PrimeXBT Review

PrimeXBT is a leveraged trading platform with a unique leverage design – it is completely different from other platforms and offers trading with high leverage on cryptocurrencies, commodities, stock indices, and forex. With a constantly growing user base from over 150 countries since its inception in 2018, PrimeXBT is one of the fastest-growing platforms in the industry.  With a variety of options for high leverage trading, this platform is one of the most versatile and offers traders access to any market with all the instruments needed for the ultimate trading experience.

Features Review

Registration

Registration on PrimeXBT is very easy, four easy steps that can be done in just a few minutes. 

1. Fill in your email
2. Fill in your password and confirm it
3. Read and Accept the Terms of Conditions and Privacy Policy

You can deposit immediately and start trading without restrictions. The good thing about it is that as a user on PrimeXBT you remain anonymous, as no KYC is required. Don’t be fooled by the simple registration, because PrimeXBT implies a high level of security, which you can read more about below.

Is PrimeXBT Secure?

On the security front, PrimeXBT uses everything in its arsenal to maintain high-security standards. They use Hot and Cold wallets and whitelisting addresses, meaning that if an unauthorized person gains access, he will not be able to withdraw if he doesn’t also have access to your email account, further adding another secured layer to the user’s security. A high level of safety is indispensable in this industry. It is very likely that trading platforms will become the target of people with malicious intentions. This is why top exchanges invest in high-security practices. Trading platforms like PrimeXBT show how to create a stable and secure environment for traders in a very short time.  Security tools and measures of PrimeXBT:

• 2FA Google Auth for account security to ensure the safety from unauthorized access
• Encrypted SSL (https)
• Passwords are cryptographically hashed using bcrypt with a cost factor of 12
• Cloudfare to mitigate distributed denial-of-service the so-called DDoS attacks
• Regular tests and check-ups from the technical team
• On-going IT security assessments

Hot and Cold storage

PrimeXBT stores most of the funds in a cold, offline wallet and keeps a small portion of the digital asset in the hot, online wallet. They use multi-signature access (“Multisig”) to provide security against attacks and tolerance for loss of access to a key or device, eliminating a single point of failure. Every transfer between the cold and hot wallets is handled manually from a few employees within the company. Visit PrimeXBTVisit PrimeXBT  

Deposits and Withdrawals

PrimeXBT offers Bitcoin and credit, debit cards (via Changelly) for deposits. Unfortunately, there is no option for fiat deposits via WIRE or SEPA transfers. You can only withdraw BTC and as a security measure, you must provide an address that you must confirm by email a.k.a whitelist it. When you make a withdrawal, you will also receive a 4-digit code by e-mail. Withdrawals are processed once a day between 12:00 and 13:00 UTC. If your withdrawal is requested before 12:00 UTC, it will be processed within the same day. If your withdrawal is requested after 13:00, it will most likely be processed the following day. Of course, not everything is perfect, as PrimeXBT can definitely add more methods for deposits and withdrawals. Bitcoin may be the most secure asset for transactions, but a fiat gateway is a necessary feature for many exchanges as this is an option they should add in the near future.

User Interface

The UI design of PrimeXBT is good, pleasing to the eye and highly customizable. It can be tailored to the specific needs of each trader. An account summary is available on the right side of the dashboard, with quick access buttons to trade your favorite assets. In the middle, you have a chart that can be fully customized and of course resized to get a more detailed view.  Everything in the UI is highly customizable and you can adjust its position and create the ultimate trading interface with all the necessary instruments and indicators. Using “Add Widgets” you can add more tabs and make the user interface even more detailed by using even more information to have better trading sessions.

Аccount Summary

After creating your account and navigating to the Trading tab, you will find an overview menu in the upper right corner with details about::

• Balance – Funds in your trading account excluding Unrealized Profit and Loss (FPL)
• Equity – Whole portfolio balance plus the Unrealized Profit and Loss
• Unrealized PnL – Current Profit and Loss, comprised of the result of all open positions
• Used Margin – The amount of the capital used for the margin requirements of all opened positions
• Available Margin – Available funds for margin trading minus the funds used for the margin requirement shown in BTC

The information on this board is very important because PrimeXBT has a different approach to how the lever works. Your margin is basically the whole trading account, which is used to provide liquidity for all of your open positions. Visit PrimeXBTVisit PrimeXBT

What are the trading fees on PrimeXBT?

