PrimeXBT Review 2021
Table of Contents
- Brokerage Services, Supported Cryptocurrencies & Payment Methods
- The Details
- PrimeXBT Wallets
- Deposit & Withdrawal Options
- Trading Platform
- Key features of the PrimeXBT platform
- Privacy and Security
- Customer Support
- Additional Information
PrimeXBT is an online exchange designed to support the trading of cryptos, forex, stock indices, and commodities, giving investors market access to more than 70 asset pairings.
Founded in 2018 and headquartered in the Seychelles, PrimeXBT supports the trading of the market’s largest cryptos by market cap.
These include Bitcoin (BTC), EOS (“EOS”), Ethereum (“ETH”), Litecoin (“LTC”), and Ripple’s XRP (“XRP”). In addition to crypto-USD pairings, PrimeXBT also supports the trading of crypto-BTC pairings. These include EOS/BTC, ETH/BTC, LTC/BTC, and XRP/BTC.
Across the FOREX markets, Prime gives investors access to the major fiats that include the Aussie (“AUD”) the Euro (“EUR”), the Loonie (“CAD”), the Swissie (“CHF”), the Japanese Yen (“JPY”), the Pound (“GBP”), and the Greenback (“USD”).
Commodities offered for trading include but are not limited Crude Oil, Gold, Natural Gas, and Silver.
For investors looking for access to the world’s major boerses, Prime also supports trading across the world’s largest and most popular markets. These include but are not limited to the CAC40; DAX30; DJIA; EuroStoxx50; Hang Seng; NASDAQ; Nikkei225; and S&P500.
Please see here for PrimeXBT’s full list of asset classes available for trading.
Investors looking to trade on the Prime platform can trade long/short and with leverage.
While offering multiple products, PrimeXBT delivers a simple to use platform giving market access to both novice and seasoned traders.
PrimeXBT Platform Attributes
Key attributes of the PrimeXBT platform include:
- Fast and easy registration process.
- Easy to use platform giving market access to both novice and seasoned investors.
- Low fees.
- Supports both long and short trading as well as trading with leverage.
- Investors can trade across the major asset classes that include commodities, crypto, fiat, and indices.
- Trading tools include charts for technical analysis as well as copy trading by way of PrimeXBT’s Covesting platform.
- Supports the deposit of crypto as well as deposits via credit card/SEPA transfers. Alternative purchase methods are available, including Xanpool, Paxful (“P2P”), Coinify, and CEX.
- Responsive customer support via Live Chat, with response times in under 5-minutes.
- Global presence, with a high emphasis on security.
The Pros and Cons
- Security: 2FA and an extensive cyber-security framework in place to protect customer assets.
- Customer Support: Very responsive customer support team via Live Chat.
- Fiat Purchases: Investors may purchase supported cryptos by credit/debit card and SEPA transfers.
- Simple Registration: Easy registration process.
- Low Fees: Competitively low fees.
- Multi-Asset Class Platform: PrimeXBT supports the trading of fiat and crypto, commodities, and indices.
- Multi-Product Platform: Traders may go both long and short and trade with leverage to enhance yields.
- Covesting: Allows traders to set up and manage a strategy – a pool of their own assets which is visible to the public and can be followed by others.
Other positives include
- Affiliate Program: Users may enhance earnings via the PrimeXBT affiliates program. Referrers can get paid between $40 to $1,250 for every qualified trader introduced to the platform.
- Additionally, referrers can up earn up to 70% of all trading fees paid by their referred users.
- At present, there is no demo account. With minimum deposits of as little as 0.001 BTC, however, users can familiarize themselves with the platform in a live trading environment.
- PrimeXBT only supports 5 cryptos. While few in number, these are amongst the largest cryptos in the market place today. As a one-stop-shop trading platform, investors also have access to the other major asset classes.
- Users may only deposit crypto. While this is the case, PrimeXBT does support crypto purchases by debit/credit card and SEPA bank transfer.
PrimeXBT Video Review
PrimeXBT is an online trading platform supporting the trading of commodities, cryptos, forex, and indices.
Investors can trade long or short to take advantage of both rising and falling markets, with leverage also on offer to enhance earnings.
Users holding PrimeXBT supported crypto may deposit cryptos via a wallet-to-wallet transfer to begin trading. Alternatively, users may also purchase supported cryptos by credit/debit card or SEPA transfer via PrimeXBT’s partners. These include CEX, Coinify, Paxful (“P2P”), and Xanpool.
To open an account, go to the PrimeXBT homepage and click on the ” Register” icon as shown below:
Complete the registration process by:
- Entering your email and selecting a password
- Input your country code and phone number.
- Confirm your email by entering the verification PIN.
- Finally, enter your country of residence to complete the registration.
