PrimeXBT operates as a CFDs brokerage company allowing traders to speculate on cryptocurrencies and several other markets. It claims to offer an intuitive trading platform and ultra-fast order executions. They are located in St. Vincent and the Grenadines, and they offer leverage of up to 1:1000.
Can PrimeXBT be trusted?
The broker is under no regulation or license. Therefore, this implies that the platform is not responsible or will not be influenced by any laws that affect them as an organization. Instead, they will be evaded from any eventuality that may occur to the client or their investment.
PrimeXBT started trading in 2018, taking its foothold into various markets.
The broker was founded in 2018 to provide its clients with top-tier quality and various trading tools. It currently offers services to its clientele in more than 150 countries. They have over 75 employees working to service their vast average daily volume of $ 545,000,000.
PrimeXBT offers 24/7 customer support to their customers spread across the world. The trading on the platform serves both the new beginners and those already experienced.
Location & offices
The broker has offices in St. Vincent and the Grenadines as well as in Seychelles.
There are several markets available for traders. They are available for the client to choose from depending on their preference. The various markets offer different opportunities and differences in returns depending on choices made. Some of the markets traders can access are:
Different leverages are offered to traders depending on the market they choose to trade in, where a maximum of 1:1000 leverage is available.
There are a wide array of currencies to trade. The broker allows its clients access to a fully customizable layout, over 50 technical indicators, and the ability to trade directly from charts. There’s also long and short trade when they give clients.
There are well-known indices to trade from around the world. The indices include the S&P 500, the NASDAQ 100, NIKKEI 225, and more. There are low commission fees charged while trading.
There are options to trade on commodities at PrimeXBT. Trading commodities on the broker allows benefits from instant order execution. There is customizable charting software that provides an array of technical indicators. The array of commodity assets includes metals, energies, and a variety of soft commodities.
Trading long and short positions on cryptos such as Bitcoin, Ethereum, EOS, Litecoin, and more are available. There is a sure gain on profit when trading well advised on the platform with the various available trading tools. Protection orders are present for traders to protect against extreme market volatility.
Comparison with other brokers
The broker currently offers a covesting copy-trading platform. The platform allows users to browse trading strategies provided by other traders and automatically copy their trading activity.
- It is powerful where you can trade over 50 instruments
- Reliable and secure
- Easy to use
Is PrimeXBT good for mobile trading?
The trader allows application download where clients can access timely market information as we monitor their investment. The website can also be accessed through mobile and does not require additional software download.
There are trade fees attached to the various products that a client trades. In PrimeXBT, a trader will incur trade fees depending on the market. A trader will expect to be charged 0.05% for cryptocurrencies, 0.01% for indices and commodities, while 0.001% will be incurred for FX.
|Account type||Min. deposit||Spread/commission||Withdrawal commission|
|Covesting||0.001 BTC||Depending on the market||Depending on the payment system|
|Trading contests||0 BTC||Depending on the market||Depending on the payment system|
PrimeXBT charges a standard withdrawal fee without limitations on the amount withdrawn. Withdrawal fee ranges are 0.0005 BTC, 0.01 ETH, 30USDT, and 30USDC.
Deposit & withdrawal
There are multiple known payment options for clients to choose from. They range from banks to online wallets. There are charges incurred while performing transactions.
Some of the payment options include:
- Bank wire transfers
- Credit cards
- Gift cards
- Digital currencies
- Online wallets
- One can deposit from 0.001 BTC
It accepts deposits in various widely known currencies.
Where does PrimeXBT excel?
- High leverage of up to 1:1000
- Offers multilingual customer support
- Access to multiple payment options
- No personal document required assuring the security of personal data
- Negative balance protection is provided by being insured to 0
What are PrimeXBT disadvantages?
- There are deposit and withdrawal charges incurred.
- There are instances of overnight fees
- There are other instances of not being assured of your funds due to not being regulated
Who is PrimeXBT best for?
The broker has been awarded in recent times for their FX and crypto-assets. It has great innovation and multiple markets on board. It offers low fees and excellent fast order execution. Data security is also due to privacy design and no personal documents required. Thus, the broker proves suitable for all sorts of traders. However, it’s an offshore located broker and lies under no regulation.
It is a good platform for margin market participants to trade crypto, commodities, FX and stock indices, using BTC, ETH, or a USD stablecoin as the base currency. It has copy trading, low trading fees, a range of investment instruments, and leverage up to 1000x, dependent on the asset.
However, the broker is not suitable for everyone. There is no spot trading available, you can only trade with fixed leverage, and the trades are all CFDs, so you do not own any crypto on the platform. Also, you cannot withdraw or deposit fiat currencies on this platform.
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