PrimeXBT is a one-stop-shop trading exchange platform that supports foreign currencies, commodities, most major stock indices, and of course, trading cryptocurrencies.
- Operating Since 2018
- Currencies Supported 10+ cryptocurrencies
- Fees Varies
- Deposit Methods Wire transfer, direct cryptocurrency deposits from e-wallets, debit and credit cards, instant SEPA transfers, etc.
- Fiat Currencies Yes
- Verification Methods 2FA
- Margin Trading Yes
- Futures Trading Yes
The volatility and relatively new regulatory frameworks in the cryptocurrency market make many investors wary of putting funds in cryptocurrencies and interacting with the market at all. Will Bitcoin continue its unprecedented rise? Will other cryptocurrencies follow its lead? Nobody can predict with certainty.
If you are interested in investing in cryptocurrencies or trading in foreign exchange, platforms like PrimeXBT can be invaluable assets. We hope our PrimeXBT review helps you decide how to approach cryptocurrency trading.
Our review introduces beginners to the PrimeXBT platform, its user interface, its options, its upsides and downsides, and its potential growth. We hope you find our PrimeXBT review helpful if you plan to trade cryptocurrency or are considering riskier crypto trading strategies.
What Is PrimeXBT?
Established in 2018, PrimeXBT currently has more than 100+ trading assets available, over 12 liquidity providers, three offices around the world, and enjoys an average daily trading volume of more than $545,000,000.
It is a platform that allows users to invest and trade crypto as well as other types of currencies. It has a user-friendly interface that enables traders to execute complex currency exchange transactions with relative ease.
Platforms like PrimeXBT allow users new to cryptocurrency to invest with the click of a mouse. Users who are less tech-savvy can benefit from using PrimeXBT’s established advanced trading platform to buy and sell currencies. Furthermore, PrimeXBT helps investors worried about scams to feel more secure in their investments.
Caveats and Reminders
Keep in mind that this PrimeXBT review does not include all the possible pros and cons of trading on PrimeXBT. Reviews of other crypto exchanges on Smart Billions might focus on other features that do not appear in this PrimeXBT review.
Furthermore, PrimeXBT’s terms and conditions of trading might change over time. The platform might offer more trading pairs, change policies to comply with new and existing regulations, or change its fee structure. We encourage investors to compare the information in this PrimeXBT review with the PrimeXBT website (primexbt.com) before deciding to invest.
Moreover, leveraged trading and derivatives trading as hosted on PrimeXBT carries a large amount of risk. This risk can result in losses that are larger than the value of the investment. So, investors using PrimeXBT should not conclude that the platform’s trading options are safe investments because its interface is safe and user-friendly.
Advantages of PrimeXBT
PrimeXBT has many features to help new investors feel more comfortable investing in cryptocurrency. Let’s consider several of these key features:
Support for Many Currencies and Crypto/FOREX Investments
Although Bitcoin is the most established cryptocurrency in the market, other cryptocurrencies offer users profitable opportunities. Each cryptocurrency relies on its particular encryption and validation algorithms. This characteristic makes the cryptocurrency market more diverse than the foreign exchange market (FOREX).
A good cryptocurrency exchange needs to offer traders a variety of choices. Fortunately, PrimeXBT features an extensive slate of cryptocurrency options such as:
- Algorand (ALGO)
- Bitcoin (BTC)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- USD Coin (USDC)
- Cardano (ADA)
- EOS (EOS)
- Ethereum (ETH)
- Terra (LUNA)
- And more
One of PrimeXBT’s core features is the ability to bundle FOREX and crypto trading within a single platform. PrimeXBT allows trading in the following fiat currencies:
- Australian Dollar (AUD)
- British Pound (GBP)
- Euro (EUR)
- New Zealand dollar (NZD)
- Swiss Franc (CHF)
- US Dollar (USD)
It’s Easy to Start Trading
Trading on PrimeXBT is fairly simple. You open a trading account and transfer money into the account through either a wire transfer or transferring from an electronic wallet. Investors typically trade USD or Bitcoin for cryptocurrencies but PrimeXBT supports other currencies as well.
