Established in 2018, PrimeXBT is a global online broker offering access to a wide range of financial instruments, including cryptocurrencies, commodities, foreign currencies, and major stock indices. This multi-asset platform facilitates trading via CFDs, enabling traders to hedge positions, diversify portfolios, and leverage market movements effectively.
PrimeXBT addresses diverse trading needs with its competitive fees, innovative features such as copy trading, CFDs and crypto futures, and a significant global footprint, serving over one million users across 150 countries.
This guide provides a comprehensive review of PrimeXBT to help you determine if it is the right platform for your trading needs.
PrimeXBT is particularly suited for traders interested in crypto assets, commodities, and forex, especially those seeking high leverage. The platform offers up to 200x leverage on Bitcoin and Ethereum CFDs, up to 100x on altcoins and indices, and up to 1000x on forex pairs.
The platform appeals to those focused on the trading aspects of crypto, without additional features like lending, borrowing, or staking. Nonetheless, PrimeXBT provides other earning opportunities, such as passive income through referrals and contests.
With no minimum deposit, low commissions, advanced technical analysis tools, and copy trading features, PrimeXBT has gained popularity among crypto traders. However, its lack of regulation is a notable concern.
If you are beginning your trading journey or are an experienced trader outside the US, Canada, Japan, Russia, Syria, Sudan, Cyprus, Ecuador, Iran, Israel, Japan, Myanmar, North Korea, Russian Federation, Sudan, Syria, or Saint Vincent and The Grenadines, and are comfortable with a limited selection of cryptocurrencies, PrimeXBT could be the right platform for you.
PrimeXBT Strengths
PrimeXBT excels in several key areas, appealing to both new and experienced traders. The platform allows users to trade a variety of assets, from crypto CFDs to stock indices, with a strong focus on technological development to ensure a smooth and intuitive trading experience.
High Leverage and Fast Execution
PrimeXBT stands out for its fast execution times and significantly higher leverage compared to competitors such as AvaTrade and FP Markets. This high leverage is not limited to cryptocurrencies; users also benefit from substantial leverage on forex and commodities.
Innovative Copy Trading
The platform features a proprietary copy trading solution, which is particularly beneficial for novice traders. This feature enables users to learn from and emulate the trades of experienced, successful investors. The Covesting module, which highlights top traders, their funds, and returns, allows users to invest in other traders and start investment funds. Each fund is rated by total capital and ROI, and traders managing their own funds can receive additional capital from investors and earn a percentage of the resulting profits.
PrimeXBT Trading Fees
Fees play a crucial role in trading, directly impacting a trader’s profitability. PrimeXBT stands out with its transparent fee structure, imposing charges solely for trade execution and for maintaining positions overnight. Here is an overview of the trading fees on PrimeXBT:
Trading Fees:
– Crypto Markets:
– Maker Fee: 0.05%
– Taker Fee: 0.05%
– Crypto Futures:
– Maker Fee: 0.01%
– Taker Fee:*0.02%
Comparison to Competitors:
Compared to popular platforms like FP Markets, PrimeXBT offers significantly lower trading fees. For instance, both the maker and taker fees are set at a competitive 0.05% for all crypto markets, which is quite favourable for traders.
Maker and Taker Fees:
– Maker Fees: Paid by traders who provide liquidity to the market by placing limit orders.
– Taker Fees: Paid by traders who remove liquidity by executing market orders against existing limit orders.
Minimum Order Size:
– Varies for each crypto asset. Specific minimums can be found on PrimeXBT’s fee page.
For detailed financing rates and other fee-related information, including fees for the Crypto Futures, Global Markets, and Copy Trading products, traders are encouraged to visit PrimeXBT’s dedicated fee page.
This clear and straightforward fee structure, combined with competitive rates, makes PrimeXBT an attractive choice for traders looking to minimize costs and maximize profits.
User Experience at PrimeXBT
Since its inception during the 2018 bear market, PrimeXBT has experienced steady growth, attributed to its diverse asset offerings, high leverage, and innovative features like copy trading. Additionally, the platform’s trading contests, referral, and affiliate programs have significantly attracted traders.
Global Accessibility:
To cater to a global audience, the PrimeXBT website supports 12 languages, enhancing accessibility and user experience. This multilingual support allows traders from different linguistic backgrounds to comfortably navigate, understand, and utilize the platform in their native languages, fostering a more inclusive and efficient trading environment. The platform also supports multiple currencies and has plans to expand this selection to include more fiat options.
PrimeXBT Trading Interface:
The PrimeXBT trading interface is designed to be both simple and adaptable, offering customization to meet individual user needs. Key features of the interface include:
– User-Friendly Design: Simplifies the processes of trading and funding.
– Prominent Display of Information: Important details such as margin information are clearly displayed.
– Easy Navigation: Users can easily switch between different accounts and sections.
– Technical Analysis Tools: A wide variety of technical analysis indicators are available, catering to traders of all skill levels.
These features make PrimeXBT suitable for both novice and professional traders, ensuring a seamless and efficient trading experience.
User Engagement Features:
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– Trading Contests: Engage users with competitive trading opportunities.
– Referral and Affiliate Programs: Attract and retain traders by offering incentives for bringing new users to the platform.
PrimeXBT’s focus on a user-friendly, customizable interface and global accessibility ensures a high-quality user experience, accommodating a wide range of traders from various backgrounds and skill levels.
