PrimeXBT Review 2021 — is it legit or a Scam? [Updated]
PrimeXBT is a leading cryptocurrency exchange founded in early 2019 in Seychelles. It has grown exponentially and has clients globally. The company’s vision is to create an innovative platform that offers its users the essential tools required for their daily trading activities. ADVFN International Financial Awards awarded PrimeXBT as the 2020 best crypto margin trading award.
It has a robust platform that is suitable for both beginners and experienced traders. PrimeXBT executes 12,000 orders per second and integrated with more than 12 liquidity providers.
PrimeXBT offers cryptocurrency assets, indices, Forex, and commodities trading on its platform.
- Cryptocurrencies: It supports five cryptocurrencies. They are Bitcoin, Ethereum, Litecoin, Ripple, and EOS.
- Indices: It provides you the world’s most popular indices to trade. Some of them are FTSE 100, SP 500, DAX 30, ASX 200, and more.
- Forex: You can trade major and minor currency pairs. You will be charged commissions, also known as trading fees.
- Commodities: You can speculate on the prices of commodities like oil, gold, natural gas, etc.
PrimeXBT Leverage Trading
PrimeXBT offers you leveraged trading to get more exposure to an asset than you have placed in the funds. It gives you the advantage of making money on “borrowed funds.” You can even make money if the price of the asset drops.
For crypto pairs, you can get maximum leverage 100:1 and up to 1000:1 on forex pairs. The exact leverage depends on the type of asset and its size. As you can see, they offer higher leverage rates compared to other exchanges. Larger positions require more margin reducing your exposure and eventually lowering the risk.
For example, imagine you have 10,000 USD on your trading account. You bet 100 USD on BTC going long with 100x leverage. If BTC increases in value by 10%, you will earn 1000 USD. On the other hand, if BTC decreases in value by 10%, you will lose 1,000 USD. There is a possibility of tremendous profit and loss.
PrimeXBT offers a range of order types. This allows you to define specific levels for entries and exits. It has most of the standard order types, as well as some protection orders. They include:
- Market Order: It is one of the most straightforward traditional orders. They are placed and executed immediately at the prevailing market price. You will generally use this order if you want to buy or sell immediately.
- Limit Order: This type of order is placed to buy or sell an asset at a pre-determined level away from the market. The second the market touches this level; your order will be automatically executed. As far as the period that these requests are set up, they are either “Good till-cleared,” which implies they will stay like that forever. On the other hand, these could only be day orders completed the same day.
- Stop Market Orders: These are similar to market orders the second that a specific preset level has been reached. Either you can use them to limit losses on your position as a “Stop-loss” order or make a profit in a favorable position.
- Protection Orders: These orders are available as additional protection on any position or order that you currently own. You can place them on new Market, Limit or Stop orders by clicking on the “Place Stop Losses / Take Profit” box on the order form. You can also set up a protection order to go with your main order above it. They are like “safety brakes” of crypto exchanges.
- One-Cancels-the-Other (OCO): These are orders whereby the execution of one order will trigger the other. Here, you set orders based on priority. If your number “1” order is executed, the others will automatically get canceled. It lets you build complex interactions and layered investments.
It is suggested to use protection orders while trading as you will be dealing with a lot of leverage. You should not forget the risk involved in “order slippage.” This happens when you place an order, and the value you get is not even close to your ideal entry point.
Slippage can happen for various reasons -
1. There is limited liquidity in the market.
2. The exchange matching engine is not fast enough.
PrimeXBT has built up an efficient trading engine that can execute orders in less than 7.12 milliseconds. This implies that you are probably going to have less slippage.
How to use PrimeXBT
You can create your account by clicking on the Register tab. After that, you will receive an email for verification. You can also enable two-factor authentication after you log in. There is no need to do KYC verification. It is an entirely anonymous exchange.
PrimeXBT review: Deposits
You have to go to the Deposit page of your Account to make a deposit. You have two options -
1. Direct Bitcoin deposits
You can directly transfer bitcoin from your Bitcoin wallet to your PrimeXBT wallet. You can do that by either scanning the QRCode or copying the Bitcoin deposit address. There is no limit to the deposit amount.
