- Fast Platform
- No KYC
- Low BTCUSD spread
- 100:1 BTCUSD leverage
|Headquarters||St. Vincent and Grenadines|
|Languages||BN, CN, DE, EN, ES, FR, HI, IN, IT, JP, KR, PT, RU , TH, TR, VI|
|Trading Platform||PrimeXBT Platform|
|Minimum 1st Deposit||0.001 BTC|
|Leverage||Floating, up to 1000x|
|Spread||Good BTCUSD spread|
|Free Demo Account|
|Fee Info||Withdrawal Fee 0.0005 BTC, Zero deposit fees|
|Commission Info||Flat fee, per trade|
|Types of Assets||BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, EOS/BTC, AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/SGD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/SGD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/SGD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, XAG/USD, XAU/USD, BRENT, CRUDE, DOWJ, EUR50, FRANCE, NAT.GAS, GER30, SP500, SPAIN, NASDAQ, HK-HSI, AUS200, JAPAN, UK100|
|US Traders Allowed|
- Fast Platform
- Good User experience
- Low BTCUSD spread
- 100:1 BTCUSD leverage
- Only BTC deposits
- Platform has limited features
- Not regulated
PrimeXBT Review: A Fast Platform with no KYC Required; Start Trading at Prime XBT in 40 Seconds
This PrimeXBT review we will lay out all the information available on this Bitcoin based trading platform. This company is present in over 150 countries and has over 30 trading assets. According to their website, they have a daily volume of $545 million.
You will have access to cryptocurrencies, and PrimeXBT forex where you can buy, sell or trade many currencies such as the dollar, pound, euro, yen, and others. You can also open long and short positions on stock indices, and trade commodities such as natural gas, crude oil, gold and silver.
If you are a new or experienced trader it might be a good idea to always research a broker before starting to trade with them. In order to help, the platform’s information has been organized on this PrimeXBT review.
What is PrimeXBT
This Bitcoin based platform has been distinguished by ADVFN for the Best Bitcoin Platform for Margin Trading 2020. According to ADVFN they were granted this award because of the “wide range of trading analysis tools while maintaining privacy, security, liquidity, and enabling a safe and efficient trading environment for everyone”.
Being a Bitcoin based platform, all payment methods must be done with Bitcoin. In this review we have included all there is to know, adding a section on how to trade on PrimeXBT.
Is PrimeXBT a safe Broker?
Offices and regulation
PrimeXBT is regulated in Seychelles, their company number being 217308. Their website services are also provided by PrimeXBT Trading Services LLC in St. Vincent and the Grenadines, company number 222LLC2019.
According to their website, they have 3 offices right now, one of these is their headquarters in St. Vincent and the Grenadines. However, the exact locations are not specified.
PrimeXBT Review: Main features
PrimeXBT is hosted on Amazon Web Services. For digital assets, they have cold wallets to keep your money offline, and almost impossible to hacker’s reach. Only some of your crypto funds will be stored in a hot wallet.
You can also set up an address whitelisting for when you withdraw. This is a security list where you add the IP addresses that are allowed access to a certain account or domain, in this case, it is for withdrawals. Any address will be blocked if it is not on your whitelist.
For user security, you can activate the two-factor authentication also known as 2FA. This means that after adding your password you will have to confirm via phone or email to finalize the login.
Non accepted clients
The non-accepted clients are those from the United States, Canada, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, United States Minor Outlying Islands, American Samoa, and the Russian Federation.
What account types Prime XBT offers
PrimeXBT does not have differentiated accounts.
PrimeXBT Review: Fees and other commissions
As said in the introduction, PrimeXBT is a Bitcoin based platform which means all deposits and withdrawals will be in BTC. We have included withdrawal, deposits, and other fee details below.
The PrimeXBT minimum deposit is 0.001 BTC, but there is no fee included.
As for deposit methods, you have two options for now. One of them is via BTC deposits from your BTC wallet to PrimeXBT wallet. You can also use your fiat bank or credit card to buy BTC, and have it credited to your PrimeXBT wallet.
PrimeXBT withdrawal fees are 0.0005 BTC, and there are no specified minimum withdrawals and no limit on the amount. However, you may only withdraw once a day during 12:00 and 14:00 hrs UTC.
You may ask yourself, is PrimeXBT free? It is not, but it only has two kinds of fees. The first is the trade fee, charged every time you buy or sell a position. It will depend on the asset, and you will be charged the following amount:
- 05% for Cryptocurrencies
- 001% for Forex
- 01% for Indices and Commodities
The second fee is the overnight financing, which will be charged if you hold a position after closing hours until the next day. In PrimeXBT’s words, “a trading day lasts from 00:00 UTC to 23:59 UTC”.
