PrimeXBT Review 2024

4 Steps to Sign Up to PrimeXBT

Ready to sign up to PrimeXBT? You can do so in four easy steps. Follow along to get started.

1. Register for a New Account

Navigate to the website and click on Register at the top right corner of the screen. Alternatively, you can download the mobile app from the Google Play store or Apple’s App Store to get started. Provide an email address and password to begin.

2. Verify your Account

Check your email for a confirmation link to complete your profile. Enter the information required and upload ID and proof of address documents. You may also be asked to provide some proof of income documents.

3. Make a Deposit

To make a deposit, navigate to the Main section and choose Deposit. Choose the crypto you wish to deposit, select the network from the drop-down menu, and send the crypto to the provided address. If you don’t have crypto, you can buy with your credit card thanks to third-party services.

4. Start Trading

Once your account has been credited, you may begin trading your favourite assets.

PrimeXBT Review - Key Features

Copy Trading

Copy trading allows you to copy the trades of other PrimeXBT users with profitable portfolios or high win ratios. Thanks to an integration with Covesting, a financial technology company, you can view these traders, check their history, how profitable they are over time, and decide to subscribe to them.

If you’re an experienced trader, you can make extra income by allowing other people to subscribe to you.

Buy Crypto

PrimeXBT features a direct buy option that allows you to buy crypto directly with your credit card. All you need to do is select theh crypto from the available options (usually majors like BTC, ETH, and USDT), select the credit card option and follow the on-screen prompts.

Live Charts

PrimeXBT provides a proprietary trading system with live charts, indicators, and cross platform capabilities. It also received 24/7 support from the broker’s customer service team. The PrimeXBT app is available on mobile and desktop as well as in-browser.

Unified Account

Unlike most other brokers that have various account types, PrimeXBT uses only one account for trading securities across all asset classes. The same account can be used to trade crypto.

However, you can open multiple margin sub accounts under one main account and run various strategies on them. These sub accounts are not linked to one another in any way and the funds in them are kept completely separate.

What Can You Trade With PrimeXBT?

Crypto Futures

PrimeXBT offers futures contracts for up to 31 cryptocurrencies tat can be traded with leverage of up to 1:200. By working with the best liquidity providers, traders can get the best prices and low spreads on their contracts.

Forex

PrimeXBT offers up to 45 currency pairs in its forex category, including majors like EURUSD and GBPUSD, crosses like AUDNZD and EURGBP, and even some exotics like NZDSGD and EURMXN.

Traders can access leverage of up to 1:1000 and trade on the platform of their choice. The smallest position size that can be traded is 0.01lot (1,000 units of quote currency) while the largest is 100 lots (10 million units of quote currency).

Indices

PrimeXBT offers 11 indices from major markets globally, like the US (S&P500, NASDAQ100), UK (FTSE100), Japan (Nikkei 225), Germany (DAX30), Hong Kong (Hang Seng Index), and Europe (STOXXX50).

These indices are traded via CFDs with spreads as low as 0.1% and leverage up to 1:1000.

Commodities

Commodities offered on PrimeXBT include Gold, Silver, Oil, Platinum, Palladium, Copper, Aluminum. Like indices, spreads start from 0.1% and leverage goes up to 1:1000. The smallest unit of trade per position is 1 unit of the commodity, while the largest is 1,000 units.

Cryptocurrencies

While other instruments offered are either CFDs or futures contracts, PrimeXBT also allows access to real cryptocurrencies where traders buy/sell the underlying coins, not contracts. However, their list is quite limited as only 18 coins are offered. For a more expanded selection, visit the CFD or Futures categories.

Is PrimeXBT Suitable for Beginners?

I’m a Beginner

Beginner traders usually lean more towards platforms that are easy to use, have educational materials, and a community to interact with and learn from. PrimeXBT features a speedy sign up process for users to easily create an account, an academy for new users to learn, and copy trading features for novices to copy the trades of more successful and experienced community members.

