PrimeXBT Review: Safe or a Scam Trading Platform in 2023
When it comes to cryptocurrency trading, there are a few platforms that reign supreme. Among them is PrimeXBT, which offers a wide array of features and tools that make it an attractive option for traders. In this PrimeXBT review, we'll take a look at one of the leading platforms for trading bitcoin futures. We'll also explore some of the key features that make PrimeXBT stand out from the competition. So without further ado, let's get started!
What Is PrimeXBT?
PrimeXBT is a relatively new and fast-growing bitcoin trading platform. It offers its users a variety of investment options and many asset classes. In this review, we will discuss whether PrimeXBT is a good trading platform and what features make it stand out when it comes to cryptocurrency trading.
PrimeXBT has a high level of liquidity, which enables fast and convenient trading of popular cryptocurrencies (Bitcoin, Litecoin, Ripple, Ethereum, etc.). You can hedge your assets and profit from the rise or fall of the market. In addition to cryptocurrencies, a large selection of instruments (more than 30 pcs) is available.
PrimeXBT has a high level of liquidity, enabling fast and convenient trading of popular cryptocurrencies (Bitcoin, Litecoin, Ripple, Ethereum, etc.). You can hedge your assets and profit from the rise or fall of the market. In addition to cryptocurrencies, a wide range of instruments is available (more than 30 pcs).
Date of foundation
Types of support
English, Spanish, Portuguese, Japanese, Russian, etc.
PrimeXBT is dynamically and continuously developing in order to constantly meet the market demands and provide its clients with uncompromising trading opportunities.
Today, the platform already allows access to more than 30 instruments of global markets from a single account. Cryptocurrencies, indices, forex, gold, oil and other securities can all be traded with just one PrimeXBT profile.
One of the key features of Prime XBT is leverage of 1:100 on all cryptocurrencies offered on the exchange, which allows a market participant to operate with an amount 100 times greater than the amount available in the exchange account. A margin guarantee is applied to the leverage. This means that the trader must deposit 1% of the transaction amount to increase the size of the position and Prime XBT will provide the remainder.
Naturally, with the right approach, leveraged trading has a positive effect on traders' income. It is possible to earn handsomely by operating large sums even with minor rate changes, gradually accumulating trading capital.
Long/Short Trading Strategies
Prime XBT traders can profit from both rising and falling markets by opening Long and Short positions.
Long positions are designed to buy a cryptocurrency with the expectation that its price will rise and then sell it. It's simple here. If a trader predicts that the value of a coin will rise, then by opening a long position, he buys the cryptocurrency at a still low price and sells it at a higher price when the deal closes.
Short positions work on the opposite principle and allow one to make money in a falling market. For example, a trader is certain that Bitcoin's exchange rate will fall from $8,400 to $8,245 and wants to take advantage of this situation with 10 BTC in his account. He opens a short position, placing his 10 BTC to sell at the current rate. The total value of the transaction is 84 thousand dollars. The forecast turned out to be correct and bitcoin did fall in price. The trader closes the short position by buying back his 10 VTS, but at a lower price of $8.245. The difference is the profit on the deal due to the opening of the short position.
For those who can't make enough money from trading cryptocurrencies, Prime XBT offers trade global markets and the opportunity to make money from price movements on indices and CFD trading. In contrast to cryptocurrencies and other valuable assets, indexes are financial instruments reflecting the value not of a specific resource, but of many top companies rotating in the market.
Trading indices allows traders to earn on falling or rising stocks of the companies without owning any real assets. It gives certain advantages to trader. Firstly, the cost of indices is much lower than the real assets of the world's top companies, which provides a lower start. Secondly, there are no restrictions on purchase.
All popular indices are represented in the trading platform functionality. For example, S&P500, which is based on the value of the shares of the 500 leading companies in the USA. FTSE100 - the 100 largest companies in England. JAPAN, which shows the value of Japanese companies, and many others.
