PrimeXBT – Leverage Trading Platform Review
ProsPositive aspects of the game
- Anonymous accounts, no personal information, and KYC verification required
- Ultra-fast execution process
- High leverage rates up to 1:100
- The security system is excellent
ConsThe disadvantages we highlight
- No Demo Account
- Do not accept USA and Canadian users
- Relatively new platform
- How does PrimeXBT work?
- PrimeXBT Tutorial
- PrimeXBT Deposits
- PrimeXBT Withdrawals:
- Features of primeXBT:
- Order types:
- PrimeXBT Minimum deposit
- Who is primeXBT best for?
- PrimeXBT Competitors
- PrimeXBT alternatives
- Is PrimeXBT Safe?
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PrimeXBT is an online trading platform for cryptocurrencies and CFDs launched back in 2018 in Seychelles. Although it is a new platform it has grown exponentially ever since. It is a bitcoin-based exchange and caters to clients from 150 different countries. The focus of the platform is to provide its users with all the tools necessary for daily trading activities. It has been awarded as best “crypto margin trading” by ADVFN International Financial Awards in 2020.
PrimeXBT is a robust platform suitable for both experienced traders and beginners. Its website is available in 6 different languages: English, Spanish, Chinese, Korean, Russian, and Portuguese. It is integrated with 12 liquidity providers and executes 12000 orders per second.
PrimeXBT has amazing customer support that works round the clock to help its clients anytime. It has industry-level security practices to protect the investor funds and all the trading activities from cyber-attacks.
How does PrimeXBT work?
Investing in primeXBT is very easy. You can create an account simply by clicking on the register tab. Provide necessary information to login. It doesn’t require KYC verification and works anonymously. The depositing and withdrawal method is as follows.
You need to go to the deposit page to make a deposit. You can use two options for this purpose.
1. Direct bitcoin deposit:
Directly transfer bitcoins to the primeXBT wallet from your bitcoin wallet. It can either be done by using the bitcoin deposit address or scanning the QRCode. No limit for the deposit amount.
2. Deposit via Bank or Debit card:
You can use your credit/debit card to buy bitcoins through primeXBT’s partner CEX. Click on the “buy bitcoin” tab, a CEX widget will appear to help you in purchasing bitcoins.
Withdrawals are done in bitcoins. All the withdrawals are processed between 12:00 to 14:00 UTC. You need to send the withdrawal request and if you send the request before 12:00 UTC, it can be processed on the very day or the next day.
PrimeXBT manually reviews the request and approves it after verification. It may take time to approve if some suspicious activity is seen. Following steps are taken for withdrawal:
- Choose your withdrawal address
- Write the withdrawal amount and click submit
- Confirm the withdrawal process through email.
Features of primeXBT:
PrimeXBT trades cryptocurrency, indices, commodities, and forex on its platform
It supports 5 different cryptocurrencies such as bitcoin, litecoin, ethereum, ripple, and EOS.
In this, you can trade for major and minor currency pairs.
It offers the most popular indices to trade such as FTSE100, SP500, DAX30, and more.
You can trade on prices of commodities like gold, oil, natural gas, etc.
PrimeXBT Turbo is a Bitcoin-settled synthetic contract designed to make trading easier. It entails forecasting the price movement of a specific asset over a selected time frame of up to 10 minutes.
If your prediction is correct, you will profit up to 90%, which is nearly double your money.
If you are wrong about your prediction, the contract will expire and you will lose your initial investment.
The shorter the duration, the greater the potential profit generated by the contracts.
PrimeXBT Covesting is a copy trading feature that allows anyone on the platform to search for and copy the top performing traders' trades. By doing so, you will be able to select the trade, the amount of money you want to allocate to your chosen trader, and then simply click follow.
By clicking follow, it will replicate all of the trading strategy's gains and losses, if any.
PrimeXBT offers leveraged trading to give more exposure to an asset that you have in the funds. It provides the advantage of money-making through “borrowed funds”. You can earn even the asset price drops.
For cryptocurrency, you can get higher leverage rates 1:100 and for forex pairs 1:1000. The leverage depends on the size and type of asset.
Leverage offers on different cryptocurrency pairs.
For example, if you trade 100 USD on BTC on the leverage 100x. if the Value of BTC increases by 10% you will earn 1000 USD. if BTC decreased by 10% you will lose 1000 USD. so, there is a chance of tremendous loss and gains.
There are 5 types of orders as following:
It is a simple order type and execution takes place on market price. It is used when you want to sell or buy immediately.
In this order ,buying or selling of an asset-based on predetermined prices away from the market.
As soon as the market touches the determined level, your order will be executed automatically.
Stop Market Orders:
It is similar to market orders as soon as the predetermined level is reached. You can use them either to limit losses or make a profit.
They are the “safety brakes” of exchange firm. You can use them to protect your position that you currently own. Click on the “Place Take Profit/ Stop Losses” box on the form.
In this type, one order will trigger the other order. You can set priority on orders, if your number “1” order is executed then the other order will be canceled automatically. It offers layered investment and builds complex interactions.
PrimeXBT Minimum deposit
You can deposit any amount that will cover the required margin for your trades.
For example, the minimum order size for Bitcoin is 0.01 BTC, so the minimum margin required to open such a trade with x100 leverage would be 0.0001 BTC.
Who is primeXBT best for?
Moreover, PrimeXBT is an ultra-fast platform that works both for beginners and experienced traders. if you want to trade in cryptocurrency, forex, indices, commodities, you can surely look at primeXBT for your investment.
PrimeXBT takes a commission on every trade. In addition, It also charges overnight and rollover fees. The former fee is charged to the leveraged trade accounts for financing the position overnight. Later is charged when you enter the position.
Here is a trading fee and rollover fee structure:
The average trading fee for indices, commodities, and forex is 0.01% and for cryptos, it is 0.05%. the withdrawal fee is 0.0005 BTC.
Competitors of primeXBT are as following:
Bybit is an easy to use platform with a user-friendly interface. Additionally, It can process 100000 transactions within a second. It has perpetual features and up to 100x leverage rates. Read our Bybit review.
Phemex is live from the 25th of November, 2019. Moreover, It supports crypto spot trading and trades in 8 different languages: English, Spanish, Korean, French, Japanese, Russian, German, and Chinese. Read our Phemex review.
Is PrimeXBT Safe?
With the ever increasing cyber-attacks and cryptocurrency exchange hacks, security is a priority when it comes to trading on any platform.
PrimeXBT has a premium security system to protect the funds. There is a section on the information page that tells the security protocols of PrimeXBT.
An unbiased review demands extensive research on the topic and stating facts and figures. This PrimeXBT review contains all the required information you need to know before investing. In short, PrimeXBT has all the features and tools for margin trading exchange. It is a legit platform and has been serving thousands of traders. For further information, I suggest you ask some experts in the field.