You’ve probably heard about PrimeXBT, a CFD crypto exchange platform growing in popularity known for its wide range of tradable assets and high leverage options. Is the praise warranted? It has low fees compared to other exchanges, offers advanced tools for traders, and boasts tight security. It’s certainly easy to see why people like it.
But, it isn’t perfect. It lacks regulatory oversight and a demo account feature, which can be concerning for some users. So, what’s the final verdict? Is PrimeXBT worth your trust, time and investment? That’s what we’ll explore in this review.
PrimeXBT Overview and Key Stats
| METRIC | DETAILS |
| Website | primexbt.com |
| Launch Date | 2018 |
| Headquarters | Seychelles |
| Supported Countries | Over 150, but not available in the US, Canada and Japan |
| Supported Cryptocurrencies | Over 40 including Bitcoin, Ethereum, Ripple, Litecoin, and Dogecoin |
| Fiat Currency Support | USD, EUR, GBP |
| Minimum Deposit | None |
| Available Assets | Cryptocurrencies, Commodities, Indices, Forex |
| Crypto Trading | Spot, Margin, Futures |
| Leverage | Up to 200x for crypto, 1000x for Forex, 500x for commodity markets, and 100x for indices |
| Trading Fees | 0.05%, low spreads |
| Deposit Methods | Crypto, Credit/Debit Card, Bank Transfer, e-payment options e.g. Advcash, Perfect Money and SEPA transfers |
| Withdrawal Methods | Crypto |
| Regulatory Licenses | Seychelles Financial Services Authority (FSA) |
| Customer Support | 24/7 customer support via email, live chat and social media |
Unique Features
PrimeXBT is a platform that’s gained in popularity mostly due to its diversity of trading assets and various trading tools. Still, there are other aspects that differentiate the platform from many others. Let’s take a look at some of the more prominent ones.
- Covesting: PrimeXBT offers a specific feature called Covesting, which allows users to automatically copy the trades of other successful traders. It’s similar to the copy trading feature that eToro offers. You can earn in two ways, either by copying the right traders, or by being copied yourself.
- Customizable Leverage: PrimeXBT’s offers customizable leverage options, which range up to 200x for cryptocurrencies and up to 1000x for forex pairs. This is a truly spectacular range, and definitely an advantage over many competitors.
- No KYC Requirements: This one can be a double-edged sword. On the one hand, it allows faster account setup and is great if you want to maintain your privacy. On the other hand, it makes the platform potentially more susceptible to threats.
- TradingView Integration: The platform integrates seamlessly with TradingView, which gives traders access to advanced charting capabilities and various technical indicators.
How To Sign Up on PrimeXBT
Registering on PrimeXBT is as straight-forward as it can realistically be. To sign up, follow these steps:
1. Go to the PrimeXBT website at primexbt.com
2. Click the Sign Up button on the homepage
3. Enter your email address and password
4. Check your email for a confirmation code and enter it on the site
5. Confirm you are not a resident of a restricted country
That’s it. It takes less than 30 seconds.
As mentioned, KYC is not required, but if you want to verify your account, you can do so in your account settings. The benefit of having a verified account is that you will have unlimited daily withdrawals.
Trading Fees
PrimeXBT’s fee structure is another attractive feature, with a low maker and taker fee of just 0.05% for executing trades. This rate applies to all transactions, regardless of the volume or type of trade you’re making. It’s a flat fee structure that’s easy to understand and that keeps your trading expenses predictable.
Overall, PrimeXBT’s trading fees are definitely on the lower side.
However, there are other fees you should be aware of:
- Overnight Fees: If you’re engaging in margin trading and hold positions overnight (long or short) you’ll incur a financing cost. This varies depending on the specific asset you’re trading, but is roughly in the 0.0025% – 0.017% range.
- Withdrawal Fees: When you withdraw your assets from PrimeXBT, you’ll be charged a withdrawal fee, which depends on the specific asset in question. For Bitcoin, it’s 0.0005 BTC, and for Ethereum it’s 0.002 ETH per transaction.
Despite these, the platform’s competitive trading fee of 0.05% still makes it one of the more affordable options on the market.
Deposit and Withdrawal Methods
The platform offers several options for funding your account. It primarily supports cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
You can deposit them to your wallet on PrimeXBT, and you’re ready to start trading.
Besides cryptocurrencies, PrimeXBT also accepts fiat deposits via different methods. Some of the popular fiat payment methods include debit and credit cards, SEPA transfers, Advcash, and Perfect Money.