Prime XBT offers those who want to earn on the rise and fall of national currencies the opportunity to trade in 25 Forex pairs, using long and short positions.
Prime XBT is also ready to provide leverage for forex trading that can be up to 1:1000. This means that positions with some currency pairs can be opened for an amount up to 1000 times the amount of money in the account. In other words, having just 1 dollar on your account, you can make transactions for 1000 dollars, thereby naturally increasing your profits.
The creators of the Prime XBT trading platform offer their clients a variety of tools for earning and hedging risks. One of them is the ability to trade commodities such as gold, platinum, crude oil, gasoline, as well as other energy commodities and precious metals.
The volatility of physical commodities is much less than that of digital and fiat currencies, so they cannot offer traders the same dynamic earnings. Nevertheless, over long time periods, their value is constantly increasing and they can be an attractive tool for diversifying risks.
How to register on PrimeXBT
The PrimeXBT registration process is very simple and straightforward. Follow the detailed instructions below to quickly set up your first account.
To open an account with PrimeXBT, follow these steps:
When you are finished, you will receive a confirmation link or a code sent to your email or phone number, depending on which registration method you used.
Depositing and withdrawing funds
Prime XBT can offer its clients amazing flexibility in money management. First of all, it is manifested in the assortment of deposit and withdrawal methods. So, you can make a deposit to your account in bitcoins, more than 130 altcoins and credit cards.
At the same time, the administration of the resource does not set minimum thresholds for deposits and withdrawals, which is definitely a key feature and an enviable advantage of the site.
It is important to keep in mind that all clients' trading accounts are entirely based on bitcoins. Therefore, when interacting with other assets, Changelly-linked APIs are used, which makes it convenient to exchange VCs for any other assets.
Cryptocurrency and fiat pairs
Prime XBT allows more than 30 different assets to be traded. The following cryptocurrency pairs are represented on the platform:
Supported fiat currencies
PrimeXBT supports both major and minor forex currencies on its platform.
Forex currencies supported by PrimeXBT:
How to exchange cryptocurrency on PrimeXBT
To make an exchange, the user first needs to perform a few simple steps:
Next, the user is redirected to another page where he must specify the data:
Next, the client needs to copy the address of the cryptocurrency storage wallet to which the user will make a transfer for the exchange. As soon as the specified amount of funds arrives to the platform's account, the client's balance will be replenished. It is worth noting that this procedure may take some time due to the fact that the speed of transactions depends on the network.
PrimeXBT Trading Commissions
Many exchanges charge what we call taker commissions, from takers, and what we call maker commissions, from makers. Takers are the people who remove liquidity from the order book by accepting orders already placed. Makers are the people who place those orders. The main alternative to these commissions are the usual "fixed" commissions. Fixed commissions are commissions which are the same for takers and makers.
This exchange offers a very low fixed commission - only 0.05% per transaction. This is definitely quite a competitive commission. Most exchanges that offer derivatives trading actually charge 0.075% commission. Thus, PrimeXBT has reduced the industry average taker fee for exchanging crypto derivatives by a third.
PrimeXBT's withdrawal fees
Another commission to consider before choosing an exchange to trade with is the withdrawal fee. Usually, the amount of this commission is fixed (does not depend on the amount of cryptocurrency to be withdrawn). Its size varies from cryptocurrency to cryptocurrency.
The last time we conducted an empirical study, the average industry fee for BTC withdrawal was 0.0006 BTC. PrimeXBT charges only 0.0005 BTC. Accordingly, their BTC withdrawal fee is about slightly lower than the industry average.
Overall, the exchange's fees are quite competitive.
PrimeXBT takes the security of its customers very seriously. The company boasts that it has advanced blockchain technology that ensures that investors' assets remain secure at all times. Here are just some of the security features implemented on the PrimeXBT platform:
Using cold storage for customer bitcoins
To protect customer assets from hacking and theft, PrimeXBT stores most bitcoins in offline storage systems, also known as cold storage. Only a very small portion of bitcoins are actually available online.
