PrimeXBT

PrimeXBT Review

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.07 Jul 2024
author avatar image Chad Smith

Table of Contents

Introduction

PrimeXBT Main Features
Feature Title Feature Value
Year Founded2018
HeadquartersSeychelles
Minimum Initial Deposit$10
Demo TradingYes
Average Spread EUR/USD1.0 pips
Withdrawal Time1-2 business days
Inactivity FeeNo

PrimeXBT is a popular online broker that provides traders a platform for leveraged trading in various assets. If you’re looking for a sophisticated trading experience with options in cryptocurrencies, forex, indices, and commodities, PrimeXBT has something to offer. Established in 2018, it has rapidly grown to serve over a million users worldwide.

PrimeXBT’s advanced features, such as copy trading and virtual contests, make it a compelling choice for experienced traders. Its user-friendly interface and competitive fees are bonuses for those looking to maximise their trading potential. Despite its impressive capabilities, beginners might find it challenging due to the high-leverage options.

Despite its robust offerings, trading on PrimeXBT can come with risks, especially considering the volatility of the markets. With a strong focus on security and customer support, PrimeXBT aims to provide its users with a safe and efficient trading environment.

Key Takeaways

Overview of PrimeXBT

PrimeXBT is a versatile trading platform known for its various asset classes and high-leverage options. It focuses on providing secure and efficient trading services.

Key Features

PrimeXBT offers trading across multiple asset classes, including cryptocurrencies, stocks, forex, commodities, and indices. A standout feature is the 100x leverage available on many trades, allowing you to amplify potential profits. The platform provides advanced charting tools for precise market analysis. PrimeXBT also boasts lower trading fees than many competitors, which can benefit frequent traders. A unique aspect of PrimeXBT is its Turbo platform, which is designed for short-term trading with simplified mechanics. Security is another key focus, with features like two-factor authentication and encryption to protect user data.

Supported Cryptocurrencies

PrimeXBT supports a broad range of cryptocurrencies. Major coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and EOS are available for trading. This diversity allows for significant trading opportunities and portfolio diversification. It’s important to note that high leverage on these assets can lead to high potential rewards and risks due to the market’s volatility.

Supported Cryptocurrencies
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Ripple (XRP)
Binance Coin (BNB)
Tether (USDT)
Cardano (ADA)
TRON (TRX)
Cosmos (ATOM)
Polygon (MATIC)
Dogecoin (DOGE)
Solana (SOL)
Avalanche (AVAX)
Polkadot (DOT)

The platform continuously expands its offerings, ensuring traders access the latest trending coins. Margin trading is available for these cryptocurrencies, enabling you to open prominent positions with a relatively small investment.

Global Accessibility

PrimeXBT is accessible internationally, though there are some restrictions. Users from most countries, including the UK and Europe, can register and trade on the platform. However, certain countries, like the USA, Canada, and Japan, face regulatory restrictions and cannot access PrimeXBT services.

The platform is headquartered in Seychelles, benefitting from the country’s business-friendly regulatory environment. PrimeXBT’s global reach is supported by multi-language customer service and platform interfaces, making it easier for non-English speakers to use the service. The platform’s regulatory adherence ensures a safe trading environment for users worldwide.

Account and Verification Process

When opening an account with PrimeXBT, you follow a straightforward registration procedure and undergo a Know Your Customer (KYC) verification. Here’s what you need to know about the steps involved.

Registration Procedure

To start, visit the PrimeXBT website and click the “Register” button. You must provide your email address, create a password, and agree to the Terms of Service. An email verification link will be sent to the email address you provided.

Once you click the link, your account is activated. The entire process is quick and typically takes only a few minutes. After activation, you can log in and access your account dashboard.

The platform offers a demo account feature, allowing you to practice trading before you use real funds. Two-factor authentication (2FA) enhances account security.

KYC Requirements

PrimeXBT does not require strict KYC verification for basic account levels, which allows traders to start without submitting many documents. However, KYC verification is necessary for higher withdrawal limits and enhanced trading features.

To complete the KYC process, you must submit identification documents like a passport or driver’s licence and sometimes proof of address, such as a utility bill or bank statement. The verification process ensures the platform’s security and compliance.

You upload the documents through the account settings, and the verification usually takes a few days. Once verified, you can access increased trading limits and additional platform features.

