PrimeXBT review

PrimeXBT review

Our first review of a Cryptocurrency first Prop Firm: PrimeXBT.

Updated on: 2022-03-28

PrimeXBT is an online cryptocurrency exchange founded in 2018 that allows traders to trade assets like forex, cryptocurrencies, stock indices, commodities. However, it officially launched its trading activities in early 2019 when its trading operations were moved to Switzerland.

This cryptocurrency exchange is an award-winning platform and gives access to both experienced and new users who wish to trade different assets. The needs of experienced traders are satisfied by the advanced tools and easy-to-use platform that PrimeXBT provides while new traders have the opportunity to make profits through its covesting or copy trading feature.

What is truly innovative here? For the first time you can deposit your crypto assets, instead of FIAT and get access to trade other instruments such as indices or commodities.

Plus, Prime supports trading in the largest and most popular markets available such as DJIA, NASDAQ, S&P 500, Nikkei225, and Hang Seng, and gives traders enough leverage to successfully trade in those markets. On the platform, traders can choose to go long or short and make use of mobile or desktop websites when trading.

Unfortunately, not many traders can have access to this platform because it is not available in up to 14 states including Canada and USA.

We will add PrimeXBT programs soon.

If you are familiar already with PrimeXBT go directly to their website here.

Find all my reviews for Forex and Futures funders.

How PrimeXBT Works.

Users hold the assets allowed by PrimeXBT in a wallet and can transfer assets from one wallet to another while trading. Where the trader doesn’t have any crypto, they can buy some using their debit/ credit card or through SEPA transfer. But before any of this can take place, the trader has to be registered to the platform.

Opening an account on PrimeXBT is easy. To open an account, you need to:

• Open the company’s website on your mobile or laptop and click on the ‘Register’ icon displayed clearly on the homepage.

• For the registration, you’ll need to enter a valid email, password for the account, phone number, and country code.

• The next step is to accept the T&Cs, confirm your email by typing the verification PIN and select your country of residence.

For new members, there is a welcome bonus of $350 to help start your trading on the right foot but to qualify for it, you need to deposit USDC850, BTC0.017, ETH0.425, or USDT850.  Deposit of any of these assets has to be made within 24 hours and can easily be done by clicking on the ‘Deposit’ icon you’ll see after registration. To make the deposit, you can:

• Select the crypto you want to deposit and copy the wallet address for your PrimeXBT account.

• Paste the address on your external wallet and complete the transfer. You should get a notification when the assets have entered your account.

If you’ve made the deposit and want to trade immediately, you can transfer those assets to the Margin account and start trading.

Here is a good video on how to make a passive income from copytrading with PrimeXBT.

we never advocate for trading signals, or copy trading, as we believe we should all learn our way to trade and make a living in our own terms, nonetheless we find this quite interesting.

Interesting Features of PrimeXBT.

There are several features on the PrimeXBT platform that make it attractive to traders as they can impact the ease and success of trades. These features are:

1. PrimeXBT Turbo

PrimeXBT Turbo is an interesting feature because it allows traders to make double-digit profits in a matter of minutes. You can make up to 70% of your investment by successfully predicting the short-term price movements of assets like bitcoin, S&P 500, gold, EUR/USD, and oil.

If you make a wrong prediction, you will lose the same amount you placed. In addition, the assets have different time frames for predictions. For instance, crypto predictions can take up to 15 minutes depending on the coin in question while Forex can take up to 5 minutes.

Be aware because this sounds a lot like binary options, and can be rather dangerous for your account.

2. PrimeXBT Covesting

The covesting feature of Prime enables copy trading by making it possible for users to mimic the trades of top traders on the platform. This feature is useful for those that do not have a lot of experience with trading because they can maximize their profit-making abilities and gradually pick up the techniques used by more experienced traders.