2. Deposits via Bank/Debit card
You can buy bitcoin using your Credit card through PrimeXBT’s partner CEX. You have to click on “Buy Bitcoin,” a CEX widget that will pop up and help you purchase BTC.
It may take some time for the funds to reflect in your account because it requires a total of six confirmations on the network.
PrimeXBT review: Withdrawals
All PrimeXBT withdrawals are in Bitcoin. Keeping in mind the security, limited cryptocurrency is kept in the hot wallet and the rest are in the cold wallet. It processes all pending withdrawals once daily between 12:00 and 14:00 UTC. If you request before 12:00 UTC, it will be processed on the same day itself; otherwise, it will be processed the next day.
PrimeXBT has the right to manually review a withdrawal request before it’s approved if it suspects suspicious activity or it exceeds a specific amount. This may delay a withdrawal until the withdrawal is approved.
If you want to withdraw, you have to navigate to the Withdraw page of your account. The steps are as follows-
- Select your withdrawal address
- Enter the amount of Bitcoin you want to withdraw and click submit
- Confirm the withdrawal through email.
PrimeXBT Fees and Charges
There are two types of fees: trading fees and overnight fees. The former is charged for entering the position, and the latter is for financing the position overnight.
The trading fee is between 0.01–0.05%, which is lower compared to other exchanges. You can also earn discounts on 30 days rolling trading volume.
- 300–600 BTC: 25% discount
- 600 + BTC: 50% discount
It will not charge you for depositing funds. You will have to pay an arbitrary miner fee (standard across the industry) to complete your transaction when withdrawing funds.
They also have trading limits. There is a restriction on the size of a position you can maintain with PrimeXBT trading platform. If you exceed the limit, your orders will not be executed. The limitation depends on factors such as volatility, instrument liquidity, and other market conditions.
It is protected from DDOS attacks using Cloudflare. The platform is protected by SSL provided by Amazon Web Services (AWS). This encrypts all the data transmitted over the internet. Only a small quantity of the assets are stored in the hot wallet; the rest is stored in the cold wallet. All the transfers from cold to the hot wallet are transferred manually by PrimeXBT. They use the “bcrypt” algorithm to store the passwords, i.e., even if the hackers have access to the server they won’t be able to get hold of your passwords.
To provide an extra layer of security, it provides two-factor authentication by Google. It only uses the Google Authenticator app and does not use SMS. You have to select “Enable GA” in the Google Authenticator section in your account. You should keep a backup of the secret key and confirm the setup by entering the generated code.
It uses Bitcoin Address Whitelisting to provide an extra layer of protection to clients’ funds. You can make withdrawals only to whitelisted wallet addresses. If you make any mistake, it will result in a permanent loss of funds; it is essential to confirm external bitcoin wallet addresses by whitelisting. You can whitelist a wallet address by going to the withdrawal tab and adding a new address.
Also, read our FTX Crypto Exchange Review
Prime-XBT “Turbo” Platform
For beginners, the PrimeXBT Turbo platform is easy to understand. It allows you to take a position on an asset over a while for a defined gain.
If your price prediction was correct after the specified amount of time you will get a fixed payout. You can either select to go long or short.
You have three choices concerning the duration of these trades. They are thirty seconds, one minute, or five minutes. Trading for such a short period is always not optimal.
Currently, it supports six different assets. These are BTC/USD, ETH/USD, GBP/USD, EUR/JPY EUR/USD, and USD/JPY.
The possible profit from a correct prediction can either be 70% or 85% depending on the expiry time. The maximum you can lose is the amount you have deposited. This limits the risk.
It also provides you with a social perspective. You can observe what the other traders are doing and likewise contend with them in the leaderboard, adding a competitive edge to your trading. About the trading chart, this is quite simplified. It does not offer technical tools like the main platform for analysis.
Recently PrimeXBT has made the Covesting Module available to all users of its platform. This allows you to automatically copy and execute the trading strategies of professional traders. It is one of the first exchanges to use this feature. It helps in building a transparent environment.