In addition, the PrimeXBT website displays conditions for specific trades including:
- Minimum purchase
- Maximum single-day trade
- Maximum leverage
- Financing rate
- Trading hours
A User-Friendly Interface
The PrimeXBT trading interface shows its order book, charts the performance of cryptocurrencies, and allows both beginners and experienced traders to execute trades easily. You can create one-cancels-the-other orders or OCO, take-profits, stop losses, limit orders, and market orders. The visual display makes it easy for readers to see the following elements:
- Market exchange values
- Tracking data for currencies
- Account balance and available margin
- And more
With a few clicks on the platform’s home screen, you can keep track of:
- Your portfolio
- Your investment strategies (including covesting strategies)
- Your referrals
- Reports on your trading history
New users should be wary of confusing the interface’s usability with the complexity of the transactions. That is, don’t assume that you necessarily understand a trade’s implications because you can execute it with a few clicks.
Derivatives Trading Options
PrimeXBT allows investors to use Contract-for-Differences (CFD) trading. CFD consists of agreements to pay based on the value of currencies at particular points in time. A CFD contract does not require the trader to own any of the currencies, which can offer the trader more flexibility.
Furthermore, PrimeXBT offers more complex trading tools such as One-Cancels-the-Other (an OCO Order). This order consists of two orders but only one of the orders goes through. For instance, you could have one order to sell currency if the price rises above a certain level (to lock in profit). You could also have another order that takes effect if the price drops too low.
PrimeXBT offers help to its users through a 24/7 live chat feature. It also promotes a network of investors on social media who can give suggestions to new traders such as on Telegram.
PrimeXBT only deals in cryptocurrency transactions. Their deposit section has a widget that allows you to purchase Bitcoin with a debit or credit card. However, this incurs an additional charge of over 10%. It is easy to deposit Bitcoin into your PrimeXBT account if you already own it.
It might take some time for it to appear in your account. There are six automatic confirmations that must be made for security reasons.
It is easy to withdraw, as you only need to input a number and your Bitcoin wallet address. PrimeXBT offers address whitelisting. This means that only pre-set addresses can be used to withdraw. A withdrawal fee of 0.0005 BTC is charged.
PrimeXBT started in 2018 and has experienced rapid growth alongside the crypto market as a whole. It serves a wide range of clients worldwide. The platform also takes pains to ensure the safety of its clients’ assets and their peace of mind.
To that end, the platform employs Cloudflare protection to prevent potential DDoS attacks, SSL, Bitcoin whitelisting, data encryption, and security features integrated into its hardware to ward off hackers. It also conducts a risk assessment with every trade and regularly audits its security infrastructure.
Like many cryptocurrency platforms, PrimeXBT offers a cold storage wallet so users can store their currency data offline. This wallet protects users’ assets from malware and viruses when they aren’t trading.
Something that you may have observed is that PrimeXBT doesn’t need any forms of identification when signing up. That is because the exchange is one of the few crypto exchanges that do not complete AML or KYC checks on their traders.
Lastly, PrimeXBT uses two-factor authentication (2FA) to prevent people from accessing your account if they somehow steal your password. If someone tries to get into your account, you will receive a notification so you can change your password and take other security measures.
Integrated Cryptocurrency and FOREX trading
Another advantage of the PrimeXBT platform is that users can trade in a variety of cryptocurrencies and fiat currencies. This feature allows them to diversify their portfolios without having to manage FOREX and cryptocurrency accounts on separate platforms. As a result, PrimeXBT makes it easier for investors to pursue a more sophisticated and diversified trading strategy.
Other Ways to Make Money
On their website, PrimeXBT offers 10 ways to make money including investment strategies, Bitcoin mining, staking (holding crypto funds), arbitrage, hosting a mastermode, and more. While many of these approaches can seem esoteric to the new user, PrimeXBT’s support of these options allows for a more diverse income stream.
Moreover, the platform has a referral feature so you can earn rewards by introducing friends to PrimeXBT.