Dedicated and secure server for the web platform
The implementation of some of the latest advanced blockchain technology ensures that the PrimeXBT trading platform is protected from all forms of online attacks, especially DDOS attacks. Thus, customers can be assured that the web platform will always remain easily accessible when needed. The use of sophisticated technology also ensures that there are no execution time delays, no asset price changes, and no order execution errors that can occur when a trader tries to place an order, modify it, or exit an open trade.
Use of two-factor authentication and SSL
The PrimeXBT trading platform also adds an extra layer of security through the use of two-factor authentication. This ensures that no hacker gets access to your accounts. The authentication method combined with the use of Secure Socket Layer (SSL) ensures that the exchange's communication network remains protected from hackers.
The financial sphere is one of the most attractive for scammers, so a large number of bona fide projects as well as scams can be found in the network. To protect yourself from a negative experience of cooperation, you should carefully check the documentation, as well as the license on the official website of the project. Consider in more detail how the regulation of the company. Although the company occupies the top positions in the world rankings of cryptocurrency exchanges, the organization does not have licenses and permits to work with cryptocurrency. Documentation, as well as contact information of the company is publicly available for users at primexbt.com
Advantages and disadvantages of PrimeXBT crypto trading exchange
PrimeXBT Review Conclusion
PrimeXBT offers comfortable trading in cryptocurrencies, currencies and other assets. There are stop-loss and take-profit functions and charts with multiple indicators. Commissions start at 0.001% for margin trading. The site has a convenient service of copying transactions, which allows you to receive a passive income. All major methods of deposit/withdrawal are available, including Visa and MasterCard.
PrimeXBT Rating Summary
We have analyzed key features of PrimeXBT based on 3 important criteria:
- Trustworthy (Reviews from Trustpilot and other sites)
- Usability and Service
- Fees and Commissions.
Based on researches and our own tests, we have made an independent rating
Is PrimeXBT a good exchange?
PrimeXBT is a good exchange. It offers a variety of features, including margin trading, short selling, and a user-friendly platform. The team behind PrimeXBT is also highly experienced and committed to providing the best possible experience for their users.
PrimeXBT is also one of the few exchanges that offer insurance on user funds, which adds an extra layer of security and peace of mind for traders. Overall, PrimeXBT is a great choice for anyone looking for a reliable and user-friendly exchange.
Is PrimeXBT available in the US?
Yes, PrimeXBT is available in the United States. You can trade a variety of assets on the PrimeXBT platform, including cryptocurrencies, Forex, commodities, and indices. All you need is a computer and an internet connection.
Is PrimeXBT regulated?
PrimeXBT is a Bitcoin-based margin trading platform that allows users to trade a variety of assets including cryptocurrency, forex, commodities, and indicies. The company has been operational since 2018 and is based in Seychelles
Regarding regulation, PrimeXBT is not currently regulated by any financial authorities. However, the company has plans to register with the Financial Conduct Authority (FCA) in the UK in the near future. In the meantime, PrimeXBT complies with all anti-money laundering (AML) and Know Your Customer (KYC) guidelines
Overall, PrimeXBT is a secure and reliable platform that offers a great way to trade a variety of assets.
Is PrimeXBT free?
he platform is available for free to use, and there are no trading fees associated with using it. You can trade with leverage of up to 100x on some assets, which can provide the opportunity to make more profit from your trades. There is also a demo account available so that you can explore the platform and try out trading without risking any real money.
How long does it take to withdraw from PrimeXBT?
It usually takes around 1-2 hours to withdraw from PrimeXBT. However, if you are withdrawing a large amount of funds, it may take longer.
What is the most trustworthy crypto exchange?
PrimeXBT is the most trustworthy crypto exchange because it is regulated by the SEC and has a fiduciary duty to its clients.
