PrimeXBT Review 2024: Complete Exchange Overview
PrimeXBT is a cryptocurrency exchange that offers leveraged trading for several digital assets, including Bitcoin, Ethereum, and Litecoin, among others. With advanced trading tools and a user-friendly interface, PrimeXBT is a popular choice for both novice and experienced traders seeking to profit from the highly volatile crypto markets
PrimeXBT is a well-established CFD exchange that has become a popular platform for all types of traders as it gives clients the ability to trade a number of assets including crypto, stocks, forex, commodities, indices and more as contracts for difference.
PrimeXBT provides traders with an interesting alternative to the status quo with crypto margin trading. PrimeXBT has been growing in popularity as they attempt to take on some of the more established Futures and CFD brokers that operate in the space. With that said, please be aware that cryptocurrencies are already extremely volatile, and we can't in good conscience recommend trading cryptocurrencies with margin/leverage.
In this PrimeXBT review, we will cover the platform itself, the features it offers, and will also give you some top trading tips that you need to know.
Coin Bureau readers who sign up to PrimeXBT using our referral link will receive a FREE 35% BONUS as well, definitely worth taking advantage of.
What is PrimeXBT?
PrimeXBT is a CFD exchange that offers a suite of trading markets, including some cryptocurrencies. They are registered in Seychelles and have offices in St. Vincent and the Grenadines. Established in 2018, the company currently has over 100 trading assets available, 3 offices around the world, 12+ liquidity providers and enjoys an average daily trading volume of over $123,000,000.
Since its founding, PrimeXBT has grown substantially and now serves clients in over 150 countries and is a well-known and respected exchange for providing clients with access to top-tier liquidity and robust trading tools.
One of the main selling points behind PrimeXBT is the fact that they have leveraged trading for a number of different assets. These include 41 different cryptocurrency pairs with a max leverage of 200x and several forex/commodity assets with leverage up to 1,000x!
PrimeXBT also makes use of the liquidity provided by larger exchanges and market makers in the industry. They aggregate, or “pool,” their liquidity from over 12 different exchanges, so traders never need to worry about a lack of liquidity.
Important to note: PrimeXBT features CFDs (Contract-for-Difference) trading, not Spot trading as is the case with the majority of crypto exchanges. Make sure you understand the difference between Spot and CFD trading before getting started
PrimeXBT has traders from over 150 different countries. However, given certain regulations, there are some countries that they do not accept traders from. These include the likes of the USA, Canada, Japan, Algeria, Ecuador, and sanctioned countries.
Is PrimeXBT Safe?
Given the ever-increasing news of cryptocurrency exchange hacks, one of the most important considerations for the trader is security. This is also one of our main review criteria when it comes to grading an exchange.
PrimeXBT utilizes extensive cyber-security implementations to ensure that strict measures and practices are in place to protect customer funds against risk. The team conducts periodical stress tests and security audits to ensure compliance with the strictest security standards in the industry.
PrimeXBT Exchange Security
Most of the funds that are held at PrimeXBT are kept in cold storage. This means that they are kept in a secure offline environment away from an internet connection and the threat of potential hackers.
In order to service their current payments and withdrawals, they will also need to run a “hot wallet,” but only a limited number of coins are kept in this state. In order to make any movements from the cold wallet to the hot wallet, they make use of multi-signature access that needs to be executed by multiple employees. This helps ensure that there is no single point of failure and less risk in the event of a single employee being compromised.
In terms of other security protocols that they have in place, they also make use of Cloudflare’s technology in order to mitigate the risks that are posed by Distributed Denial of Service Attacks (DDoS). The security team routinely run tests, check-ups and updates to keep up to date with new potential vulnerabilities.
Finally, they also have advanced hardware modules where they run their trading technology. These are hosted on AWS web servers which are known to be one of the best in the industry.
PrimeXBT Communication Security
Like most exchanges and financial sites these days, PrimeXBT has full SSL encryption. This means that all communication that you send the exchange will be encrypted and make it hard for any malicious actors to intercept it.
