuated industry-standard security practices, thereby protecting the investor funds and their trading activities from cyber threats.
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 as their collateral.
Experience the Best With PrimeXBT Trading Platform
Features of PrimeXBT Review
Here are a few unique features of Prime XBT:-
- According to the PrimeXBT review, Prime XBT allows its users to use bitcoin-only accounts, and they can deposit using Bitcoin, Tether, Ethereum, USD Coin, etc.; however, all the trades executed on the platform are carried out only in Bitcoin.
- Prime XBT trading services offer privacy to their cryptocurrency traders, implying that the user need not 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.
- As per the PrimeXBT review, it offers a well-designed and innovative platform where the widgets 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.
- PrimeXBT module combines with other crypto social trading platforms that allow the traders to track their trade; they can automatically copy the trades of other successful traders and use them for their benefit.
Pros and Cons of PrimeXBT
|The sign-up process is quick, and the user need not submit to KYC procedures.||PrimeXBT does not offer demo accounts to its customers.|
|PrimeXBT trading offers lower fees, maximum leverage, competitive trading conditions, and competitive service fees.||Clients in the US, Canada do not come under the supported countries list of Prime XBT.|
|Trades can be executed super-fast as the platform uses the latest technology and liquidity resources.||This exchange compared to other crypto exchanges is self-regulated and does not offer fiat currency deposits and withdrawals.|
|It offers margin trading in traditional assets and cryptocurrencies.||PrimeXBT provides only CFD trading and not spot trading.|
|Offers 100x leverage of up to 1:100.|
|PrimeXBT facilitates an excellent trading platform that both new and experienced traders can use.|
|Prime XBT minimum deposit is 0.001 BTC.|
Account Opening Process
PrimeXBT Review – Account Opening Process
Below are the Steps to Open an Account with PrimeXBT:-
To open an account with PrimeXBT is an effortless process, the trader should go to the website and click the Register button. 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 strong password. Next, they need to click and accept the terms of the service and click submit.
A verification email is sent to the trader’s email ID; after clicking that link, they are automatically logged in to the account. Further, there are no KYC processes, forms, verifications that Prime XBT requires.
The next step is to deposit the funds into their PrimeXBT account. The user can also make credit card deposits to start trading.
Prime XBT allows you to secure your account using a solid email plus password combination along with Google Authenticator-based 2FA.
PrimeXBT Review – PrimeXBT Fees
The principal fees at PrimeXBT are Trade fees and Overnight Financing. PrimeXBT charges trade fees/commissions on the trades executed. PrimeXBT also charges overnight finance fees for holding a position open overnight, but this varies from trading pair to pair.
Concerning PrimeXBT fees, this platform offers lower prices, and it does not charge deposit fees, but the withdrawal fee will cost 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. Below is the list of fees charged by the platform –
- For cryptocurrency trades, 0.05% is charged
- For Indices and commodities, 0.01% is charged
- For Forex, 0.001% is charged
Deposit and Withdrawal Methods
According to the PrimeXBT review, the platform accepts only Bitcoin as payment currency, making it crypto to crypto brokerage or crypto exchange. Moreover, this will affect the process and how the users source their capital.
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 the user already has bitcoins, it is simple to deposit them into their account via the bitcoin deposit address.
Withdrawing the funds is a simple and straightforward process. The user needs to input the quantity and a personal bitcoin address to proceed with the process. This platform provides address whitelisting, which implies the addresses are already preset and can be used for withdrawals. 0.0005 BTC is the fee charged for withdrawals.
Products Offered by PrimeXBT
PrimeXBT Review – Products Offered by PrimeXBT
This platform supports cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, EOS, and other supported cryptocurrencies to trade on the forum.
PrimeXBT provides some of the most popular indices like SP 500, FTSE 100, ASX 200, DAX30, and more.
The users can trade in the Forex market using minor or significant forex pairs. Further, they will be charged a commission or trading fees when they execute trades.
In commodities, the users can trade gold, natural gas, crude oil, etc.
PrimeXBT Reviews – PrimeXBT Trading Platform
PrimeXBT is a good trading platform designed for both new and advanced traders and provides a hassle-free experience. Even though it has several advanced trading features, it offers a browser-based platform that does not require installation or downloads. It comes fully equipped with more trading chart types and analysis tools, 50 technical indicators, etc. The platform’s interface can be fully customized and provides various execution methods, trading histories, and visualization tools.
PrimeXBT Reviews – Turbo Platform
PrimeXBT offers a Turbo trading platform where beginners can easily understand it. It permits the users to take the position of an asset for a defined gain; this implies that if the trader’s prevailing market price prediction is correct after a certain amount of time, they get a fixed payout.
