For cryptocurrency traders, finding the right platform can be a game-changer. It can be the difference between profiting from digital assets or missing out on the opportunities they offer.
This PrimeXBT review article will delve deep into what PrimeXBT has to offer. From its powerful trading features, trading fees, security, supported assets, countries, and payment methods, we’ll give you valuable insights so you can choose the best crypto exchange for your trading endeavors.
- PrimeXBT offers a wide range of trading services, including crypto futures, global markets, copy trading, and PrimeXBT Turbo, catering to novice and experienced traders.
- While Know Your Customer (KYC) verification is not mandatory for all users, it may be required for specific activities, such as fiat deposits and high-leverage trading, ensuring a secure trading environment.
- PrimeXBT provides leverage of up to 1:200, allowing traders to amplify their positions and potentially increase profits (but also risks).
- The Copy Trading feature on PrimeXBT enables users to replicate the trading strategies of experienced traders, making trading accessible even for those with limited market knowledge.
- PrimeXBT Turbo is an innovative feature focused on short-term trading, offering the potential for rapid profits within minutes.
- This platform boasts competitive fees of 0.01% makers and 0.02% takers for crypto futures, 0.05% makers and takers fees for global markets, and copy trading. It also has a flat withdrawal fee structure and doesn’t charge deposit fees.
- PrimeXBT prioritizes security through extensive cybersecurity measures, including 2FA, Bitcoin address whitelisting, cold storage, and hardware security modules.
- Traders can access over 20 cryptocurrencies on PrimeXBT’s platform, trading them against various assets.
PrimeXBT Pros and Cons
- High leverage of up to 200x for some cryptocurrencies
- Wide range of assets to trade, including cryptocurrencies, forex, commodities, and stock indices
- User-friendly trading platform
- Relatively low fees, ranging from 0.01% makers and 0.02% takers for crypto futures, 0.05% makers and takers fees for global markets, and copy trading
- PrimeXBT is not available to U.S-based traders
- There is no demo account to practice with before trading on the main platform.
- The platform supports a limited number of cryptocurrencies, slightly over 20 coins
PrimeXBT is a gateway to financial freedom. Millions of users harness this platform’s potential to purchase crypto assets, execute trades, and manage their investments intelligently.
Because of its comprehensive tools and features, PrimeXBT makes it incredibly easy to profit from crypto trading activities.
The table and sections below summarize the nature and features of this impressive crypto platform, detailing what makes PrimeXBT a standout platform in the crypto trading universe.
|Key Features||Leverage Trading up to 200x|
PrimeXBT Turbo: Enables rapid short-term trading with quick settlement times.
PrimeXBT Crypto Futures
Refer and Earn Program
|Trading Fees||Crypto Futures Trading Fees: Maker Fee: 0.01%, Taker Fee: 0.02%|
Global Markets and Copy Trading Fees: Maker Fee: 0.05%, Taker Fee: 0.05%
No deposit fees.
Withdrawal fees vary by cryptocurrency and network.
|KYC||Flexible KYC requirements provide accessibility to users while ensuring transparency in transactions.|
|Security Measures||PrimeXBT prioritizes user security with extensive cybersecurity, 2FA, cold storage, and HSM technology.|
|Mobile App||iOS and Android|
What is PrimeXBT?
PrimeXBT is a Seychelles-based crypto trading company that has been revolutionizing the cryptocurrency trading landscape since its inception in 2018. What began as a vision has rapidly evolved into a global force, now serving clients in over 150 countries.
At its core, PrimeXBT aims to provide traders with top-tier liquidity, a comprehensive suite of trading tools, and a deep commitment to security, ensuring a safe and efficient trading environment for all.
With over 1 million registered users and more than 170,000 daily trades across 152 countries, PrimeXBT is more than just an exchange; it’s a trading powerhouse. The platform boasts two robust trading platforms and caters to newcomers and seasoned investors.
How Does PrimeXBT Work?
At PrimeXBT, innovation is the main focus. The platform offers its diverse customer base cutting-edge products and professional trading conditions.
From intuitive interfaces to advanced trading options, PrimeXBT consistently pushes the boundaries of what’s possible in the crypto trading world.
PrimeXBT’s infrastructure is also designed to handle a high volume of orders per second and extreme loads. This results in lightning-fast order execution and minimal latency, which traders benefit from.
