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Cryptocurrency has recently become so popular, which has necessitated the use of trading platforms like PrimeXBT. With the increase in Crypto and Forex trading activities, PrimeXBT has been able to stand out by offering an easy-to-use trading platform that can work across devices.
- This platform offers different services from buying and selling to staking and storing digital currencies like most trading apps today.
- PrimeXBT prides itself on adapting to market changes and has received high customer commendation.
This review offers more insight into the PrimeXBT platform, its features, how to get an account on this app, and more.
What is PrimeXBT?
PrimeXBT is a leveraged trading platform that offers cryptocurrency, Forex, and commodity market trading. The platform provides leverage up to X100 of your deposit. It also offers advanced features like the turbo feature for high-frequency trading and the covesting module, allowing users to copy other experienced traders’ trade strategies. The different trading assets offered help bring about higher-earning opportunities for their traders. Furthermore, the platform is unregulated but has additional safety measures like 2FA and manual withdrawal clearance. The platform is said to have a clean, modern, customizable user interface.
The platform details are listed below:
- Funding Methods: cryptocurrency and debit/credit card
- Supported fiat: None
- Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, ADA, DOT, SOL, UNI, LINK, DOGE, USDT &USDC
- Website: https://primexbt.com/
''Since its founding in 2011, Kraken has managed to remain hack-free, boasting some of the best security in the industry"
Pros
- PrimeXBT trading offers lower fees, maximum leverage, competitive trading conditions, and competitive service fees.
- PrimeXBT facilitates an excellent trading platform that new and experienced traders can use.
- It has a very easy stop Loss and takes Profit setup
- Users can trade cryptos, foreign currencies, major stock indices, and commodities.
- The platform offers a covesting feature, allowing users to copy others' trade.
- There is a robust technical analysis tool and charting.
Cons
- Clients in the US, Canada do not come under the supported countries list of Prime XBT.
- PrimeXBT provides only CFD trading and not spot trading.
- This exchange does not offer fiat currency deposits and withdrawals
- There is no lending or staking service
PrimeXBT History and Background
PrimeXBT is a trading platform established in 2018 in Seychelles under PrimeXBT trading services, number 148707. It was made as an exchange service that allows bitcoin trading and traditional financial assets. By 2019, the trading platform opened its offices in St. Vincent & The Grenadines and shifted its headquarters location and trading infrastructure to Switzerland.
The platform allows users to trade different markets, including cryptocurrencies, Forex, indices, and market commodities, using Bitcoin as its main currency.
Today, PrimeXBT trading company has become a global brand with users in over 150 countries and 0ver 40 employees. Even though the company does not hold any reputable regulatory agency license, it has been said that it averages a daily trading volume of up to $540 million.
Screenshots
What Cryptocurrencies Can You Buy on PrimeXBT?
Prime XBT supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- EOS (EOS)
- Binance Coin (BNB)
- Cardano (ADA)
- Luna (LUNA)
- Avalanche (AVAX)
- Polkadot (DOT)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Cosmos (ATOM)
- Near Protocol (NEAR)
- Algorand (ALGO)
- Tron (TRX)
- Litecoin (LTC)
- Ftx Token (FTT)
- Fantom (FTM)
- Stellar Lumens (XLM)
- Decentraland (MANA)
Setting up a PrimeXBT Account
Step 1: Registration
Getting an account is easy and can be done in a few minutes. The registration process is fast because it doesn’t require too much information or KYC.
- First, visit the official PrimeXBT site, and on the top right corner, you will see a button labeled register.
- Click on it, and you will be redirected to the registration page.
- On the page, you will be required to fill in the details that are your email, your password and confirm your password.
- Then, accept the terms and conditions of the website and click register.
- You have successfully created your account.
Step 2: Deposit
The next step is to deposit into the account.
- On the dashboard, click the deposit button, which will bring two options.
