PrimeXBT Review 2020
Prime XBT Video Review
- Brokerage Services, Supported Cryptocurrencies & Payment Methods
- Fees and Charges
- Deposit & Withdrawals options
- Trading Platform
- Privacy and Security
- Customer Support
- Additional Information
“Prime XBT offers leveraged trading of cryptocurrencies, Forex, indices and commodities for trading on its platform. PrimeXBT operates from Seychelles and offers more leverage for Bitcoin trading than other EU brokers.”
Prime XBT is an online Bitcoin-based exchange that offers cryptocurrencies and CFDs for trading on its platform. This company was founded in 2018 in the Seychelles. Though a new company, Prime XBT has experienced exponential growth within a short period of time, as it has clients from 150 different countries. The company’s vision, according to the website, revolves around creating an innovative platform that equips users with the essential tools required for their daily trading activities.
Prime XBT offers a powerful platform loaded with important trader tools that are suitable for both beginners and intermediate-level traders. The exchange firm has also effectuated industry-standard security practices, in order to protect investor funds and trading activities from cyber attacks. The customer support desk works round the clock to ensure that assistance is rendered to traders anytime. The website is available in 6 languages; English, Chinese, Spanish, Korean, Portuguese and Russian.
Brokerage Services, Supported Cryptocurrencies & Payment Methods
“PrimeXBT offers about 20 currency pairs, 5 crypto assets, 3 commodities and 7 indices for trading on its platform. Only an email and password is required to open an account. Bitcoin is the only payment currency accepted.”
PrimeXBT offers cryptocurrency assets, Forex, indices, and CFDs for trading on its platform. The brand provides both exchange and brokerage services. The following asset classes are available:
- Forex: The trading of major and minor currency pairs is available. Commissions known as trading fees are charged.
- Cryptocurrencies: The available crypto assets are: Bitcoin, Litecoin, Ethereum, Ripple and EOS.
- Commodities: Traders have the opportunity to speculate on the prices of commodities like oil, gold, etc.
- Indices: The world’s most popular indices can be traded on the PrimeXBT platform. Some of them are FTSE 100, S&P 500, etc.
The only acceptable payment currency is bitcoin, which effectively makes PrimeXBT a crypto-crypto exchange/brokerage. This system will affect the process of funds deposit and withdrawals, as well as how traders source their trading capital. As a crypto-crypto exchange, traders on PrimeXBT will have to get a secure Bitcoin wallet, source Bitcoin from exchanges either by purchasing with fiat currencies or by using other cryptos to purchase Bitcoin (e.g. using Ethereum to purchase Bitcoin). Strict maintenance of wallet security is a must if the Bitcoin funds are to be secure.
To open an account, click on the “Register” button found on the top right hand corner of every page on the website.
Fill in your email, choose a password, accept the terms and click on “Register” to submit. Verify your email address by clicking on the link sent to the inputted email address. You are automatically logged into the members’ area. No further forms, details or verifications are needed.
The members’ area is provided with a digital wallet and a trading account. The wallet is used to hold the trader’s Bitcoin holdings. The trading account allows the trader to utilize the wallet-stored Bitcoin directly on the trading platform. Deposits are made to and from the wallet. The trading account is funded via transfer from the wallet to the platform interface. Trading can commence immediately the trading account is funded. Prime XBT does not provide its services to traders from the USA, Canada, Seychelles and countries or territories or individuals under the sanctions of the United Nations or the European Union.
Fees and Charges
“PrimeXBT charge trading fees and rollover fees. Deposit and withdrawal transactions will also attract mining fees for confirmation of the transactions on the BTC network.”
PrimeXBT charges commissions on trades. PrimeXBT also charge rollover fees or overnight financing. This fee is applicable to leveraged trader accounts that maintain open positions overnight.
Here are the trading fees and rollovers for long and short overnight positions.
The average trading fee for forex, indices and commodities is 0.01% and 0.05% for crypto assets. The trading fees apply irrespective of the type of trade used to setup the order.
Below you can see the usual pricing model.
The maximum leverage for trading of forex, indices and commodities is 1:1000, depending on the size of the position opened. Cryptocurrencies can be traded with a maximum leverage of 1:100.
PrimeXBT charges a withdrawal fee of 0.0005BTC. When it comes to fees incurred on deposits and withdrawal transactions, traders must understand that transaction fees will be paid to acquire BTC from a third-party exchange. Miner’s fees will be paid when transferring BTC to the trading wallet in PrimeXBT. Withdrawal fees will be paid to PrimeXBT (0.0005BTC), and fees will also be incurred in transactions on crypto-fiat exchanges when converting BTC to fiat money.
Deposit and Withdrawals
“Bitcoin is the only deposit currency. Deposits can be received into the PrimeXBT wallet via other external wallets or through Bitcoins bought from the linked ‘Changelly’ website. Withdrawals can only be made to Whitelisted external Bitcoin wallet addresses.”