In terms of withdrawals, both crypto and fiat withdrawal are available. However, there is a daily limit of $20,000 or equivalent, unless you’re KYC verified. So, if you’re a big time trader, this might be a bit limiting.
User Experience
We’re just gonna say it – the platform is sleek!
The site’s layout is clean, modern and intuitive, and we found it very easy to find our way around and perform various trading activities. It’s one of those things – wherever you intuitively feel like something should be – that’s exactly where it is, and we appreciate it.
The platform is designed to be easy to navigate, even for those new to trading. They’ve done this with clear language, good color contrast and a focus on simplifying the user experience.
You can also customize the interface to your liking, which is neat.
Mobile App
Nowadays, most exchanges have realized the importance of having a mobile app for traders on the go, and PrimeXBT is no exception in this regard. In this case, the app is a simple extension of its desktop version, no more, no less (for the most part).
It’s available on both iOS and Android devices, which is definitely a plus. It’s rated 4.6 on the App Store and 3.9 on Google Play, which is decent, though not outstanding. The number of downloads is over 100,000, which is a high enough number to give relevance to the ratings.
Similar to the website, the app has a user-friendly interface that’s easy to navigate and provides traders with real-time market data. It allows use of different order types and also provides advanced charting tools with technical indicators.
In terms of security, we’re happy to say that there are features like biometric login options and two-factor authentication (2FA), so you are able to make your account secure against threats.
Overall, while the app isn’t groundbreaking, it’s definitely in the “good enough” category.
Security
PrimeXBT employs robust security to protect your assets and personal information. They use various security measures to make your accounts and funds safe, and to their credit, they’ve had a spotless 6-year record, which is not something many exchanges can boast about.
Here are some of the main security features of PrimeXBT:
- Two-Factor Authentication (2FA): This feature adds an extra layer of security to your account. Along with your password, you’ll need a unique code from your mobile device to log in.
- Cryptocurrency Address Whitelisting: To prevent unauthorized withdrawals, PrimeXBT lets you whitelist specific crypto addresses (and you should do this). Once set, withdrawals can only be made to these addresses.
- Anti Money Laundering (AML) Compliance: PrimeXBT adheres to the recommendations of FATF and uses Crystal, a Bitfury software designed for monitoring blockchains in real-time. It assesses the potential risk value for each deposit and isolates shady or illegal funds.
- Cold Storage of Assets: The exchange uses a combination of hot and cold storage solutions. The majority of user funds are held in cold storage, away from online threats. A small part is held in their hot wallet, so that they can be accessed immediately when needed. To transfer funds from cold to hot storage, it needs to be done manually and requires multiple employees on the task.
While the security of PrimeXBT is on a high level, the lack of regulation by top-tier authorities can be a cause for concern.
Customer Support
We’ll just say it right off the bat, PrimeXBT’s customer support is great.
PrimeXBT offers a comprehensive Help Center and 24/7 live chat service. We actually messaged them on multiple occasions to see whether 24/7 really means any time, any day, any time zone, or if that’s just a marketing tool. We were pleasantly surprised to find out we never had to wait more than 10 minutes to get help!
Another feature of the 24/7 live chat is an extensive FAQ section provided by PrimeXBT. The section is categorized by topic, so you can quickly find answers to common questions about trading, account management, security measures etc.
Crypto exchanges are notorious for their often poor customer support, and fortunately, PrimeXBT is an exception in that regard.
Areas for Improvement
Despite its numerous strengths, some of which are truly impressive, there are a few areas where PrimeXBT could (and should) improve upon.
- The platform would be more trustworthy if it was operating under the purview of a recognized regulatory authority.
- Many popular countries are restricted from using PrimeXBT, including the US, Japan, Canada, Russia and Cyprus.
- PrimeXBT currently doesn’t offer a demo account. It’s a common feature on many trading platforms and its absence here is noticeable.
- Their range of supported cryptocurrencies is lacking. Yes, it does support popular coins like Bitcoin, Ethereum, ADA and Litecoin, but the number should really be higher.
Despite these areas for improvement, PrimeXBT remains a robust and user-friendly trading platform. It’s worth considering for its high leverage, diverse asset class selection, and innovative features like copy trading.
Verdict
PrimeXBT has a lot going for it. It offers very high leverage, lots of tradable assets, user experience and impressive customer support. It also has a good track record in terms of security, and we particularly appreciate the usage of cold storage and AML compliance.
What holds it back the most is an underwhelming number of cryptocurrencies and countries available, as well as a lack of a demo account.
If those are improved on, we see no reason why PrimeXBT couldn’t stand toe to toe with some of the very top exchanges.