It will also help you identify if you have accidentally landed on a phishing site of some sort. This is because the actual login page should have a secure padlock in the browser. If you do not see this then it means that you could be on a phishing site and should leave immediately.
When it comes to storing your passwords, PrimeXBT state that they use the “bcrypt” algorithm. This means that even if a hacker were to access the servers of the exchange, they would not be able to read them.
Of course, even if a hacker is able to get hold of a user’s password, PrimeXBT offers two-factor authentication, meaning a hacker won’t be able to access a user’s account without also having a user’s 2FA code.
Users don't need to enable 2FA on their phone although it is highly encouraged. This can be done quite easily through the account management options in the “security settings”.
It is incredibly important to save this backup key as it will be required for you to reset your 2FA if your phone gets stolen or lost. If you do not have this then you may have to wait for up to seven days as the broker manually resets this.
Lastly, when it comes to withdrawals, PrimeXBT is one of the few exchanges that require a mandatory white-labelling of Bitcoin addresses. This means that user funds cannot be sent to a rogue address in the instance where an account is breached.
All incoming and outgoing transfers are executed manually by the PrimeXBT security team to ensure that transactions go through risk scoring, meet anti-money laundering standards, and so suspicious trading activity can be flagged.
Is PrimeXBT Regulated?
Though founded and registered in Seychelles, with offices in St. Vincent and the Grenadines, and a recent move and consideration of becoming headquartered in Switzerland, PrimeXBT IS NOT currently regulated or licensed. This is an alarm bell for many, as it means there is no authoritative body to hold the platform accountable or enforce any sort of laws or rules.
Basically, customers who choose to use this platform are on their own and do so at their own risk. If the company decides to do a runner or a rug pull, or even if they decide you didn't actually win that trade and refuse your payout, there is very little legal action anyone can take against them. Though the platform has a lot of positive reviews and few complaints, and a long history of satisfied traders, this is still an important consideration.
For me, I would not deposit much money (or any) with an unregulated or unlicensed exchange. Like my stocks and crypto, I stick to the blue chips like Binance and Kraken.
For those that do not know, trading on leverage is a way for the individual to get more exposure to an asset than they have put down in funds. This gives the trader the advantage of making money on “borrowed funds”.
When trading on leverage, traders can potentially enhance their returns by a certain factor. Of course, this also works on the way down as losses are also magnified. Below is an example of how leverage will work on the PrimeXBT platform.
Another advantage of leveraged trading, in general, is that it allows traders to short an asset. This means that they can make money on a fall in the price of the asset.
As mentioned, the maximum leverage on PrimeXBT is 1:200 for BTC and ETH pairs, with other crypto pairs varying between 1:5 to 1:50 and up to 1:1,000 on some of their forex pairs. This means that traders only need to put down 1% (or 0.1%) of the required capital in order to take out that position.
The exact leverage that users will be allowed for the position will depend on the type of asset that they are trading as well as the size of the position that they are taking on.
For example, here are the base margin requirements and resulting leverage for a few of the 41 available cryptocurrency pairs:
Here is a look at the margin requirements for some of the 51 forex pairs available:
Here is a look at the margin requirements for the 11 supported indices:
And finally, the 5 supported commodities:
You can see a full list of the leverage limits for the other assets in your account management area or on the PrimeXBT fees page.
In order to most appropriately manage market risk, PrimeXBT will reduce these leverage limits for those traders that have a higher exposure to the market. Larger positions will require more margin and hence reduce exposure – and subsequently broader risk.
With all of these leverage numbers, it is important to point out that this is the maximum leverage limit, and traders can opt for a lower number level. This may be a more prudent move as even the slightest amount of volatility can lead to an exhaustion of funds with 100x or 1,000x leverage.
Leverage can be a very powerful tool in the hands of a professional trader, and conversely, can cause significant losses. Be sure you fully understand the risks involved in leveraged trading before using leverage on a live account.
If there is a case where a trader exhausts their equity and the value of their account falls below a certain level, they will get what is termed a “Margin Call“. PrimeXBT will automatically close out the open positions in the negative as they need to manage the risk that they have on their books, resulting in lost funds for the trader.
