PrimeXBT Review

PrimeXBT Review

PrimeXBT is an online broker that lets investors of all experience levels trade cryptocurrencies, forex currencies, commodities, and stock indices.
  • 24/7 customer service
  • Copy others' strategies
  • Several trading instruments
  • Paper trading
  • Bitcoin-only deposits
  • No phone support
  • No PrimeXBT free stock UK
  • Not regulated

PrimeXBT – Review Introduction

There are tons of exchanges available for investors who want to start trading cryptocurrency. Before you pick one, you’ll want to make sure the platform is the right fit. We’re here to help you narrow your search with our PrimeXBT review. 

Wondering, what is PrimeXBT? How secure is PrimeXBT?

Read on to discover all you need to know about this new and popular broker. We’ll go over the platform’s usability, security features, fees, deposit and withdrawal methods, customer service, and more. By the end, you’ll know if this platform can serve you as well as it serves its thousands of satisfied users.

PrimeXBT Quick Summary 

While the exchange hasn’t been around as long as some of its competitors, it is a popular platform among investors worldwide. Beginners and newbies alike can take advantage of the wide range of instruments. Several commodities, indices, and foreign exchange markets are available, with the latter offering leverage of up to 1:1000.

However, we learned that this platform is best for trading cryptocurrencies when creating our PrimeXBT review. Investors can trade Bitcoin, Ethereum, Litecoin, and other common assets using the exchange’s several products. 

PrimeXBT Review

The PrimeXBT free stock version is perfect for beginners, as it comes with a clean interface, customisable layout, a secure wallet, and the ability to copy trading strategies. Advanced investors also enjoy the basic version, but they are particularly interested in PrimeXBT Turbo (more on this innovative feature later). 

But is PrimeXBT legit? Because of its tight security, ease of use, and everything else it has to offer, this platform has quickly established itself as a leading exchange and gained acclaim. The Forex Awards has deemed it the Best Crypto and Forex Broker, and the ADVFN International Financial Awards has awarded recognition for being the Best Platform for Margin Trading.

Who PrimeXBT Is For? 

Investors worldwide use the platform, but it is not available in certain countries (the US, Canada, etc.). So, before signing up, make sure you are a resident of an eligible region. 

Though there are a few exceptions, the exchange is largely accessible, with investors in over 150 countries taking advantage of its features. Currently, users can access the site in 16 languages. 

PrimeXBT Languages

The broker is ideal for those who want a safe, secure trading experience. You can work with the world’s leading cryptocurrencies such as Bitcoin and Ethereum. However, several other assets are available (commodities, indices, and foreign exchange markets) to help you diversify your portfolio. 

Additionally, the platform is a favourite among investors among all experience levels. Beginners (and investors who want a hassle-free experience) enjoy the user-friendly interface, customisable layout, and straightforward pricing. More advanced investors love that they can yield up to a 90% return within minutes via the Turbo platform.

PrimeXBT Company Information

The broker became registered in Seychelles in 2018 with the company number 148707. In early 2019, the exchange officially opened its books to the market. 

In the years since opening, PrimeXBT has seen impressive growth. Its headquarters remain in Seychelles, but it has an office in St. Vincent & The Grenadines and robust trading infrastructure in Switzerland. The company’s 75+ employees ensure the facilitation of the average daily volume of $545,000,000. 

Notable providers such as Devexperts, Bitfury Crystal, and Covesting support the platform’s many services. As a result, clients in more than 150 countries can use the exchange’s products and trading tools. 

PrimeXBT Pros

Our favourite PrimeXBT pro is that it is secure and offers a flexible trading experience. Here are other pros that we found in our PrimeXBT.com review: 

  • Investors get access to 24/7 customer service via email or live chat.
  • Users can test out the platform’s features thanks to PrimeXBT paper trading.
  • You can complete affordable trades thanks to competitive fees.
  • The signup process is easy and lets users start trading within minutes.

PrimeXBT Cons

To properly review PrimeXBT, we must address the platform’s shortcomings. Here are a few of the most prominent: 

  • There is no access to phone support, which can be frustrating when you want to talk to a representative.
  • You can only make deposits using Bitcoin. If you don’t have Bitcoin, you must conduct an exchange.
  • There are only 5 supported cryptocurrencies. You can trade major ones such as Bitcoin and Litecoin, but other platforms are compatible with as many as 50+ cryptocurrencies.
  • The mobile app doesn’t hold a candle to the desktop version.

PrimeXBT Usability

The platform is free of the bells and whistles that come with many of its competitors. It’s simple while still offering plenty of flexibility.

