This whole article is dedicated to PrimeXBT Review. PrimeXBT is a newly established yet fast-growing Bitcoin trading platform. The website offers a myriad of investment choices and asset classes for consumers to choose from.
We’ll investigate if PrimeXBT is a viable trading platform and which features set it apart from the competition when it comes to bitcoin trading in this PrimeXBT review.
PrimeXBT Review: What Is Prime XBT?
Prime XBT is a cryptocurrency trading platform launched in 2019 that enables investors to leverage existing Bitcoin and other major cryptocurrencies positions.
They have quickly created a strong presence in the margin trading business, competing with industry heavyweights such as BitMex.
The exchange aims to address several of the platform’s common flaws, including lengthy KYC approval processes, unexpected downtime, low liquidity, difficulty trading on failing markets, limited order types, a poor user experience, and high trading expenses.
Rather than that, PrimeXBT offers unmatched leverage, an intuitive user interface, and tremendous liquidity and trading volumes.
How to sign up with Prime XBT & begin Trading?
It only takes a few minutes to create an account and begin trading on Prime XBT. Here is what you must do:
- Create an account using your email address, confirm it, and log in to the site.
- Make a deposit into your account. Make a direct deposit of bitcoins to the platform. If you do not already own any, you can purchase them with your credit or debit card through Changelly or other instant-exchange platforms such as Switchere, ChangeNOW, or Coinmama.
- Commence trading. That is all! With up to 1000x leverage, you can trade cryptocurrencies, forex, commodities, and other indices.
PrimeXBT Review: Deposits
To make a deposit, navigate to your Account’s Deposit page. There are two alternatives available to you :
1. Direct Bitcoin deposits:
You can transfer bitcoin straight between your Bitcoin and PrimeXBT wallets. This can be accomplished by scanning the QRCode or by copying and pasting the Bitcoin deposit address. The deposit amount is not limited.
2. Debit/credit card deposits:
You can purchase bitcoins with a credit card using PrimeXBT’s partner CEX. You must click “Buy Bitcoin,” which will bring up a CEX widget that will assist you in purchasing BTC.
It may take a few moments for the funds to appear in your account because the network requires a total of six confirmations.
PrimeXBT Review: Withdrawals
All withdrawals from PrimeXBT are made in Bitcoin. Keeping security in mind, just a portion of bitcoin is stored in the hot wallet, while the remainder is stored in the cold wallet. Between 12:00 and 14:00 UTC, it processes all pending withdrawals.
If you submit your request before 12:00 UTC on the same day, it will be processed immediately; otherwise, it will be processed the following day. PrimeXBT has the right to manually analyze withdrawal requests prior to approval if it suspects suspicious behavior or if the amount requested exceeds a predefined threshold.
This may cause a withdrawal to be delayed until it is approved. To initiate a withdrawal, you must navigate to your account’s Withdraw page. The steps are as follows-
- Choose a withdrawal address
- Enter the desired amount of Bitcoin and click Submit. The withdrawal will be confirmed through email.
- PrimeXBT Fees and Charges
- Fees are classified into two categories: trading fees and overnight fees. The former is charged for joining the position, while the latter is charged for overnight financing.
- The trading fee is between 0.01 and 0.05 percent, which is significantly less than that charged by other exchanges. Additionally, you can get discounts based on your 30-day rolling trading volume.
300–600 BTC: 25% discount
600 + BTC: 50% discount
- It will not charge you for making a deposit. When withdrawing funds, you will be required to pay an arbitrary miner charge (which is industry standard).
- Additionally, they have trading restrictions. The size of a position that you can hold on the PrimeXBT trading platform is limited. Your orders will be canceled if you exceed the limit. According to market parameters including volatility, instrument liquidity, and other market variables, the constraint can vary.
PrimeXBT recently made the Covesting Module available to all platform users. This enables you to replicate and execute the trading techniques of professional traders automatically.
It is one of the first exchanges to provide this functionality. It contributes to the establishment of a transparent atmosphere. The Covesting tab provides a comprehensive list of bitcoin traders. You can examine the profits made by other traders during the last twenty-four hours and since they joined.
PrimeXBT Covesting Dashboard
Beginners and occasionally experienced traders are interested in learning about and researching a trader who has earned a substantial profit.
Additionally, you can arrange them according to their profit. Three easy procedures will enable you to emulate the trader:
- Select a trader based on their performance.
- Determine the maximum amount that you are willing to allocate.
- Then click follow to reap the same benefits.
The more followers you have, the more earnings you will earn from profitable cryptocurrency trading.
Languages & Supported Countries
PrimeXBT currently supports over 200 countries. They are prohibited in a number of major countries due to legal interference, including the United States, Canada, and Japan.
It is available in a variety of languages, including English, Hindi, Chinese, Korean, Spanish, Portuguese, Russian, and Italian.
PrimeXBT Mobile Application
Users can get the PrimeXBT application from the Google Play store.
The mobile app’s user interface is intuitive, making it simple for users to explore and use the advanced charting features.