Trading Experience

PrimeXBT provides a versatile trading experience with various assets and platforms. From cryptocurrencies to traditional markets, you can access and trade these using advanced tools and a user-friendly mobile application.

Available Assets and Markets

Here is a detailed table of all the available assets and markets supported by PrimeXBT:

Market TypeAssets
CryptocurrenciesBitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), Tether (USDT), Cardano (ADA), TRON (TRX), Cosmos (ATOM), Polygon (MATIC), Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX), Polkadot (DOT)
ForexEUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, EUR/GBP, EUR/JPY, GBP/JPY, NZD/USD, USD/CAD, and more.
CommoditiesGold, Silver, Crude Oil, Natural Gas, Brent Oil, Copper, Platinum, Palladium
IndicesS&P 500, NASDAQ, Dow Jones, FTSE 100, DAX 30, Nikkei 225, ASX 200, Euro Stoxx 50, CAC 40, Hang Seng Index
Cryptocurrency FuturesFutures contracts for various cryptocurrencies with high leverage options

PrimeXBT allows you to trade in multiple asset classes, including forex, indices, commodities, and cryptocurrencies. You can trade major forex pairs like EUR/USD or exotic pairs. Indices like the S&P 500 and commodity markets like gold and oil are also available.

For cryptocurrency enthusiasts, PrimeXBT supports trading in popular digital currencies like Bitcoin and Ethereum. The broker enables trading of CFDs (Contracts for Difference), ensuring you can benefit from both rising and falling markets.

Trading Platforms and Tools

PrimeXBT uses an advanced trading platform that integrates with TradingView, a renowned technical analysis tool. This platform offers a wide array of technical indicators and charting tools. You can use the platform’s copy trading tool to replicate successful traders’ strategies.

Leverage trading is crucial, allowing you to trade with margins up to 100x, amplifying profits and increasing risk. The platform offers a single retail trading account, which streams real-time quotes and ensures high-speed order execution.

Mobile Application

The PrimeXBT app is designed for seamless trading on the go. It provides a user-friendly interface, allowing you to monitor your portfolios, execute trades, and deposit or withdraw funds from your smartphone. The app supports over 100 markets, including forex, indices, commodities, and cryptocurrencies.

The app allows you to start trading with as little as $5. It also allows you to purchase digital assets within the app, making your trading experience smooth and integrated. The low trading fees, such as 0.01% for maker orders, make it an attractive choice for new and experienced traders.

Cost Structure and Fees

PrimeXBT’s cost structure includes trading fees, withdrawal fees, and financing charges. These fees can vary depending on the type of trade, asset, and trading volume. Understanding these fees is crucial to managing trading costs effectively.

Trading and Withdrawal Fees

PrimeXBT charges trading fees based on the type of asset and trading volume. For cryptocurrency assets, the trading fee is 0.05% per position. This fee applies when you open or close a trade. The costs for global markets, including forex and indices, are 0.01% for makers and 0.02% for takers.

Regarding withdrawals, the platform charges a withdrawal fee of 0.0005 BTC. This fee is fixed regardless of the withdrawal amount. The tiered fee structure allows traders with high volumes to benefit from reduced costs, making it attractive for active traders.

Here’s a detailed summary of the trading and withdrawal fees for PrimeXBT:

Crypto Futures:

  • Maker Fee: 0.01%
  • Taker Fee: 0.02%

Global Markets and Copy Trading:

  • Maker Fee: 0.05%
  • Taker Fee: 0.05%

Cryptocurrency Spot Trading:

PrimeXBT charges fixed fees for cryptocurrency withdrawals to cover the blockchain network’s transaction costs. These fees vary depending on the specific cryptocurrency and the current network congestion.

Examples:

  • Bitcoin (BTC): 0.0005 BTC
  • Ethereum (ETH): 0.01 ETH
  • Tether (USDT): 10 USDT (on the Ethereum blockchain)

For withdrawals to fiat currencies through methods such as Advcash, Perfect Money, or Local Payments, PrimeXBT might impose a processing fee to cover service charges imposed by the payment processors. These fees vary depending on the withdrawal method and currency.

Additional Details:

  • No Deposit Fees: PrimeXBT does not charge fees on deposits.
  • Overnight Swap Fees: These fees are applied when holding a position overnight and vary depending on the asset.

