PrimeXBT Review

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.

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
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Features Review

Marketscrypto/commodities/forex/stock indices
Supported countriesWorldwide, USA and Canada not allowed
KYCNO
Leverage100x-1000x
DepositsBTC and debit/credit cards with Changelly
Min. Deposit0.001 BTC
Max. Withdrawal LimitNone
Trading fee0.05%
Supportlive chat, e-mail
Mobile appiOS/Android

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.

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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

PrimeXBT 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

PrimeXBT Account 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.

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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.

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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.

available markets on primexbt

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.

selecting order typeplacing order

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.

PrimeXBT-MouseTrading

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.

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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.
PrimeXBT actual volumes

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 start trading on PrimeXBT 

How to calculate your profit on PrimeXBT

 

up to 35%

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