The range of securities listed is wide enough to give beginners options, but not so wide that they get drowned in a sea of choices, paralysed by an inability to focus on one or one set of securities.

I’m an Expert

PrimeXBT features advanced tools for expert users to take advantage of, one of which is the copy trading function. While this may seem like a tool for users who do not know how to trade, experts can use it to improve their accuracy by studying the trading patterns of successful peers.

The site also hosts trading contests that traders can get involved in to win cash prizes. The challenges span weekly and monthly with the monthly offering a larger cash prize.

Pros & Cons of PrimeXBT

History of PrimeXBT

PrimeXBT was founded in 2018 and has quickly grown to offer services to clients in over 150 countries through two subsidiaries: Prime Technologies registered in Seychelles and PrimeXBT Trading Services LLC registered in Saint Lucia.

PrimeXBT in its current form processes $1+ billion in daily volumes, is connected to 12+ liquidity providers, has three offices in different countries, and maintains a workforce of over 150 staff.

How Does PrimeXBT Work?

PrimeXBT offers brokerage services to traders looking to take advantage of the financial markets using the forex, cryptocurrency, indices, and commodities asset classes. The broker offers trading services in the form of access to the markets for its listed asset classes.

Aside from cryptocurrency, all other assets lasses listed are traded using CFDs, contracts for differences, financial derivative instruments that allow people to trade the price action of an underlying asset without owning it.

These CFDs give traders access to markets that may have otherwise been hard or expensive to trade (like Gold and Palladium). They also allow traders to long and short the market efficiently and at low cost.

Prime XBT offers one account that can be used to trade all asset classes across all markets. The leverage structure offered is also simple, 1:1000 for forex and 1:200 for everything else.

Aside from CFDs, Futures, and cryptocurrencies, traders also have access to tools like its economic calendar, research material, and learning courses to inform their trades and sharpen their skills.

To begin trading with PrimeXBT, you’ll need to sign up for an account, pass KYC, and fund your new account with at least $10. We touch more on KYC requirements in a later section.

Is PrimeXBT Safe?

We believe PrimeXBT is as safe as the top exchanges in the industry where technological safety is concerned. Unlike some crypto exchanges that have suffered hacks and exploits, PrimeXBT has a clean record.

However, we must mention that the lack of a licence leaves much to be desired in terms of safety from a regulatory perspective. While the broker is held to certain standards by local financial authorities, some crypto clients may prefer it have a licence.

Reputation

So far, PrimeXBT’s reputation remains untainted, largely due to its excellent service offerings, helpful tools and products, and its spotless track record in the area of not being hacked.

While it may not be the most popular broker around yet, it is in the upper echelons of brokers that accept crypto deposits. Its 1 million+ users is a testament to that.

PrimeXBT KYC Requirements

When opening an account with PrimeXBT, users must undergo a KYC process to ensure that they are who they say they are and that they are allowed to use PrimeXBT’s services.

According to PrimeXBT’s privacy policy, KYC mandates the collection of personal details like a passport, drivers license, national identity card (if applicable), utility bill, source of funds confirmation, and other documents deemed necessary like wealth statements, financial statements, and employment details.

These documents are usually mandated by existng regulation, so PrimeXBT has to collect them. However, the compant maintains high security standards and will not share your details with non-related third parties.

Nonetheless, if you wish to trade without submitting KYC documents, you can with PrimeXBT as the broker allows users to trade without KYC, provided they remain within a $20,000 daily withdrawal limit.

Factors to Consider Before Using PrimeXBT

Security

Security is paramount wherever financial information is concerned. Luckily, PrimeXBT implements state of the art security measures thanks to SSL encryption used to protect site traffic.

The platform also implements ongoing monitoring to ensure users accounts and data remain safe.

Lastly, the platform supports two-factor authentication to help users keep their accounts safe in cases where their passwords are leaked.