However you like to visualize market data, you can customize the layout to suit your trading style. You can also choose from 50+ technical indicators to analyze trends. Once you’re ready to buy or sell, you can take advantage of multiple order types. 

PrimeXBT trading view

PrimeXBT Trade Experience

Are you wondering, “how does PrimeXBT work?” The trade experience is as straightforward as it can get. Investors predict whether the price of an asset will go up or down. By “going short” or “going long,” they can profit if their prediction is correct. 

If you’re still unsure about investing, you’ll be glad to hear about Covesting. This copy-trading feature lets you use the strategies of other investors. You can view investors’ profiles to choose the strategy you think will be the most successful. 

PrimeXBT social trading

PrimeXBT Crypto Trading

As our PrimeXBT review has mentioned, the basic platform and Covesting feature let investors buy and sell various assets (including PrimeXBT stock and 5 major cryptocurrencies). However, you can also take advantage of the Turbo platform. 

The Turbo platform is a simpler version of crypto trading. All you have to do is predict whether the price of Bitcoin will rise or fall within 30 seconds, one minute, or five minutes. If you’re correct, you can see up to a 90% return. 

Because this method can be very risky, you must be willing to lose any money you put in. 

PrimeXBT App For Mobile

From a quick glance at the interface, you would expect a PrimeXBT app review to be positive. The app offers the same features and security as PrimeXBT for desktop, allowing investors to access real-time market data and other trading tools. 

Unfortunately, the app still needs some work. Its limitations are evident by poor ratings on the Google Play and Apple stores. The typical PrimeXBT review complains about slow loading speeds, the app not remembering their login information, and other annoyances. As the platform is still relatively new, we expect the company to work out these kinks and roll out updates to offer a better mobile experience. 

PrimeXBT Deposits and Withdrawals

Bitcoin is the platform’s only deposit currency. There are two ways to get Bitcoin into your account so that you can start trading. 

If you already have Bitcoin in an external wallet, all you have to do is transfer it to your wallet on PrimeXBT (all registered clients get their own wallet on the platform). You will have to open your external wallet, set up a payment, and enter your Prime XBT wallet address as the receiver address. 

You can still use the platform if you don’t already own Bitcoin, but you need to know how to buy Bitcoin on PrimeXBT:

  • First, make sure you have another cryptocurrency or fiat currency that you can access by debit/credit card.
  • Then, use the platform’s Changelly extension to conduct an exchange. You’ll need to enter how much of your alternative currency you want to exchange for Bitcoin.
  • Once the deposit is complete, you can use the Bitcoin in your wallet to fund your trading account.

To make a withdrawal, make sure the funds you want to take out are in your wallet and not your trading account. After specifying the amount you want to withdraw and the destination address, click “Submit to withdraw.”

PrimeXBT Fees

This broker has some of the most competitive fees available, with its foreign exchange markets charging commission rates as low as 0.001%. While the cryptocurrency commission rates aren’t this low, they are still affordable as they sit at 0.05%. 

You should also keep in mind that the platform charges daily funding rates. The percentages will vary depending on what asset you’re trading, whether you’re going short or long, etc. 

PrimeXBT fees

PrimeXBT Account

We do not have a PrimeXBT Pro review, as there is no PrimeXBT Pro account. Signing up for the one account type gives you access to the basic platform, PrimeXBT Turbo, and Covesting. With this account, you can trade all the broker’s cryptocurrencies and other assets. 

The signup process is one of the most straightforward we’ve seen. Start by visiting the website and click “Register.” All you have to do on the signup page is enter a valid email address and phone number, create a unique password and accept the terms and conditions. 

The platform will immediately send you a verification email. After clicking the link and logging into your account using your new credentials, you’ll have access to all of the broker’s features. You will not have to provide any identification, making the broker ideal for traders who wish to remain anonymous. 

PrimeXBT Educational Resources

We learned that the platform’s educational resources aren’t as extensive as other brokers while making this PrimeXBT exchange review. However, they’re impressive when you consider how new the broker is. The website’s blog contains well-written articles on everything from general trading tips and strategies to technical analysis and market research. 

If you need more specific advice on how to use PrimeXBT, all you have to do is look at the Help Center. It contains many detailed guides that explain how to make withdrawals, what fees you can expect to pay, etc. 

PrimeXBT Customer Service

Unlike many competitors, this broker offers 24/7 customer service. You can contact the company via email or live chat, with the former method being especially beneficial as response times are usually under 5 minutes. Whichever method you use, you can rest knowing that you’ll be in touch with a friendly, helpful representative. 