PrimeXBT maintains a transparent fee structure, clearly presenting all applicable fees during the withdrawal process to ensure users are well-informed about any charges that may apply to their transactions

Financing and Commission Expenses

Financing expenses are part of holding leveraged positions overnight. These overnight financing rates vary across different assets. For example, the overnight fee ranges from 0.00277% to 0.1389% based on liquidity and the specific cryptocurrency. This cost is crucial if you plan to hold positions for an extended period.

PrimeXBT does not charge a commission on forex, indices, or commodities trades, making it competitive with other brokers that charge commissions in these markets. However, overnight financing fees apply for these trades, and understanding the rates is essential for long-term trading strategies.

Leverage and Margin Policies

PrimeXBT offers powerful tools for margin trading, enabling traders to control large positions with relatively little capital. These tools include high leverage ratios and specific margin requirements.

Leverage Ratios

PrimeXBT provides up to 100x leverage on various assets. This means you can control a position 100 times the size of your initial margin deposit. For example, with a deposit of $1,000, you can trade up to $100,000 worth of assets.

This high leverage is available across different markets, including cryptocurrencies, stocks, forex, and commodities. Using leverage, you can potentially increase your profits from small market movements.

Margin Requirements

To access these leverage options, you must meet certain margin requirements. The initial margin is the capital you need to open a leveraged position. PrimeXBT typically requires a small percentage of the total trade value, known as the margin.

Maintenance margin is another essential concept. The minimal amount must be kept in your account to keep the positions open. You may face a margin call if your account balance falls below this level. This could lead to liquidating your assets if additional funds are not deposited promptly.

Here’s a table summarizing the margin requirements for various assets on PrimeXBT:

Asset ClassMargin Requirement
Cryptocurrencies1% (1:100 leverage)
Forex Pairs0.1% (1:1000 leverage)
Commodities1% (1:100 leverage)
Stock Indices1% (1:100 leverage)
Crypto Futures1% (1:100 leverage)

Additional Information:

  1. Cryptocurrencies: Margin requirements for cryptocurrency trading on PrimeXBT generally require a 1% margin, providing up to 100x leverage. This allows traders to control a larger position size with a smaller amount of capital.
  2. Forex Pairs: Forex pairs on PrimeXBT can be traded with a margin requirement as low as 0.1%, allowing for leverage up to 1000x on major currency pairs.
  3. Commodities: Trading commodities such as gold, silver, and crude oil typically requires a 1% margin, enabling 100x leverage.
  4. Stock Indices: Margin requirements for stock indices are also set at 1%, offering leverage up to 100x on indices like the S&P 500, NASDAQ, etc.
  5. Crypto Futures: The margin requirement for crypto futures contracts is set at 1%, with up to 100x leverage available.

These margin requirements allow traders to amplify their positions significantly, but it’s important to manage risks properly as leverage can also magnify losses.

Risk Management and Security

PrimeXBT takes serious measures to protect your assets and provides tools to manage trading risks. It uses advanced security protocols and offers various features to help you mitigate potential losses.

Security Protocols

PrimeXBT employs several security measures to safeguard your funds and personal information. Two-factor authentication adds an extra layer of protection to your account. Only you can access it, even if your password is compromised.

They also utilise cold storage for the majority of client funds. Cold storage keeps your assets offline, making them less vulnerable to hacking attempts. Furthermore, PrimeXBT has implemented DDoS protection to maintain platform stability and prevent disruptions from attacks.

PrimeXBT offers whitelisting to enhance transaction security. This feature lets you specify trusted wallet addresses for withdrawals, safeguarding against unauthorized attempts to move your funds.

Risk Management Features

PrimeXBT provides several risk management tools to help you navigate the volatile market. You can use leverage to increase your trading potential, though using this feature wisely is essential due to the inherent risks.

To support your strategies, PrimeXBT offers hedging options. Hedging allows you to counterbalance potential losses by opening opposite positions on the same asset. This can be particularly useful in volatile market conditions.

Moreover, the platform ensures high liquidity, enabling you to execute trades swiftly and at favourable prices. PrimeXBT also provides risk management orders, such as stop-loss and take-profit. These tools help you automatically exit positions at predetermined levels, protecting you from significant losses.

By employing these risk management features, you can trade with more confidence and precision on PrimeXBT.

Unique Features and Services

PrimeXBT offers various unique features, including the Covesting Module and Copy Trading, which provide powerful tools for traders to maximise their potential.

Covesting Module

The Covesting Module on PrimeXBT allows traders to access and invest in strategies developed by experienced traders. COV, the native token for covesting, offers additional benefits like reduced trading fees and other perks.

