PrimeXBT is a leverage trading platform with a unique take on leverage design – being completely different from other platforms while offering to trade with high leverage on cryptocurrencies, commodities, stock indices, forex. Boasting an ever-growing user base from over 150 countries since its inception in 2018, PrimeXBT is one of the fastest-growing platforms on the market. But how good actually is PrimeXBT? Continue reading our detailed review to find out.Visit PrimeXBT
PrimeXBT Features Review
|Supported countries||Worldwide, USA and Canada not allowed|
|Deposits||BTC and debit/credit cards with Changelly|
|Min. Deposit||0.001 BTC|
|Max. Withdrawal Limit||None|
|Support||live chat, e-mail|
Registration on PrimeXBT is very easy and can be done in a matter of minutes. The registration consists of a simple 4 step process.
1. Fill in your e-mail
2. Fill in your password and confirm it
You can immediately deposit and start trading with no limitations. The good part is that as a user on PrimeXBT, you remain anonymous as it doesn’t require KYC. Don’t be fooled by the ease of registration, as PrimeXBT implies high-security of which you can read more about below.
On the security front, PrimeXBT is using everything possible in its arsenal to maintain high-security standards. Security is one of the most important elements in trading, therefore PrimeXBT takes it very seriously. They feature hot and cold wallets and white-listing 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 safety.
Having high security in this industry is mandatory. Exchanges and trading platforms are very likely to become targets of people with malicious intent. This is why top platforms are investing in high-security practices. Without good practices and future improvements in security, the industry will not thrive for long, as no one would be happy to lose capital due to poor user and client protection. Trading platforms like PrimeXBT show how you can create a stable and secure environment for traders in a very short time frame. Thanks to the many security features implemented, PrimeXBT is becoming one of the fastest-growing new trading platforms that offer leverage. Some of PrimeXBT’s security tools and measures include:
- 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
Of course, even with the highest security measurements present, never forget the most important rule – never store your Bitcoins on exchanges, keep only what you intend to trade. There are many people that ask on the web if they can store their Bitcoins on exchanges – the short answer is yes, however, it is highly dangerous.
PrimeXBT utilizes cold and hot storage with manual daily withdrawals to protect hacked accounts from being drained instantly.
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”) for security against attacks and tolerance for losing access to a key or facility with this mitigating a single point of failure.
Every transfer between the cold and hot wallets is handled manually from people within the company.Visit PrimeXBT
Deposits and Withdrawals
PrimeXBT offers Bitcoin and Credit/Debit cards (through Changelly) for deposits. Unfortunately, there is no option for FIAT deposits through WIRE or SEPA transfers. You can only withdraw BTC and you have to add address which you must confirm through an e-mail as a security measure. Upon withdrawal, you also receive a 4-digit code via an e-mail for another security layer.
Withdrawals are processed once per 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 is very likely that it will be processed the following day.
Of course, not everything is perfect as PrimeXBT can definitely gain if it adds more methods for depositing and withdrawing. Bitcoin may be the most secure asset for transactions but having a FIAT gateway is a needed feature for many exchanges. This is an option that they should add in the near future.
PrimeXBT User Interface
The UI design of PrimeXBT is sleek, very pleasing to the eyes and highly customizable. It can be tailored according to the specific needs of every trader. An account summary on the right-hand side of the dashboard is available, with quick access buttons for trading your preferable assets. In the middle, you have a chart that can be fully customized and of course resized for a more detailed view. On the far left, you have the market list where you can choose to see the trading assets in categories or view all at once (as displayed on the picture above). This is the tab where you can find the desired asset that you want to trade, ranging from crypto/stock indices/commodities to forex.
Everything is highly customizable and you can adjust its position and create the ultimate trading interface with all the needed instruments and indicators.
From Add Widgets you can add more tabs and make the UI even more detailed utilizing even more information for achieving your trades.
