PrimeXBT set sail into financial services in 2018, offering premium services to crypto and FX traders worldwide. In the three years of operation, PrimeXBT has grown tremendously to provide over 80 trading assets in its markets, accounting for an average daily trading volume of $545,000,000. So far, the exchange operates from three offices where they serve clients from 150+ countries globally.
Pros
- Competitive trading fees
- High leverages
- 24/7 customer support
- Access to multiple markets in one account
Cons
- No license or regulation from top-tier regulators
- No demo account
- Limited research and education features
PrimeXBT is a BTC-based brokerage offering leveraged trading services to traders around the world. It accepts traders on all levels and gives them access to 80+ trading assets in a vast market selection, including cryptocurrencies, forex, commodities, and stock indices.
The broker started operations in 2018 as PrimeXBT Trading Services. The company headquarters was in Seychelles at the time of launch. By 2019, the company had become a global brand, having made a name for itself in the financial sector. This speedy growth led the company to open new operation centers in the Grenadines and St. Vincent and change their headquarters to Switzerland.
Even though the broker is yet to register with any top-tier regulator, it offers top-notch security for its clients through an aggressive cyber-security framework. It’s also hosted on the robust Amazon Web Services cloud, known for its strict security for its users.
Regulation
So far, PrimeXBT is not under supervision from any regulatory institution, so it’s not obliged to comply with any guidelines that these institutions offer. However, PrimeXBT has invested heavily into customer asset protection, ensuring that each of its clients is protected in the event of losses.
Its asset protection framework consists of a strict cyber-security framework, periodical stress tests on security standards, and employment of security tools like 2-Factor Authentication (2FA). Other features like whitelisting all Bitcoin addresses and using hashed passwords ensure that the site is safe for all investors.
The broker has a large customer base in most countries except for the United States, Russian Federation, American Samoa, North Korea, Japan, Sudan, Israel, United States Minor Outlying Islands, Iran, Ecuador, and Algeria.
Account Types
PrimeXBT has one account type where its clients can access all the trading services without any limits to deposit amount or trading volume. The only requirement in the deposit amount is the initial minimum deposit of 0.001 BTC.
The account has the following features:
- Trading assets available – 80+
- Minimum deposit – 0.001 BTC
- Base currency – BTC
- Leverage – up to 1:1000
- Commission – 0.001%
- Spread – from 0.0 pips
- Execution speed – up to 20 ms
- Order types – limit, stop, market, OCO
- Account activation time – 24 hours
How to open a PrimeXBT account
Getting started on the broker is easy. Your first step is to register an account in these four quick steps.
Step 1. Open the registration page from PrimeXBT’s home page.
Step 2. Provide your valid email address, a password, and your phone number.
Step 3. Check the box to agree to the broker’s terms and conditions.
Step 4. You’ll receive a confirmation email with a PIN to confirm your account registration. Enter the PIN, and your account will be created successfully.
The broker doesn’t have a demo account, so you’ll be redirected to your trading account. You can now deposit some Bitcoin and make your first trade.
Fees and Commissions
PrimeXBT charges trading fees depending on the trading module that you choose. There are two trading modules you can choose from:
- Margin
- Covesting
The spreads start at 0.0 pips on both trading modules, and the commission is at 0.001%. However, the maximum leverage in a margin trading module is 1:1000, while in the covesting trading module, it’s at 1:100.
The covesting trading module requires a minimum deposit of 0.01 BTC before you start trading, but with the margin trading module, you can trade with any amount.
In margin trading, you pay different fees for the assets you choose to trade. For example, you pay 0.05% on cryptocurrencies, 0.01% for commodities and indices, and 0.001% on forex. On covesting, the fees will vary depending on your Follower’s Equity of Strategy on all the assets.
Other fees include:
- Overnight fees (weekend fees are billed on Thursday night as a triple charge)
- Inactivity fees – No
- Deposit fees – No
- Withdrawal fees – 0.0005 BTC
Payment options
Deposit
Since the broker’s exchange is based on cryptocurrencies, you can deposit BTC, ETH, COV, USDT, or USDC directly from your cryptocurrency wallet. It’s a quick way to fund your account. Most transactions take about 40 minutes, depending on the blockchain congestion and time frame differences.
Alternatively, you can deposit using your credit card, Xanpool, Paxful, and CEX. All these methods are safe, and you’ll not pay any deposit fee on PrimeXBT.
Withdrawal
PrimeXBT requires that you submit a withdrawal request for review before your withdrawal amount is processed. Funds are usually withdrawn to your BTC wallet address immediately after the withdrawal request is approved.
