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PrimeXBT Review: Pros, Cons and How it Compares

PrimeXBT is a popular platform for experienced cryptocurrency traders. Check out this complete review for everything you need to know about PrimeXBT.

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3.0
Bitcompare score

Are you looking for a trading platform where you can transact in cryptocurrencies and other assets such as commodities and stocks? If so, you've got plenty of choices. In fact, there has never been a broader selection of digital currency exchanges on the market.

While this abundance of options can feel exciting, it also comes with the potential to become overwhelming. Especially if you're relatively new to crypto investing and trading.

One question remains. Where should you start when it comes to finding the best cryptocurrency exchange for your needs?

In this PrimeXBT review, we'll take a closer look at one of the most impressive new platforms in the industry. Keep reading to find out what you need to know about this top cryptocurrency exchange.

PrimeXBT Review: Company Overview

Launched in 2018 from Seychelles, PrimeXBT represents a global, dynamic trading platform designed to meet cryptocurrency traders' needs. It provides a wide variety of services and many tantalizing possibilities. But accompanying these opportunities, you'll also find a hefty dose of risk. 

The exchange serves clients in more than 150 nations, and it sees daily trading volumes of $375 million. Services include offering cryptocurrencies (e.g., Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), EOS, and Ethereum (ETH)), commodity markets, and forex coupled with leverage options.

How do these fees and features compare with other exchanges? PrimeXBT offers excellent opportunities to generate profits. But you must understand that the exchange works only with cryptocurrencies and remains unregulated. 

For this reason, PrimeXBT comes with the capability of amassing impressive profits. But because of its unregulated nature, it can also lead to devastating losses. As a result, you need to know what you're doing, and you need to trade responsibly. 

PrimeXBT also represents a customer-centric platform that continues to expand. It features high leverage, a large market selection, and remains completely Bitcoin-based. It operates in an almost borderless, global way, adhering to minimal compliance to regulations. 

In the 2020 ADVFN International Financial Awards, PrimeBXT won the best Bitcoin margin trading platform prize. No wonder the exchange has seen exponential success and growth over the past year!

Yet, PrimeXBT boasts a reputation as a fully anonymous exchange. What does this mean? You'll never have to compromise your online privacy while making money.

This anonymous approach to a cryptocurrency platform also discourages hackers from attempting to steal identities. And it deters them from attacking the exchange. 

Promoted

USD Margin Lending

  • Return rates optimized daily
  • Secure, stable investment growth
  • No minimum
  • No lock-up period, withdraw anytime

PrimeXBT Services

Why are a growing number of individuals turning to PrimeXBT to handle their crypto investment needs? The trading platform boasts a wealth of options you won't find on many other Bitcoin-based exchanges. 

PrimeXBT offers 100x leverage crypto markets as its flagship service. You have five different assets to choose from.

What's more, forex trading markets also contribute to users' options with leverage up to 1000x. Such sky-high margins only typically get found on unregulated forex platforms. 

PrimeXBT offers options when it comes to high profile indices to trade against, too. These options include the:

  • JAPAN
  • FTSE100
  • S&P500

You'll also find plenty of opportunities when it comes to commodities such as crude oil, natural gas, gold, silver, and more. With PrimeXBT, you can handle all of your trading activities in one spot, using a streamlined platform that offers customizable widgets. That way, users can design a personalized trading view. 

What's more, PrimeXBT permits users to integrate covesting with the trading platform. This capability allows users to observe and mirror the tactics of others. 

What to Know About Bitcoin Margin Trading

What else do you need to know about PrimeXBT? One of the platform's main features is Bitcoin margin trading.

To understand how margin trading works, let's take a look at two terms with which you must get familiar. They include margin and leverage. 

Margin refers to borrowed money or debt that a trader uses to invest in different financial instruments. As for leverage, it relates to the rate at which a user can take on debt. Leverage gets expressed as a ratio, defining what different types and amounts of collateral are worth.

So, what advantages accompany Bitcoin margin trading? For starters, trading on leverage permits investors to gain more exposure to an asset than they've staked in funds. In other words, traders have the advantage of generating money on borrowed funds. 