PrimeXBT provides its own digital wallet free of charge to every registered client. To deposit into the PrimeXBT wallet, first login to the members’ area or register a new account. Click on ‘deposit’ or on ‘deposit to wallet’ under account summary.
At this point, two options are available:
If you already have Bitcoins in another external wallet, you will need to transfer it to your personal wallet with Prime XBT. Scan the QR code displayed or copy the Bitcoin deposit address. Then, go to your wallet that holds the bitcoins and paste the Prime XBT wallet address as the receiver address. There should be no mistakes or the coins will be lost forever. Note that only Bitcoin is accepted and the minimum deposit is 0.001BTC. There is no maximum deposit amount.
If you do not have Bitcoin but have other crypto coins or fiat currency that can be accessed via debit/credit card, then use ‘Changelly’. Prime XBT has integrated a “Changelly” extension which enables clients to acquire Bitcoins instantly. It is located on the right hand side of the Bitcoin deposit address, just input the amount of fiat currency or cryptocurrency that you wish to exchange. The equivalent BTC displays. Click on “EXCHANGE” and the system takes you to the Changelly website. Changelly is a renowned online exchange for buying and selling cryptocurrencies. Follow the instructions on the website to complete the transaction. Billing information, credit card details as well as email and phone verifications are required on the Changelly website.
After the deposit is completed, the wallet balance updates. Click on “Fund trading account” under account summary.
Specify the amount of BTC that you want to use for trading. The transfer is instant and free.
For withdrawals, log into the PrimeXBT members’ area. Click on withdraw under the ‘accounts’ tab. First transfer funds from the trading account to the wallet because withdrawals can only be made from the wallet. Fill the destination address and amount, then, click ‘submit to withdraw’.
To further protect clients’ funds, personal wallets must be ‘whitelisted’ before withdrawals can be made. A wallet can be whitelisted by inputting its label and address in the account section of the members’ area.
“Only the PrimeXBT proprietary web based platform is provided. It is user friendly, customizable and has inbuilt tools for technical analysis, order and account management functions. ”
PrimeXBT has only one trading platform. The platform has advanced features and innovative trader tools. Because it is web-based, it requires no downloads and installations. The PrimeXBT platform has the following features:
It has a simple and user-friendly interface perfect for beginners and professionals. It has complete tools for technical analysis, inbuilt help and tutorial videos.
Customizable Layouts: The platform’s workspace is fully customizable to suit the traders’ style. The market window, charts, widgets, etc can be rearranged or positioned as needed by the trader.
Risk Management: Note that you can implement stop loss and take profit orders at the very same time which is quite a unique feature in the crypto trading market. OCO orders are often available as 3rd party solutions using an API bridge, but PrimeXBT offers it out of the box.
Professional Charts: The PrimeXBT platform has the bar, candle and line charts. Trades can be placed directly from the charts. The charts can be viewed on 10 timeframes from one minute to one month. It is fully customizable with different colours as desired by the trader.
Multiple order types: The platform has the following order types: market, limit, stop and OCO. Protection orders available are Stop loss and Take profit.
Account Management: From the platform, the trading account as well as the Bitcoin wallet can be funded. Equity, account history and account balances can be viewed in real time.
Indicators: The platform has about 90 inbuilt indicators. These are important tools for technical analysis. Some of the popular indicators available are MACD, moving average, Ichimoku, Bollinger bands, etc.
Intermediate-level traders will have no issues using the platform. However, beginners will need to study how to use the platform for a week or two before familiarity and ease of usage can be established.
You can trade on the go using the Prime XBT app, which you can install from Google Play. The app has received 4.2 stars in total, across only 5 reviews and has seen over 100 downloads. Note that you can open a new account on mobile.
You can trade over 30+ assets across Crypto, Forex, Commodities, and Stock Indices using the mobile app. The app interface is intuitive and easy to navigate and you can access complex charting and may control your account entirely through the app by depositing and withdrawing. You have a choice of 6 timeframes and 3 different chart types.
You can choose from a wide list of studies to implement on to your charts.
Privacy and Security
“Offline Bitcoin storage, 2FA, address whitelisting and SSL are used to secure investor assets.”
Prime XBT boasts of cutting edge technology and best practices in order to protect investors assets. The following security measures are in place:
The platform is protected from DDOS attacks with Cloudflare. The firm are using Amazon AWS server to help instantly scale the capacity of the platform during periods of high activity, this means there are no order submission errors and not as much downtime as with other platforms. – there are no order submission errors like in some other trading platforms. Using this link, you can check on the status of the Prime XBT platform. You can also register for live status updates.