Under the Covesting tab, you are given an extensive rundown of cryptocurrency traders. You can see the returns fellow traders have made in the last twenty-four hours and since they have joined.
Also Read: Best Crypto Copy Trading Platforms
PrimeXBT Covesting Dashboard
The beginners and sometimes experienced traders are interested in learning and knowing about a trader who has made significant returns. You can also sort them in order of their profit.
You can copy the trader in three simple steps -
- Choose the trader by reviewing their performance.
- Set the amount you are willing to allocate.
- Then click follow and enjoy the same returns.
The more followers you have more money you make from profitable crypto trading.
Languages and supported countries
PrimeXBT supported countries are more than 200. The major countries where they are restricted due to law interference are the United States, Canada, Japan, and others.
It supports various languages such as English, Hindi, Chinese, Korean, Spanish, Portuguese, Russian, Italian, and others.
PrimeXBT Analyses Tools
PrimeXBT provides support to both technical analysis and fundamental analysis of all the instruments that are supported on its trading platform.
- The PrimeXBT platform comes up with a number of built-in indicators and charting analysis tools.
- It is easy to create and import your own custom tools and indicators on the PrimeXBT platform.
- You can also export and analyses your trading history very easily.
PrimeXBT Mobile Application
PrimeXBT app can be installed by the users from Google Play store. The user interface of the mobile app is intuitive and is easy for the users to navigate and access the complex charting tools.
PrimeXBT Affiliate Program
You can also earn commission by referring the platform to your friends. PrimeXBT offers a tier-based referral program. You earn a percentage of the trading fees of the people you refer directly and a percentage from second and third-tier referrals. This is quite different from what other platforms offer.
You can get your PrimeXBT referral code on your account management page under the “referral” section.
PrimeXBT Customer support
It provides 24 / 7 customer support. You can write to them at firstname.lastname@example.org and email@example.com.
You can also get in touch with them via their live chat feature, the account menu. Chat assistants respond quickly. The chat assistants often start the conversation.
You can also reach out to the platform on PrimeXBT Telegram channel.
PrimeXBT review: User Experience
PrimeXBT has a simple and easy to use interface. The platform is fully customizable. You can rearrange the market window, charts, and widgets according to your need. You can change the colors, spacing, and grids. It has a bar, candle, and line charts. You can customize the colors of the chart.
The platform offers 90 inbuilt indicators for technical analysis. For example, MACD, moving average, Ichimoku, etc. Their entire platform is built around widgets. You can add a panel in your desired workplace. These widgets include messages, charts, order forms, and more.
You can also install the primeXBT mobile application. It helps you to monitor your trades on the go. It is available for both Android and iOS devices. The interface of the app is very intuitive and easy to navigate. You can customize the app according to your preferences.
Also, read PrimeXBT vs FTX vs Deribit
PrimeXBT review: Pros and Cons
- In PrimeXBT, KYC is not required.
- Very fast execution time less than 7.12 ms
- High Leverage rates
- 24 x 7 trading hours
- They do not provide demo platforms for testing and getting familiar with the platform.
- It is a relatively new platform.
PrimeXBT review: Conclusion
In conclusion, PrimeXBT trading platform offers all the features of a margin trading exchange and it has been up and running for 1 year. PrimeXBT is legit and serving thousands of crypto traders every day. However, PrimeXBT is not regulated for now. In addition, Covesting and Turbo help beginners to understand Margin trading and learn from other Traders. If you are looking to trade cryptocurrencies, you should surely check the PrimeXBT.
Frequently Asked Questions
- Is PrimeXBT legit?
Yes, PrimeXBT is legit and safe (as other centralized exchanges) exchange. However, always remember, “Not your keys, Not your crypto”.
- Can you use PrimeXBT in America?
Because of regulations, PrimeXBT does not accept users from the USA, the province of Québec in Canada, and a few others.
- How to set leverage on PrimeXBT?
Read this PrimeXBT tutorial to learn more PrimeXBT trading interface and setting leverage on PrimeXBT.
- Is PrimeXBT regulated?
No, PrimeXBT is not yet fully regulated.
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