Crypto exchanges were born to create a playground for investors, a place to buy and sell digital assets.
Then, in this post, I summarize some user reviews about PrimeXBT Exchange
Trading Site Prime XBT
Prime XBT is a trading platform for trading cryptocurrencies and other assets such as stocks and commodities.
This company was founded in 2018 in the Seychelles. Though a new company, Prime XBT has experienced exponential growth within a short period of time, as it has clients from 150 different countries.
Prime XBT offers a powerful platform loaded with important trader tools that are suitable for both beginners and intermediate-level traders.
Trading plaform interface
PrimeXBT has only one trading platform. The platform has advanced features and innovative trader tools. Because it is web-based, it requires no downloads and installations.
Advanced features:
- Customizable Platform Layout: A fully customizable workspace, which includes intuitive visualization of market data, and offers an extensive suite of trading tools and that is not all that you can’t get!
- Professional charts: Place trades, manage orders and work directly from our integrated charts. A comprehensive suite of drawing tools and over 50 technical indicators to analyze price trends.
- Multiple order types: PrimeXBT offers multiple order types available in the Order Form option to give you the necessary tools to execute your trading strategy and provides increased flexibility on how you enter trades.
- Secure wallets: Withdraw, deposit and store your assets in your personal secure wallet. All assets are securely held in an offline storage system to protect users against any possible risk or threat.
That’s said, Prime XBT is a simple and user-friendly interface perfect for beginners and professionals.
PrimeXBT Services
Prime XBT is an online Bitcoin-based exchange that offers cryptocurrencies and CFDs for trading on its platform.
All accounts are funded only by Bitcoin. which effectively makes PrimeXBT a crypto-crypto exchange/brokerage. Traders on PrimeXBT will have to get a secure Bitcoin wallet, source Bitcoin from exchanges either by purchasing with fiat currencies or by using other cryptos to purchase Bitcoin (e.g. using Ethereum to purchase Bitcoin).
This system will affect the process of funds deposit and withdrawals, as well as how traders source their trading capital.
Services available on this plaform:
- Forex Trading markets
- Cryptocurrencies
- Commodities
- Indices including S&P500, FTSE100 and JAPAN.
Prime XBT allows users to use leverage of 100X for cryptocurencies, and 1000x for forex market respectively – An incredibly high margin and something generally only found on unregulated Forex platforms.
Prime XBT Fees & Limits
PrimeXBT charges two types of fees, trading and overnight finance. This fee is applicable to leveraged trader accounts that maintain open positions overnight.
Here are the trading fees and rollovers for long and short overnight positions.
The cryptocurrency fee is 0.05% for all trades, no difference for the maker or taker. This is a comparable price to competitors.
The trading fees apply irrespective of the type of trade used to setup the order. Below you can see the usual pricing model.
Since fees vary from asset to asset be sure to check carefully here before starting to trade. Be careful as overnight/days are calculated in UTC time so be sure not to initiate trades around midnight UTC!
The exposure limit is a restriction on the size of a position each individual client can maintain with PrimeXBT. The trading platform will not allow clients to place orders which will exceed the limit if executed.
The restriction is set by the PrimeXBT risk management department and depends on such factors as instrument liquidity, volatility and other market conditions.
Customer support
Prime XBT’s support team is available to assist users 24/7.
Instant site support is very quick to respond to user queries. Sometimes chat assistants start a conversation by asking how they can help.
When you check user reviews, you will find many 5-star reviews on review sites. That proves the quality and reputation of the Prime XBT exchange.
Prime XBT’s social media platforms include:
- www.medium.com/primexbt
- www.twitter.com/primexbt
- www.reddit.com/primexbt
- https://t.me/primexbt
Frequently Asked Questions
Here are some of the “Frequently Asked Questions” about Prime XBT
How to deposit in Prime XBT account?
Direct deposits from your bank card to PrimeXBT are currently not available. The only payment currency is Bitcoin. However, you can transfer from an external Bitcoin wallet into the Prime XBT wallet or buy Bitcoins with a bank card using Changelly plugin, 3rd party arrangement of Prime XBT.
Prime XBT is secure?
“Offline Bitcoin storage, 2FA, address whitelisting and SSL are used to secure investor assets.” Prime XBT boasts of cutting edge technology and best practices in order to protect investors assets.
The platform is protected from DDOS attacks with Cloudflare. The firm are using Amazon AWS server to help instantly scale the capacity of the platform during periods of high activity, this means there are no order submission errors and not as much downtime as with other platforms.
KYC is required to start trading?
There is currently no KYC procedures or requirement to upload personnel information to start trading traditional assets and cryptocurrencies with PrimeXBT.
Users that purchase Bitcoin on the platform using a third party provider will need to complete KYC and will be directed to the website.
What countries are supported on Prime XBT?
PrimeXBT has traders from over 150 different countries. However, given certain regulations, there are some countries that they do not accept traders from. These include the likes of the USA, the province of Québec in Canada and a few others.
However, according to the website Similarweb, Users from US are 18,01%, following by South Africa (6,54%), UK (6,53%), India (4,24%, Argentine (3,65%)..
Running Bitcoin-only accounts does create a borderless trading exchange everywhere else though. No fiat support means no need to comply with local banking restrictions – a trait of many cryptocurrency only exchanges.
Copy-trade is available on Prime XBT?
Yes, Copy-trade is avaialble on Prime XBT by using Convesting Module.
Covesting is a copy-trade software that is unique to PrimeXBT that allows traders on the platform to search for and follow the trades of the most successful and profitable investors.
It is highly suitable for new traders and beginners to connect with professional traders and strategies in the global trading community.
Similar to social trading platforms such as eToro, profitable traders can also benefit from the social trading module by earning a passive income from followers trading fees.
Demo account is available on PrimeXBT?
Prime XBT does not offer a demo or testnet account to provide its customers with the ability to practice trading Bitcoin without making a deposit.
Users that want to trial PrimeXBT for the first time can set up a trading account with the minimum deposit of 0.001 BTC, which will allow trading up to 0.1 BTC worth in funds.
The bottom line
Overall, Prime XBT is a good platform for trading. Its user-friendly interface and outstanding features attract new users and professional investors.
Furthermore, non-mandatory KYC with high leverage advantage would be a good choice for anyone who understands the risk.
If you’re new, start with making sure you don’t deposit large sums of money right away. And it takes time to get used to the crypto space before deciding on other larger deals.
See also other posts:
Have you used Prime XBT Yourself? Let me know what you think in the comment section below.