The users have three choices regarding the duration of the trades, like 30 seconds, 1 minute, and 5 minutes. Presently, this platform supports trading pairs like BTC/USD, GBP/USD, ETH/USD, EUR/USD, EUR/JPY, USD/JPY, etc.
Covesting Module by PrimeXBT
PrimeXBT offers a Covesting module available for all the users on their platform. It allows the traders to copy and execute the winning trade strategies of other professional traders.
The first crypto exchange offers this unique feature and offers a transparent trading environment to its users. It also permits the traders to set and manage their trading strategies to execute profitable trades from current market movements, which provides new and advanced traders an opportunity to boost their profit potential.
PrimeXBT Affiliate Program
Affiliate Program by PrimeXBT
PrimeXBT affiliate is a unique program that offers generous rewards to its customers. It provides marketing tools and affiliate links to become a partner. Through referrals, the 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.
PrimeXBT Mobile App
Explore the PrimeXBT Mobile App Services
PrimeXBT offers a mobile app where the users can install the app from the Google play store. During our Prime XBT review, 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. This has received several good reviews, and several thousands of users have downloaded them. The user then opens a new account through this mobile app, and they can trade more than 30 assets across Forex, cryptocurrencies, commodities, Indices, etc.
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, can deposit and withdraw funds on the same trading day.
- Prime XBT exchange has an extensive and powerful cybersecurity network to ensure that strict practices and measures are in place for their customers to protect their assets against any threats. It also conducts periodical tests and also audits and provides a platform that strict security standards have complied with the platform.
- PrimeXBT trading platform has been designed to meet the highest industry standards. These 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 the 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 their digital assets is held in their best crypto wallet or hot wallet, or online trading wallet.
Security Features by PrimeXBT
- This 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. The fund transfer from the storage to their wallets is manually handled, and it requires collaborative work.
- The process used by Prime XBT is 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 secureness by allowing their clients to whitelist a specific withdrawal address. This can help you prevent transfers to unauthorized wallets, which is handy if anyone gets unauthorized access to your trading account management page.
- The website of PrimeXBT is protected through SSL (secure socket layer) technology and encrypts the data transmitted through the internet. By doing this, the hackers would not be able to steal highly protected personal information.
PrimeXBT Customer Support Services
Prime XBT offers 24×7 operations with a team of highly knowledgeable, and they assist the customers anytime. It offers its support through two types of support channels –
- Users can email the support team to [email protected] or [email protected] They can send their queries to the customer support team to receive a reply within a few hours.
- PrimeXBT also offers instant web chat, available on the website to get an instant reply through chat assistance. Within a few seconds, the users can get a response to their queries.
Our Verdict on PrimeXBT
To sum up, 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 trading crypto market. And, hence it comes under the list of best crypto exchange. It is also a self-regulated platform, and it provides its users with high-security systems and privacy.
It provides margin trading, and the fees charged by the platform are lower. Compared with other media, Prime XBT is serving thousands of users every day; additionally, Turbo and Covesting features help the new traders understand margin trade and leveraged trading, and they can also learn trading from other traders. Prime XBT is the best platform if the user wants to trade cryptocurrencies with lower fees.
PrimeXBT Achievement Till Now!
Is PrimeXBT Legit?
Prime XBT is considered one of the market makers and legitimate companies, and it has been 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 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 100x leverage for its customers. It does not have any report regarding breaches and provides its users the best security parameters, procedures, and protocols, thereby ensuring the safety of their clients. It stores its client’s funds in cold storage wallets and ensures that the user follows Two Factor Authentication.
Is PrimeXBT Regulated?
Any authorities do not regulate PrimeXBT; it is a self-regulated exchange.
How Do I Withdraw From PrimeXBT?
For withdrawing, the user should go to the Prime XBT website and log in to their account. They need to click the withdraw option. First, they need to transfer their money from their trading account to their wallet, as withdrawals can be made. The next step would be to fill in the destination address and click the submit to withdraw option. You can make withdrawals only to a whitelisted wallet address.
Is PrimeXBT Covesting Legit?
Yes, convesting in PrimeXBT is legit.
Is PrimeXBT Allowed in the US?
No, PrimeXBT does not allow US resident users.
How Do I Get PrimeXBT Bonus?
Here at PrimeXBT, you need to add at least 0.01 BTC of the initial deposit to activate your 50% welcome bonus.
Is PrimeXBT Free?
The Platform does not charge any deposit fee but do charge transaction cost while withdrawing.
Constitute Investment Advice 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.