PrimeXBT Asset Coverage
Asset coverage is one of the more impressive aspects of the PrimeXBT trading platform. There is an extensive range of assets that you can trade there.
With PrimeXBT, traders are not restricted to only being able to trade crypto assets as is the case with many other crypto trading platforms. As mentioned, you can also trade forex, commodities, and stock indices.
- Crypto- 41 tradeable cryptocurrency markets. This includes trading popular cryptocurrencies against USD or Bitcoin.
- Forex- 51 tradeable pairs including all the majors and many minor/exotic pairs.
- Commodities- 5 tradable commodities such as Gold, Silver, Brent, Crude and natural gas.
- Indices- 11 tradable indices such as GER30, SP500, NASDAQ, HK-HIS, AUS200, JAPAN, UK100, DOWJ, EUR50, FRANCE, SPAIN
This means that traders can take a position on some of the more traditional assets allowing them to explore other markets and hedge crypto positions.
Correlation Trading 🤓️: Given that you can trade crypto as well as these more traditional assets, it means that you can also structure more bespoke and exotic trades and search for correlations between the likes of the Dow Jones vs Bitcoin and compare it to Gold’s performance and more.
Trading fees are a really important consideration as they can directly impact your profitability in the long run. If you trade a great deal of volume on an exchange, then these fees add up on a cumulative basis.
PrimeXBT is quite transparent with its fees. They only have two types of fees, and these are the trade fee and the overnight fee. The former is a fee that is charged for entering the position and the latter is for financing the position overnight. The trade fees are very straightforward:
- 0.05% for Cryptocurrencies
- 0.0001% for Forex, Indices and Commodities
We have the fee breakdown for a selection of assets in the table below:
Note ✍️: The financing fees are dynamic. Visit the fees section at PrimeXBT to confirm the exact fees on the day.
This places PrimeXBT more in line with the fees model of a CFD broker than a Futures exchange. They are not charging settlement fees on the contracts but are charging an overnight rate for holding the position. The latter will not apply if you enter and exit the position within the day.
Overnight financing is not charged on weekends for markets that are closed during that time, however, a triple financing rate is due on Thursday 00:00 UTC.
The trading fee of 0.0001% – 0.05% is much lower than many comparable CFD brokers which is a massive benefit for traders who use PrimeXBT. The exchange recently released its tiered fee structure for those traders who do a considerable amount of volume on the platform. Below are the discounts that you can earn based on the 30-day rolling trading volume.
- 300–600 BTC: You will get a 25% discount on the above rates at PrimeXBT.
- 600 + BTC: Traders with volume over this amount will earn a 50% discount on the current fee offer
In terms of funding an account, there are no fees that are applied to inward payments. However, if traders are to withdraw funds from the exchange then they may have to pay an arbitrary miner fee in order to propagate the transaction (these are standard across the industry).
The fees for withdrawals are as follows:
- 0.0005 BTC
- 0.002 ETH
For USDT, USDC and COV the withdrawal fees vary depending on the network used.
- 10 USDT
- 10 USDC
- 5 COV
- 0.8 USDT
- 0.8 USDC
- 2 COV
If you have decided that you would like to try out the PrimeXBT platform then you will need to register an account. In order to do this, you will need to provide them with an email and password. You also have the option to insert a referral code if you were given one (more on this later).
They will send out an email to the address that you have provided so that you can verify it. Once this is done, you can log back into your account and access the trading platform and the account features
Top Tip 💯: Enable two-factor authentication when logged in (it is not set as default)
Something that you may have noticed is that PrimeXBT does not require any forms of identification when you sign up. This is because they are one of the few exchanges that do not complete KYC or AML checks on their traders.
They are a fully anonymous exchange which can be advantageous for those traders that value their online privacy and would not like to send over personal documentation. Moreover, this makes the exchange less of a target for identity thieves who are looking for juicy targets in databases.
Note that in the terms and conditions, it is clearly stated that the company does reserve the right at any time to conduct a verification of a client’s identity or source of funds.
