slide 1: PRIME XBT REVIEW
PrimeXBT is a relatively new and fast-growing Bitcoin trading platform.
The platform offers its users numerous investment options and asset
classes to choose from. In this PrimeXBT review we will discuss if this
is a good trading platform and what features make them stand out
when it comes to crypto currency trading
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What is PrimeXBT
PrimeXBT is a crypto-to-crypto exchange that supports the trading of
crypto currencies Forex and other CFDs assets on its platform with
leverage as high as 100. However you can only fund your
PrimeXBT trading account with Bitcoin. This means that you need
to buy Bitcoin before using PrimeXBT.
An overview of the PrimeXBT user-friendly interface.
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Founded in 2018 PrimeXBT has achieved record-breaking growth in
a short period of time. The crypto exchange has grown to be regarded
as one of the major brokers playing in the margin trading industry and
have customers from over 150 different countries.
The company claims its high success rate comes from its “customer-
centric” business model. This is achieved with the company’s ability to
innovate and evolve by using cutting edge block chain technology to
provide users with all they need for their trading activities while
keeping fees very low when compared to other crypto brokers.
PrimeXBT also offers a user-friendly website and a very powerful
trading platform. The website is loaded with the latest analyses
guides and most important trading tools. This will help both beginners
and well-seasoned traders achieve their trading goals easily.
PrimeXBT also has very high trading volume and liquidity for all its
supported cryptocurrency pairs. This combined with a round-the-clock
customer support desk to help and assist users at every point in time.
These are factors making the company stand out from the rest.
slide 3: Is PrimeXBT Safe
PrimeXBT takes its clients’ security very seriously. The company
boasts of having cutting edge blockchain technology that ensures
investors assets will remain protected at all time. Some security
features implemented by the PrimeXBT are:
The Use of Cold Storage for Client’s Bitcoin:
In order to protect customers’ assets from hacking and theft
PrimeXBT holds a greater portion of customers’ Bitcoin in offline
storage systems also known as cold storage. Only a very small part of
the customers’ Bitcoin is actually available online.
A Dedicated and Secured Server for The Web Platform:
The implementation of some of the latest cutting-edge blockchain
technology ensures that the PrimeXBT trading platform is secured
from every form of online attacks especially DDOS attacks. This way
customers can be assured that the web platform will always remain
available and easily accessible whenever needed. The use of
sophisticated technology also ensures there is no lagging in the run
slide 4: time asset price or order execution error that might come up when a
trader is trying to place modify or exit an open trade.
The Use of Two Factor Authentication and SSL:
PrimeXBT trading platform also adds an extra layer of security by
making use of a two-factor authentication method. This ensures that
no hacker gain access to their accounts. The authentication method
combined with the use of only the Secured Socket Layer SSL
protocol for communicating on the internet ensures that the exchange
communication network remains hacker-proof.
PrimeXBT Fees
When it comes to fees the PrimeXBT cryptocurrency exchange offers
its users one of the most competitive in the industry. The broker allows
you to buy sell and hedge forex/ Indices/ commodities/
cryptocurrency pairs for a flat commission charged per trade.
Fees are an important factor because fees can quickly rack up when
trading. Hence picking the right exchange with a good fee structure
will go a long way in your growth as a trader. If you want to compare
fees on other exchanges against each other then check out our list of
the most popular Bitcoin trading exchanges.
PrimeXBT Trading Fees
PrimeXBT exchange has remained very competitive in its fee
structure providing users with one of the lowest fees in the Bitcoin
trading industry. Currently PrimeXBT charges a very low flat fee of
about 0.05 per trade. This is very low especially when compared to
other exchanges. Most other cryptocurrency exchanges charge as
much as 0.075 per order.
The most popular Bitcoin trading exchange Bybit charges a 0.075
taker fee. However Bybit actually has a negative maker fee of -
0.025. This means that on Bybit you’ll actually get paid for using
limit orders as a market maker. If you use the market order a lot for
entering trades on your chosen cryptocurrency pairs then PrimeXBT
slide 5: is for you. However if you are a regular user of limit orders then
check out our Bybit review.
PrimeXBT also charges overnight finance fees for holding a position
open overnight but this varies from trading pair to pair.
Symbol Trading Fee Financing/day Long Financing/day Short
BTC/USD 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
ETH/USD 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
ETH/BTC 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
LTC/USD 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
LTC/BTC 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
XRP/USD 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
XRP/BTC 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
EOS/USD 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
EOS/BTC 0.05 0.194 Daily Funding Rate 0.194 Daily Funding Rate
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PrimeXBT Withdrawal Fees
slide 6: The next fee to consider while making your choice of your exchange
to trade at is the withdrawal fee. This is usually a fixed fee but varies
from one exchange to the other. The average withdrawal fee for
the Bitcoin trading exchange industry is 0.000812 BTC when you
withdraw Bitcoin. However PrimeXBT has taken it a step further by
slashing this fee by almost 40 for its users. This way users will only
pay 0.0005 BTC when they withdraw their Bitcoin cryptocurrency.