Do you need KYC on PrimeXBT?
When it comes to Know Your Customer (KYC) requirements, PrimeXBT offers flexibility to its users. While KYC is not mandatory for all users, certain features and activities on the platform may necessitate KYC verification.
PrimeXBT also retains the right to request KYC verification from any user at any time, ensuring compliance with regulatory standards. Below is a summary of PrimeXBT features that require KYC verification:
- Fiat Deposits and Withdrawals: KYC verification is mandatory if you plan to deposit or withdraw fiat currency on PrimeXBT. This ensures transparency and security for transactions involving traditional currencies.
- Trading with Leverage over 1:50: If you wish to engage in leveraged trading with a ratio exceeding 1:50, you must complete KYC verification. This added layer of authentication helps with risk assessment and responsible trading.
- Withdrawing more than 1 BTC per day: KYC verification is mandatory for users who intend to withdraw amounts exceeding 1 Bitcoin per day. This measure helps safeguard against potential fraudulent withdrawals.
To complete KYC verification on PrimeXBT, you will need to provide essential personal information, including your full name, date of birth, address, and a government-issued ID.
Depending on the circumstances, you may also be asked to submit additional information, such as proof of address or confirmation of the source of your funds.
PrimeXBT Copy Trading Review
PrimeXBT’s copy trading features are an ideal solution for traders seeking to improve their trading outcomes without diving into the complexities of market analysis. In essence, copy trading allows users to replicate the trading strategies of seasoned investors, often referred to as signal providers or leaders. Here’s a breakdown of how it works:
- Select a Trader: Users can access a pool of traders within the copy trading platform. Each trader has distinct trading strategies and track records. PrimeXBT clients can explore these profiles, examine their past performance, and assess their risk profiles.
- Allocate Funds: Users can decide how much investment capital they are comfortable allocating to the selected trader’s strategy. This allocation determines the size of the positions you can open based on the trader’s moves.
- Initiate Copying: Once you’ve chosen a trader and allocated your funds, you must activate the Copy or Follow function. From this point forward, a copy trading account will automatically replicate the chosen trader’s actions. When they enter a trade, so will you. When they exit, you’ll follow.
Copy Trading Pros and Cons
Copy trading on PrimeXBT has many advantages for traders of all experience levels.
However, it also has its disadvantages. Here are the key pros and cons of using PrimeXBT’s Copy Trading feature
- Access to Expertise: Copy trading allows you to tap into the expertise of experienced traders without requiring in-depth market knowledge. You can follow the strategies of successful traders, benefiting from their insights and decision-making skills.
- Simplified Trading: For newcomers to the world of trading, copy trading offers a simplified approach. You don’t need to master complex analysis or trading techniques. Just choose a skilled trader to follow, allocate your funds, and let the system do the rest.
- Time-Efficiency: Trading can be time-consuming, but copy trading frees up your time. You don’t need to monitor markets 24/7. Your portfolio mirrors the actions of the traders you follow. This is especially beneficial for those with busy schedules.
- Learning Opportunity: Copy trading isn’t just about copying; it’s also a learning opportunity. As you follow experienced traders, you can gain insights into their strategies and decision-making processes, which can help you become a better trader over time.
- Losses Are Possible: Copy trading users run the risk of replicating losses. Copy trading does not guarantee profits; if the trader you follow makes poor decisions, you could incur losses.
- Over-Reliance on Others: Relying solely on copy trading means you may not develop your trading skills. Over time, this can limit your ability to trade independently and make informed decisions.
- Market Volatility: Cryptocurrency and financial markets can be highly volatile. While copy trading can help manage risk, it may not entirely shield you from market turbulence, and losses can still occur during extreme market conditions.
PrimeXBT Margin Trading Review
Leverage trading on PrimeXBT involves borrowing funds to trade larger positions than your initial capital. It allows traders to potentially amplify both profits and losses by using borrowed money.
Instead of buying the full value of an asset, you only need to deposit a fraction of it, known as a margin. With leverage, PrimeXBT provides the remaining funds required to execute your trade.
Here’s an example of how leverage trading works on PrimeXBT.
- Let’s say you want to buy 10 bitcoins for $10,000 each, for a total position value of $100,000. On a traditional exchange, you would need to invest $100,000.