Upon completion of the registration process, you will receive a “Welcome!” message. Click “Continue” and receive a welcome bonus by making a deposit and starting trading.
In order to qualify for a $350 welcome bonus, you will need to deposit BTC0.017, USDT850, ETH0.425, or USDC850.
As shown below, users have 24-hours to make the minimum deposit to qualify for the welcome bonus.
Simply click on the “Deposit” icon to continue.
Once you have registered, we recommend that you set up your 2FA to enhance your security settings.
Post Registration Deposit
Upon completion of the registration process, you will now need to make a deposit to begin trading.
In order to make a deposit, users may either:
- Deposit already held PrimeXBT supported crypto. Users may deposit BTC, COV, ETH, USDC, or USDT.
- Purchase crypto by credit/debit card or SEPA transfer.
To deposit externally held crypto, go to the “Dashboard” page and click the “Deposit” icon.
- Select the crypto that you wish to deposit.
- Copy the PrimeXBT wallet address or scan the QR code and complete the transfer from your external wallet.
- Please note the deposit time frames provided.
- Once your crypto wallet is funded, you will need to transfer to your “Margin” account to begin trading.
Sending coins or tokens to the incorrect address may result in the loss of funds.
Supported Asset Classes
PrimeXBT gives investors and traders access to amongst the most popular cryptos in the market place. Crypto pairings available for trading on margin include BTC/USD, ETH/USD, EOS/USD, LTC/USD, ETH/BTC, LTC/BTC, and EOS/BTC.
Users may also trade the following assets by way of Certificates of Deposits (“CFD”):
ASX200, Brent, Crude, DJIA, EuroStoxx50, CAC40, DAX30, Hang Seng, Nikkei225, NASDAQ, Natural Gas, S&P500, Spain’s IBEX35, and the UK’s FTSE100.
Forex pairings available for trading are more numerous covering the majors and crosses, in addition to exotics.
Pairings include, but are not limited to the major pairings AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CHF, USD/JPY, and USD/CAD and exotics such as USD/THB, USD/MXN, and USD/RUB.
PrimeXBT supports the investing and trading of cryptos with leverage. Investors can also access the forex market and the commodity and equity markets by way of CFDs.
Traders can take long or short positions, with margin, and incorporate take profit and stop loss mechanisms to manage risk.
As a one-stop-shop multi-asset class trading platform, investors can trade across the major asset classes on a single platform.
The platform also provides copy trading services for those looking to benefit from the trading strategies of highly skilled traders. Traders are also able to build portfolios for other investors across the network to “Covest”.
In summary, PrimeXBT services can be classified into the following categories:
- Crypto and forex margin trading.
- CFD Trading – Indices and commodities.
- Covesting – Allows traders to set up and manage a strategy and/or follow another trader’s strategy. (A strategy is a pool of a trader’s personal funds, which is visible to the public and can be followed by others).
PrimeXBT offers the following leverage:
- Cryptos: up to 1:100.
- Indices and Commodities: up to 1:100.
- Forex majors: up to 1:1000.
PrimeXBT provides traders with access to interactive charts powered by TradingView.
Via the “Trade” page and “Analysis” page, users can carry out technical analysis with the use of drawings and indicators.
TradingView offers an array of technical indicators to choose from. Users may also select from multiple time intervals.
Additionally, users may view charts with candles, hollow candles, Heikin Ashi, bars, line, area, and baseline.
In order to view the chart of your preferred crypto pairing, simply go to the Trade” page or “Analysis” page and select the asset pairing from the “Assets” drop-down menu.
Via the “Analysis” page, users will soon also have access to news and market research via the “News” and “Markets” pages located under the “Analysis” section.
Balances and Trading History
Users have access to orders and positions via the “Trade” page.
- For orders, the details include symbol, side, size, and price.
- For positions, users can view symbol, side, size, fill price, current price, P/L, and take profit / stop loss settings.
- Additionally, users may customize the information, with additional options including, but not limited to, ask, bid, time and data, and used margin.
There is also a dedicated “Trade History” sub-section also located within the “Margin” main page. Here, details include date/time, symbol, side, amount, price, settled P/L (%ROI), %ROI on margin, commission, and order ID.
Users may also view trade histories and activity logs via the margin page. When viewing the “Trading History” page, users may define the time range and customise the information provided.
In addition, users may view their respective wallet and Margin account balances via the “Dashboard” page. PrimeXBT provides:
- Individual crypto wallet balance and U.S Dollar equivalent.
- Total Funds in U.S Dollar equivalent.
For Margin Accounts:
- Account Name.
- Equity in Crypto and U.S Dollar equivalent.
- Open PL in Crypto and U.S Dollar equivalent.
- Available margin, %.
