In this PrimeXBT review, we take an in-depth look at this ultra-fast Bitcoin-based trading platform, that allows you to trade cryptocurrencies with 100x leverage.

PrimeXBT is a new cryptocurrency and traditional asset trading platform which allows users to trade a multitude of crypto assets with leverage.

Founded in 2018 and based in the Republic of Seychelles, PrimeXBT serves customers in multiple countries, delivering top-tier liquidity on a wide range of assets, and providing a robust and secure trading system.

Built around strong customer-orientated values, the PrimeXBT exchange equips users with all the necessary tools for successful trading, regardless of their skill level. As a result, PrimeXBT has become one of the most trusted, popular, and safe exchanges to offer margin trading to cryptocurrency traders.

One of the most attractive features of PrimeXBT is the ability to open both long and short CFD positions, which empowers traders to realize gains both in bull and bear markets – which they couldn’t do by just buying and holding the underlying asset.

So, what are the best features of the PrimeXBT exchange? Blokt finds out in this PrimeXBT exchange review.

Registration and Jurisdictions

Traders will immediately notice how simple it is to get started on the PrimeXBT platform. Sign-up requires no complex KYC or AML reporting procedures, and all a user needs to open a PrimeXBT account is a verified email address. In fact, PrimeXBT state that users can start trading on the platform in as little as 40 seconds.

Likewise, PrimeXBT respects the privacy and security of its users, holding no data on its users, and providing fully anonymous accounts. As deposits and withdrawals are in BTC, it’s easy to remain anonymous whilst using PrimeXBT.

Supported Assets

PrimeXBT is one of the only exchanges which offers high-level leverage trading on both cryptographic assets, with up to 100x leverage, and traditional markets such as Forex and commodities, with up to 1000x leverage, all through one intuitive platform.

Among the cryptographic assets which PrimeXBT supports are:

Alongside the cryptocurrencies PrimeXBT supports, there are also over 20 foreign exchange (forex) pairings, including:

EUR/USD

EUR/USD GBP/USD

GBP/USD EUR/GBP

EUR/GBP EUR/JPY

EUR/JPY GBP/JPY

GBP/JPY USD/JPY

Additionally, PrimeXBT supports the trading of commodities such as Brent oil, Crude oil, Natural Gas, as well as a host of indices including GER30, SP500, NASDAQ, HK-HSI, JAPAN, and the UK100.

Get PrimeXBT

Recommended PrimeXBT Trading Platform Get It

Deposits and Withdrawals

Customers on PrimeXBT are offered a variety of deposit options, including Bitcoin, fiat deposits in USD or Euro via credit cards. However, all deposits will be credited in Bitcoin, and likewise, withdrawals and PnL settlements will be in BTC. This means that all profit and loss is settled in Bitcoin, even when buying and selling other assets. Minimum BTC deposits on PrimeXBT are 0.001 BTC.

For users who don’t already have cryptocurrency to deposit, popular service Changelly is available through PrimeXBT, which allows users to buy Bitcoin with a bank card easily. This BTC is then deposited directly into the users PrimeXBT wallet account.

Once funds are deposited into a users PrimeXBT wallet, a chosen amount can be designated into the PrimeXBT trading wallet – this prevents new users mistakenly opening large trades with a larger portion of their capital than they intended.

Trading and Order Types

Traders on PrimeXBT have access to a huge range of trading options across multiple assets. This includes five order types, all with ultra-fast order execution.

Order types include limit and market orders, stop market orders, one-cancels-the-other (OCO) orders, and traders can also set stop losses or profit-taking orders.

The trading interface is rich and user-friendly, with customizable widgets and a high degree of personalization — PrimeXBT support multi-monitor display for traders who like to track multiple positions and assets at once.

Charting options are numerous on PrimeXBT. Traders can choose from line, bar or candle charts, add popular indicators such as Bollinger Bands and relative strength index, display important data via floating crosshairs, and trade at a range of time intervals from one month, down to one minute.

Likewise, PrimeXBT allows traders to place trades directly from charts, as shown in the example above with the “buy” and “sell” buttons pinned to the top of the chart – allowing for quick trading.

Overall, the trading interface feels intuitive and easy to use and is effective for charting multiple assets at the same time.

Fees

The fees on PrimeXBT vary between assets, so for the purposes of this review, we’ll just look at fees on cryptocurrency pairings.

Let’s start by saying that PrimeXBT has some of the lowest fees in the industry, with ultra-low minimum charges and equally fair daily financing fees. Here’s a breakdown of fees for five of the major supported crypto assets on PrimeXBT:

Pair Minimum Price Charge (USD) Trading Fee (%) Financing per day (long) Financing per day (short) BTC/USD 0.1 0.05 – $20.1 per 1 BTC -$10.3 per 1 BTC ETH/USD 0.01 0.05 -$1.63 per 1 ETH -$0.84 per 1 ETH LTC/USD 0.01 0.05 -$0.28 per 1 LTC -$0.14 per 1 LTC XRP/USD 0.00001 0.05 -$0.00178 per 1 XRP -$0.00098 per 1 XRP EOS/USD 0.001 0.05 -$0.025 per 1 EOS -$0.012 per 1 EOS

Security and Support

All assets on the PrimeXBT exchange are held securely in offline storage systems to protect users funds. For cryptocurrencies, balances are held in cold storage in multi-signature wallets, so even in the unlikely event of a hack, attackers would be unable to steal funds. Only a small portion of funds are ever kept in PrimeXBT’s hot wallet for trading.



All Bitcoin addresses are whitelisted for additional security, exchange passwords are cryptographically hashed using bcrypt, and other sensitive data is encrypted. Likewise, users can enable Google Authenticator 2FA on their accounts to prevent unauthorized logins.

The PrimeXBT trading engine is designed to minimize latency and increase order execution speed. The system monitors risks and executes a full risk check after every single order placement.

Customer support on PrimeXBT is available 24/7, both through live chat as well as email support, and the team is also very active on Twitter and Facebook. Similarly, there’s extensive information for new users on the PrimeXBT Medium blog.

Accessibility

PrimeXBT is proud to offer its trading platform to both high volume experienced traders and complete beginners alike. To appeal to novice traders, PrimeXBT has a comprehensive tutorial and F.A.Q section where users can learn how to make deposits, how to place their first trades, how to set stop losses and take profit, and also a detailed guide on how to understand leverage.

Conclusion

So, should you use PrimeXBT? Overall, the exchange is highly secure with an easy to use platform, accessible to a wide cross-section of users from beginners to advanced traders. The PrimeXBT team ensure this by giving access to a wide range of guides and tutorials for new traders.

PrimeXBT’s 100x leverage on crypto pairs is on par with other established futures exchanges such as BitMEX. However, in addition to leveraged trading pairs, traders using PrimeXBT can also access a large range of other markets and pairs without leaving the exchange.

This feature places PrimeXBT in a completely different class of exchange, making it one of the first combined crypto and traditional asset trading platforms – a highly attractive feature for high volume traders.



Although still a fairly new exchange, PrimeXBT has a strong security ethos and users can be sure that their funds are safe while using the exchange, with 2FA for user accounts and cold wallet fund storage.

Overall, PrimeXBT is a trusted exchange with low fees and an intuitive trading platform, which makes trading with cryptocurrencies enjoyable, increasing traders exposure to assets through generous leverage.

Get PrimeXBT

Recommended PrimeXBT Trading Platform Get It

References

Disclosure: Blokt strives to provide transparent, honest reviews, and opinions. The writer of this article is a user of the product(s) or service(s) mentioned in this article and was not influenced by the respective owners. We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. Thank you kindly for your support. Read more or donate here.