- You can either deposit bitcoin directly to your account or use your credit/debit card to buy bitcoin, which will be deposited to your account.
Again, a third-party platform will handle the conversion of fiat to bitcoin for you.
Step 3: Funding your trading wallet and opening positions
- It would help if you funded your trading wallet by going to the account summary and clicking on the fund trading account. You can enter the amount of bitcoin you want to trade with and click transfer to finish funding your trading wallet.
- To start trading, click on trade from the top left menu, which takes you to the trading page to select the assets you want to trade.
- Once you’ve chosen the assets, you can now open a trading position.
- On the right-hand side of the screen, you will find a customizable dashboard with red and green colors on assets pairs. The red color is for short/ sell while the green is for long/buy. Click on either one of the colors based on how you think the market will go.
- It is also possible to set take profit and stop loss by right-clicking on the mouse, which will bring an option to modify the position. The Modify position tab allows you to set stop loss and take profit.
The steps to open up an account on PrimeXBT
Open www.primexbt.com and select "register".
Fill in the details required that are your email and password.
Accept the terms and conditions of the website and click register.
You have successfully created your account.
PrimeXBT Fees
PrimeXBT wants to be as transparent with its fees as possible, offering users two types of fees:
- The first is the flat trading fee which is 0.05% for cryptocurrencies, 0.01% for indices and commodities, and 0.001% for Forex. It is one of the lowest in the crypto market.
- The second is the overnight financing fee which differs for each asset and the type of position used (long/short). The overnight financing fee is charged for holding a position overnight. Trade orders closed before GMT midnight will not be charged this fee. However, you will be charged if your position is still open past midnight or you start trading around GMT midnight. It is worth noting as some unaware users have been charged this fee.
| 30-Day Volume | Maker | Taker |
|---|---|---|
$0 - $50,000 | 0.16% | 0.26% |
$50,001 - $100,000 | 0.14% | 0.24% |
$100,001 - $250,000 | 0.12% | 0.22% |
$250,000 - $500,000 | 0.10% | 0.20% |
Krakens tiers go all the way up to $10,000,000 trading volume. You can find there full schedule here.
PrimeXBT Deposit and withdrawal methods
According to the platform, all customer accounts are bitcoin-based, which means bitcoin is the accepted depositing and withdrawing currency. However, with the use of a third-party API, the platform allows users to use their credit and debit cards to buy bitcoin for trading.
Withdrawing in the app is straightforward, with users requesting the amount of bitcoin they want to withdraw and a bitcoin address. PrimeXBT provides address whitelisting as the only preset address that can be used to withdraw. The withdrawal fee is 0.0005BTC.
Deposit Options for Kraken Users from Europe
| Availability | Deposit method | Deposit minimum | Fee | Processing time |
|---|---|---|---|---|
SEPA | SEPA (Fidor) | 1 EUR | Free | 0-3 business days or instant |
SEPA | SEPA (Bank Frick) | 1 EUR | Free | 0-3 business days |
SEPA | SEPA / SEPA Instant (ClearJunction) | 1 EUR | Free | 0-3 business days or instant |
Worldwide | SWIFT (Bank Frick) | 4 EUR | 3 EUR | 1-5 business days |
Worldwide | SWIFT (Fidor) | 50 EUR | Free | 1-5 business days |
Worldwide | SWIFT (Etana Custody) | 150 EUR | Free | 2-5 business days or instant |
All Deposit Methods for US Customers
| Availability | Deposit method | Deposit minimum | Fee | Processing time |
|---|---|---|---|---|
USA only | FedWire (MVB Bank) | 1 USD | Free | 0-1 business days |
USA only | FedWire (Signature Bank) | 1 USD | Free | 0-1 business days |
USA only | FedWire (Silvergate) | 100 USD | 10 USD | 0-1 business days |
USA only | FedWire (Etana Custody) | 150 USD | Free | 2-5 business days or instant |
USA Only | FedWire (Synapse) | 20 USD | 5 USD | 3-5 business days |
Worldwide | SWIFT (Etana Custody) | 150 USD | Free | 2-5 business days or instant |
Worldwide | SWIFT (Signature Bank) | 1 USD | Free | 0-5 business days |
Worldwide | SWIFT (Silvergate Bank) | 100 USD | 10 USD | 0-5 business days |
EEA (Individual) EEA & US | SWIFT (Bank Frick) | 4 USD | 3 USD | 1-5 business days |
Worldwide (Business Pro) | Signet | No minimum | Free | Near-instant |
Worldwide (Business Pro) | Silvergate Exchange Network (SEN) | No minimum | Free | Near-instant |
Is PrimeXBT Safe?