PrimeXBT Funding & Withdrawals
Customers can fund their accounts by depositing via bank card or bank transfer. Deposits are made through third-party services such as Coinify, Changelly, Xanpool, CEX.io and Paxful. Through these third parties, customers can buy BTC, ETH, USDT and USDC.
For users who do not want to use one of these third-party services then they will need to fund their account with crypto that can be purchased from an exchange like Crypto.com, Kraken, or Binance. PrimeXBT supports deposits in BTC, ETH, USDT, USDC, and COV.
USDT, USDC and COV can be deposited via ERC-20 or BEP-20 network.
If you choose to purchase crypto first from a crypto exchange, funding your account is relatively simple. You will head on over to your dashboard section:
Navigate to the asset you want to deposit, and you will be shown a screen with your crypto deposit address.
The deposit may take a bit of time to show up in your account due to the fact that the crypto will require confirmations on the blockchain network before they are deposited into your account.
Pro Tip ✔️: Use a block explorer to monitor the confirmations
At the time of writing, customers can only withdraw cryptocurrencies; there is no fiat off-ramp available for fiat to bank withdrawals.
In the case of a withdrawal, customers will need to head on over to the “withdraw” page where they will provide their personal crypto address and simply send the crypto funds to the address of their choice.
Once a withdrawal has been requested, users will have to wait for the PrimeXBT team to process it as withdrawals are manually processed. If it is quite a sizable withdrawal it may take quite a bit of time if there are not enough funds in the hot wallet, they may have to access some from their offline cold wallets.
PrimeXBT Trading Platform
As traders spend the majority of their time on the main trading platform, it is pretty important that it is well laid out and intuitive from a user interface perspective and has all the features and tools that one needs.
The PrimeXBT trading platform has plenty of tools available to suit traders of most skill levels. They have developed their own trading technology, making the platform robust with plenty of key features.
On the PrimeXBT platform, there are three main sections which can be accessed in the header toolbar. These are the account administration section, the information section and the actual trading platform itself.
The first thing that you will notice about the platform is that it offers a large degree of customization. You can build out your own workspaces that you can access at the top of the platform.
They have also designed this platform around “widgets”. This means that users can insert a new panel onto any one of their desired workspaces. These widgets can contain a chart, order form, trades, messages etc.
Traders can select “add widget” and they will be given a list of different ones to choose from. Traders have the option to spread the platform out across more than one screen or can have numerous different markets on a single screen.
When it comes to the charting package, PrimeXBT seems to have quite a comprehensive charting functionality. This could be ideal for those who like to trade with technical analysis.
Pro Tip 📲: Traders can use the PrimeXBT Telegram Bot which will send them price alerts, open positions and executed orders. It also gives them the ability to reach out to customer support right there in Telegram.
For example, there are a number of customization options which allow users to alter the appearance of the charts. These include things such as the colours, grids and spacing. This is not something that we have seen on other charting packages developed by an exchange.
Taking a closer look at the actual tools that are at your disposal, there are the drawing tools that traders need to map their important levels. These include fan lines, Fibonacci, retracements, and other trend lines.
There are also a plethora of technical studies and indicators that can be used. These include all of the momentum indicators as well as relative strength and volume-based studies. Users can also customize the indicators in terms of the time frame and other important inputs
For those traders who are more technical, they may prefer a broader range of order types and functionality. This will allow the trader to define specific levels for entries and exits. They are also imperative as a risk management instrument to limit losses especially when it comes to leveraged trading.
PrimeXBT has most of the standard order types as well as some protection orders. These include:
- Market Order: This is one of the more traditional order types and it will be placed and executed immediately at the prevailing market price. You will use this order if you want to buy/sell immediately.
- Limit Order: This is an order that is placed to buy/sell an asset at a pre-specified level away from the market. The moment that the market touches this level, your order will be executed. In terms of the length of time that these orders are in place, they are either “Good-till-cleared” which means they will remain like that forever. Alternatively, these could only be day orders that will be completed the moment that the trading day is closed.
- Stop Market Orders: These are orders that will become market orders the moment that a certain level has been reached. These are used by traders either to limit the losses on their position as a “Stop-loss” order or they are used in order to take a profit on a positive position.