Regulation

Regulation is very important, especially for platforms that offer crypto services as there are various scenarios where a lack of regulatory clarity or licenses led to brokers being shut down.

PrimeXBT does not currenctly hld a license but is fully registered under the laws of Saint Lucia. Its parent company, Prime Technologies Ltd, is registered in the Republic of Seychelles.

Payment Methods

The payment options available determine the overall cost and ease of moving funds in and out of your PrimeXBT account. Generally speaking, the more methods supported, the better.

PrimeXBT accepts three major deposit methods: credit cards, cryptocurrency, and bank transfers through third-party payment processors like Coinify.

Fees

The total cost of using a platform is the cummulation of trading fees, funding fees, and other account opening or maintenance fees.

PrimeXBT charges low fees for investing and trading. We expand on its fees in a later section.

Customer Service

Customer support is paramount for helping users resolve issues that may rise in their daily use of the platform. The ideal setup is the availability of phone, email, and live chat. Prime XBT’s customer service team is available via email, live chat, phone, instant message channels like Whatsapp and Telegram.

Range of Services

Generally speaking, the more services and asset classes offered, the better as users will not need to use multiple providers for all their trading and investment needs. PrimeXBT’s primary business is providing trading services for cryptos, forex, major indices, and popular commodtities.

The platform also offers tools like economic calendars, trading terminals, and mobile applications to enable traders execute positions accurately and from anywhere.

PrimeXBT Fees

Trading Fees

Cryptocurrency Trading Fees

Cryptocurrency trading fees on PrimeXBT include the fees charged on buying cryptocurrencies (i.e., from the spot market), cryptocurrency CFD trading spreads, and crypto futures fees.

Spot market fees include 0.05% per trade for all instruments.

Forex Fees

Currency pairs on PrimeXBT are traded through CFDs, hence they do not attract a fee per trade. Instead, XBT markes up the spread from 0.1%.

Commodity Fees

Commodities on PrimeXBT are similar to currency pairs in that they are traded via CFDs. As such, they do not attract commission like cryptocurrencies but contain a markup to spreads starting at 0.1%.

This 0.1% markup is also applied to indices.

Funding Fees

Deposit Fees

Deposit fees on primeXBT depend on the method used. The broker supports only three deposit methods (credit cards, cryptocurrency, and bank transfers) whose fees depend on the issuer, network, and vendor, respectively.

Withdrawal Fees

Withdrawals on PrimeXBT are processed via cryptocurrency. All Bitcoin withdrawals are charged a 0.005BTC fee while other cryptocurrencies depend on network transaction fees at the point of withdrawal.

Other Fees

PrimeXBT charges an overnight financing fee for positions carried over to another trading session. These fees depend on the instrument traded and the prevailing market conditions.

Payment Methods and Limits

PrimeXBT accepts deposits via cards (bank cards and credit cards), direct cryptocurrency transfers, and bank transfers.

Direct Crypto Deposits

For direct crypto deposits, you will be given a deposit address to send crypto to once you select the crypto to deposit and network to use. The options are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Circle USD (USDC).

There are no limits for crypto deposits as they are supported by the blockchain networks which are global and decentralised.

Bank Cards

Bank cards include both debit and credit cards and can be used to either deposit fiat into your account or buy crypto directly. The major difference between both methods is that the latter involved buying crypto directly and may be limited to major cryptos, while former involved the added step of getting cash in first.

Deposit limits for bank cards include a $10 minimum limit per transactions and a $100,000 maximum limit.

Bank Transfers

Finally, buying with a bank transfer is done using a third party service. The available ones are Coinify, Paxful, Cex, and Xanpool. You can choose any of the services and buy crypto with them.

Keep in mind that the minimum and maximum limits for this metod depend on the chosen provider as they each implement internal policies regardign fees and limits.