Through the Covesting Module, you can explore a range of strategies, track performance metrics, and choose to follow the traders that suit your investment goals. This feature provides a transparent and efficient way to diversify your trading approaches while leveraging the expertise of seasoned traders. The ease of use and robust performance metrics make it a valuable tool for beginners and advanced traders.

Copy Trading and Social Trading

PrimeXBT’s Copy Trading and Social Trading features enable users to mirror the trades of successful traders automatically. You can join the platform using a referral link and benefit from potential discounts.

With copy trading, your portfolio can be linked to another trader’s moves, allowing you to benefit from their strategies without needing to implement them manually. This approach benefits those still gaining confidence in trading decisions or preferring passive investment methods. Social trading allows you to interact with other traders, share insights, and learn from the community, thus enhancing your trading experience on the PrimeXBT exchange.

Customer Support and Education

PrimeXBT offers robust customer support and a wide range of educational resources to help you get the most out of their platform. These services are specifically designed to cater to both experienced traders and newcomers.

Support Channels

PrimeXBT provides 24/7 customer support through a live chat feature directly on its trading platform. This feature is accessible 24/7, ensuring you can get help whenever needed.

An extensive help centre has articles and FAQs for less urgent queries. This can be useful for getting immediate answers to common questions without waiting for a support agent.

If you prefer email, PrimeXBT also offers that option. While response times vary, they strive to respond within a reasonable timeframe.

Educational Resources

PrimeXBT offers several resources to help you improve your trading skills. For beginners, there are guides on technical analysis and CFD trading, making it easier to understand complex concepts.

You will also find tutorials on using different order types and effective trading strategies. These are particularly beneficial if you are new to trading.

An educational section includes comprehensive materials covering market behaviours, asset types, and risk management techniques. This section is geared towards making you a more informed and confident trader.

Conclusion and Verdict

PrimeXBT offers a wide range of trading assets, including cryptocurrencies, stocks, forex, commodities, and indices.

The platform is known for its high leverage, with up to 200x on Bitcoin and Ethereum CFDs and 1000x on forex pairs.

Pros:

  • High leverage options
  • Diverse asset range
  • User-friendly interface
  • Advanced features like copy trading
  • Competitive fees

Cons:

  • Unregulated status
  • High risk for novice traders

PrimeXBT has gained popularity, especially among experienced traders who value its leverage and various trading options. However, the platform’s unregulated status may deter some users, as it poses a potential legal risk. Before using this platform, it’s essential to consider the benefits and the challenges.

Frequently Asked Questions

PrimeXBT offers advanced trading features, a user-friendly platform, and robust security measures. This section answers common questions to clarify fees, deposits, leverage, security, withdrawals, and KYC requirements.

What are the transaction fees associated with PrimeXBT?

PrimeXBT charges competitive fees for its services. Trading fees vary based on the asset being traded. Generally, you’ll find a 0.05% fee on crypto trades. Fees for forex and CFDs are built into the spread. Always check the platform for the most current fee structure.

Does PrimeXBT require a minimum deposit to start trading?

No minimum deposit is required to start trading on PrimeXBT, making it accessible for beginners and experienced traders. You can deposit any amount and begin trading right away.

What level of leverage does PrimeXBT offer to its clients?

PrimeXBT offers high-leverage options. For cryptocurrencies, you can access up to 100x leverage, and forex trading provides up to 1000x leverage. Understanding the risks is essential, as high leverage can lead to significant losses and gains.

How does PrimeXBT ensure the security of its users’ funds?

PrimeXBT uses top-tier security measures to protect users’ funds and information. These include cold storage for most funds, encryption protocols, and regular security audits. Two-factor authentication (2FA) is also available for added security.

What is the process for withdrawing funds from PrimeXBT, and how long does it typically take?

Withdrawing funds from PrimeXBT is straightforward. You need to submit a withdrawal request from your account dashboard. Withdrawals are processed once daily and typically take one business day to complete. Some transactions may take longer due to security checks.

Are users required to complete a Know Your Customer (KYC) process when registering with PrimeXBT?

PrimeXBT does not require mandatory KYC for registration. You can trade without completing the KYC process. However, completing KYC verification may provide additional benefits and higher withdrawal limits.

author avatar image
Chad Smith

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com. Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it. Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.

PrimeXBT

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