There are two types of fees in PrimeXBT – a flat trading fee of 0.05% and an overnight financing fee, which is different for each asset and depending on the type of position (long or short). Financing fees depend on the liquidity of the asset that you are trading. A different margin funding fee is charged at the end of the day for each asset; if you close your orders before GMT 12 PM, this fee will not be paid. If you decide to keep a position open after GMT 12 PM, you will have to pay the margin funding fee. The 0.05% trading fee makes PrimeXBT one of the lowest fees in the market.

Why is it important to know the fees?

You need to know how much it will cost you to keep the positions open and what will be deducted from your profit when you close a position. If you want to be profitable in trading, it is imperative to know the exchange trading fees. This will also help you enormously in calculating your profit on PrimeXBT. If you know how to do it right, you can save yourself a lot of headaches later. You can find out how to calculate your profit on the platform here.

Examples for Margin financing

Margin financing of BTC/USD: Long: -$20.6 per 1 BTC Short: -$10.3 per 1 BTC Margin financing of ETH/USD: Long: -$1.68 per 1 ETH Short: -$0.84 per 1 ETH Margin financing of XRP/USD: Long: -$0.00196 per 1 XRP Short: -$0.00098 per 1 XRP

What are the trading limits on PrimeXBT?

There are trading limits on the size of the positions you can maintain on the platform. These trading limits are set as a safety measure for the good of the traders and depend on the liquidity of assets, volatility, etc. Such limits are welcome in order to limit undesirable excessive market exposures that lead to undesirable outcomes such as the loss of a large proportion of the trading capital.

Trading limits example

BTC/USD:  Minimum order size: 0.01 BTC Minimum order size change: 0.01 BTC Maximum single trade size: 150 BTC Maximum exposure: 150 BTC ETH/USD:  Minimum order size: 0.01 ETH Minimum order size change: 0.01 ETH Maximum single trade size: 1300 ETH Maximum exposure: 1300 ETH XRP/USD:  Minimum order size: 1 XRP Minimum order size change: 0.01 XRP Maximum single trade size: 200 000 XRP Maximum exposure: 200 000 XRP

What are the Margin Requirements on PrimeXBT?

PrimeXBT has leverage limits that depend on the size of your position. For example, if you want to trade 100x, you can do so up to a certain bitcoin amount, after which the leverage will be lower. Margin requirements: BTC/USD: Up to 10 BTC leverage is 100x with a margin requirement of 1% Up to 60 BTC leverage is 50x with a margin requirement of 2% Exposure over 60 BTC leverage is 10x with a margin requirement of 10% ETH/USD: Up to 50 ETH leverage is 100x with a margin requirement of 1% Up to 500 ETH leverage is 50x with a margin requirement of 2% Exposure over 500 ETH leverage is 10x with a margin requirement of 10% Now that you know the fees on PrimeXBT but are still wondering if you should make it as your native platform for trading, don’t worry we have more materials for you. Doing researches is tiresome especially when you have few platforms offering similar products with leverage. This is why we have compared the fees on PrimeXBT vs few other platforms.

Trading Pairs, Options and Order types

On PrimeXBT you have quite a lot of options to trade starting with stock indexes, commodities, forex with up to 1000x leverage on some pairs in addition to cryptocurrencies. This is one of the very few trading platforms offering high leverage on all of their available trading pairs from the crypto and the more traditional market. Having this exposure as a trader on PrimeXBT is definitely an advantage.

What is the maximum leverage on PrimeXBT?

The maximum leverage on PrimeXBT varies between 100X and 1000X, depending on the pairs that you want to trade. Compared to industry standards, the maximum leverage here is higher than usual, which means that users should be more careful when trading and keep a sufficient margin buffer on their accounts.  Example of leverage on some of the available trading instruments: BTC/ETH/EOS/XRP/LTC paired with USD – 100x EUR/USD – 1000x S&P 500 – 100x GOLD – 500x Crude Oil – 100x JAPAN – 100x In addition to all these options, PrimeXBT has recently  added more crypto pairs. More and more instruments are being added PrimeXBT is becoming the most diversified leverage trading platform in the crypto industry as you can now trade ETH, LTC, EOS, XRP against BTC.

On PrimeXBT you can use advanced order types such as Market, Limit, STOP, and OCO to open a position. You can also set the order duration by selecting either GTC (good till cancelled) or DAY(until the trading day expires) where the order will be cancelled before the end of the day when the margin funding fee should be charged.