- With PrimeXBT, you can trade with just a fraction of the capital. For instance, with 1:100 leverage, you’d only need to deposit 1% of the position value, which is $1,000.
- If the price of Bitcoin rises by 5%, you would still make the same $5,000 profit, but your initial capital commitment would be significantly lower.
To leverage trade effectively on PrimeXBT, traders need to understand the three essential factors listed below.
- Maximum Leverage: The maximum leverage available on PrimeXBT varies depending on the specific asset you are trading. However, the general maximum leverage available is 200x.
- Margin Interest Fee: PrimeXBT charges a margin interest fee on all leveraged trades. This fee is calculated daily based on the size of your position and the prevailing interest rate. It’s important to know this cost when using leverage for your trades.
- Liquidation Fee: If your trade faces significant losses and your margin balance falls below a certain threshold, PrimeXBT may liquidate your position to limit further losses. A liquidation fee, typically around 1% of the position’s value, may apply in such cases.
Margin Trading Pros and Cons
Margin trading on PrimeXBT, like any form of leveraged trading, has advantages and disadvantages. Here’s a breakdown of the pros and cons
- Leverage Amplifies Profits: Margin trading allows you to control larger positions with a smaller initial capital. If the market moves in your favor, your profits can be significantly magnified compared to a non-leveraged trade.
- Access to Various Markets: PrimeXBT offers various assets, including cryptocurrencies, forex pairs, commodities, stock indices, and more. Margin trading allows you to access these markets with ease.
- Short Selling: With margin trading, you can profit from falling markets by taking short positions. This flexibility allows you to capitalize on both rising and falling price movements.
- Magnified Losses: Just as leverage can amplify profits, it can also magnify losses. If the market moves against your position, you could incur substantial losses, potentially exceeding your initial capital.
- Risk of Liquidation: Margin trading involves borrowing funds, and if your trade faces significant losses, your account balance can fall below a critical threshold, leading to liquidation. This means your positions are forcibly closed to limit losses.
- Margin Interest: PrimeXBT may charge margin interest on open positions, which can add to the cost of your trades, especially if you hold positions for an extended period.
PrimeXBT Turbo Review
PrimeXBT Turbo is an innovative feature that allows users to engage in rapid-fire trading, focusing on quick and short-term market movements.
With PrimeXBT Turbo, you’re speculating on how an asset’s price will change over a very short period, which could be as brief as 30 seconds or up to 15 minutes. This makes it convenient for traders with cryptos to day trade.
Here’s a step-by-step breakdown of how PrimeXBT Turbo works.
- Asset Selection: PrimeXBT Turbo begins by selecting an asset to trade. This can include cryptocurrencies like Bitcoin, traditional assets like Gold, stock market indices such as the S&P 500, commodities like oil, and currency pairs like EUR/USD.
- Time Frame Selection: Next, traders choose the time frame for the Turbo contract. This time frame determines how quickly your trade will be settled.
- Speculation: With the asset and time frame in place, users predict the short-term price movement of the selected asset. You can speculate whether the price will go up (a call option) or down (a put option) within the chosen time frame.
- Position Size and Investment: Traders decide the size of the position. A position represents the capital you want to invest in the Turbo contract. Depending on your risk appetite and trading strategy, this can range from a minimal investment of just $1 and upward.
- Execution: Turbo trades are active for the specified time frame, and users can monitor progress on the platform.
- Settlement: The Turbo contract settles at the end of the chosen time frame. If your speculation was correct, you would earn a profit. The profit potential can be as high as 90% on a successful trade.
PrimeXBT Turbo Pros and Cons
PrimeXBT Turbo has a set of advantages and disadvantages. Here’s a look at the pros and cons of using this feature.
- High-Profit Potential: PrimeXBT Turbo offers the potential to earn substantial profits in a short amount of time. Profit percentages can be as high as 90% on a successful trade, providing an attractive opportunity for traders seeking quick gains.
- Variety of Tradable Assets: You can trade various assets, including cryptocurrencies, traditional assets, stock indices, commodities, and forex pairs. This variety allows for diversification and access to different market opportunities.
- Quick Settlement: Turbo contracts settle rapidly, usually within 30 seconds to 15 minutes, depending on your chosen time frame. This means you don’t have to wait long to see the outcome of your trade.
- Low Barrier to Entry: PrimeXBT Turbo is accessible to traders with varying levels of capital. You can start trading with as little as $1, making it suitable for traders with limited funds.