Fees and Charges
PrimeXBT has a dedicated “Fees & Conditions” page, with a detailed breakdown of all fees associated with the platform offerings.
Trading fees can be summarised as follows:
Incurred each time you buy or sell assets on the market (i.e., each time you open and close a position).
- 0.05% for cryptos.
- 0.001% for forex.
- 0.01% for indices and commodities.
All trade fees can be reduced by up to 50% based on turnover within the last 30 days or by activating various promo codes.
Additional fees include but are not limited to:
Deposit and Withdrawal Fees
PrimeXBT does not charge deposit fees for fiat and crypto currencies. However, users are charged for withdrawals.
Withdrawal fees can be summarised as follows:
- 0.0005 BTC
- 0.01 ETH
- 20 USDT
- 18 USDC
- 5 COV
Users may locate their individual crypto wallets on the PrimeXBT “Dashboard” page.
Here, you may deposit, withdraw, exchange, or buy crypto. Additionally, users may view:
- Individual wallet balances in crypto and fiat equivalent.
- Transfer history.
While PrimeXBT provides more than adequate security, however, we recommend that traders transfer idle cryptos to external private wallets.
PrimeXBT allows the deposit and withdrawal of Bitcoin (“BTC”), Covesting (“COV”), Ethereum (“ETH”), USDCoin (“USDC”), and USD Tether (“USDT”).
Additionally, PrimeXBT allows users to purchase supported crypto by credit/debit and SEPA transfer.
- Go to the “Dashboard” page and select the crypto you wish to purchase with fiat and click the “Buy” icon.
- Select the service provider and then the payment method by clicking “Buy”.
- For demonstrative purposes, we have chosen to purchase BTC with credit/debit card via Coinify:
- Enter the amount you wish to spend and currency and then click “Buy Now”.
- If you have not previously opened a Coinify account, you will need to do so by following the instructions after clicking “Create New Account”.
- Click Card or Debit Card as your payment option. Please note the 2.5% handling fee, with a minimum fee of USD4.99.
- Review the details, agree to Coinify’s T & Cs and then click the “Go to Payment” icon.
If it is the first time that you are making a purchase, you will also need to complete the following steps:
- Reserve your funds.
- Verify your identity.
- Enter your card details and reserve the purchase amount.
- You will need to provide a valid photo ID and take a selfie. The process takes approximately 2-minutes.
- Once you have completed the verification process your crypto wallet will be funded.
Please note that different payment platforms have different verification requirements.
To make a crypto deposit, go to the “Dashboard” page and select the crypto that you wish to deposit by clicking the “Deposit” icon. Copy your PrimeXBT wallet address or scan the QR code and transfer the crypto from your external wallet.
Do note that, while there are no individual minimum deposits, you will need to have enough crypto to cover the minimum margin requirement in order to trade.
For example, the minimum order size for Bitcoin is BTC0.001, which would require a margin of BTC0.00001 for a trade with 100x leverage.
(In order to avoid making an error in entering the address details, we recommend that you scan the QR code to transfer from your private wallet to your PrimeXBT wallet).
For withdrawals, go to the “Dashboard” page and select the crypto that you wish to withdraw by clicking the “Withdraw” icon.
- Add your external wallet address.
- Enter the number of coins you wish to withdraw.
- Click the “Submit to withdraw” icon.
Do note the fees and processing times and ensure that you have entered the correct information. Incorrect information would lead to the permanent loss of your crypto assets.
PrimeXBT supports the margin trading of crypto and fiat currency pairings as well as the trading of commodities and indices by way of CFDs.
In order to trade crypto, go to the “Margin” page.
- Under Trade, select the crypto pairing from the pairings located on the left-hand-side of the page. You may filter the pairings by “Crypto”, to filter out the CFD and Forex pairings.
- Choose either to “Sell” or “Buy” and select your order type, either Market, Limit, Stop, or OCO.
- In the case of a “market” trade, enter the amount that you wish to buy/sell.
- If you wish to include a stop loss or take profit, tick the “Place Stop Loss/Take Profit box and enter your parameters.
- Review your trade details and then click “Send Order”.
- Your trade will then appear under “Orders” located at the bottom of the page until the order is filled, at which time it will appear under the “Positions” section.
Similarly, in order to trade forex or commodity and/or index CFDs, select the asset class from the dropdown menu located under the “Trade” option and follow the above instructions.
Crypto Trading: A simple to use platform allowing investors to trade supported cryptos. Investors can trade long or short on margin.
Certificate of Deposits (“CFDs”): PrimeXBT supports the trading of the world’s major indices and most popular commodities by way of CFDs. Investors can trade long or short on margin.
Forex: Investors may also trade forex on the PrimeXBT platform. All of the major pairings and crosses are available along with some of the more popular exotics including the Mexican Peso and the Thai Bhat.