Wallet Security: A greater number of customer Bitcoins are held in an offline storage system (Cold Storage). Only a small quantity is kept in the online wallet (hot wallet). Multisignature access technology is used to provide security for the cold storage. This is because exchanges are often the targets of cyber attacks. Transfers from cold to hot wallets are handled manually by PrimeXBT staff.
Two-Factor Authenticator (2FA): This provides an extra security layer in order to prevent unauthorized access to customer accounts. To enable 2FA, download and install the Google Authenticator app. Prime XBT does not use the SMS authenticator system, as the Google Authenicator app has proven over time to be safer and more reliable. After installation, go to the system preferences menu and click “Enable GA” in the Google Authenticator section. Backup the secret key and confirm. Finally, confirm the setup by entering the generated code. A code from Google Authenticator will be asked the next time you try to login or withdraw funds.
Bitcoin Address Whitelisting: This is done in order to provide extra layer of protection to clients’ funds. Withdrawals can only be made to whitelisted wallet addresses. Since any mistake will result into permanent loss of funds, it is important to confirm external bitcoin wallet addresses by whitelisting. To whitelist a wallet address, go to withdrawal tab and add a new address. The image below displays, fill and click “add”.
Secured Socket Layer (SSL): The trading platform and website is protected by SSL provided by Amazon web services. This encrypts all data transmitted over the internet so that hackers will not be able to steal important user data.
“The PrimeXBT customer desk operates round the clock and speaks English and Russian. The available channels are email, web chat and social media.”
The Prime XBT customer desk operates on a 24/7 basis. The support team is knowledgeable, courteous and eager to assist. The team speaks only Russian and English at the moment. The support channels available are as follows:
Email: firstname.lastname@example.org and email@example.com. Emails sent to the support team were replied after a few hours. An email sent at night was replied to in the morning.
Instant Web Chat: This is available on the website and on the trading platform. The chat assistants are swift to respond. It took only a few seconds to get a response when a chat session was initiated. Sometimes, you don’t have to initiate the chat session, the chat assistants just start the chat by demanding how they can be of assistance.
“PrimeXBT offers trading fees percentages to affiliates and their referred traders up to 4 levels deep.”
PrimeXBT offers affiliate partners a unique program and generous rewards. The brand provides the marketing tools and links to help the partner. When his referral trades and pays trading fees, the affiliate partner receives a commission. For example if a new customer is attracted by an affiliate and he makes a trade worth $1000 equivalent in BTC. The trading fee is 0.05% or $50, the partner receives 20% which is an equivalent of $10.
PrimeXBT partners also receive trading fees for up to 4 level deep in the referral system. Your get 20% of the trading fees of your direct referrals, 15% of your 2nd level referrals, 10% of the trading fees of your 3rd level referrals and 5% of the fees paid by your 4th level referrals.
Here are some of the “Frequently Asked Questions” about Prime XBT:
Where is Prime XBT based?
The Prime XBT brokerage firm is based in the Republic of Seychelles.
How does Prime XBT make money?
Prime XBT makes money by charging commissions on trades, withdrawals and overnight open positions.
How do I deposit in Prime XBT account?
The only payment currency is Bitcoin. Transfer from an external Bitcoin wallet into the Prime XBT wallet or buy Bitcoins from the embedded Changelly plugin.
What is the min. deposit for Prime XBT?
The minimum deposit is 0.001 BTC.
What is the maximum leverage in Prime XBT?
The maximum leverage is 1:100 for crypto assets and 1:1000 for Forex, commodities and indices.
How do I open an account with Prime XBT?
Click on the ‘Register” button located at the top right hand side of every webpage on the website and fill the form.
Does Prime XBT use MetaTrader?
No, only the Prime XBT online trading platform is available.
Prime XBT is a blockchain based exchange operating from the Republic of Seychelles but has clients from over 150 countries across the globe. The brand is technologically driven and they claim to focus on excellent services that guarantee customer satisfaction. The company has implemented several standard security procedures in order to protect investors from cyber attacks, which are rife in the crypto world.
The registration process takes less than a minute because no personal details or verification is required. Since PrimeXBT accepts only bitcoins, a partnership was established with Changelly to assist traders to convert other crypto assets or fiat money they hold into Bitcoin.
The PrimeXBT trading platform provided. is packed with tools for technical analysis, risk management and other tools needed by the trader to perform his daily trading needs. Trade executions are very fast and various order types are featured. Clients’ can trade crypto assets with a leverage of 1:100. Leveraged trading with Bitcoin is the unique selling proposition for PrimeXBT.
- Sri Lanka
- Faroe Islands
- Puerto Rico
- Trinidad and Tobago
- Burkina Faso
- Saint Lucia
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Papua New Guinea
- Dominican Republic
- New Caledonia
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Cook Islands
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Northern Mariana Islands
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man
- French Polynesia
- Sao Tome and Principe
- Solomon Islands
- Cape Verde
- United Kingdom
- Czech Republic
- Vatican City