Mobile App (Android and iOS)
The exchange has developed an app for iOS and Android mobile devices so you can stay on track with your crypto trades wherever and whenever you are. The mobile app is very easy to navigate and still comes with all the useful features like detailed charts from TradingView, easy order execution, and full range of order types.
Covesting or Copy Trading
If you have ever seen or attempted tandem skydiving, you know how beneficial it is to take the jump alongside a professional when you are just starting. Covesting is the financial equivalent of tandem jumping. On PrimeXBT and other platforms, your account automatically mirrors the trading activity of a seasoned investor when you covest. Moreover, it saves a lot of time since you don’t need to peruse different charts, be constantly actively watching your portfolio, nor conduct technical analysis.
PrimeXBT makes a covesting module accessible to all users of their platform. This module allows traders to copy the winning trade strategies from other professionals and execute them.
This is the first cryptocurrency exchange that offers transparent trading and provides this feature. The trading platform allows traders to create and manage their trading strategies, which allow them to make profitable trades based on current market movements. This gives advanced traders the opportunity to increase their profit potential.
PrimeXBT allows traders to leverage their trades at rates up to 100x leverage for cryptocurrency trading and 1000:1 for FOREX trading. Note that like all margin trading, leverage on cryptocurrency trading amplifies the risks as well as the rewards. You could lose a great deal of assets with margin investing, especially volatile assets like cryptocurrencies.
For example, if you invested $100 in a position and lose $1 of its value, you still have $99 left. That same position at 1000:1 leverage would cause you to lose $1,000, leaving you without your initial investment and $9,900 in debt.
The limits on leverage that PrimeXBT imposes differ depending on the currencies or commodities you are exchanging. This principle also applies to the platform’s limits on trading volumes. So, always be mindful of how much financial risk you are willing to accept regardless of the exchange platform’s limits.
This is an interesting feature where you can earn more than 70% return on your investment in just a matter of minutes. The trick here is to guess short-term price moves of certain assets like EUR/USD, Oil, S&P 500, Gold, and Bitcoin.
If your prediction is incorrect, the loss equals the pledged amount chosen when making your prediction at the beginning. The potential return for the right prediction is preset by the turbo feature.
Forex, Stock Indices, Commodities, Crypto
PrimeXBT is not restricted to crypto trading but also has markets for commodities, stock indices, as well as forex. Some of the foreign currencies available include USD, GBP, EUR, CAD, AUD, and CHF. Meanwhile, the stock indices on PrimeXBT include ASX 200, NIKKEI 225, NASDAQ 100, and S&P 500. As for commodities, these include Gold, Silver, Gas, Crude Oil, Natural Gas, and Brent Oil. To put simply, PrimeXBT is perfect for traders what are looking to diversify their investments across different types of assets.
The Downsides of PrimeXBT
It’s a Relative Newcomer
Although PrimeXBT is growing rapidly, it is not quite as established as some competitors such as Coinbase (founded in 2012) and Binance (founded in 2017). Yet, PrimeXBT has expanded to over 100 countries and is likely to grow in the future. Its location in Seychelles also allows it to avoid more stringent trading regulations.
Some investors prefer the flexibility of trending in an unregulated environment while that same concept alarms others. Cryptocurrency itself is still relatively new and the regulatory environment for crypto trading is still evolving. Therefore, investors who want to trade in a setting that complies with US regulations may want to consider other exchanges such as CoinBase, Bitmart, and Gemini.
As mentioned earlier in this PrimeXBT review, the exchange allows traders to use high levels of leverage and trade currency derivatives. These riskier trades are not compliant with regulations in several countries including the USA, Canada, and Japan. Therefore, residents of these countries cannot use PrimeXBT.
International sanctions might also preclude these types of trading in other countries.
Restrictions on Trading Between Currencies
PrimeXBT allows you to exchange currencies within a more limited range of trading pairs compared to other cryptocurrency exchanges. Other platforms may offer more options if you plan on trading between different types of cryptocurrency.
