PrimeXBT Broker Review

Updated: Jan 20, 2022

PrimeXBT Platform Overview

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Over the last several months as volatility has reached extreme levels in all markets, and more people are finding themselves home, bored, with spare time, and perhaps spare money due to less spending on social activities.

Minimum Trade Size:0.01
Maximum Leverage:1:1000
Minimum to Open Live:$50
Established:2018
Address:First floor, First St. Vincent Bank Ltd Building, James street, Kingstown, Saint Vincent And Grenadines
Contact:info@primexbt.com
Regional offices:Saint Vincent
Regulations:N/A
Prohibited Countries:USAJapanCanadaUnited KingdomFranceIranSyriaNorth KoreaSudanRussia
Trading platforms:MT4
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: 50+
Currencies: (11) BTC, ETH, LTC, XRP
Currencies: Yes
EAs/Robots: No
News Spike Trading: No
Scalping: Yes
ZuluTrade: No
MAM: No
PAMM: No
CopyTrading: Yes
Deposit Methods:Bitcoin,XRP,Bitcoin Cash,Ethereum,Bitcoin Gold
Withdrawal Methods:Bitcoin,XRP,Bitcoin Cash,Bitcoin Gold,Ethereum,Litecoin


This has resulted in a massive surge of interest in retail day traders.
The boom in volatility has also lured more experienced traders to try their hands in unfamiliar markets to see what other opportunities are out there.

PrimeXBT is an award-winning trading platform that caters to both new retail traders and experienced traders seeking 
to diversify their portfolios and access a breadth of trading instruments all under the same roof for easier position management.


This review breaks down all of the platform’s key features, and will by the end reveal to the reader if PrimeXBT is worth signing up for.
All aspects of the platform will be considered as part of the final conclusion, from which instruments are available for trading, to which
tools are offered, how fast the registration process is, and everything in between.

 

Prime XBT Review: User Experience

Getting set up on PrimeXBT could not be easier. Registration can be completed in just a few clicks. The entire process took no more than a few minutes. A low minimum deposit of just 0.001 BTC is required to fund your trading account. Low minimum positions sizes are available across all trading instruments.

For those who for some reason or another struggle with the process, which is very simple, a help center and live, 24/7 customer service is available to assist via live chat. Support reps are trained to deal with any situation in a friendly and prompt manner.



The trading terminal itself can be customized through a variety of widgets, which include charts, watch lists, open positions, open orders, and more.
For those that demand a more professional experience, dual-monitor support is also offered.

All information pertaining to orders, sizing, and price data are always made clear, and detailed trading history and account statements are available for accounting purposes.
A referral program is also offered that lets users generate up to 20% commissions on direct referrals, and an additional 15%, 10%, and 5% on any new users the referrals bring in.

Those taking advantage of the program have already generated over 50 BTC in earnings.
A free mobile application for iOS and Android keep traders connected at all times.

 

Prime XBT Review: Trading Terminal

The reliable platform offers up to 99.9% uptime and has barely any hiccups in a normal trading session.
Even when extreme volatility strikes, PrimeXBT remains stable and keeps on performing to expectations.

Tools include long and short positions, stop-loss orders, take profit protection orders, one cancels another, GTC, and more.
Built-in charting tools are also available for technical analysis and trade strategy planning. 
Taking things one step further, day trading strategies can be executed by clicking on the chart itself to enter positions with incredible accuracy.


No third-party website or API integration is necessary to access charting software, for unmatched value.
Typical services often involve a recurring monthly fee, but PrimeXBT adds this feature for free to give their users a competitive advantage.

Orders executive quickly, and at the price selected, with very little slippage and high liquidity.
The most active traders can earn discounts off of trading fees, which are already highly competitive.
At over 300 BTC turnover, a 25% discount is awarded, while over 600 BTC in turnover enables a staggering 50% discount.

 

Prime XBT Review: Instruments

PrimeXBT offers a large variety of instruments all under one roof so that traders can build a diverse portfolio for the highest level of performance and risk aversion. 
Assets include cryptocurrencies like Bitcoin, all of the world’s major forex currency trading pairs, the most important stock indices, and commodities like gold, silver, oil, and gas.