If you are a top trader and would like to give others a chance to mimic your trading strategy, you can do so by setting your portfolio and the strategy you like others to follow. However, you need a certain amount of funds to do this. You will need a minimum of 1.2500 ETH, 0.05 BTC, 2,500 USDC, OR 2,500 USDT depending on the cryptocurrency you are using.

3. PrimeXBT Leverage

Leverage is a tool that allows traders to hold a position larger than what they would originally have. Through leverage, traders can get additional capital which increases their buying and selling power. While most cryptocurrency platforms have limited offers for leverage, PrimeXBT offers leverage up to 1:100 on all its assets. The amount of leverage this platform offers creates available capital that can be used for other ventures, reducing the trader’s exposure to risk while making profits from both rising and falling markets.

If you have no experience using leverage, it’s good to remember that leverage trading is risky and you should gain some experience before trying it. Luckily, PrimeXBT has a demo account where you can practice leverage trading with fake funds.

4. Technical Analysis Tools: This exchange has an advanced technical analysis platform that operates on Tradingview. It has popular indicators like moving averages, strength index, and over 50 drawing tools for market analysis.

In addition, it has educational courses on different trading concepts and interactive charts that help in identifying price trends of different assets.

Pros and Cons of PrimeXBT

Pros

1. Trading with different assets

PrimeXBT supports various assets like stock indices, commodities, cryptocurrency, and forex. On the exchange, traders have access to 7 of the major coins which are ETH, BTC, LTC, XRP, EOS, USDT, and USDC. There are more than 50 currency pairs for forex trading, 5 commodities, and 11 stock indices.

2. You can go long or short with CFDs

When trading CFDs on PrimeXBT, you can place bets when the price is rising or falling.

3. Potential for high profits

Prime comes with several tools for in-depth technical and market analysis which provides traders with accurate information needed to make successful trades. Apart from its technical analysis tools, the ability for traders to leverage up to 1:100 reduces their exposure to risk because they need little of their own capital to make profits. Traders also have access to a demo account where they can keep improving on their skills.

4. Copy Trading

This is most beneficial to new traders or people without much experience trading as they can make successful trades while gaining experience and improving on their skills. As an experienced trader, you can get up to 20% commission depending on the traders that mimic your trades.

5. Interactive Charts

PrimeXBT gives traders access to charts. These charts are powered by Tradingview and traders can use bars, lines, hollow candles, Heikin Ashi, area, and baseline to view charts. To view the charts, all you have to do is go to the ‘Analysis’ or ‘Trade’ page and select the asset you wish to see.

The default setting for the charts is the candlestick chart and you can adjust the charts to see different time ranges and notice the historical price movement of assets.

6. Good Customer Service

There is a team of experienced personnel who are always available to help customers deal with pressing issues. There is a webchat feature on the website and traders can get instant replies to questions or complaints. PrimeXBT also has the option of email support and traders who send email queries usually get replies in a couple of hours.

7. Good Security

There is a security framework in place to protect the assets of customers from threats. The company conducts regular stress tests to maintain its level of security.

8. Low Fees

PrimeXBT has low fees, good trading conditions, and attractive service fees which provide an opportunity for traders to make profits with reduced cost of trading.

9. Referral Programs

There is a lucrative four-tier referral system in place on the platform. Through the referral or affiliates program, you can increase your earnings from $40 to $1,250 for every trader you bring to the platform. Apart from that, you get a commission whenever the trader you referred, brings in another person.

Cons

1. Limited Assets Available

Most cryptocurrency exchanges offer many crypto options for their users to trade with but PrimeXBT limits its offerings to a few coins. Also, users are only allowed to deposit crypto at the moment even though it supports credit/debit card purchases and SEPA bank transfers.

2. Restricted Access

PrimeXBT prohibits 14 countries including Japan, the USA, and Canada from using its platform. This restriction comes with no explanation and the lack of access can be troubling to users in those countries who would like to trade on the platform.

3. Doesn’t allow deposit or withdrawal of fiat currencies

This exchange is self-regulated and doesn’t allow traders to deposit or withdraw fiat currencies for trading activities. However, it supports the option to buy Bitcoin through a third-party provider.