The broker allows you to cancel any pending withdrawals as long as they have not been approved yet. This action will not have any effects on your account.
Deposit
Since the broker’s exchange is based on cryptocurrencies, you can deposit BTC, ETH, COV, USDT, or USDC directly from your cryptocurrency wallet. It’s a quick way to fund your account. Most transactions take about 40 minutes, depending on the blockchain congestion and time frame differences.
Alternatively, you can deposit using your credit card, Xanpool, Paxful, and CEX. All these methods are safe, and you’ll not pay any deposit fee on PrimeXBT.
Withdrawal
PrimeXBT requires that you submit a withdrawal request for review before your withdrawal amount is processed. Funds are usually withdrawn to your BTC wallet address immediately after the withdrawal request is approved.
The broker allows you to cancel any pending withdrawals as long as they have not been approved yet. This action will not have any effects on your account.
Available Markets
The broker allows its clients to trade in cryptocurrencies, stock indices, commodities, and forex markets with over 80 assets to pair.
- Cryptocurrencies
Buy, sell, and trade crypto-assets and tokens, including Bitcoin, Ethereum, Litecoin, Ripple, EOS, and more on PrimeXBT. The cryptocurrency market is endowed with deep liquidity, customizable charting software, and high execution speeds for fast trading.
- Stock Indices
The broker allows you to trade global indices like S&P 500, ASX 200, NASDAQ 100, Germany 30, and NIKKEI 225. With the help of PrimeXBT’s trading tools, you’re able to profit from the stock’s price fluctuations.
- Commodities
PrimeXBT’s commodities market features globally popular commodities, including Gold, Silver, Crude Oil, and Natural Gas.
- Forex
The broker has the world’s most recognized currencies such as USD, EUR, AUD, CAD, and GBP, which you can trade both long and short. The forex market has the most liquidity globally, thus increasing opportunities for profit on every pair.
Trading Platforms
As mentioned earlier, there are two ways you can trade on PrimeXBT: margin trading and covesting. These two modules operate on different platforms. One is the PrimeXBT proprietary trading platform, and the other is the covesting trading platform.
| PrimeXBT trading platform | Covesting trading platform |
|---|---|
| Fully customizable working space 50+ technical indicators Market data visualization Multiple order types 80+ asset types Ultra-fast order execution (12,000 orders per second) Available in web and mobile versions | 50+ trading instruments Copy-trading Customizable trade strategies Market data visualization 50+ technical indicators Multiple order types |
Features
The broker has a wide selection of tools to ease your trading experience for better results. Some of these tools include:
- Copy-trading – the covesting feature allows you to check what other experienced traders are doing and copy them. You can earn extra profits when you have people copying your trading strategies.
- Leverage on Bitcoin – this feature lets you get high returns from small price movements when you go long or short on trades. Bitcoin CFDs are not popular on most brokers, so this feature is a good one.
- Price charts – PrimeXBT allows you access to real-time price movements for cryptocurrencies, forex, indices, and commodities as you trade.
- Referral programs – you can refer other traders to PrimeXBT as an affiliate or an ambassador and earn from it.
- News – the platform has a section for news and announcements within the platform. This helps keep traders updated on any developments on the site and market news that may affect price movements.
Education
The broker has a rich education section for all traders. It has general articles that teach different trading strategies for better market analysis. They are designed in how-to formats to give comprehensive guidelines into different trading strategies.
The PrimeXBT Academy on Twitter and YouTube offers live sessions with trade masters, crypto discussion panels, and educational videos to share trading ideas and discuss current trends. These educational materials are enough to launch your trading aspiration with PrimeXBT.
Customer Support
PrimeXBT’s customer support is available 24/7 on email and live chat. It also has a comprehensive FAQ segment with answers on covesting, deposits, withdrawals, leveraging, security, and other trading activities on the broker.
The live chat is fast and efficient, suitable for when you need short and quick replies. The response time for live chat messages is less than two minutes. However, if you feel that you need further explanation or guidance on the broker, you can contact customer support and get the answers you need.
If your problem requires comprehensive guidance or submitting some documents, you can use the email route. By email, you may get a reply within a few hours.
Review Summary
PrimeXBT is a robust trading platform for all traders, especially those who enjoy trading in the volatile cryptocurrency markets. The high leverages ensure that you make significant profits even when the movements are minimal. If you’re a bit new to trading, you can take advantage of the covesting trading module and learn from the best.
On the other hand, the broker doesn’t have a demo account where traders can practice and test new strategies. It’s also not regulated by any top-tier regulatory body, making it difficult for people to trust it.