- Protection Orders: These are available as additional protection on any position or order that you currently have. These can be placed on new Market, Limit or Stop orders by clicking on the “Place Stop Losses / Take Profit” box on the order form. Here you can set up the protection orders to go with your main order above it.
- One-Cancels-the-Other (OCO): These are a set of orders whereby the execution of one order will cancel the other. Here, the number “1” order will be your main order and if this is executed, the other will be cancelled.
Given the amount of leverage that traders can access, with the volatility in the crypto markets, we would suggest that you make use of the protection orders – for your own good.
For the Pros 👨💻: You can enable “one click” ordering if time is of the essence with the trade.
Something that most traders are no doubt aware of is the risks of “order slippage”. This occurs when you place an order and the price that you get is nowhere near your desired entry point.
Slippage can occur for a number of reasons. It can be because there is limited liquidity in the market or it can be because the matching engine at the exchange is not fast enough.
Given that PrimeXBT has developed a highly efficient trading engine, they are able to execute orders at below 7.12 milliseconds on average. This is impressively fast and means that traders are less likely to experience slippage.
In fact, PrimeXBT actually measured the slippage on their executed orders. According to their 2019 slippage stats, at least 94% of their orders were met at Quote or better. We were unable to find these stats updated for recent years, but have not found any complaints or reasons to assume these impressive slippage statistics have faltered.
PrimeXBT Mobile App
For those of you who are going to be away from your desk, you will be happy to know that PrimeXBT also has a couple of mobile apps, PrimeXBT and PrimeXBT Futures Pro for more advanced trading. These apps will allow you to place trades and monitor open positions on the go.
These are supported on both iOS and Android devices. We actually downloaded the PrimeXBT app and tested it out to see exactly how functional it was.
It appears to have a lot of the same functionality that you have on the desktop platform. There is charting, easy order execution, and account management. Whether or not you will actually be able to perform proper technical analysis and be accurate from such a tiny screen with big fingers is another matter.
Something that we found particularly impressive about the app is that you can customise your layout to suit your trading preferences. You also have pretty extensive order options which is more than we have seen on other trading mobile apps.
In terms of the reviews by other traders, they appear to be quite mixed. Some customers report that the apps are solid and very useful, while others complain that the platform is slow and glitchy. The reviews seem quite similar for both apps, though it can’t be too bad as the ratings are average 3.5 for PrimeXBT and 3.8 for PrimeXBT Futures Pro.
So, should you use mobile trading?
Well, we are not really fans of mobile trading in general. Even though PrimeXBT claims that you have all of the same functionality as the browser-based platform, you still can never replicate the same trading conditions. We would suggest you use the web app as the first port of call and leave the mobile app for monitoring open positions and having to perform on the go trade maintenance.
PrimeXBT Customer Support
Nothing can be quite as frustrating for a trader than an exchange that takes a long time to respond to their questions or customer support queries, especially when open trades and live money is on the line. This is why it is such an important criterion for us when we complete these reviews.
Generally, the thing that takes up the most time for customer support staff is KYC verifications. Given that PrimeXBT does not conduct these unless they have concerns about suspicious activity, it means that it frees up a lot of time for their agents to answer the most pressing questions for the traders. This was indeed also our experience.
Perhaps the quickest and most effective way to get hold of their customer support is through the live chat that can be accessed right from the trading platform. This is active and manned 24/7. When we reached out, both Garret and Anthony below were free, and they got back to us almost immediately.
They were also quite knowledgeable so it shows that PrimeXBT has not palmed their support function off to some offshore location with people who don’t know what they are talking about. Alternatively, you can contact their team at [email protected] if you have any questions related to security, account management or product inquiries.
Pro Tip 💯️: If you need to have your query answered quickly and you are not getting a response through their ticket support system then you can always hit them up on their social media. Try their Twitter or Telegram where the latter can be reached from the Telegram Bot.
Unfortunately, they do not have a dedicated phone line which you can dial in the case of an emergency.
Finally, if you suspect that something could be down with the exchange then you can always head on over to their status page. This gives you an in-depth overview of the operational status of the trading engine, deposits/withdrawals and website.