- High Risk: The potential for high profits in PrimeXBT Turbo comes with an equally high level of risk. Due to the short time frames and leverage involved, losses can be substantial and happen quickly.
- Lack of Fundamental Analysis: Turbo trading relies primarily on technical analysis and short-term price movements. Fundamental analysis of assets is typically less relevant in this context.
Primexbt Crypto Futures Review
PrimeXBT Crypto Futures is a trading feature that enables users to trade cryptocurrency futures contracts.
Cryptocurrency futures contracts are financial derivatives that allow traders to speculate on the future price of a cryptocurrency without actually owning the underlying asset.
These contracts have predefined expiration dates, and traders can take long (buy) and short (sell) positions depending on their price predictions.
PrimeXBT crypto futures combine leverage, liquidity, user-friendly features, educational resources, favorable fee structures, detailed trading reports, and advanced charting tools to provide traders with a powerful platform for speculating on cryptocurrency price movements
However, crypto futures typically have shorter time frames, which may not suit traders who prefer longer-term investment strategies. Additionally, futures trading involves a steep learning curve. It is only effective for traders who have a good understanding of the markets and trading concepts.
Refer and Earn
PrimeXBT has one of the best crypto sign-up programs for new clients and those who refer them.
The program is transparent, has live statistics, and ensures timely payouts. It’s an excellent opportunity for traders to benefit from their trading network and share the advantages of PrimeXBT with others.
Here’s a closer look at the benefits of the PrimeXBT refer and earn feature.
For New Clients:
- $100 Welcome Gift: When you join PrimeXBT as a new client and make your first deposit, you receive $100 as a welcome gift.
- $10 for Verification: Verifying your account also comes with rewards. Once you verify your account, you’ll receive an extra $10, adding to your initial deposit.
- Up to 70% Profit Share: Referrers can receive up to 70% of the profits generated by the clients they refer.
- Up to $1200 per Client: You can earn up to $1200 for each client you refer, depending on their trading activity.
- Tailor-Made Offers: PrimeXBT offers tailor-made offers for referrers, ensuring you receive rewards that align with your efforts.
Is PrimeXBT Safe?
PrimeXBT strongly emphasizes security to protect customer assets and ensure a safe trading environment.
Key security measures and features that contribute to PrimeXBT’s safety include.
- Extensive Cybersecurity Framework: PrimeXBT has implemented a comprehensive cybersecurity framework to safeguard customer assets against threats and potential vulnerabilities. The platform conducts periodic stress tests and security audits to maintain compliance with stringent security standards.
- 2FA (Two-Factor Authentication): PrimeXBT uses 2FA provided by Google Authenticator to enhance account security. This additional layer of protection helps prevent unauthorized access to users’ accounts.
- Mandatory Bitcoin Address Whitelisting: To further enhance security, PrimeXBT mandates Bitcoin address whitelisting. This feature ensures that withdrawals are only permitted to addresses pre-verified by the account holder.
- Cold Storage with Multisignature Technology: PrimeXBT stores most customer digital assets in cold storage. Cold storage enhances security by keeping assets offline, making them less susceptible to online attacks. The multi-signature technology adds an extra layer of protection by requiring multiple authorized signatures for transactions.
- Hardware Security Modules (HSM): PrimeXBT applies hardware security modules with a FIPS PUB 140-2 Level 3 or higher rating. HSMs provide secure key storage and cryptographic operations, ensuring the integrity of sensitive data.
PrimeXBT supports over 20 cryptocurrencies for trading. These cryptocurrencies can be traded against various other assets, including other cryptocurrencies, traditional fiat currencies, commodities, and stock indices, depending on the trading pairs available on the PrimeXBT platform.
Traders can take advantage of price movements in these cryptocurrencies to potentially profit from their trades. Supported cryptocurrencies on PrimeXBT include:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Polygon (MATIC)
- Cosmos (ATOM)
- TRON (TRX)
- Cardano (ADA)
- Tether (USDT)
PrimeXBT offers a transparent fee structure designed to provide competitive pricing for traders across various markets and services. Here’s an overview of the fees charged on PrimeXBT
Crypto Futures Trading Fees:
These fees apply to cryptocurrency futures trading and determine the cost of executing market orders (taker) or creating liquidity by placing limit orders (maker).