PrimeXBT 50 Deposit Bonus
PrimeXBT has the most generous deposit bonus in the industry
offering new users a 50 bonus on their first deposit to be used on
the trading platform. However to qualify for this bonus you need to
make an initial deposit of at least 0.01 BTC.
To activate your 50 deposit bonus. Sing up with this link and then go
to “promo code” and enter “bitcoinsensus50” in the provided space.
This bonus will be added to your trading account equity under the
name “Reward”. The bonus cannot be withdrawn traded or used to
cover fees it can only be used as additional collateral for margin
trading on the PrimeXBT platform.
How to Sign Up
The registration process for owning a PrimeXBT trading account is
very easy and straight forward. You can follow the detailed steps
below to quickly create your own account.
To open your PrimeXBT account follow these steps:
1. Go to Primexbt.com
2. Click on the “Register” button.
3. Input your email a strong password you can remember and
your mobile number for verification.
Once completed you will get a verification link or code sent to your
email or phone number depending on which sign up method you used.
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Deposit Method
When it comes to funding your PrimeXBT account it is important you
remember that the customer accounts are all Bitcoin-based.
Therefore all your deposits account balance and withdrawals on the
exchange platform will be denominated in the bitcoin cryptocurrency.
PrimeXBT provides its own bitcoin wallet free of charge to registered
clients for direct deposit.
You can also deposit using your credit card or other cryptocurrencies.
If you deposited using your credit card or other Crypto coins like
altcoin you would be required to convert them into Bitcoin on the
platform by using a simple API that has been linked to Changelly this
API allows users to easily buy bitcoin or exchange other
cryptocurrencies into Bitcoin.
Withdrawal
It is important to remember that while PrimeXBT offers a wide array of
asset classes and cryptocurrency pairs to trade in like Litecoin
Ethereum Bitcoin XRP Forex trading pairs Indices Commodities
and all the platform does not support the withdrawal in any FIAT
currencies or other cryptocurrencies than Bitcoin.
This effectively makes PrimeXBT exchange a crypto-to-crypto
platform thereby requiring traders to have a secured bitcoin wallet in
order to withdraw their profits. You can also make use of the API
linking the PrimeXBT platform to the Changelly website to withdraw
your funds in Bitcoin and then convert it to whatever currency you
want.
slide 8: Supported Currencies
PrimeXBT supports the trading of both major and minor forex currency
pairs on its platform. It also charges a commission per trade. These
commissions are also known as trading fees and are currently at
0.01 for forex pairs and 0.05 for cryptocurrencies.
Forex currencies supported by PrimeXBT:
US Dollar
Australian Dollar
Canadian Dollar
Euro
Swiss Franc
British Pound
Japanese Yen
Leverage Trading
PrimeXBT is well known for the very high leverage it offers its clients.
For Forex trading indices and commodities PrimeXBT offers a
1:1000 leverage for traders depending on the size of the
position opened.
For Bitcoin and other cryptocurrencies PrimeXTB offers a 1:100.
This puts PrimeXBT among the Bitcoin trading platforms that
provide the highest leverage.
What Does 100x Leverage Really Mean
Margin trading simply means that you can increase your purchasing
power and exposure to the market while trading with little funds. The
added funds/leverage you get to make bigger bets is given to you by
the exchange.
So for a 1:100 leverage every 1 BTC you have is transformed into
100 BTC thereby increasing your purchasing power. In other words
you will be able to open positions worth much more than the funds you
hold on PrimeXBT.
slide 9: However while high leverage can potentially help you make more
money from trading it can also increase your losses. Therefore it is
important that you take the required time needed to understand how
leverage works. Make sure to learn how to trade Bitcoin before
touching leverage trading.
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High Liquidity
With clients in over 150 countries PrimeXTB is believed to be among
one of the top 40 biggest brokers/exchanges in the world. Their size
makes any liquidity issues absent. Not only that its use of Bitcoin-only
accounts truly makes it a global exchange thereby removing all
boundaries between countries and local bank restrictions.
slide 10: Is PrimeXBT Available In The United States
PrimeXBT is not available to US traders as the company continues to
shy away from U.S regulations that would want to limit or control how
it does its business.
That said though this doesn’t stop US traders from using the
exchange platform. Especially with the company requiring little to no
personal information and details from users. This allows users to
remain anonymous while transacting with the exchange and prevents
the company from having an in-depth verification process that can be
used to identify clients. If you are trading from the US you’ll need a
VPN. The most popular VPN among Bitcoin traders in the US
is NordVPN.
PrimeXBT Trading Platform
PrimeXBT has a simple user-friendly web-based trading platform that
has been equipped with all the features and tools a trader can ever
need to carry out his analysis and place trades. Since it is web-based
it does not require you to download anything or make any installations
on your computer. The trading platform also has an inbuilt “help and
tutorial section” with videos and articles that are very useful for both
beginners and intermediary traders looking to sharpen their trading
skills. Some of the features of the trading platform include:
Availability Of Technical Indicators:
One of the many features the PrimeXBT trading platform has is the
availability of sufficient indicators to aid traders in their technical
analysis. The platform has well over 90 different types of indicators
inbuilt into the platform and readily available to registered users.