If you have been using the exchange for a period of time and are comfortable with the service then you may want to consider getting involved with their referral program. This will allow you to earn a commission from referring friends to the platform.
PrimeXBT operates a tier-based referral program where you will earn a percentage of trading fees not only on those traders that you directly refer but also a percentage from 2nd and 3rd tier referrals. Below are the commission rates:
This is better than the other futures exchanges such as BitMEX for example. Although they have the same commission for your direct referral, BitMEX does not offer tiered referral payouts. This means your earning potential is enhanced with PrimeXBT.
If this is something that you would like to get involved with then you will need to get your referral code. This is something that you can get in your account management page under the “referral” section. You can either elect to use a link with your code embedded or to give your referrals your code when they are signing up.
Note ✍️: Be sure to read the T&Cs that apply to this as well as what is acceptable promotion and what is outlawed
Tutorials & Guides
It’s always a nice touch when an exchange includes additional material to help smooth your trading experience. PrimeXBT is no exception. The team has put together an extensive self-help and FAQ section which is there to help users understand what all the different features do, the products offered, and how to navigate the platform like a pro.
If you would prefer a more visual guide then PrimeXBT has included a number of video tutorials. These can be accessed from inside your account by clicking on the “Tutorials” section in the top right of your account.
These are professionally done and well presented. They include information such as how to place trades, set up stop-losses and protection orders, funding your account and safely using leverage.
Finally, PrimeXBT also runs a pretty unique medium blog. Here you can find additional information on how to trade futures products. They also go over broader trading disciplines such as Technical / Fundamental analysis etc.
PrimeXBT Covesting Copy Trading
Copy and social trading have become massively popular and is a feature that is supported by many popular trading platforms like eToro and Avatrade. This feature allows customers to automatically copy and execute the trades of leading traders who use the platform.
The copy trading features allow traders to set up and manage a strategy and/or follow another trader’s strategy. A strategy is a pool of a trader’s personal funds which are visible to the public and can be followed by other customers on the platform. This provides an opportunity for both experienced successful traders and followers to boost each other’s profit potential.
When customers navigate to the copy trading area of the platform they will be presented with a long list of traders, their trading performance for the past 24 hours, and their longer-term performance.
This is important to note since it is wise to choose a trader who has a long, proven track record rather than one who has been on the platform for a few days. You can conveniently sort them according to their total profit.
Once a customer has decided which trader they would like to follow, they will need to make sure the funds they want to copy trade with are in their main wallet, not the trading wallet.
This provides users with a fantastic and passive way to potentially earn profit from experienced traders, as well as diversify one’s trading portfolio. Each instrument trades differently, and if a trader is experienced with Bitcoin trading, why not leverage the experience from someone who is an experienced forex trader? It is a great diversification hedge.
Who is Copy Trading Suited for?
Copy trading is a great tool for a lot of users with any level of experience.
For new traders learning to trade, this can be a great way to gain exposure to trading strategies and be able to analyze how a successful trader approaches the markets. Akin to an apprentice studying under an experienced craftsman, there is a lot to be learned by studying the trades of a pro.
Copy trading is also great for the “armchair” trader and anyone who is just looking to make some passive income. It is also a great way for experienced traders to earn some extra income from other traders. There are too many instruments and markets for one person to trade them all, it makes sense to share the workload and profit from traders trading separate instruments to yourself.
For traders with a proven track record, becoming a strategy manager can be a great way to earn some extra income as well. Allowing others to copy your trades while earning a cut of their profit is a good way to earn extra for very little extra work. Trades and strategies can be shared across social media and strategy managers can manage their strategies through the “My Strategies” area of the platform:
You can learn more about Covesting Copy Trading and managing trading strategies at the PrimeXBT Copy Trading FAQ section on their site.
COV Token Benefits
PrimeXBT has partnered with a licensed DLT services provider Covesting to offer its users services such as Covesting Copy trading and yield accounts.
The COV token offers a user-centric model that provides incentive schemes for the Covesting ecosystem. COV staking on PrimeXBT offers benefits for users who participate in the Covesting modules: followers of copy trading strategies, strategy managers, and users of the PrimeXBT Yield accounts.