You can also set up your interface to act according to your preferences with Regular trading/One-click trading/Double-click trading. Depending on the setting you choose, the way you execute orders will change, and with it your reaction speed to market movement.

Which countries are allowed on PrimeXBT?

PrimeXBT enables everyone to join its globally supported trading platform freely and anonymously. It is designed for global expansion, and the platform is fully translated into English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian and Turkish. However, there are a few countries that are NOT allowed to trade with PrimeXBT. This is due to the poor regulatory framework in the industry, which of course can change over time. The countries that are not allowed on the platform are:

• United States of America (USA)
• Canada

PrimeXBT and Covesting

PrimeXBT aims to be the ultimate platform for trading,  to be the one-stop for leverage trading in the crypto industry. With plans to soon add copy trading to its arsenal thanks to a B2B partnership with Covesting, it could truly become the only platform for trading. It will be the first platform to introduce the option for copy trading with 100x leverage. What this industry needs is innovation and more tools for investors and traders to profit in bear and bull markets. Copy trading on PrimeXBT will be one of the instruments that will soon become a reality. In case you are wondering what Covesting is, it is a regulated exchange by Gibraltar with a level 3 DLT license.

Volume

The volume displayed on the PrimeXBT website seems to be slightly different from what they report to other tracking sites via their API. However, we have to take into account that they also allow commodities and forex trading there, which is not included in the total volume displayed by the trackers, as they only display crypto-related volumes.

However, trackers show a net volume of $100M.

Is FX and Commodities really a more important asset on a bitcoin-based broker? Well, in our case – not so much. If you trade Forex and Commodities on PrimeXBT, you can hedge it only against Bitcoin. This makes no sense for traders who are already registered with a top-based forex broker to migrate to this exchange.

Order Book

There is no order book present on the platform, which throws many traders off. It is seemingly the most requested feature on any of their channels open for public communication for over a year yet it’s being ignored.

Affiliate program

The partner program of PrimeXBT with its 4 levels is very intuitive and deep, which can lead to great rewards. Four levels, which are structured like his: Level 1: 20 % – Level 2: 15 % – Level 3: 10 % and Level 4: 5 % from the trading fees from the people who register through your referral link. This is the most comprehensive referral program on the market and people tend to underestimate the potential of such partner programs.

Is PrimeXBT a scam?

The short answer is highly unlikely. After researching, we found claims by some users, but exchanges and trading platforms often order each other negative PR, resulting in manipulation to drive users away from their competitors.

Conclusion

PrimeXBT is a very diversified and easy to use the platform once you get used to its leverage position structure. With all the options available, traders will certainly find it a great environment to trade a variety of assets. The fantastic design of the interface makes it even better for long trading sessions, and with its detailed trading chart, you can customize your trading interface exactly the way you want it. Withdrawals are a place where more work needs to be done, but if you want to trade mainly with BTC, then you are in the right place. One of the best aspects of the platform is its speed and stability, the really fast execution of orders and no freezing during highly volatile periods. The fees on the platform are one of the lowest with one of the most rewarding affiliate programs. The leverage design is different from other leverage trading platforms, but if you manage it well, it can work in your favor, but ultimately it depends on the personal preference of the trader, as everyone has different strategies that apply to different leverage trading designs.

For more, see:  How to calculate your profit on PrimeXBT

A guide that will lead you through the steps to start trading on PrimeXBT

Step 1: Registration

To start your adventure go to the top right corner as shown in the picture and click “Register“. The registration is very fast as it doesn’t require KYC or any other hindering information.

You are required to only fill:

• (1) E-mail
• (2) Password
• (3) Confirm Password

Then accept (4) the Terms of Conditions and Privacy Policy and (5) click on “Register” to finish the registration.

NOTE: After finishing the registration, consider enabling more security options in the settings page such as Google 2FA authentication.

Step 2: Depositing Bitcoin or FIAT

For deposits go to the left tab and click on “Deposit“, it will forward you to the deposit page.

This is the deposit page of PrimeXBT and as you notice you have two options

The first option is to deposit Bitcoin to your personal account address (1). The second option (2) is to buy Bitcoin with Debit/Credit cards through Changelly. By clicking on the exchange button on the tab it will redirect you to Changelly’s website to finish the transaction.

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Step 3: Funding Trading Account

Now that you have deposited Bitcoin you need (1) to go back to the “Account Summary” page and then click on “Fund Trading Account“.

