PrimeXBT Review: Full Overview Review of Prime XBT

June 18, 2021

General information

PrimeXBT is a cryptocurrency exchange registered in Seychelles. launched in 2018. PrimeXBT is a crypto derivatives exchange.

As a cryptocurrency exchange, Prime XBT also allows investors to trade forex and CFDs on commodities such as metals, energies and indices. That is why many times we cannot classify this as a forex broker or a cryptocurrency exchange.

A special feature for this exchange to attract a lot of investors is that it allows trading of cryptocurrencies with leverage up to 1:100, a very large rate in the cryptocurrency market.

The exchange highlights several advantages with the platform on their website. First, you can create an account here and the exchange does not ask for personal information. In addition, the exchange has a multi-level security system that they consider to be industry leading.

PrimeXBT takes the crypto side of crypto seriously. The network is completely anonymous, ideal for crypto traders looking for privacy and discretion. It also makes the network more secure from hackers and cybercriminals looking to steal identities from crypto exchanges.

Review of PrimeXBT exchange

Advantages of Primexbt

Primexbt is a cryptocurrency exchange, but Prime XBT also allows investors to trade forex and CFDs on commodities such as metals, energies and indices. That is why many times we cannot classify this as a forex broker or a cryptocurrency exchange.

The advantages of crypto margin trading are similar to any speculative lending. Quite simply put, crypto margin trading gives you more resources to invest and work with than if you relied on hard and cold cash. You can invest more money than you currently have.

Investors can also “sell the property”. This means you can make money when a resource like a commodity in the future drops in price.

Incredible Leverage: PrimeXBT has 100:1 leverage for crypto pairs. Certain forex markets can go as high as 1,000:1. This means you can invest $100 for every $1 of capital investment you put in.

Although it is only a very young exchange established in 2018, it has attracted many investors around the world. Over a year of operation, Prime XBT has served customers in more than 150 countries. Prime XBT reached over 1 billion USD in about 24 hours of trading, which is quite an impressive number.

Disadvantages of Primexbt

Legally, Prime XBT is very focused on security and safety for users, although it has not been licensed by any reputable regulatory agency. Since its operation, Primexbt has never been hacked or accused of fraud, but not because of that, users can be subjective, it is necessary to raise safety issues first.

There is no demo account. This will be a difficulty for beginners, making players have to learn carefully before investing to avoid unnecessary risks.

Trading Platform

Prime XBT provides a web platform and a mobile application, supporting both iOS and Android operating systems. The web platform is chosen by the majority of traders because the chart analysis feature is promoted in the most optimal way.

A plus point for the exchange is the fast and enthusiastic support team when trading without an order book.

The interface of the web platform is very easy to use, you can add or remove Widgets at will. The web platform at Prime XBT provides both transaction execution functions, account management, security settings and deposit/withdrawal operations.

Some features on the chart

- 10 timeframes, 3 types of price charts

- 90 technical indicators and 13 drawing tools for chart analysis

- Function setting interface, color for chart

- There is a drawback that there is no full screen chart viewing function

- Prime XBT also supports a number of transaction services such as:

- One-click and double-click trading

- Provide 4 types of orders: Market, Limit, Stop and OCO, in which OCO is a combination of Limit and Stop-Limit orders, when one of the two orders is executed, the other will be canceled.

- Spread in forex trading: investors who are interested in forex trading will have to pay attention to the spread of the bid and ask prices (spread) of forex pairs because this is a second fee that investors will pay. for the exchange (the first is the transaction fee). However, there is no need to worry because Prime XBT offers forex pairs with very low spreads due to high liquidity at the exchange (12 liquidity providers), the EUR/USD pair has the lowest spread of 0.1 pips, the the other pairs have spreads from 0.2 pips to 0.7 pips

Low transaction fees

PrimeXBT also has some of the lowest trading fees on the market. They can go as low as 0.05 per trade.

Cryptocurrency Market Forex CFDs

Transaction fee 0.05% 0.001% 0.01%

In addition to PrimeXBT's low transaction fees, one of the lowest in the market, it also offers three fee discounts. Traders who make less than 300 trades per month are eligible for PrimeXBT's usual low rates. Investors who process up to 600 transactions per month will enjoy an additional 25% savings.

PrimeXBT is completely transparent about their fee structure. Basically, they just have two different types of fees. Is the fee per transaction, Then there is the swap fee, when you schedule an overnight exchange.

Deposit / Withdrawal

Prime XBT only allows to load BTC into the wallet and the exchange will automatically convert to other coins or fiat money when trading. When withdrawing money, only BTC can be withdrawn to the investor's wallet.

Once you have Bitcoin, it is relatively simple to fund your account. You will go to your account section and you will click on the “Deposit” button. This will take you to a deposit page where you can access your PrimeXBT Bitcoin address.

Prime XBT allows investors to load BTC into their wallets in two ways, one is to load directly from an existing wallet on another platform, the other is to buy BTC to pay with Visa/Master cards via Simplex channel.

Deposit directly from wallet on another platform: minimum deposit amount is 0.001 BTC and no deposit fee

Buy BTC from Simplex: the minimum purchase amount for the first purchase converted to USD is $50, the maximum is $20,000/day. If paying in USD, Simplex will charge 5% fee (minimum $ 10), if paying in other coins, an additional 5% conversion fee.

Withdrawing money from your account is also simple. In this case, you will go to the “withdrawal” page, where you will give them your personal Bitcoin address. This will be the Bitcoin address that you want to white label all future withdrawals.

Once you have requested a withdrawal, you will have to wait for them to process it. If you are requesting a sizable withdrawal it may take some time to process. This is because withdrawals are processed from hot wallets and if they don't have enough funds on hand, they may have to access some from their offline cold wallet.

Note: BTC withdrawal orders made before 12h UTC will be processed within the day, after 12h UTC will move to the next working day. BTC withdrawal fee is 0.0005 BTC/1 withdrawal.

Affiliate Program

PrimeXBT also has a lucrative affiliate program, with four different levels. This means you not only earn revenue from the people you refer directly, but also from their ‘referrals’ referrals! The image below explains a bit better how it works:

Overall, Primexbt exchange is a relatively good exchange, offering a wide range of trading products. Users can invest BCT with high leverage, trusted by many investors. However, one thing to note is that at Primexbt exchange, there is no compensation policy when users are at risk. Therefore, investors need to be wise when choosing a reliable exchange.

Primexbt Mobile App

Execute a variety of advanced order types such as market, limit, and stop orders, as well as take profit, stop loss, and OCO orders (one cancels the other).

The user-friendly graphical interface and tutorials makes Primexbt review easy to use for anyone, new or experienced.

Access real-time portfolio metrics and position performance data right at your fingertips, from anywhere in the world.

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