Prime XBT: A review of trading features and platforms
Position sizes and leverages
Cryptocurrencies and forex have a maximum leverage of 100:1, a very generous yet risky option for traders.
Because of the risk of trading online or using cryptocurrencies, PrimeXBT offers a number of risk management strategies. If you are making use of this broker’s high leverage you might want to use one of these strategies.
You can use stop loss orders so that your position does not fall below a certain price set by you. A second option are market orders, buy or sell immediately at the price they are willing to trade at.
Limit orders are also available, with this you can also buy or sell at a certain price, but the trade can go higher or lower before being executed. You can also enter these orders one after the other, and as one is executed, the next will be canceled, known as OCO.
Prime XBT Trading Tools
For long or short trading available on this platform, you can use their tools once you have signed up. They have price charts for PrimeXBT index, crypto, forex, and commodity. These charts can be customized, and you will be able to use them to better your strategy.
PrimeXBT Markets and Assets
This broker offers stock indices such as S&P 500, ASX 200, NIKKEI 225, and more. As for PrimeXBT forex you can find trading pairs such as EUR/USD, AUD/CAD, GBP/USD, and AUD/CHF.
You can access natural gas, oil or gold for commodities on markets such as BRENT. PrimeXBT crypto is their fourth and final asset choice available. Trade Bitcoin, Ripple, Ethereum, XRP, EOS, Litecoin and more.
Prime XBT platform will offer a layout that can be customized by you, professional charts, many order types, and secure wallets for storing assets, depositing or withdrawing. You will be allowed to trade directly from your chart.
Turbo Platform will allow you to start trading with only $1 with a live chart as one of its tools. If you would like to test the platform, there is a demo account available with 1 BTC to practice.
Both platforms are available for trading on the go, available for both Android and IOs using the app.
PrimeXBT Promo: How to earn money with the Prime XBT trading platform
PrimeXBT offers seasonal promos to catch new clients and to engage with the existing ones. As the broker says in its website, remember that “each promo campaign is subject to a unique set of rules and conditions!”
PrimeXBT Welcome Bonus
This broker review found that Prime XBT offers a welcome bonus package to all new clients. To get the promo, you should deposit a minimum of 0.009 BTC in the first six hours after opening your new account. You will get a bonus of $50, or 0.006 BTC, that will last for 30 days.
PrimeXTB Referral program
Not only can you earn money by trading with knowledge, you can also gain profit by joining the PrimeXBT referral program. You can get up to 50% of the trading fees your referral is paying. All you must do is send a link to a contact and have that person create an account and be an active trader.
You can also join the ambassador team if you are influential on the internet to refer new clients. The third option is to be part of the PrimeXBT CTA, by introducing a qualified trader to this broker
PrimeXBT review: Social trading, education and support
On their website, PrimeXBT offers an XRP price prediction guide that was published this February. It has long and short term price predictions for traders that could be interested in this crypto coin.
Other materials such as Ripple price prediction and other assets are available once you have an account. You can also read their educational articles on their website.
PrimeXBT has their own market research section where they publish weekly articles that analyze market movements.
This company’s website has an FAQ section. If you don’t find the answers to your questions here, you can try to email them. There are no phone numbers or live chat available on the website. You can try their social media or their live chat on the Turbo Platform.
How to trade on PrimeXBT
How to open an account
Opening an account on PrimeXBT takes a few simple steps. Below, we have prepared a guide.
- Visit the main page of the PrimeXBT, look to the top left and click on the blue “register” button.
- Add your name and email, and choose a strong password. You must accept the privacy and terms and conditions before you click “register”.
- You are now ready to check your email and confirm your registration. If you don’t find it in your inbox, check your spam folder.
- Once you confirm, a new tab should open and you should see the box shown below. You can now log in.
- After logging in you will have one final step. Enter your country of residence and click the blue button that says “finish”.
Tips to enhance the experience: PrimeXBT promos
Heads up! You might want to hurry on this tip. Right after logging in you will have around six hours to deposit in BTC and get a welcome bonus.
How to deposit money and start trading at PrimeXBT
- Click on “account” on the top menu bar.
- You will see your wallet balance and a blue button. Click on where it says “deposit to wallet”.
What is the best crypto and forex broker?
The best trading platform will depend on your needs and understanding of the financial industry. The best approach to choosing your broker is understanding your abilities and challenges and choosing depending on your trading style.