Other exchanges might also offer a wider range of FOREX pairings. If PrimeXBT does not allow trading between currencies (crypto or fiat) that are integral to your portfolio, consider alternative platforms.
Very Limited Number of Trading Pairs
The exchange has a weak slate of trading pairs. It only offers seven, which is one of the fewest offered by a well-known global crypto exchange. What makes it strange is that PrimeXBT doesn’t currently accept any reserve currency deposits from credit cards or bank accounts. The exchange only accepts crypto transfers from digital wallets or other exchanges in:
- USD Coin
PrimeXBT only accepts cryptocurrency transfers but barely offers any cryptocurrency trading choices. Most crypto exchanges offer up to hundreds of crypto trading options for traders to choose from.
Keep in mind that the deposit can take a bit of tune to reflect in your account because of the fact that the digital assets will need confirmations on the blockchain network before they are deposited into your PrimeXBT account.
The minimum deposit on PrimeXBT exchange is 0.001 BTC.
The platform has a widget in its deposit section where users can purchase Bitcoin through debit card or credit card. If the user already has some BTCs, it is easy to deposit them into their account through the Bitcoin deposit address.
Does Not Offer a Demo Account
A demo account is one of the few trading services that cryptocurrency trading brokers do not offer. PrimeXBT does NOT offer a virtual account for trading strategies or charting in an environment that is risk-free.
No API Functionality
One of the best functionalities that a trading technology should have is API functionality. Unfortunately, PrimeXBT doesn’t offer this feature. API would enable developers to code their own trading algorithms and bots to trade on the PrimeXBT crypto platform.
PrimeXBT exchange comes with one of the simplest fee structures among trading exchanges. There are two different fees namely overnight financing fees and trading fees. As for account deposits, there are no deposit fees. Meanwhile withdrawal fees are flat fees regardless of the amount of the crypto asset being withdrawn.
Keep in mind that PrimeXBT charges a 0.05% commission for cryptocurrency trades and a 0.0001 commission on FOREX trades. It also imposes fees on CFD contracts and fees as well as finance charges for keeping CFD positions overnight. Fees might change over time, so be sure you have the most up-to-date figures before choosing to invest with PrimeXBT.
PrimeXBT Crypto Exchange Review for Australia
PrimeXBT, a margin trading platform, was founded in 2018. It offers a variety of assets, including forex, stocks, and commodities. PrimeXBT does not support actual purchase of cryptocurrency. It supports only margin trading assets using CFDs.
PrimeXBT offers many valuable services, making it a highly-respected margin trading platform in more than 150 countries. Let’s take a look at what PrimeXBT has to offer its users.
PrimeXBT isn’t designed for beginners. This is great news for experienced crypto traders. You will find many useful chart options on PrimeXBT that aren’t available on other beginner-friendly crypto-trading platforms. This makes it easy to conduct technical analysis. You can create market orders, limit orders, stop losses, take-profits, and OCO (one-cancels-the-other) orders.
PrimeXBT developed an app for iOS and Android mobile devices that allows you to keep track of your trades wherever and whenever you want. The app is simple to use, but still offers all the necessary features such as detailed charts and a full range of order types.
PrimeXBT allows you to trade 40+ cryptocurrencies, including most of the most well-known coins. BTC, ETH and LTC are some of the available cryptocurrencies.
PrimeXBT does not only offer cryptocurrency trading but also offers markets for stock indices, commodities, and forex. USD, EUR and GBP are some of the available foreign currencies. PrimeXBT’s stock indices include S&P 500 and NASDAQ 100. You can trade 5 commodities: Gold, Silver and Crude Oil, as well as Gas, Crude Oil, Brent Oil, and Crude Oil. This platform is ideal for traders who want to diversify their investment portfolios across a variety of asset types.
PrimeXBT allows you to trade CFDs. This means that you can bet on price drops because you don’t own the underlying asset. CFD stands for contract for difference. CFD is a contract that you sign to pay the difference in the value of an asset between the time it was purchased and the time it was sold, or vice versa. This allows you to’short’ cryptocurrency (make profit when the price falls), which is not possible with traditional crypto exchanges.