Easy to Use and Customizable Layout:
The simplistic design and friendly layout that was implemented for the
PrimeXBT trading platform makes it a favorite among users. But it
doesn’t just end there the company has gone a step further by
making the platform’s workspace fully customizable by the user. This
slide 11: way traders can fully rearrange position and add new widgets to the
workspace in order to make it more suitable to their trading style.
Multiple Order Types:
The PrimeXBT exchange trading platform has numerous order types
that can help traders best position themselves in the market. These
order types include: market order limit order and stop order.
PrimeXBT also offers OCO orders through 3rd party solutions by
using an API bridge. The platform also offers traders the ability to add
a “take profit” and “stop-loss” order in their trade. This is to help them
better manage their position and minimize their risk exposure in the
market.
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slide 12: Covesting: A Better Way To Trade
Recently PrimeXbt introduced an amazing product on its platform
called “Covesting”. The feature allows platform users to browse
through hundreds of trading strategies provided by other traders and
ranked by profitability by PrimeXBT.
Once you find profitable strategies that suit your needs and risk
tolerance you can automatically copy their trading activity on to your
own account with Covesting. This way you can improve your returns
and achieve the same returns as the leading traders on the platform.
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PrimeXBT Trading Platform
In this part of the PrimeXBT review I will be taking a critical look at the
PrimeXBT crypto trading platform. My focus will be on the platform
interface technology security stability and ease of use. I will also be
pointing out the issues I faced while using the platform and various
points I believe PrimeXBT can do better.
Mobile Trading App
With Prime XTB you can trade on-the-go using the PrimeXBT mobile
app which is currently available for free on the Google Play store.
This app allows users to carry out a wide range of activities including:
Opening a new account
Trading over 50+ instruments across all asset classes including
crypto indices commodities stocks and forex.
Carry out technical analysis using various inbuilt chatting tools.
Trading on 6 different timeframes and using 3 different chart
types.
The app makes trading on-the-go very easy especially with its easy-
to-understand interface.
slide 14: Desktop Trading Charts Trading View
PrimeXBT default trading chart looks like any other chart you would
expect on an exchange trading platform. It is slick easy to navigate
and user-friendly. The chart also has numerous options available to
the user for customizing and personalizing the look and feel of the
chart.
There are also different chart types indicators and time frames
available to users to choose from for carrying out their technical
analysis and monitoring an asset price. Not only that but there is also
a “studies-section” available on the chart. This section provides users
with several dozen available studies on different pairs and asset
classes.
Analyses Tools
PrimeXBT supports both technical analysis and fundamental analysis
of all instrument supported on its trading platform. Here are some of
the inbuilt features of PrimeXBT that helps traders create a trading
edge in the crypto markets.
slide 15: The platform comes with numerous built-in indicators and
charting analysis tools users can utilize to carry out an in-depth
technical analysis before taking a position.
You can easily create and import your own custom tools
indicators and EA on the platform
Export and analyze your trading history with ease
PrimeXBT Review On Order Types
For Market Orders: PrimeXBT offers users one of the most advanced
crypto trading platforms in the industry.
The platform’s trading engine can handle over 100k high-speed
transactions per second TPS this ensures the PrimeXBT trading
platform does not lag and all orders are executed very fast.
For Limit Orders: PrimeXBT offers users the flexibility to use pending
orders to preset their entry price and exit levels in anticipation of a big
move in the market.
For Conditional Orders: PrimeXBT offers users the option to make
use of various advanced conditional order types on its platform.
Entering and exiting the market once certain predefined conditions are
met.
Customer Support
PrimeXBT customer support desk operates 24/7 providing help and
assistance to anyone. The support team only speaks English and
Russian and is very knowledgeable about the various features and
issues that might arise from using the platform. Although it might take
several hours before you can get replied through an email there are
various other communication channels. Try the instant web chat it has
a very quick response time for replies.
Review Conclusion
Even though the company is still relatively new in the trading industry
PrimeXBT has grown to become an industry leader. PrimeXBT is a
pacesetter by simply focusing on improving and innovating its services
in order to provide more satisfaction to its users.
slide 16: The biggest competitors to PrimeXBT are Bybit Phemex and Deribit.
Bybit and PrimeXBT have a great interface and very good customer
support. Check out our Bybit tutorial if you want to learn more about
how to use that exchange.
PrimeXBT is combining technological advancement with high
leverage low and transparent fee structure and an amazing web-
based trading platform. This makes PrimeXBT stand out as one of the
best Bitcoin-based exchanges in the business. If you’re looking for a
safe exchange with a user-friendly interface then PrimeXBT is the
exchange for you.
For a full list of our best crypto exchanges visit review here.
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Website: https://www.bitcoinsensus.com/bitcoin-exchanges/prime-xbt-review/