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 new users to the PrimeXBT platform, its interface, its options, its upsides and downsides, and its potential growth.
- 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
What Is PrimeXBT?
PrimeXBT is a platform that allows users to invest and trade in cryptocurrency 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 platform to buy and sell currencies. Furthermore, PrimeXBT helps investors worried about scams to feel more secure in their investments.
Caveats and Reminders
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 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.
Pros 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:
- 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
- British pound
- New Zealand dollar
- Swiss franc
- US dollar
It’s Easy to Get Started
Trading on PrimeXBT is fairly simple. You open an 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 investors to execute trades easily. 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 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.
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, Bitcoin whitelisting, data encryption, and security features integrated into its hardware. It also conducts a risk assessment with every trade and regularly audits its security infrastructure.
Like many cryptocurrency platforms, PrimeXBT offers a cold wallet so users can store their currency data offline. This wallet protects users’ assets from malware and viruses when they aren’t trading.
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.
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.
However, a price comes with that service. Specifically, your covestor earns some of your money by allowing you to follow them.
PrimeXBT allows traders to leverage their trades at rates up to 100:1 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.
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 US, 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.
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.
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.