After creating your account and navigating to the trading tab you will find a summary menu in the top right corner comprised of:
- 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
Having everything right in the corner is a very nice design decision as everything is very clear and visible at all times. The information on this panel is very important as prime has a different approach to how the leverage works. Your margin is basically the whole trading account, which is used to provide liquidity for all of your open positions.Visit PrimeXBT
What are the trading fees on PrimeXBT?
PrimeXBT has two types of fees – a flat trading fee of 0.05% and overnight financing, which is different for every asset and depending on the type of the position long or short. The cost of financing depends on the liquidity of the asset that you are trading. For every asset, there is a different margin financing fee at the end of the day, if you close your orders before GMT 12 PM it will not be paid. If you decide to keep a position open after GMT 12 PM only then will you be required to pay the fee for margin financing. The trading fee of 0.05% is placing PrimeXBT as a platform with one of the lowest fees on the market.
Why is it important to know the fees?
Because you need to know how much it will cost you to keep the positions open and what will be deducted from your profit when closing a position. If you want to be profitable in trading it is mandatory to know the exchange trading fees. This will also help you tremendously in calculating your profit on PrimeXBT. Knowing how to do it correctly can save you a lot of headaches later down the road. You can read on 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, those trading limits are set as a safety measure for the good of the traders and depends on asset liquidity, volatility, etc.
Such limits are welcomed for limiting undesirable overexposure to the markets followed by unwanted results as loss of a big chunk of the trading capital.
Trading limits example
Minimum order size: 0.01 BTC
Minimum order size change: 0.01 BTC
Maximum single trade size: 150 BTC
Maximum exposure: 150 BTC
Minimum order size: 0.01 ETH
Minimum order size change: 0.01 ETH
Maximum single trade size: 1300 ETH
Maximum exposure: 1300 ETH
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 depending on the size of your position, for example, if you want to trade with 100x you can do it until a certain limit after that the leverage becomes lower.
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%
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.Visit PrimeXBT
Trading Pairs, Options and Order types
On PrimeXBT you have quite a few options for trading as they have stock indices/commodities/options besides crypto with up to 1000x leverage on some pairs. It is hard to find such high leverage platform in the industry compared to some of the products for trading offered on PrimeXBT. With so many options for trading and trading pairs, you as a trader are diversified to quite a few markets and can adjust to any situation to execute the perfect trading strategy.
What is the maximum leverage on PrimeXBT?
The maximum leverage on PrimeXBT varies between 100X and 1000X depending on the pairs you’re going to trade. Compared to the industry standards, the maximum leverage here is higher than usual, meaning that users should be more cautious when trading and keep a sufficient margin buffer on their accounts. Example of leverage on a few 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
On top of all of those options, PrimeXBT recently added more crypto pairs. Continuing to add more and more instruments PrimeXBT is becoming the most diversified leverage trading platform in the crypto industry. It is off to a great start as it is growing fast, gaining traction and attention in the crypto industry. You have not only the option to trade crypto to USD value but now you can trade ETH/LTC/EOS/XRP to BTC value. Many traders will find this a very compelling feature that is lacking in the other leverage trading platforms.
When you want to execute a trade you have advanced order types at your disposal like Market/Limit/STOP/OCO all offering different options for executing trades in different market conditions. You can also set the order duration – GTC/good till canceled and DAY/till the trading day expires according to the platform clock, the order will be canceled before the end of the day when the margin financing fee is applied. The placement of stop loss and take profit are very conveniently placed at the bottom of each window, allowing for better position and risk management.
You also can set-up your interface to act accordingly to your preference with Regular trading/one-click trading/double-click trading, depending on the selected setting the way you execute orders will change and with it your speed for reaction to the market movement.
Which countries are allowed on PrimeXBT?
The company seemingly allows everyone to join freely and anonymously. They’re focused on global expansion and the platform is fully translated to English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian and Turkish.
There, however, 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, may change with time.
The unsupported countries are:
- United States of America (USA)
PrimeXBT and Covesting
PrimeXBT aims to be the ultimate platform for trading, to be the one-stop in the crypto industry for leverage. And it continues to innovate and add value to the industry. With the plans soon to introduce Copy-trading to its arsenal thanks to a B2B partnership with Covesting, it may really become the one platform for trading. It will be the first platform to introduce the option for copy-trading with 100x leverage on crypto and ever bigger leverage on traditional assets.