Of course, there's a flipside to this. Margin trading comes with significantly magnified losses when things don't go the way you expect. You must always remain prepared for these unforeseen consequences just in case.  

What else do you need to know about margin trading? Leveraged trading permits users to short an asset. That means you can make money on an asset's fall in price. 

You should also understand that PrimeXBT provides maximum leverage of 100:1 for crypto pairs and up to 1000:1 for some forex pairs. You need just one percent of any necessary capital to put in orders on crypto pairs. 

How do you predict what the exact leverage on a given asset will be? That depends on the assets getting traded and the size of the position you choose to take on. 

Why PrimeXBT Continues to Grow in Popularity

PrimeXBT has gone a long way towards making a name for itself in the Bitcoin margin trading world. Today, its business continues to boom. Many institutional investors have even decided to get in on the action. 

The rise in margin trading represents one of the primary factors driving PrimeXBT's recent surge in renown and popularity. The exchange hosts advanced trading tools to ensure it provides clients with the tools and resources they need to achieve stellar success.

What do these resources and tools include? Let's take a closer look.

PrimeXBT offers built-in charting tools that permit you to perfect entry and exit timing when participating in margin trading markets. Users also gain access to all of the popular indicators, including MACD, RSI, Williams Alligator, Bollinger Bands, and more. 

It doesn't get much better than that. With this platform, you'll enjoy the lowest known fees offered by any Bitcoin exchange, just 0.05 percent on all BTC transactions. 

Order Types Available on PrimeXBT

At this point, you may be intrigued by what you've read about PrimeXBT. But you probably still have questions you'd like answered before dabbling in trades on the exchange. For example, you may want to know how trades work and what's available. 

With PrimeXBT, you'll have access to several different order types. These orders provide hedging on the margin trading platform and additional layers of protection. 

What are some of the advanced order types available through the platform? They include market orders, which get set to execute in one of two ways, either immediately or in the first time available. 

You'll also gain access to limit orders, which permit traders to create "limits" on prices when they sell and buy assets. Besides limit orders, there are stop orders, which mean that buying and selling of assets cease when a pre-determined "stop" price gets triggered. 

You'll find market orders, stop orders, and protection orders reasonably common across the board when it comes to Bitcoin exchanges. But you should also know about additional options available on PrimeXBT. These options provide a more granular approach to automated investing.

For example, with one-cancels-other (OCO) orders, you can create conditional scenarios. This option permits you to combine two orders under special conditions, for example. 

What happens once the order gets executed or triggered? It automatically cancels the second order. COC orders provide more control for investors as well as enhanced peace of mind.

Finally, you've got the option of protection orders with PrimeXBT. These orders safeguard profits and help investors limit their losses on orders or trades. 

How straightforward does PrimeXBT exchange prove to use? The site feels much easier to navigate and use than you might think. Start by providing an email address and creating an account password.

From there, you'll wait for a confirmation email from the platform. This email includes a link that lets you click through to the site. The link brings you to the exchange's interface, where you'll need to fill in one last piece of information, your country. Only then can trading commence. 

During this registration process, you'll receive a private key representing your personal deposit address. What else do you need to know about the process for getting started on PrimeXBT? For one, you must adhere to its deposit minimum of 0.001 BTC. 

Remember that the platform only accepts Bitcoin deposits, so don't attempt to send in any other tokens or altcoins. If you do this, you'll lose them. 

Once you've made a BTC deposit, your PrimeXBT wallet will get credited. Remember that you'll need to make an internal transfer to your account before you can officially start trading.  

Best of all, you'll never have to worry about any lengthy KYC processes to get established on the platform. It's a win-win for you and the exchange. 

PrimeXBT Fees You Need to Know About

Two different transaction fees exist that you need to know about. These fees include trade fees and overnight financing fees. As an STP broker, Prime XBT gets quotes from a large pool of liquidity providers, automatically arbitraging between them to provide the best available prices.