PrimeXBT has been formed with the highest security standard out there. It uses hot and cold wallets to help provide security against cyber-attack and leeway for loss of access key or device. It also uses whitelisting addresses, making it almost impossible for an unauthorized person to access your funds. Some other tools the platform uses to keep your funds and account safe are listed below:
- 2FA google authenticator that protects from unauthorized access
- The uses of SSL technology to encrypt data sent over the internet
- Cryptographically hashed passwords
- The use of Cloudflare to prevent DDoS (distributed denial of service)
- There are regular tests and ongoing IT security assessments from the technical team
PrimeXBT Mobile App
PrimeXBT has a mobile version of its app available both on IOS and Android devices. The mobile app is easy to use and closely mirrors the web app in functionality and security. In addition, users can easily customize their trades and access complex charting tools on the mobile app. There have been reports that many people prefer the mobile app as they have complete control of their trading account with them all the time.
PrimeXBT Card
The PrimeXBT platform does not offer or issue out cards. However, it can allow users to deposit with their debit/credit cards by buying bitcoin with one of its affiliated services and using it to trade.
PrimeXBT Turbo
PrimeXBT Turbo is an intuitive, fast trading platform that allows users to execute many trades in the shortest time possible.
- It is made for high-frequency traders that will allow them to earn up to 90% in minutes by predicting price movement on the various assets offered on the platform.
- The turbo feature enables users to open a position for one of the three fixed periods: 30 seconds, 1 minute, or 5 minutes, depending on the traded asset.
- Furthermore, the turbo comes with trading histories and social trading sections. It has limited charting with one basic chart and no technical indicators or analysis. The type of trading has significant risk and should be used with caution.
PrimeXBT Covesting Module
The Covesting Module allows you to copy and execute the trade strategies of the best-performing traders. Covesting is a unique trading feature and provides a way for beginner traders to make passive income:
- You first have to choose a trader you want to copy.
- Then allocate a portion of your balance for trading.
- And then copy their trade strategy and execute.
The Covesting module also allows you to follow multiple traders and replicate their trading strategies. Also, this feature can help experienced traders earn by monetizing their trading strategies and receiving a fee from the gains of their followers. The more followers you will get, the more money you can make.
PrimeXBT Education
Absolute beginners can incur a loss in trading because of a lack of knowledge. The PrimeXBT platform provides an education sector that explains the trading strategies, the market, and how to get the best of our trading. They also supplemented this with video tutorials, visual guides, and a help center, including the FAQ section. Furthermore, the website has a blog that details trading strategies with market news and analysis on Forex and cryptocurrencies. The blog also sometimes makes cryptocurrencies price predictions.
Customer Support
Even though the platform does not offer a customer support hotline, it integrates a 24/7 live chat service available in 16 languages. Customer support is said to have rapid responses and can answer questions on an extensive range of topics. You can also reach customer support via their email and social media pages.
Conclusion
Frequently Asked Questions
You can withdraw from prime XBT to an external platform or wallets using the wallet address. You can simply select the address you want to withdraw to or enter a new address. Enter the amount you want to withdraw and click submit to withdraw. An email should be sent to confirm the withdrawal.