PrimeXBT focuses more on features like CFDs and leverage/derivatives trading than spot trading, and it would be unfair to directly compare them to other cryptocurrency exchanges.
Therefore, we have decided not to include a general ranking of PrimeXBT in this review.
However, we have conducted trading tests and provided a detailed review based on our own experience for those interested in our trading experience.
About PrimeXBT
Founded in 2018, PrimeXBT is a futures and CFD trading platform serving over a million users in over 150 countries.
It offers a professional-level trading environment with advanced features tailored to leverage and derivatives traders.
The platform offers CFDs on Forex, Indices, Commodities, and Cryptocurrencies, but this review focuses on Crypto Futures.
Is it safe to trade on PrimeXBT?
PrimeXBT operates in an unregulated grey area, without a license from a major financial authority such as the FCA or SEC.
While it does offer two-factor authentication (2FA) to enhance account security, several factors raise concerns about the safety and reliability of the platform.
Despite this fact, the optional KYC feature makes the platform ideal for users who want to remain anonymous and avoid sharing personal data with the exchange.
Also, since there is no mandatory KYC verification, users from all over the world can access the platform by using a VPN to bypass geographic restrictions.
Should You Use PrimeXBT?
If you are looking for a leveraged cryptocurrency exchange with relatively advanced technology, transparent and low fees, and strong security procedures, then you should consider it.
PrimeXBT Features
PrimeXBT offers a powerful and versatile trading platform designed to meet the needs of traders of all experience levels.
The platform is known for its user-friendly interface, advanced trading tools, and high-performance execution. Key features of the PrimeXBT trading platform include:
Leveraged Trading
PrimeXBT offers high leverage of up to 100x for cryptocurrencies and up to 1000x for forex. This allows traders to control larger positions with less capital.
This feature is especially useful for experienced traders who want to expand their trading potential.
Covesting Module
This is one of the most innovative and outstanding features of PrimeXBT.
Designed to bridge the gap between beginners and experienced traders, this social trading tool allows users to follow and automatically copy the trades of successful traders. It is known on the platform as a strategy manager.
For beginners or those who lack the time to actively manage their trades, Covesting offers the opportunity to leverage the expertise of experienced traders without having to develop a strategy from scratch.
Intuitive User Interface
PrimeXBT’s interface is designed to be intuitive and user-friendly along with advanced charting tools. This makes it accessible and efficient for both beginners and experienced traders.
The platform supports both web and mobile applications, allowing traders to access the markets anytime, anywhere.
TradingView Integration
The integration with TradingView provides users with enhanced charting features and social trading capabilities. This integration allows traders to benefit from the insights and analysis of the TradingView community.
Advanced Trading Tools
The platform features a suite of advanced trading tools such as customizable charts, technical indicators, and real-time market data.
These tools allow traders to conduct in-depth market analysis and execute sophisticated trading strategies.
Types of tradable assets at PrimeXBT
This part of our PrimeXBT review will discuss the different types of assets that are available for trading. PrimeXBT offers a wide range of assets including cryptocurrencies, forex, commodities, and indices.
This makes it a versatile choice for traders looking for a variety of opportunities.
Cryptocurrencies
PrimeXBT offers access to a wide range of cryptocurrency trading pairs. Users can trade popular digital assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and other popular altcoins.
This range allows traders to participate in the highly dynamic and rapidly growing cryptocurrency market.
Forex
The platform offers a wide range of forex trading options, including major, minor, and exotic currency pairs.
Some of the popular pairs available are EUR/USD, GBP/USD, and USD/JPY. Offering up to 1000x leverage, PrimeXBT appeals to forex traders looking for significant trading opportunities in the global currency markets.
Commodities
PrimeXBT also supports trading in major commodities such as gold, silver, crude oil, and natural gas. These assets provide traders with the opportunity to diversify their portfolios and hedge against market volatility.
Indices: For those interested in traditional financial markets, PrimeXBT offers trading on popular stock indices such as the S&P 500, FTSE 100, and NASDAQ.
This allows traders to speculate on the performance of major global economies.
Futures
PrimeXBT offers futures trading, allowing traders to speculate on the future price of assets. This can include cryptocurrencies, commodities, and indices. Futures trading is useful for hedging and managing risk in volatile markets.
PrimeXBT Exchange Security
Most funds held on PrimeXBT are stored in cold storage, meaning they are kept in a secure offline environment, away from internet connections and potential hackers.
Currently, they also need to run a “hot wallet” to process payments and withdrawals, but the number of coins held in this state is limited.
Moving from a cold wallet to a hot wallet uses multi-signature access, which requires multiple employees to run. This eliminates a single point of failure and reduces the risk if a single employee is compromised.
In terms of other security protocols they employ, they also use Cloudflare’s technology to mitigate the risk of distributed denial of service (DDoS) attacks.
The security team regularly tests, checks, and updates to stay up to date on new potential vulnerabilities.
Finally, they also have advanced hardware modules that run their trading technology. It is hosted on AWS web servers, which are known to be among the best in the industry.
Widgets PrimeXBT
As for the charting package, PrimeXBT seems to offer a very comprehensive charting feature. This could be ideal for those who like to trade using technical analysis.
Traders can use the PrimeXBT Telegram Bot to send price alerts, open positions, and executed orders. It also offers the ability to contact customer support directly from Telegram.
For example, there are a number of customization options that allow users to change the appearance of their charts.