Pricings for cryptos offered via PrimeXBT vary based on which liquidity gets aggregated. FX and CFD fuel some from a feed aggregator (partner company) sourcing liquidity. Providers include banks, prime brokers, etc. 

When will you incur these fees? Any time a position gets closed or opened. Trade fees include:

  • 0.01 percent for commodities and indices
  • 0.001 percent for forex majors
  • 0.05 percent for cryptocurrencies

What about overnight financing fees? You'll need to pay these fees any time a position carries over into a new trading day at 00:00 UTC. You won't get charged for any overnight financing that closes before starting a new trading day (00:00 UTC).

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Frequently Asked Questions About PrimeXBT

PrimeXBT is a popular platform for experienced cryptocurrency traders. Check out this complete review for everything you need to know about PrimeXBT.

How Do You Create an Account With PrimeXBT?

Signing up with PrimeXBT proves a cinch. To create an account, click on the "Register" tab. From there, provide an email address and go through the steps to verify it.

After you've verified your email and generated an account, enable two-factor authentication after logging in. There's no need for Know Your Customer (KYC) verification, which nixes many of the hassles you'll face when signing up for other platforms. 

Instead, rest assured you'll remain anonymous throughout every exchange transaction on PrimeXBT.

How Do You Make Deposits With PrimeXBT?

After you've signed up with the website, you can deposit funds into your wallet. To do this, go to the "Deposit" page of your account to fund your wallet. You've got two options to make this possible. 

First, you can make Bitcoin deposits. This option allows you to directly transfer Bitcoin from your Bitcoin wallet into your PrimeXBT wallet. Just copy your Bitcoin deposit address or scan the QRCode. 

Is there any deposit limit amounts with this option? No.

The other option available to you is a deposit via bank or debit card. You may use a credit card to buy Bitcoin fueled by PrimeXBT's partner CEX. The CEX widget will pop up to assist you with the purchase of Bitcoin, making it an intuitive and convenient process.

That said, funds may take some time to post to your wallet. Why? Because these transactions require six confirmations via the network before you can access funds.

Which Fees and Charges Can You Expect With PrimeXBT?

You'll encounter two types of fees with PrimeXBT. Overnight fees and trading fees. Overnight fees deal with financing the position overnight, and trading fees relate to charges for entering the position.

Expect trading fees to fall between 0.1 and 0.05 percent, an amount lower than many other exchanges. Also, expect to earn discounts on 30 days rolling trade volume. What do these discounts look like?

You'll get 25 percent off on transactions of 300 to 600 BTC and 50 percent discounted for transactions of 600+ BTC. There are no charges for depositing funds.

But there is an arbitrary miner fee to complete transactions when you make withdrawals. This fee proves standard across the industry.

Are There Trading Limits With PrimeXBT?

When you trade on the PrimeXBT exchange, you'll face trading limits. For example, there's a restriction on the size of the position you may maintain. What happens if you exceed this limit? Your orders won't get executed. 

How does PrimeXBT make a determination about limitations? The platform considers a variety of factors, including instrument liquidity, volatility, and other market conditions.

Is PrimeXBT Secure and Safe?

The answer to this question is a resounding yes. PrimeXBT takes security very seriously. 

Cloudflare protects the exchange from DDOS attacks, and SSL provided by Amazon Web Services (AWS) adds more layers of security. 

Besides these precuations, all data get encrypted when transmitted over the internet, and only a small percentage of funds get held in hot wallets. What's more, transfers from cold to hot wallets get moved manually by PrimeXBT using the "bycrypt" algorithm for password storage.

Which Documents Must You Provide to Start Trading?

No documents are needed when it comes to registering and trading via PrimeXBT. The exchange places a premium on privacy throughout the digital currency trading process. 

For this reason, the platform doesn't ask clients to expose any personal information or go through Know Your Customer (KYC) procedures. This pseudonymous approach to trading and investing proves rare in this industry, and some users find it too refreshing to pass up.

How Much Money Can You Make With PrimeBXT?

The sky's the limit when it comes to potential earnings from PrimeBXT. To maximize your results, you'll need to remain patient, do your research, and understand the ins and outs of trading and investing.