What this industry needs is innovation and more instruments for investors and traders to profit in bear and bull markets. Copy-trading on PrimeXBT will be one of those instruments that soon will become a reality. If you are wondering who are Covesting, it is a regulated exchange base it Gibraltar with a DLT Level 3 license and with additional licenses from Estonia. Having a partnership with a licensed exchange such as Covesting should speak a lot for the quality of PrimeXBT.Visit PrimeXBT
The volume displayed on PrimeXBT website seems a bit off with what they report through their API to other tracking sites, however, we have to factor in that they’re also allowing for Commodities and Forex to be traded there, which isn’t factored in the total volume displayed by the trackers since they show only crypto-related volumes.
It is a bigger than expected gap in that particular case since their main asset is Bitcoin and their main trading pairs have less volume than the overall difference in between different trackers.
In this case – PrimeXBT shows off with $250M reported volume on their website.
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.
On PrimeXBT when you trade Forex and Commodities, you can hedge it only against Bitcoin. This Doesn’t make any sense for any traders already registered on any top based forex broker.
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.
The affiliate program of PrimeXBT is very intuitive and deep with its 4 levels which can lead to big rewards.
You have 4 levels structured like his: Level 1: 20% – Level 2: 15% – Level 3: 10% and level 4: 5% from the trading fees from the people register through your referral link.
With a referral program so deep you can build up a growing network of people/traders referring more and more ending in a really profitable result, with the opportunity to have passive income at some point if you have enough active referrals.
This is the most comprehensive referral program on the market. People tend to underestimate the potential such affiliate programs have. Having 4 levels gives you the opportunity to create a significant passive income.
Is PrimeXBT a scam?
The short answer is Highly Unlikely. After doing research we found claims by some users, however exchanges and trading platforms often order negative PR on each other resulting in manipulation to drive users away.
PrimeXBT is not a scam and as they continue to add valuable products they have the opportunity to build a good name for their platform.
Transferring to Switzerland
PrimeXBT has recently announced that they’re gradually moving their infrastructure from .com over to Switzerland’s .ch, making it clear that they are planning to stay for the long term.
The B2B partnership with Covesting
Why is this a key partnership?
Covesting is fully regulated and has a tier 3 DLT license granted by the authorities in Gibraltar and 3 additional licenses from Estonia:
FVR000225 – Providing services of exchanging a virtual currency against a fiat currency
FRK000188 – Providing a virtual currency wallet service
FFA000263 – Operating as a financial institution
During our tests on PrimeXBT, we did not experience any problems with deposits, trading, and withdrawals.
PrimeXBT is a very diversified and easy to use the platform once you get used to its leverage design. With all of the options available, traders are bound to find this a great environment for trading different 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 space exactly the way you want.
Withdrawals are a place where more can be desired and needs to be worked on, however, if you want to trade mainly BTC then you are in the right place. One of the best aspects of the platform is its speed and stability, really fast executing of orders and no freezes during a price spike upon an asset. The fees on the platform are one of the lowest with one of the best rewarding affiliate programs if you look for a place with low fees for day trading you should consider PrimeXBT.
The leverage design is different compared to the other leverage trading platforms but if you manage it well it can work in your favor but in the end, it comes down to the personal preference of the trader as everyone has different strategies that apply to different leverage trading designs.
PrimeXBT is the platform to go for day trading as it offers all of the needed instruments/stability and speed for execution and successful trading with its high leverage options on all assets.
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Pros / Cons
- High Leverage
- High Liquidity
- Good Support
- Wide range of markets
- Very easy Stop Loss and Take Profit order setup
- Very competitive fees
- 24/7 Support
- Missing Orderbooks
- Users from US and Canada not allowed
- Few deposit options
- Slight mismatch in reported volumes
- Hedging works only against BTC, even for Forex and Commodities