Covesting: Via the “Dashboard” page, users can follow successful strategies or become a “Strategy Manager”.
Buy Crypto: Users may also purchase supported crypto with credit/debit card and SEPA transfer.
Charts: Via the “Analysis” page, traders may view charts and carry out technical analysis to identify entry and exit points. There is a quick link on the “Charts” page to trade. Simply select a trade pair and click “Trade Now”, where you will be redirected to the “Trade” page. Charts are powered by TradingView.
Coming Soon: PrimeXBT will also soon provide investors with a market research section and a news section. These sections are available under the “Analysis” page.
Users may also select whether to “one-click”, “double-click”, or regular trade.
One-click trading: Allows traders to open and close positions and cancel orders with just one click.
Double-click trading: Users can send new orders, cancel working orders, and close positions without confirmation, with JUST DOUBLE click.
Stop-Loss/Take Profit: Traders may also manage their positions with the use of stop loss and take profit.
History: Via the “Reports” page, users may view trading and transfer histories.
Trades: On the “Trade” page, investors can also view “Orders” and “Positions”.
Trade History: Additionally, there is a dedicated “Trade History” page located under the “Margin” page that provides a more detailed view of a user’s trading history.
Wallets – Balances: Users may view individual wallet balances on the “Dashboard” page. A total funds balance is also shown in USD equivalent.
Affiliate and Referral Programs: PrimeXBT offers an attractive referrals program, where referrers can earn commission from both direct and indirect referrals. Affiliates earn 20% of trading fees from direct referrals. See here for full details.
SUPPORT: Users may contact customer support via “Live Chat” or by email, Support@help.primeXBT.com
Social Network Platforms: PrimeXBT has a presence on YouTube, Twitter, LinkedIn, and Facebook.
PrimeXBT places a high emphasis on security, with a page dedicated to outline the key security protocols.
Key security features include:
- Asset Protection: Extensive cyber-security framework is implemented to protect customer assets. PrimeXBT also conducts periodic stress tests and security audits to ensure compliance.
- 2FA: Ensures account security.
- Wallet Security: The majority of customer digital assets are placed in cold storage with multi-signature tech.
- Withdrawal Address Whitelisting: Customers are able to whitelist specific withdrawal addresses, restricting withdrawals to addresses included in the whitelist.
PrimeXBT provides support via live chat, with a usual response time of less than 5-minutes, and via email. There is also a comprehensive help centre and FAQ section.
Email: For any customer support queries, send an email to Support@help.primeXBT.com
Social Media: PrimeXBT also has a social media presence.
Some of the more frequently asked questions available on PrimeXBT include:
Where do you get your prices for currencies?
We act as an STP broker to ensure fast order execution and excellent liquidity for traders. As an STP broker, we receive quotes from a large pool (12) of liquidity providers and automatically arbitrage between them to offer the best currently available prices. Thus, the pricings for Cryptocurrencies provided on PrimeXBT will vary in accordance with the pricings across the exchanges from which liquidity is aggregated.
Can I create a demo account for paper trading?
While there are no ‘testnet’ or ‘paper trading’ accounts at PrimeXBT at the moment, you can set up a Trading account with a small deposit to try out the platform. For example, a deposit of as little as 0.001 BTC will allow you to trade with up to 0.1 BTC worth of assets at once.
Do I need to provide documents to start trading?
No, documents are not required. We respect your privacy while trading digital currencies which is why we do not require our clients to undergo KYC procedures, exposing personal information.
Can I deposit with PayPal?
You can use a third-party P2P service such as Paxful that is available in alternative deposits section of your account to find merchants who accept PayPal for Cryptocurrency purchases
Can I withdraw to my bank account?
No, this is not possible at the moment. You can however use third-party services that will allow you to convert Crypto to other currencies, including Fiat, which may then be transferred to your bank.
PrimeXBT is a simple to use trading platform giving traders access to both cryptos and more traditional asset classes that include indices, commodities, and fiat.
Offering margin trading, users are able to trade both long and short, giving the option to generate income from both rising and falling markets.
Low fees and a global presence, coupled with the availability of leverage across multiple asset classes gives PrimeXBT and edge over many of its competitors.
A high emphasis on security and rewarding referrals program are added features that make PrimeXBT a leading contender.
While offering margin trading across multiple asset classes, the Coinvesting platform offers an opportunity for more novice investors to follow the strategies of seasoned and leading traders.
All-in-all, PrimeXBT can be viewed as a one-stop-shop trading platform that caters for both the novice and more seasoned trader.
- 5Enjoying the platformAlessio
- 5Fantastic all in one exchangeNick
- 5Completely New LevelDen
- 5Nice ExchangeAndrew
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