All of PrimeXBT's operations are also monitored by third-party cyber security experts, so you can rest assured that your funds are in safe hands. Additionally, PrimeXBT offers 24/7 customer support in case you have any questions or issues.
Can US residents trade on PrimeXBT?
Yes, US residents can trade on PrimeXBT. This cryptocurrency trading platform offers a variety of features and benefits that make it an attractive option for online traders. For example, PrimeXBT offers margin trading, meaning that users can trade with leverage of up to 100x. This can lead to higher profits but also carries more risk. Other features include fast trading account opening, low trading fees, and a user-friendly interface.
Do you need KYC for PrimeXBT?
Yes, PrimeXBT requires users to complete KYC verification. This is a standard procedure for all cryptocurrency exchanges and is done in order to protect our users from fraud and illegal activity.
Is PrimeXBT legit?
PrimeXBT is a legit platform. It is one of the most reliable and secure platforms in the market. The company has a team of experienced professionals who are always working to make the platform better and more user-friendly. Additionally, PrimeXBT has an excellent customer service department that is always available to help users with any problems they may experience.
What are the trade fees in PrimeXBT?
According to our research, withdrawal fees are lower than the industry average. Trading fees- only 0.05% per transaction.
How do I withdraw money from PrimeXBT?
To withdraw money from your PrimeXBT account, simply go to the ‘Withdraw’ page in your trading account dashboard and select the currency you wish to withdraw. Then enter the amount you wish to withdraw and confirm the transaction. Your funds will then be sent to your chosen withdrawal wallet or exchange within 24 hours. Please note that there is a 0.001 BTC (or equivalent) minimum withdrawal amount for Bitcoin withdrawals.
How much leverage does PrimeXBT have?
PrimeXBT is a relatively new player in the cryptoasset space, and it has not yet released information about its leverage. However, since it is a derivative product, it is likely to have a much higher leverage than spot crypto exchanges. For example, BitMEX offers up to 100x leverage on some of its products.
Is PrimeXBT a broker?
PrimeXBT is a broker, and it offers some unique features that make it a desirable choice for traders.
For example, PrimeXBT allows users to margin trade with up to 100x leverage. This means that you can control a much larger position size with your available capital, which can result in more profits or losses. Additionally, PrimeXBT offers a variety of order types to help you execute your trading strategy.
Is PrimeXBT suitable for experienced traders?
rimeXBT is a suitable platform for experienced traders. It offers an array of trading tools, including margin trading and stop-loss orders, that can help you execute your trading strategy effectively. In addition, PrimeXBT is one of the few exchanges that offer XBT perpetual contracts, which provide traders with the opportunity to profit from both up and down markets.
What is best trading platforms in Uk?
There is no one-size-fits-all answer to this question, as the best trading platforms for you will depend on your individual trading style and preferences. However, if you're looking for a comprehensive and user-friendly platform that offers a wide range of features and opportunities, PrimeXBT may be the right choice for you.
PrimeXBT is a Bitcoin-based multi-asset margin trading platform that enables users to trade a variety of assets including cryptocurrency, forex, commodities, and indices. The platform offers high leverage (up to 100x), low trading fees (0.01% maker trading fee, 0.05% taker fee), and quantitative tools to help traders make informed decisions.
Is PrimeXBT suitable for experienced traders?
PrimeXBT is a suitable platform for professional traders. It offers an array of trading tools, including margin trading and stop-loss orders, that can help you execute your trading strategy effectively. In addition, PrimeXBT is one of the few exchanges that offer XBT perpetual contracts, which provide traders with the opportunity to profit from both up and down markets.
Cryptocurrency trading entails a high risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.
You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This PrimeXBT review, opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.
PrimeXBT Review Summary
We have analyzed key features of PrimeXBT based on 3 important criteria for choosing crypto exchange:
Based on researches and our own tests, we have made an independent rating.