In the “Amount” field (1) you can input the desired amount of BTC that you want to transfer to the Trading Account. Then click (2) “Transfer” to finish the funding process.

Trading on PrimeXBT

Step 4: Opening Positions on PrimeXBT

NOTE: Before opening a position keep in mind that the leverage design here is different. Your entire “Trading Account” balance is acting as available margin.

To start trading (1) click the “Trade” button on the top left menu. This will take you to the trading page as shown in the picture. The next step is to find the asset which you want to trade. As you can see the platform offers quite a lot of options.

To not be confusing click by the overwhelming amount of pairs available click on (2) “All Markets” and a small tab will pop-up below. It will give the option to filter all of the available assets by category – CFD, Crypto or Forex.

Now that you have found the assets that you want to trade, it is time to open a position. On the right side of the screen, you’ll find a customizable dashboard with available assets.

NOTE: Red is for sell/short and Green is for buy/long.

Click (3) on either of the two to open a position in the desired direction which you think the price of the asset will go.

In the “New Order” tab on which you set the order and activate it. The layout is designed very well and below you’ll find an explanation of everything needed in order to set up an order correctly.

New Order Tab Options

• (1) Symbol – the pair for which you are opening position at the moment, which also acts as a search. If you click on it, you will be able to jump to another pair of your choice directly
• (2) Order Type – from here you can also select an order type – Market/Limit/OCO or Stop order.
• (3) The amount you’re opening a trade with
• (4) Select whether you want to go long (buy) or short (sell)
• (5) Limit Price – the price target where you want your order to execute
• (6) Margin Impact is showing how much of your margin will be used.
• (7) Placing Stop-Loss and Take Profit prices is done through here with an available preview of projected loss/profit
• (8) Here you can set the duration of the order GTC (Good-Till-Canceled) or DAY (expiring at the end of the trading day on the platform)
• (9) Send the order. Clicking on it will send the order for processing.

Step 5: Managing and Closing Positions on PrimeXBT

Opening a position is not enough as you need to have very good management to emerge profitable on platforms with high leverage. Let’s dive into one of the most important aspects – managing.

You will find the open position on the tab below with all the needed information. You can customize it to your preferences. Let’s continue with the breakdown of the tab:

• (1) This is the pair on which the position is open with its side (long/bought or short/sold)
• (2) Size of the position with the price that it was filled at and the current price of the asset
• (3) Potential Profit or Loss
• (4) Take Profit and Stop Loss if you had them set-up, they can be adjusted at any time
• (5) Time and Date
• (6) Used Margin from the available funds in your trading account
• (7) Closing the position

Adjusting Take Profit and Stop Loss

You need to know how to modify your Take Profit and Stop Loss. To do that click with the right mouse button to see this tab (1) and click on “Modify Position“. A new tab where you can modify the TP and SL (2) which can be adjusted separately will open up. After you are done click on (3) “Modify Position” and the changes will be saved.

Closing a Position on PrimeXBT

To close a position click on (1) the X or with the right button of the mouse and select “Close Position“. This will open a tab from which you can choose how much to close (2) as you can close a part of it. After you have chosen the amount that you want to close, click on (3) “Close Position“.

Step 6: Withdrawing from PrimeXBT

To withdraw funds from the Trading Account to the Account Wallet click on (1) “Account Summary”. From there you will be able to transfer your Bitcoin from the Trading Account to the main on-platform wallet. Click on (2) “Withdraw to Wallet” to withdraw to the desired amount to the main wallet.

Withdrawing to Wallet pop-up tab breakdown

This is the tab that will pop up on which you need to specify the amount that you want to withdraw (1) and then confirm it (2) to transfer the funds to the wallet.

To request a withdrawal to your personal bitcoin wallet click on (3) “Withdraw” (as shown in the first screenshot) page to withdraw your Bitcoins.

On the withdrawal page, you will need to specify the address to which you want to withdraw (1) and the amount of bitcoin (3). On the right (3), you will find the transfer details with all the necessary information for the withdrawal. When you are ready with everything and have double-checked the withdrawal address you need to click on (3) “Submit to Withdraw“.

NOTE: Withdrawals on PrimeXBT are done once per day between 12:00 and 14:00 UTC.

If you’re looking to trade on another platform offering high leverage we suggest that you read our review on Margex.

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Primexbt is a leverage trading platform with a wide range of instruments for trading.

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