PrimeXBT is a margin trading platform. This means that every trade is leveraged. PrimeXBT provides the remainder. You only have to invest a small portion of the total trade value. You can get exposure to assets without having to put in much capital. A small price change in the desired direction will increase your gains. You should be cautious as a small price movement in the opposite direction could result in a substantial loss of capital.
PrimeXBT offers a unique feature called Copy Trading or Covesting, which allows you to track and copy trades made by successful traders. A novice can make a profit by copying the strategies and expertise of successful traders. You can also save time by not having to look at different charts or conduct technical analysis.
PrimeXBT, a bitcoin-based exchange that offers leveraged trading and all the tools necessary to trade in the crypto trading market, is a popular and secure option. It is therefore included in the top cryptocurrency exchange. It is also self-regulated and provides privacy and high-security systems to its users.
The platform offers margin trading and charges lower fees. Prime XBT serves thousands of users daily, which is a significant advantage over other media. Turbo and covesting are also helpful for new traders. They can also learn from other traders and understand margin trades and leveraged trading. Prime XBT offers the most cost-effective way to trade cryptocurrencies.
Just in case you don’t feel like using PrimeXBT after reading this review, here’s our guide about the best crypto exchange platforms in Australia.
PrimeXBT Crypto Exchange Review for Canada
PrimeXBT was established in 2018 and offers margin trading platforms for a wide range of assets such as cryptocurrency, forex, commodities, and stock indices. PrimeXBT supports margin trading only of assets using CFDs. You cannot use it to purchase cryptocurrency.
PrimeXBT provides many services that make it a very popular platform for margin trading in more than 150 countries. Let’s find out what PrimeXBT can offer its users.
PrimeXBT was not designed for beginners. This is a great news for advanced cryptocurrency traders. It has many chart options that you won’t find on most crypto-trading sites. You can use them to do your technical analysis. You can create market orders, limit orders, stop losses, take-profits, and OCO (one-cancels-the-other) orders.
PrimeXBT’s app is available for iOS and Android devices. This allows you to track your trades from wherever you may be. It is easy to use and has all the useful features like detailed charts, order types, and more.
PrimeXBT supports the trading of over 40 cryptocurrencies, many of which are very popular. BTC and ETH are available as well as LTC, XRP and XRP.
PrimeXBT offers trading in cryptocurrency, as well as markets for commodities, stock indices, and forex. USD, EUR, GBP and AUD are just a few of the currencies that are available. PrimeXBT stocks indices include S&P 500 (NASDAQ 100), NIKKEI 225, ASX 200 and NIKKEI 225. There are five commodities you can trade: Gold, Silver Gas, Crude Oil (Brent Oil), Crude Oil (Crude Oil) and Crude Oil (Silver). This platform is perfect for traders looking to diversify across different asset types.
PrimeXBT trades CFDs. These allow you to place bets on the price falling, since you don’t have the underlying assets. CFD is abbreviated for “contract for difference”. You can use it to pay the difference between the asset’s value at the time you buy it and when you sell it. This allows you to’short’ cryptocurrency and make profit when its price falls, which is not possible on traditional crypto exchanges.
PrimeXBT leverages every trade because it is a margin trading platform. PrimeXBT takes care of the rest. This allows you to gain exposure without needing to invest a lot of capital. Additionally, a slight price change in a desired direction can increase your gains. Be careful though, as even a slight price shift in the opposite direction may result in significant capital loss.
PrimeXBT’s innovative Copy Trading feature, or Covesting allows you to follow and copy successful traders. Even beginners can benefit from the knowledge, experience, and strategies of top traders. This saves time as you don’t have to read through different charts, conduct technical analysis, or monitor your portfolio.
PrimeXBT is a trusted and popular bitcoin-based trading platform that provides leveraged trading as well as the necessary tools for trading in the trading crypto markets. This is why it has been included on the top crypto exchange. It is also self-regulated, providing its users with privacy and high security systems.