PrimeXBT Reviews and Reputation

Because the exchange is relatively new to the scene, it is not well-established on review sites such as TrustPilot. However, users across forums such as Reddit note that they’ve had good experiences with the platform. Notable organisations have also provided positive feedback, such as: 

  • Business Insider
  • MarketWatch
  • Yahoo Finance

Overall, investors regard the platform as one that is secure, user-friendly, and affordable. 

PrimeXBT Security

The platform has extremely robust security features in place to ensure your safety. It provides data encryption, Cloudflare to prevent DDoS attacks, two-factor authentication (2FA), etc. The broker also conducts frequent assessments to mitigate new risks. 

Additionally, users can rest knowing that Amazon Web Services, a provider that has a proven track record for security, hosts the entire trading environment.  

Final Verdict

Our PrimeXBT review should leave you with a better understanding of this top exchange. More importantly, you can use the information in this guide to determine if the platform is right for you. It’s ideal for investors who want a secure, user-friendly platform that offers a flexible trading experience. 

If you are still unsure, consider signing up to access your demo account to get some hands-on experience with PrimeXBT’s features.

FAQ

Is PrimeXBT safe or a scam?

Many people wonder, “is PrimeXBT safe?” After conducting a thorough review, we can guarantee that the authentic PrimeXBT broker is safe. However, there are scams out there that seek to capitalise on this exchange’s success. 

Before you sign up or deposit funds, make sure you are on the original PrimeXBT.com website. 

What is PrimeXBT Turbo?

The Turbo platform is a Bitcoin-settled synthetic contract that simplifies trading. Basically, you can earn up to 90% on your investment if you correctly predict the price of Bitcoin over a short time frame. 

What can I trade on PrimeXBT?  

The platform lets investors trade 5 cryptocurrencies and other assets such as forex, indices, and commodities. 

Can you make money with PrimeXBT?

The platform’s low fees allow many investors to profit. However, if you want to make money, you will need to have the proper investing strategy in place. 

How secure is PrimeXBT? Is PrimeXBT regulated?

Even though the platform is not currently regulated, it is secure for investors around the world. It uses encryption, two-factor authentication, regular audits, and cold storage to protect your assets. 

How do I withdraw money from PrimeXBT?

To withdraw money, you need to ensure there are adequate funds in your PrimeXBT wallet (you cannot withdraw funds if they are in your trading account). Simply go to your wallet, enter the recipient’s address, and click “Submit to withdraw.”

Where is PrimeXBT based?

The company is registered in Seychelles and has an office in St. Vincent & The Grenadines. However, the trading infrastructure is in Switzerland. 

How does PrimeXBT make money?

The platform makes money through its commission rates and overnight financing fees. 

How can I deposit into a PrimeXBT account?

Investors can only make deposits with Bitcoin. If you don’t have Bitcoin readily available, you can use the platform’s Changelly extension to convert other cryptocurrencies or fiat currencies into Bitcoin. 

What is the minimum lot size at PrimeXBT?

The minimum lot size is 0.001 BTC, 0.01 ETH or LTC, or 1 EOS. 

When does a margin call take place at PrimeXBT?

The company does not specify when it delivers margin calls (only that it strives to issue them when your Available Margin drops “below a certain point”). It does not guarantee that you’ll receive a margin call before the liquidation of your positions. 

What is the maximum leverage offered by PrimeXBT?

With cryptocurrencies, the maximum leverage is 1:100. Forexes can have leverage up to 1:1000. 

How do I open an account with PrimeXBT?

To open a PrimeXBT brokerage account, all you have to do is provide your email address and phone number. You’ll create a password and verify your account, which can take less than a minute. Once you deposit funds, you can start trading right away. 

What trading platforms does PrimeXBT offer?

Available trading platforms include the basic platform, Turbo, and the Covesting module. 

Is PrimeXBT an ISA?

No, it is not an Individual Savings Account (ISA).

Do I pay tax on PrimeXBT?

Yes, you will have to pay tax on the money you make according to local laws. 

Is PrimeXBT legal in the USA?

The platform is illegal in the USA as it is not registered with the Securities Exchange Commission. 

Is PrimeXBT legal in the UK?

Many users wonder, “Can you use PrimeXBT in the UK?” The answer is yes — British residents can legally use the PrimeXBT UK platform. 

How much is the PrimeXBT minimum deposit?

The minimum deposit is 0.001 BTC. 

What are the PrimeXBT market hours?

Investors can trade cryptocurrencies 24/7. With forex, commodities, and indices, the market hours will vary depending on what asset you’re trading.