You'll also need to make trading decisions with care to reap the benefits of successful investment and trading strategies.

Can You Use Third-Party Tools for Charting?

Integration with third-party charting services is not currently available through PrimeBXT. That said, the platform has developed a unique personal charting package. It offers an extensive array of professional charting instruments and tools.

These instruments and tools continue to help PrimeXBT update and improve according to traders' wishes and needs. For this reason, you'll find the platform responsive to its users. 

How do these tools and resources compare to those offered by other platforms? Explore other cryptocurrency platforms now.

How Does PrimeXBT Set Prices for Its Currencies?

PrimeXBT acts as an STP broker, ensuring orders get executed rapidly. Yet, the exchange also features fantastic liquidity for traders. All of these factors go into how the platform prices its currencies.

Why Must You Secure Access to Your Email?

One of the advantages of using PrimeXBT remains its inherent anonymity. You don't have to provide personal documents, and you don't need to hassle with KYC procedures. While handy and convenient, there's a downside to this.

Your email address represents your primary form of identification. If you lose access to your email for some reason, it could result in you no longer being able to access your PrimeXBT account. 

How can you avoid this potential problem? Enable two-factor authentication (2FA) on your email account to ensure you never lose access to your account and your funds.

What Else Can You Do to Secure Your PrimeXBT Account?

To ensure you enjoy the highest security possible with your PrimeXBT account, the exchange recommends using an email and password combination unique to the platform. Of course, this recommendation also falls within current cybersecurity best practices and shouldn't come as a surprise. 

The exchange also highly recommends enabling two-factor authentication (2FA) as well as login notifications. How do you enable these security settings? By accessing the system preferences menu after logging into your account.

Pros & Cons of PrimeXBT

Pros

  • Status as a regulated brokerage firm
  • User-friendly and sophisticated trading platform
  • Multiple asset classes available to trade online
  • Excellent online privacy. Anonymity supported.
  • Many technical analysis tools to enhance trading options
  • Aggregated liquidity from multiple liquidity providers
  • Quick account opening process
  • The ability to execute stop loss or take profit orders
  • 24/7 support via online chat
  • High trading volume
  • On both long and short positions, up to 500x leverage
  • Major altcoins tradable

Cons

  • No services to clients from the US, Canada, and some other nations
  • Only live chat and email support
  • No API functionality
  • A limited selection of crypto assets
  • Unregulated platform
  • No other collateral than BTC

Do the issues listed above constitute deal breakers? Not necessarily. 

But what if you're a developer who wants to code your own trading algorithms and bots to handle your PrimeXBT platform trades? You need to look elsewhere. Without API functionality, the exchange's lack of trading tech will hamper your efforts. 

Some users may also feel constrained by the lack of a PC client program to trade on. This oversight could translate into limited opportunities for those traders who would like to get away from a browser-based platform. 

Understand Risks Associated With Leveraged Trading

Is Prime XBT the right cryptocurrency exchange for you? The answer to this question depends on many variables related to your personal financial needs, short- and long-term goals, and ability to stomach risk. 

While PrimeXBT could spell an attractive option for some investors and traders, the high leverage levels you'll enjoy with the crypto trading platform could also mean trouble. After all, high leverage yields result in both impressive returns and enhanced risk levels.

Trading leveraged futures assets can prove tremendously risky. For this reason, you need a thorough understanding of how to use crypto exchange platforms. You also need a level head and sufficient comprehension of the risks associated with cryptocurrency exchanges such as PrimeXBT before you start trading.  

Finding the Right Cryptocurrency Exchange 

Nevertheless, if you're interested in one of the best cryptocurrency exchange options out there today, PrimeXBT may prove an attractive solution. The exchange boasts transparent fees, robust security procedures, and relatively advanced technology. That said, some may feel inhibited by its lack of API and PC client program on which to trade. 

How does PrimeXBT compare to other crypto exchange platform options? That's an excellent question worth further exploration. Check out comprehensive crypto exchange platform reviews for more information.

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3.0
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