More and new instruments are being added regularly, so be sure to check back often to see if the list has grown if PrimeXBT doesn’t immediately offer a trading pair you are interested in.
But at over 50+ unique instruments, there is something for everyone.



Prime XBT Review: Security

All accounts are protected by bank-grade security infrastructure and both website and wallet level protections.
The website itself uses encrypted passwords, and DDoS protection from Cloudflare, along with other security techniques.

Wallets are further protected by compulsory address whitelisting, and optional but recommended two-factor authentication.
The platform has never been hacked, and due to the way the system is designed, in the event of unauthorized access, if proper protections are set up, users cannot make off with any funds.

Bad actors are kept out thanks to a partnership with Crystal’s Bitfury for advanced blockchain analytics.

 

Conclusion

PrimeXBT was recently honored for a number of awards, including Best Bitcoin Margin Trading Platform by ADVFN, and we can understand why.
The platform has all a trader needs to become profitable and offers both accessibility and depth that is ideal for both novices and professional traders with long careers.

New traders will immediately feel the power of the platform and the easy-to-use tools.
Experienced traders will appreciate the large variety of instruments and charting software with over 50 technical indicators built-in.

Both can sign up easily in very little time using a short and sweet signup process. After a low minimum deposit, or by buying Bitcoin directly on the
platform itself, users can immediately get started trading one of the over 50+ trading instruments offered by the advanced trading platform.

FAQ

PrimeXBT is a trading platform, offering a 'one-stop-shop solution with numerous products and services combined in a single account with an intuitive and user-friendly interface:
  •  
    Margin trading platform - trade Crypto, Indices, Commodities, and FX with up to x1000 leverage, allowing you to maximize your profit potential and earn from both rising and falling markets through CFD contracts (Contract-for-difference).
  •  
    Covesting module - profit by setting up and managing your own Strategy and/or Follow (copy) Strategies of other successful traders. A Strategy is a pool of a trader's personal funds which is visible to the public and can be Followed by others. This provides an excellent opportunity for both experienced successful Traders and Followers to earn and greatly boost each other’s profit potential. Learn more.

Cryptocurrency, Forex, Indices, and Commodities. A detailed list of all available pairs and instruments can be found here.

To begin trading, you will first need to fund your account. There are 2 options to fund your account:
  •  
    Direct Crypto deposits from your personal crypto wallets to your PrimeXBT wallets
  •  
    Deposits through third-party services, such as Paxful, Coinify, Xanpool, CEX.io, which allow you to purchase crypto using a bank card

Your profits will depend on your patience, trading decisions and the success of your trading strategies.

If you do not have the time or experience to trade or simply do not want to trade yourself, we highly recommend checking out the Covesting module. This feature allows you to automatically replicate and profit from the trades of successful traders without having to personally trade on the market.

Yes, there are 2 different fees that can be incurred when trading - Trade fee and Overnight financing. Detailed information regarding fees can be found here: https://primexbt.com/fees Trade Fee is incurred any time a position is opened or closed:
  •  
    0.05% for Cryptocurrencies
  •  
    0.01% for Indices and Commodities
  •  
    0.001% for Forex majors
Overnight Financing is incurred any time a position is carried into a new trading day, at 00:00 UTC. Positions closed before the start of a new trading day (00:00 UTC) will not be charged at all.

While there are no 'testnet' or 'paper trading' accounts at PrimeXBT at the moment, you can set up a Trading account with a small deposit to try out the platform. For example, a deposit of as little as 0.001 BTC will allow you to trade with up to 0.1 BTC worth of assets at once.

We act as an STP broker to ensure fast order execution and excellent liquidity for traders. As an STP broker, we receive quotes from a large pool (12) of liquidity providers and automatically arbitrage between them to offer the best currently available prices. Thus, the pricings for Cryptocurrencies provided on PrimeXBT will vary in accordance with the pricings across the exchanges from which liquidity is aggregated. CFD and FX feed come from a partner company (feed aggregator) which sources liquidity from multiple providers such as prime brokers, banks etc.

PrimeXBT Platform
Exclusive CFDs Forex Broker In 2022 - PrimeXBT Platform Overview
Pros
  • Offers digital assets to trade
  • High leverage allowed
  • Run a blog for customers
Cons
  • Not licensed or regulated
  • No demo account
  • Little research options