This includes things like colors, grids, and spacing. This is something I have never seen in any other charting package developed by the exchange.
If we take a closer look at the actual tools available, there are drawing tools that traders need to map out important levels. These include fan lines, Fibonacci, corrections, and other trend lines.
There are also a variety of technical studies and indicators available. These include all momentum indicators as well as relative strength and volume-based studies.
Users can also customize the indicators in terms of time frames and other important inputs.
PrimeXBT Bonuses and Special Offers
PrimeXBT offers a variety of bonuses and promotions for both new and existing users. Welcome Offers and Signup Bonuses:
New users can receive a 100 USDT welcome bonus when they deposit at least $500 within the first 48 hours of registering.
Bonuses: Various deposit bonuses are available when depositing $1000, $2500, and $5000.
Users can also receive bonuses when they reach various trading volumes ranging from $100,000 to $7,000,000, with rewards ranging from $5 to $1000.
PrimeXBT Registration
If you decide to try out the PrimeXBT platform, you will need to register an account. To do this, you will need to provide your email and password.
You can also enter your referral code if one has been provided.
You will receive an email to the address you provided to verify it. Once this is done, you can log back into your account to access the trading platform and account features.
One thing that may have caught your eye is that PrimeXBT does not require any form of identity verification upon registration.
This is because they are one of the few exchanges that do not complete KYC or AML checks on traders.
They are a completely anonymous exchange, which can be beneficial for traders who value their online privacy and do not want to send out personal documents.
Furthermore, this makes them less of a target for identity thieves looking for tasty targets in their databases.
In the Terms of Use, it is clearly stated that the company reserves the right to verify the identity or source of funds of its customers at any time.
Fee Structure
PrimeXBT offers a competitive and transparent fee structure in the trading industry. It is designed to appeal to both high-frequency traders and occasional traders. Here are the fees that traders should consider:
Trading Fees: The platform charges a flat trading fee of 0.05% per trade for cryptocurrency trading.
This rate is relatively low compared to industry standards, making it cost-effective for traders, especially those executing large volumes of trades. This fee applies to both market and limit orders.
Daily Funding: For daily held leveraged positions, PrimeXBT charges a daily funding fee (also known as a funding fee).
This fee applies to daily held positions. It also varies depending on the asset being traded and the leverage used. The funding fee is calculated hourly and can be viewed directly on the trading platform.
Withdrawal Fees: PrimeXBT charges a flat fee for withdrawals, the amount of which varies depending on the cryptocurrency being withdrawn.
This fee structure is simple and transparent, allowing users to know the cost of moving funds on the platform.
For example, the withdrawal fee for Bitcoin is typically 0.0005 BTC. This fee covers the transaction costs associated with processing withdrawals on the blockchain network.
PrimeXBT does not charge an inactivity fee, so there is no cost associated with maintaining an account that is not actively being used. There is also no fee to deposit cryptocurrencies.
However, users should be aware that depositing fiat currency through a third-party payment processor may incur fees determined by the payment provider.
PrimeXBT’s fee structure is particularly competitive for active traders, and it offers transparent trading and withdrawal fees in line with industry practices.
FAQs
What is PrimeXBT?
PrimeXBT is a cryptocurrency, forex, stock index, and commodities trading platform that allows traders to utilize up to 200x leverage on some cryptocurrency pairs and up to 1,000x leverage on some forex pairs.
The exchange is highly liquid and offers near-instant trade execution.
Is PrimeXBT legit?
It’s hard to say. PrimeXBT has been operating successfully for years and has thousands of positive reviews from millions of traders around the world, so it would be tempting to say yes, but how “legitimate”
can a broker be without a license or regulation?
It should also be noted that they are playing on the less cautious side of favorable regulation in that they do not have KYC requirements, which could be cracked down on in the future.
Is PrimeXBT safe?
PrimeXBT takes the utmost care to ensure the safety of their customers, which means that most funds are stored in cold storage that requires multiple employees to sign for access.
The company conducts regular audits and inspections on their platform, and emphasizes that the company has adequate safety measures in place.
On the other hand, unregulated brokers require much more trust in the company and deposit funds at your own risk.
Can PrimeXBT be hacked?
It is unlikely, but not impossible. As with any exchange, there is always a chance of a hack.
Is PrimeXBT available in the US?
PrimeXBT is not available to users residing in the US, and there is no “PrimeXBT USA” option like other platforms like eToro or Binance offer.
What are PrimeXBT’s withdrawal fees?
PrimeXBT’s withdrawal fee is 0.0005 BTC for Bitcoin withdrawals. This fee is relatively standard in the industry and covers the transaction costs of the blockchain.
You should be aware of this fee when planning a withdrawal, as it is deducted from the withdrawal amount.
Conclusion
PrimeXBT is a versatile and innovative trading platform that offers a wide range of features tailored to the needs of both beginners and experienced traders.
With high-leverage options, a unique Covesting module, and access to multiple asset classes, PrimeXBT has a 4.7 rating on Trustpilot, it provides ample opportunity for users to explore a variety of trading strategies.
The platform’s focus on security, user-friendly interface, and responsive customer support further enhances its appeal.
While traders should be mindful of the risks associated with high leverage, PrimeXBT’s comprehensive offering and positive user feedback make it an attractive choice for those looking to trade in the global markets.
Also read: Is Shiba Inu a Good Investment? Will Shiba Make you a Millionaire?