It offers margin trade, and its fees are lower. Prime XBT has thousands of users per day, making it a superior media platform. The Turbo and Covesting features make margin trading and leveraged trading easier for new traders. Additionally, they can learn from other traders. Prime XBT is the best platform if you want to trade cryptocurrencies at lower fees.
Here’s our guide about the best Bitcoin and cryptocurrency exchange platforms in Canada.
PrimeXBT Crypto Exchange Review for UK
PrimeXBT is a margin-trading platform that was launched in 2018, and which offers a variety assets such as forex, stock indices, and commodities. PrimeXBT only allows margin trading with CFDs. This means that you can’t use PrimeXBT for actual cryptocurrency purchases.
PrimeXBT is a popular margin trading platform that has been used in over 150 countries. Let’s look at the services PrimeXBT provides its users.
PrimeXBT does not cater to beginners. This is good news for advanced crypto traders. There are many chart options available that are not on the majority of crypto-trading websites. These allow you to perform technical analysis. You can create market orders, limit orders, stop losses, take-profits, and OCO (one-cancels-the-other) orders.
PrimeXBT created an app for iOS, Android and Windows mobile devices to help you keep track of trades no matter where you are. The app is easy-to-use, but offers all of the useful features such as detailed charts or order types.
PrimeXBT allows trading in 40+ cryptocurrencies including some of the most widely traded. BTC (ETH), LTC (XRP), XRP, EOS (ADA), DOT, SOL and UNI as well as LINK & DOGE are just a few of the available cryptocurrencies.
PrimeXBT’s trading platform does not just offer cryptocurrency trading. It also offers markets in commodities, stock indexes, forex and other currencies. USD, EUR. GBP. AUD. CAD. and CHF are some examples of foreign currencies. PrimeXBT offers stock indices such as the S&P 500 index, NASDAQ 100, NIKKEI 225 or ASX 200. You can trade five commodities, Gold, Silver (or silver), Gas, Crude Oil or Brent Oil. This platform is great if traders want to diversify investments across a variety asset types.
PrimeXBT trading platform allows you to trade CFDs. You can place bets on the price of the underlying asset falling. CFD is shorthand for contract for difference. This is a contract for the payment of the difference in asset value from the time of purchase to the time that it is sold or vice versa. This means that you can “short” cryptocurrency (profit when the price drops), which is impossible on traditional crypto exchanges.
PrimeXBT, a margin trading platform means that every trade can be leveraged. PrimeXBT will pay the rest. This means that you can gain exposure and capital without having to place a lot. Also, small price movements in the right direction will enhance your gains. But be aware that a small price move in the other direction could mean a significant loss.
PrimeXBT features a new feature called Copy Trading (or Covesting), which lets you follow the trades of successful traders and allow you to copy them. Even novice traders can reap the benefits of their experience, strategies, and expertise. It saves you time and you don’t need to constantly monitor your portfolio.
PrimeXBT offers its users leveraged trading, as well the tools they need to trade in crypto trading. PrimeXBT is thus included in the Top Crypto Exchange. It is also a self-regulated platform and offers its users privacy and high-security system.
It allows margin-trading. The fees that are charged by the platform is lower. Prime XBT provides a better service than other media. Prime XBT also has Turbo and Covesting features that help new traders understand margin trades. Prime XBT provides a low-cost platform for trading cryptocurrencies.
For similar crypto trading platforms in UK like eToro, check out this article about the best cryptocurrency platforms in UK.
Overall Impressions of PrimeXBT
PrimeXBT is a strong contender among cryptocurrency exchanges, though one that may not yet share the clout as others, particularly for US investors. If you live in a country where PrimeXBT does business or if you travel frequently, the platform could be a good choice for a combined cryptocurrency/FOREX portfolio.
To wrap up our PrimeXBT review, we encourage investors to closely compare PrimeXBT’s features with those of other cryptocurrency exchanges. Moreover, read PrimeXBT’s policies carefully before opening an account and transferring funds.
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