PrimeXBT Mobile App Overview:
PrimeXBT offers a mobile app for both iOS and Android platforms. The app has received favorable ratings:
- App Store: Rated 4.6
- Google Play: Rated 3.9 with over 100,000 downloads
- Latest Update: June 2024
Features and Functionality:
The PrimeXBT mobile app replicates all the functionalities of the desktop platform, providing a seamless and user-friendly trading experience on smartphones. Key features include:
- Comprehensive Trading: Trade 100+ markets directly from your smartphone.
- Deposits and Purchases: Users can deposit or purchase digital assets within the app.
- Low Starting Requirement: Get started with as little as $5.
- Secure Authentication: Set up a PIN or use biometric authentication (face or fingerprint) for secure log-in.
- Account Overview: View all trading accounts and total account funds on the main page.
- Trading Tools: Access instruments, manage positions, and view watchlists and price charts in the Trade tab.
User-Friendly Features:
- Order Options: A variety of order types to suit different trading strategies.
- High Leverage: Benefit from high-leverage options.
- High Liquidity: Access to highly liquid markets.
- Advanced Tools: Utilize powerful charting and advanced trading tools.
- Customization: Personalize the app to fit individual trading needs.
- 24/7 Support: Access to round-the-clock customer support.
The PrimeXBT mobile app is designed to offer traders a robust and convenient platform for trading on the go, ensuring they have all the tools and features needed to manage their trades effectively from their smartphones.
PrimeXBT Payment Methods and Withdrawal Process
PrimeXBT provides a range of payment methods to cater to its global clientele, supporting both fiat currencies and cryptocurrencies. Here’s an overview of the payment options and withdrawal process:
Accepted Payment Methods:
- Advcash
- Perfect Money
- Debit & Credit Card
- SEPA Transfers
Fiat Currency Deposits:
To deposit fiat currencies such as USD, users can utilize Advcash and Perfect Money. Verification of accounts is required to facilitate both deposits and withdrawals of fiat currencies.
Crypto Deposits:
PrimeXBT supports direct crypto deposits with varying processing times:
- Bitcoin network: Approximately 40 minutes
- Ethereum (ETH) and ERC-20 tokens: About 4 minutes
- BEP-20 (BSC blockchain) and TRC-20 (TRON blockchain) tokens: Approximately 1 minute
Deposit Fees:
PrimeXBT does not charge fees on deposits.
Withdrawal Fees:
Withdrawal fees vary depending on the crypto asset and network:
- Example fees include 0.0005 BTC for Bitcoin withdrawals and 0.002 ETH for Ethereum withdrawals.
- Fees for USDT withdrawals are 10 USDT as an ERC-20 token and 0.8 USDT as a BEP-20 token.
Security Features:
PrimeXBT offers Crypto Address Whitelisting to enhance security, allowing users to designate specific withdrawal addresses for added protection.
PrimeXBT’s comprehensive payment methods, including fiat and crypto options, combined with straightforward deposit and withdrawal processes, aim to provide a convenient and secure trading experience for users worldwide.
PrimeXBT Customer Support and Safety Overview
Customer Support:
PrimeXBT offers robust customer support options to assist users:
- FAQ and Help Center: Comprehensive resources covering platform usage and troubleshooting.
- Live Chat: Round-the-clock support available directly on the platform.
- Email Support: General queries can be directed to info@primexbt.com, while technical assistance is available at support@help.primexbt.com.
- Social Media: Active presence on platforms like Telegram, Facebook, Instagram, Twitter (now X), YouTube, Discord, and Reddit for community engagement and support.
Customer Satisfaction:
PrimeXBT maintains a positive reputation among users, reflected in its Trustpilot rating of 4.3, which is higher than competitors like Coinbase and Binance.
Safety and Regulation:
Despite not being regulated by major authorities such as FinCEN, FCA, or CySEC, PrimeXBT prioritizes user security through various measures:
- Security Measures: Utilizes 2FA (Google Authenticator), SSL encryption, Cloudflare for DDoS protection, and cryptographically hashed passwords.
- Asset Security: Implements compulsory Bitcoin address whitelisting, stores digital assets in secure offline storage using multi-signature technology, and conducts regular security audits and risk assessments.
Platform Security Practices:
PrimeXBT maintains stringent security protocols to safeguard user funds and data, including continuous evaluation of IT security measures to mitigate emerging risks.
While PrimeXBT operates without regulatory oversight, it emphasizes robust security practices to instil confidence among users regarding the safety of their assets and personal information.
Overall, PrimeXBT provides comprehensive customer support options and implements strong security measures to ensure a positive and secure trading experience for its global user base.
Final Verdict
In summary, PrimeXBT distinguishes itself in the cryptocurrency realm through its user-friendly interface and broad functionality. As a CFD exchange, it accommodates trading across multiple markets including cryptocurrencies, stocks, commodities, and indices, all accessible from a unified platform. This versatility is especially attractive to experienced traders interested in leveraging their positions.
Boasting a user base exceeding one million across 150 countries, PrimeXBT combines competitive fee structures, sophisticated trading tools, copy-trading features, and robust security protocols. These attributes collectively position it as an excellent choice for both novice traders looking to start their journey and seasoned professionals seeking diverse CFD trading opportunities.
If you’re interested in exploring a platform that offers extensive trading options and advanced tools, consider opening an account with PrimeXBT through the link provided below.