Your capital is at risk
PrimeXBT is one of the younger generations of cryptocurrency trading platforms which is looking to undercut established competitors by offering added benefits and lower fees. Although relatively new, the platform supports trading in a variety of markets, giving you access to significantly higher leverages and a sleek and intuitive platform.
Your capital is at risk
The platform’s sole trading currency is Bitcoin, and all deposits and withdrawals are in this cryptocurrency. You can invest in a variety of cryptocurrency derivatives (CFDs), as well as Forex, Commodities, and Indices. PrimeXBT does not support fiat currencies, however, it does offer the possibility to trade in currency pairs using Bitcoin.
Accessible worldwide with some exceptions, the PrimeXBT platform is available in a variety of languages. Apart from English, the platform supports Chinese, Korean (SK), Japanese, Portuguese, Russian, Spanish, and Turkish.
The company which operates PrimeXBT is based in the Seychelles and the platform is not regulated. This may be cause for concern to some users, but an increasing number of positive user reviews combined with the platform’s security measures give some peace of mind that the operator is responsible and reliable. Funds stored on PrimeXBT are not insured, however, the platform takes steps to protect user funds from cyber attacks.
This PrimeXBT review will provide you with all you need to know to make an informed decision and the steps you need to take to open an account today. Since the platform is continually improving and developing its products and services, some information contained in this guide might become outdated. Whilst Cryptimi strives to provide you with the latest and best information, we recommend that you always check details directly on the PrimeXBT website before investing.
Even though PrimeXBT is unregulated it clearly takes its user security very seriously. Understanding how vulnerable the industry is, the platform has invested in the highest level of security, protecting users and their assets from cyber attacks and other threats. In addition, the operator carries out stress tests and security audits periodically, ensuring that the platform complies, voluntarily, with the industry’s highest security standards.
According to the PrimeXBT website, the majority of user funds are stored in an offline storage wallet, more commonly called a cold storage system. This type of wallet is ideal, since it is not constantly connected to the internet, thus offering the best protection against online attacks. In order to ensure a smooth-running operation, a small amount of user funds are stored in a PrimeXBT hot wallet.
User funds can be accessed using multiple signatures, which not only protect against unauthorised access but also aids in recovering keys or facilities. Any transfers from the platform’s cold to hot wallets are carried out manually, involving multiple members of staff. This security measure ensures that no employee can ever go rogue and steal user funds.
The PrimeXBT trading platform offers users a single, centralised platform were to trade in cryptocurrencies, commodities, forex, and several other markets. On cryptocurrencies, PrimeXBT offers leverage of up to 100x, allowing you to trade in BTC, ETH, LTC, EOS, and XRP. All gains or losses are paid out in BTC, since this is the platform’s base currency.
PrimeXBT adopts a minimalistic design in its platform, providing clear and concise information combined with useful tools and options. The intuitive design of the platform allows you to manage your portfolio and open new positions easily. Useful widgets allow you to access information, such as charts and pricing positions with a few clicks, whilst the main dashboard provides continually updated market activity.
PrimeXBT’s charting tools allow you to analyse trends and develop your marketing strategy. You can track multiple charts and compare them on side by side or top and bottom split screens. Additionally, you can add chart and other widgets to your screen in order to customise the information which is displayed on your screen.
The PrimeXBT trading platform is also available on Android and iOS operating systems.
Best-suited for experienced traders, PrimeXBT’s one-click trading allows you to place orders immediately, without first seeing the information in the confirmation window. The few seconds which this feature saves you can make a big difference, particularly when trading with substantial leverage. However, by enabling this option you are removing a safety net which could prevent an erroneous trade.
PrimeXBT only supports payments in Bitcoin. Through a partnership with Changelly the platform allows you to fund your account with fiat currency or supported Altcoins. When making a deposit, an integrated API will carry out the conversion for you, in line with Changelly’s fees, rules, and supported currencies.
In order to fund your account, all you need to do is copy your PrimeXBT wallet address and paste it onto the wallet or exchange you are using to make the transfer. If you intend to use fiat currency, the deposit page contains a link to use Changelly to pay by credit or debit card and automatically have it transferred to your PrimeXBT wallet.
Your PrimeXBT platform account is designed to be simple and easy to use. Even if you’ve never used a trading platform before, the intuitive setup makes funding your account and making your first trade a pleasant and hassle-free experience.
Since the platform is unregulated it does not require KYC. This means that you can open an account with PrimeXBT without providing ID verification of other personal documents. All that is needed to create your account is an email address and a password. The website recommends a 14-character password which includes special characters and numbers. You can change your password at any time from your account, and if you forget your password the platform gives you the option to recover it.
In order to sign up to the PrimeXBT trading platform, you must first visit the website. From there, follow these steps:
Within a few moments, you should receive a confirmation email from PrimeXBT. Check your spam folder in case you don’t see the email in your inbox. Well done! You have now created your PrimeXBT account.
As a PrimeXBT account holder, you can log in to your account from your computer or mobile device. All you need to do is:
PrimeXTB is the ideal trading platform for whoever wants to trade cryptocurrencies anonymously since it does not require any verification documents. Apart from confirming your email address, you can get started straight away, remaining totally anonymous at all times. Whilst this policy does cause friction between the platform owners and authorities in certain jurisdictions, it is generally welcomed and celebrated by its thousands of users across the globe.
Whilst PrimeXBT only supports BTC payments, it gives you the opportunity to invest in different cryptocurrency CFDs along with a variety of other markets. The platform does not directly support fiat currencies or altcoins, but facilitates their conversion to Bitcoin through a convenient Changelly API. Since PrimeXBT is a trading platform, not an exchange, you cannot use it to buy cryptocurrency tokens.