Withdrawals can only be done using cryptocurrency. You provide a wallet address that is whitelisted and withdraw to only that address. The minimum limit for Bitcoin is 0.001NTC while that of Ethereum 0.01ETH. There are no minimum limits for USDT and USDC, and no maximum limits for any cryptocurrency.

PrimeXBT Compared

PrimeXBT is one of many brokers on the market that offer trading services across various asset classes. The broker competes with others in terms of users, extra trading features like copy trading, leverage facilities, innovative price charts, and more.

However, if you wish to shop around, these exchanges that are direct competitors of PrimeXBT are worth a look.

Regulation and Security

PrimeXBT is incorporated in Saint Lucia as a financial services company. The prevalent law does not require it to hold any financial services licences to offer services to clients around the world. However, there are restrictions on serving clients from certain geographical areas.

Some examples include the United States, Japan, Saint Vincent and the Grenadines, Canada, Cuba, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, United States minor outlying islands, American Samoa, and Russia.

Where security is concerned, the site implements a list of measures and technologies that safeguard users’ funds and data. Some of which include:

Two-factor authentication (2FA) using Google authentication to ensure that user accounts have an added layer of protection against hacks and stolen passwords.

Cold storage solutions to house a major portion of users’ crypto deposits. These wallet solutions come with multi-signatory technology that require more than one private key to approve transfers. This means that even if the cold storage solution were to be hacked, the exploiters will be unable to transfer funds out.

Mandatory Bitcoin whitelisting feature that limits client withdrawals to only one wallet address. In the case of a breach, bad actors will be unable to withdraw funds to any other crypto wallet without going through the process of changing the whitelisted address which will kick in security measures like 2FA.

SSL encryption on website traffic and encryption on sensitive data, while user passwords are cryptographically hashed.

Finally, system checks and IT security assessments are carried out on a rolling basis to spot vulnerabilities and fix them in real time.

PrimeXBT documents its security measures which can be found on its security page.

Reasons to Use PrimeXBT

Easy Crypto Deposits

Native crypto users benefit from PrimeXBT’s crypto deposit and withdrawal support. You can deposit major cryptocurrencies like Bitcoin, Ethereum, Ripple, Dash, and more from your account menu.

Another benefit of crypto deposits is that it allows investors who wish to invest in other asset classes like stock indices to easily deposit crypto, convert to USD, and trade. You can get started with trading all securities within a few minutes at a cheap cost.

Saved Time

Thanks to features like copy trading, you don’t have to day trade or check up on trades often as you would rely on others to do these things on their end. This way, you have more time to complete other activities, manage a business, or even level up your trading skills.

Market Research

PrimeXBT provides its clients with up to date market research on the various asset classes it lists. These reports are published weekly and contain enough information to help traders make calculated decisions.

Learning materials like a technical analysis course and several educational videos are available to train you on the crypto market and how to trade them.

Fees and Cost of PrimeXBT

PrimeXBT charges minimal fees and only on the act of trading. The broker does not charge management fees, account opening fees, or deposit fees. The fees charged when using the on-ramp services are charged by the service providers.

For trading cryptocurrencies, PrimeXBT charges maker and taker fees of 0.05% each and a long or short funding fee of 0.0167% every 24 hours depending on market conditions.

For currency pairs, trading fees are not charged. The broker makes money from spreads starting from 0.1%.

The fees for copy trading remain the same across all asset classes.

Final Thoughts

PrimeXBT is a broker that offers cryptocurrency, Forex, commodities, and stock index trading services to retail brokers around the world. It caters to over 1 million users with over 100 tradable securities.

You can trade crypto futures, margin, copy the trades of more successful community members, and if you are an expert trader, you can earn extra income by letting others copy your trades.

Despite the broker’s many great features, its lack of a license is worrisome. However, it makes up for that with registrations in their country of operation, strong security features, and low fees.

Ultimately, PrimeXBT is a great companion for anyone looking to profit from both the crypto and traditional markets from one platform.