When users activate a membership plan by depositing and staking COV, various levels of benefits, based on the amount staked, will be unlocked.
Staking COV tokens unlocks the following benefits:
- COV can be used as collateral for leveraged trading.
- Reduced (50% discount) or removed (100% discount) on entry fees for following traders.
- Increased followings’ profit share by 5% 10% or 15%
- Extend individual following limit by x2, x3 or unlimited for each separate strategy.
- Reduction of trade fees for strategy managers.
- Increase crypto staking APY by x1.25, x1.5, or x2 on yield accounts.
Here is a look at the different membership plans available with COV staking:
Areas For Improvement
While there were many things that we liked about the PrimeXBT exchange, there are a few things that we think warrant improvement.
Firstly, regulation and licensing go a long way and gives traders and investors confidence that they are dealing with a legitimate exchange.
Second, when it comes to trading technology, they do not offer API functionality. This would allow developers to code their own bots and trading algorithms to trade on the PrimeXBT platform.
They also do not offer any downloadable PC client program to trade on, the platform is browser-based only.
Product and feature support could also be expanded if PrimeXBT plans to compete with more robust trading platforms, though many traders prefer the simplicity of PrimeXBT without all the extra frills and “noise” that overcomplicates many other platforms.
Finally, a Fiat offramp would also be a hugely beneficial feature so traders could withdraw their winnings to a bank account.
PrimeXBT Exchange Conclusion
Based on this review, PrimeXBT appears to present an appealing choice for traders seeking to engage in leveraged cryptocurrency trading. Many traders are actively seeking alternatives to platforms such as BitMEX and Bybit.
Indeed, the high leverage levels make it a similarly attractive proposal which will allow those users to magnify their returns on borrowed money. Of course, this is a double-edged sword and leverage can seriously hurt a trader’s account, appropriate risk management is a must.
One of the most attractive features of PrimeXBT is the ability to sign up without KYC or ID verification. KYC is becoming more and more common for many of our favourite exchanges, so it is nice to have this option for traders who appreciate privacy.
So, is PrimeXBT the exchange for you?
If you are looking for a leveraged cryptocurrency exchange with relatively advanced technology, transparent and low fees, and strong security procedures then it should be considered.
👉 Sign up for PrimeXBT and secure your 35% bonus!
Warning ⚡️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management
Frequently Asked Questions
Tough to say. I would say yes, as PrimeXBT has been operating successfully for a number of years and is enjoyed by millions of traders worldwide with thousands of positive reviews, but how "legit" can a broker be without licensing or regulation?
It is also important to note with the lack of KYC requirements that they are playing on the less-cautious side of friendly regulation which may see some crackdowns in the future.
PrimeXBT takes the most important step in customer safety, which is that they keep the majority of funds in cold storage that needs multiple signatures from multiple staff members to access. The company states that they perform routine audits and checks on the platform, highlighting that the company takes appropriate safety precautions.
Though on the flip side, being an unregulated broker means you need to place a lot more trust in the company and are depositing funds at your own risk.
While unlikely, it is not impossible. As is the case with any exchange, there is always a possibility of hacks.
PrimeXBT is not available for users located in the USA, there is no “PrimeXBT USA” option as there is with other platforms like eToro or Binance.
PrimeXBT is a cryptocurrency, forex, stock index, and commodity trading platform where traders can access up to 200x leverage on some crypto pairs and up to 1,000x leverage on some forex pairs. The exchange has deep liquidity and near-instant trade execution.
Shorting Bitcoin on PrimeXBT is possible thanks to the contract for difference market that enables price speculation without physical asset ownership. PrimeXBT empowers traders to go long or short with leverage. Traders begin shorting Bitcoin on PrimeXBT by conducting thorough analysis using PrimeXBT's toolset.
Simply navigate to the BTC/USD pair and click "Trade." In the ensuing "New Order" dialog, select "Sell." Determine your position size by adjusting the "amount" field and set stop loss/take profit levels. Finally, execute the transaction by clicking "Send Order," with automated exit orders in place for added security.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.