The five cryptocurrency CFDs currently supported by the platform are:
It is likely that as the platform grows, the choice of cryptocurrency derivatives will be available. In addition, the platform offers a number of crypto to crypto and crypto to fiat currency pairs, including ETH/BTC, EOS/USD, and BTC/USD.
PrimeXTB implements a transparent and simplified fee structure, particularly when trading cryptocurrencies. This fee is split between a trading fee and an optional financing fee. The trading fee is applied to all trades and is fixed at 0.05%. If you keep positions open beyond the platform’s end of the day, you are charged an applicable financing fee which varies depending on the asset and the type of trade.
Trading Bitcoin on PrimeXBT is extremely easy and can be done from a variety of screens and widgets, including directly from charts. This guide will show you the simplest way to trade BTC.
A popup window should appear, allowing you to set the size of your investment and whether to activate any Stop Loss or Take Profit limits. Whilst the Buy option is selected by default, you can opt to select the Sell option if you plan to short sell Bitcoin
Before placing your order ensure that you have sufficient funds in your account. We strongly recommend you set one of the automatic limits to ensure that you protect the majority of your funds in case of losses occurring at a time when you are not monitoring your investment.
The process to trade Ethereum-based products on PrimeXBT is practically the same as trading Bitcoin-based ones.
When you are ready to cash out your investment, PrimeXBT will automatically convert it to Bitcoin. From there you can simply transfer it to your own cryptocurrency wallet for safekeeping or to keep the funds stored in your PrimeXBT wallet, ready for your next trade.
If you are looking to withdraw your funds, PrimeXBT charges a fixed, 0.0005 BTC fee on every withdrawal.
In order to close any open position on PrimeXBT all you need to do is:
Apart from closing a position entirely, PrimeXBT offers the option to effect a partial closure, allowing you to withdraw some funds whilst keeping others invested. In addition, you can also modify your position, such as adding or removing limits or instructions.
PrimeXBT only supports deposits and withdrawals in Bitcoin. However, you can fund your account using any altcoin supported by Changelly, through an API which can automatically convert your currency and deposit it into your PrimeXBT account.
The primary cryptocurrency pairs offered by the platform are:
Since PrimeXTB is unregulated it can extend its services to users in most countries without any barriers. This ability is further aided by the fact that the platform only directly accepts Bitcoin payments.
PrimeXTB is available around the world, including in Europe, UK, Australia, and Brazil. The platform is available in 8 languages, including Chinese, Russian and Korean (SK).
The platform is unavailable to users in the USA, Canada, Cuba, Algeria, Ecuador, Ethiopia, Crimea and Sevastopol, Syria, Iran, North Korea and Sudan.
PrimeXTB operates a simple fee structure when investing in cryptocurrencies.
Every cryptocurrency-based trade on PrimeXTB has a fee of 0.05%. Financing fees apply in certain conditions and vary based on the cryptocurrency.
The platform does not charge any deposit fees, whilst its withdrawal fee is fixed at 0.0005 BTC. It does not charge any card or bank transfer fees since it does not support fiat currencies. Currency conversion fees using Changelly are subject to Changelly’s fee structure. A full list of applicable fees can be found on PrimeXTB’s Fees Page which is easily accessible from the navigation bar at the bottom of each page.
Trading limits on PrimeXTB vary based on the cryptocurrency you are investing in. As soon as you open an account you are automatically extended full user limits since the platform does not require any additional verification.
PrimeXBT only directly supports Bitcoin payments. You can use altcoins or fiat currency to fund your account through a third party conversion option offered by Changelly.
The platform safeguards user accounts and funds in a variety of ways. Whilst some of the security features are confidential, PrimeXBT’s website details some useful security information. This includes:
There are several ways to get assistance on PrimeXBT, including a live chat option available 24/7. You can also get in touch with customer support via email, and you can access a detailed and user-friendly Help Centre to get instant answers with links.
The platform has an overall excellent user rating, such as on popular review site, TrustPilot.
In a move to directly compete with eToro, PrimeXBT will be introducing copy trade technology through Covesting. As a result, PrimeXBT users will be able to follow and emulate trades done by successful traders automatically.
In many ways, PrimeXBT is developing into a cryptocurrency trading platform which could rival eToro in the future. Today, whilst it offers a decent variety of investments, it lacks the added features offered by eToro, including a variety of support payment methods and currencies. In addition, eToro allows you to purchase coins such as Bitcoin and Ethereum.
As a regulated and established trading platform, Plus500 enjoys a much stronger reputation than PrimeXBT. The platform which specialises in CFDs offers its users a wider choice of investments overall. In addition, Plus500 offers users a demo account where trades can be practices without the risk of losing any money. On the flip side, PrimeXBT offers the possibility to trade at a much higher margin.
PrimeXBT and XTB offer many similar investment products, with similar conditions and options. In most cases, PrimeXBT offers lower fees, along with the possibility to trade with significantly higher leverage. The XTB platform is regulated and supports payments in fiat and cryptocurrencies.
As a relatively young and generally unknown trading platform, PrimeXBT has faced an uphill battle in order to gain market share. In order to entice users, it is offering competitive fees and surprisingly high leverage, not only on cryptocurrencies but also on other markets. Overall, the platform works well and is highly-rated. Even though it is unregulated it clearly wants to offer a professional and reliable service, whilst catering users who would not necessarily wish to identify themselves.
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