PrimeXBT Customer Support
It offers customer service 24 hours a day, seven days a week. You can reach them by email at sup[email protected] or via postal mail at [email protected]. You can also contact them via their live chat tool, which is accessible from the account menu.
Chat helpers are responsive. Often, the chat assistants initiate the conversation. Additionally, you can contact the platform via the PrimeXBT Telegram channel.
PrimeXBT User Experience
PrimeXBT’s user interface is straightforward and intuitive. The platform can be completely customized. You can reorder the market window, charts, and widgets to suit your preferences. You have the ability to customize the colors, spacing, and grids. It incorporates a bar, candlestick, and line charts.
The chart’s colors can be customized. The platform is pre-loaded with 90 technical analysis indicators. For instance, MACD, moving average, Ichimoku, and so forth. Their entire platform is widget-based.
You can add a panel to any workspace. Among these widgets are messages, charts, and order forms. Additionally, you can download the primeXBT mobile application.
It enables you to keep an eye on your deals even on the move. It is compatible with both Android and Apple devices. The app’s UI is really intuitive and simple to navigate. You can configure the app to your liking.
Is your cryptocurrency safe with PrimeXBT?
PrimeXBT is committed to providing its platform users with the best level of security possible. It asserts that it has a robust, multi-layered cyber security framework.
This framework ensures that stringent controls and procedures are in place to safeguard customer assets against threats or cyber-attacks. PrimeXBT conducts random stress testing and security audits to verify the network’s security remains uncompromised.
Among its special security measures are the following:
- Two-factor authentication (offered by Google) to protect users’ accounts from illegal access
- Secure sockets layer (SSL) encryption to encrypt and safeguard website traffic
- All passwords are hashed using the bcrypt algorithm.
- Cloudflare is used by PrimeXBT to protect against potential distributed denial-of-service (DDoS) attacks.
- Ongoing IT security evaluations are performed to ensure that no new potential vulnerabilities are discovered.
- Amazon Web Services hosts the PrimeXBT environment (AWS). AWS has a track record of setting the industry standard for digital and physical security.
PrimeXBT is right for you if:
- You are a trader at any level, from novice to seasoned.
- You do not reside in the United States, Canada, or any of the 12 other no-go nations.
- You do not need a large portfolio of cryptocurrencies to trade.
- You have no desire to lend or borrow features.
- You’re intrigued by the prospect of many passive revenue streams.
- Cybersecurity is critical.
FAQs About PrimeXBT Review:
Is PrimeXBT legitimate?
Yes, PrimeXBT is a real cryptocurrency trading platform that was founded in 2018 and is currently active in over 150 countries.
Can PrimeXBT be hacked?
PrimeXBT is a very secure platform with numerous security measures in place, but no matter how secure a platform is, it is always possible for it to be hacked. To our knowledge, PrimeXBT has been unhacked since its inception in 2018.
Is PrimeXBT safe?
Yes, PrimeXBT is a secure trading platform with a robust cyber-security architecture in place to safeguard customer assets at all times. PrimeXBT's trading engine was built to the highest industry standards for online trading. Each system has been coded uniquely to minimize latency and accelerate order execution. The system automatically monitors all risks connected with purchasing power, purchasing power factor, maximum order size, maximum position size, P/L loss thresholds, and odd lot allowance, and performs a comprehensive risk check following each order placement. PrimeXBT takes pride in providing one of the most advanced and dependable trading platforms available.
Can PrimeXBT be trusted?
Yes, PrimeXBT is a reputable trading platform with a robust cyber-security structure in place to safeguard customer assets at all times. PrimeXBT's trading engine was built to the highest industry standards for online trading. Each system has been coded uniquely to minimize latency and accelerate order execution. The system automatically monitors all risks connected with purchasing power, purchasing power factor, maximum order size, maximum position size, P/L loss thresholds, and odd lot allowance, and performs a comprehensive risk check following each order placement. PrimeXBT takes pride in providing one of the most advanced and dependable trading platforms available.
Is it legal to use PrimeXBT in the US?
PrimeXBT is illegal in the United States due to restrictions on CFD/derivatives trading and high-leverage trading enacted by the federal government. You must utilise a virtual private network (VPN) if you travel to the United States and wish to use your PrimeXBT account (VPN).
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Verdict: PrimeXBT Review 2023
PrimeXBT is an excellent platform for margin traders looking to trade cryptocurrency, forex, commodities, and stock indices while utilizing Bitcoin, Ethereum, or a USD stable coin as the base currency.
It features Copy Trading, minimal trading costs, a diverse selection of investment instruments, and leverage up to 1000x (dependent on the asset). PrimeXBT, on the other hand, is not ideal for everyone.
There is no spot trading accessible, all trades are leveraged, and all trades are CFDs, which means that you do not hold any bitcoin on PrimeXBT. Additionally, this platform does not support the withdrawal or deposit of fiat currency.
If you’re looking for a similar trading platform, By bit is another excellent option, offering spot trading in addition to derivatives, perpetual, and futures.
If you’re looking for a crypto exchange where you can buy cryptocurrency and deposit and withdraw fiat currency, check out our post on the best crypto exchanges.