4. No access to spot trading

PrimeXBT is a margin trading platform and is not suitable for traders who want to trade without leverage. This means that you need to have some experience in leverage trading to effectively use the platform as inexperience is risky.

PrimeXBT Payment Details

Wallets

PrimeXBT has individual crypto wallets for its assets and you can find your wallet on the Dashboard page of the site. With the wallet, you can view your wallet balances in both fiat and cryptocurrency and have access to your transfer history.

Deposit and Withdrawal options

The exchange only accepts the deposit of BTC, ETH, USDC, USDT, and COV. There is an option for you to buy cryptocurrencies through debit/credit card or SEPA transfer if you don’t have any in an external account. Although there are no deposit fees, you may have to pay a fee to third-party providers when you want to purchase crypto or transfer from an external wallet.

The withdrawal process is relatively straightforward however, there is a withdrawal fee depending on the cryptocurrency. For instance, 0.005 BTC is the fee for making Bitcoin withdrawals. The withdrawal fees for other cryptocurrencies are:

− ETH: 0.01

− USDT: 20

− USDC: 18

− CPV: 5

To withdraw your assets, all you need to do is input the address of your external wallet and the amount you wish to withdraw. Wallet addresses can be preset and used for withdrawals so, you don’t have to type in an address if you’ve made a withdrawal in the past.

Fees and Charges

PrimeXBT has a Fees & Conditions section that gives a detailed explanation of all fees associated with the platform’s products. There are simple fee structures in place as all expenses are divided into two categories: overnight financing fees and trading fees.

Overnight financing fees are a result of holding a leveraged position into the next day and the overnight fees depend on the type of trade. However, when a position is closed before 12 am (00:00 UTC), no overnight fees are charged.

Trading fees are incurred whenever a position is opened or closed. It is a percentage of the transaction amount and there are different trading fees for various assets:

− Cryptocurrencies: 0.05%

− Forex: 0.001%

− Stock indices & Commodities: 0.01%

These trading fees can be reduced by using promo codes or depending on the profits made in a month.

Traders who wish to use the covesting feature while trading, will pay a certain commission from the profits they make. 20% of their profits go to the trader they mimic and the percentage PrimeXBT gets depends on your investment. If you deposit 0.02 or 0.05 BTC, Prime will receive 15% of your initial capital after profits have been made.

Are My Assets Safe with PrimeXBT?

PrimeXBT has an extensive security framework to protect your assets with regular checks to maintain compliance and the platform gives a detailed explanation of its security measures in the About Page. After you’ve made a deposit, most digital assets are taken to cold storage with multi-signature access and only a small amount of a user’s assets are kept in a hot wallet.

Another security measure in place is 2FA or dual-factor authentication. The user has to verify themselves by providing two authentication factors to reduce the chances of fraud or identity theft. Plus, the withdrawal address whitelisting offers an additional layer of protection as withdrawals can only be made with the addresses that are listed.

Conclusion

In all honesty, this Funder is relatively new on the sector and we don’t have a ton of personal experience with them, although we plan on making some; nonetheless we intended reviewing them since there are so few offering trading on cryptocurrencies and we are aware that many of you are interested in this world, and so should you.

We don’t proclaim that speculating on cryptocurrencies is a good idea, we don’t give any financial advice here by the way, but we do believe that an instrument such as Bitcoin can be a good risk hedge asset.

PrimeXBT is a good margin trading platform if you do not mind the limited number of assets available or you have experience trading with leverage. Its emphasis on security is another area that makes the exchange attractive and it has everything that both experienced and new traders need to make profitable trades.

Your opinion.

Your opinion matters! Come visit my Instagram or Facebook page, leave your comment: I post every video about the funders on my Instagram TV, let’s have the conversation over there so as to include as many people as possible.

CLOSE
CLOSE
apex popup thanksgiving 2022 80pc discount for lifetime