- Maker Fee: 0.01%
- Taker Fee: 0.02%
Global Markets and Copy Trading Fees:
PrimeXBT charges a slightly higher makers and takers fee for global markets and copy trading. These fees ensure fair pricing and access to a wide range of assets.
- Maker Fee: 0.05%
- Taker Fee: 0.05%
What Is the Deposit Fee on PrimeXBT?
PrimeXBT does not charge any deposit fees. Traders can fund their accounts without incurring additional costs.
What is the withdrawal fee for PrimeXBT?
Withdrawal fees on PrimeXBT are applied as flat fees. This means the cost remains the same, regardless of the withdrawal amount. The flat withdrawal fee for Bitcoin is 0.0005 BTC.
However, the fees for ETH, USDT, USDC, and COV withdrawals may vary depending on the network used.
Here’s a breakdown of the fees for the ERC-20 and BEP-20 networks.
- ETH (ERC-20 Network): 0.002 ETH
- ETH (BEP-20 Network): 0.00007 ETH
- USDT (ERC-20 Network): 10 USDT
- USDT (BEP-20 Network): 0.8 USDT
- COV (ERC-20 Network): 5 COV
- COV (BEP-20 Network): 2 COV
- USDC (ERC-20 Network): 10 USDC
- USDC (BEP-20 Network): 0.8 USDC
PrimeXBT Withdrawal and Deposit Limits
PrimeXBT does not specify a fixed minimum deposit amount to start trading. Instead, the minimum deposit required depends on the specific trades you plan to execute and the margin needed for those trades.
- Minimum Order Size: Each trading pair on PrimeXBT has a minimum order size. For example, if the minimum order size for Bitcoin is 0.001 BTC, you would need to have at least 0.001 BTC as a margin to open a trade.
- Leverage: The amount of deposit required also depends on the leverage you choose for your trades. For example, if you’re trading with 200x leverage and the minimum order size for Bitcoin is 0.001 BTC, you would need a minimum margin of 0.000005 BTC (0.001 BTC divided by 200) to open such a trade.
When it comes to withdrawals, there is no specific minimum required withdrawal amount, but it should be more than the withdrawal fee for the asset you wish to withdraw.
However, each account on the platform has a 24-hour withdrawal limit of $20,000 or its equivalent in other currencies for all submitted withdrawals. This limit can be removed by verifying your account.
Supported Payment Methods
PrimeXBT provides several options for depositing funds into your account, including cash/fiat deposits and third-party services. Here’s a breakdown of the deposit options and related information:
- Cash/Fiat Deposits: You can deposit cash in USD, EUR, and GBP directly to your Cash Wallets on PrimeXBT from your AdvCash account.
- Bank Card, Bank Transfer, and Gift Card Deposits: Direct deposits from your bank card to PrimeXBT are unavailable. However, you can use third-party services such as Coinify, Xanpool, or Paxful to buy BTC, ETH, USDT, and USDC, or SEPA bank transfers and gift cards. These services will then transfer the purchased cryptocurrencies to your PrimeXBT wallet.
- PayPal Deposits: PrimeXBT does not directly support PayPal deposits. However, you can use a third-party P2P service such as Paxful to find merchants who accept PayPal for cryptocurrency purchases.
Deposit Processing Time:
The processing time for deposits varies depending on the cryptocurrency and blockchain network used. Timeframes can vary based on the blockchain’s congestion and other factors. Here are some approximate timeframes.
- BTC deposits require three block confirmations, which typically take around 40 minutes on average.
- ETH and ERC-20 tokens (COV, USDT, and USDC) require ten block confirmations, usually taking around 4 minutes.
- ETH and BEP-20 tokens (COV, USDT, and USDC) also require ten block confirmations, typically taking 1 minute.
- USDT and USDC TRC-20 tokens require 20 block confirmations, typically taking 1 minute.
What countries are banned from PrimeXBT?
PrimeXBT restricts its services in certain countries due to regulatory requirements and licensing considerations.
As of the provided information, the following countries are banned from using PrimeXBT’s services:
- United States of America
- Saint-Vincent and the Grenadines
- North Korea
- United States outlying islands
- American Samoa
- Russian Federation
It’s important to note that regulatory requirements and restrictions can change over time, so you should check PrimeXBT’s official website or contact their customer support for the most up-to-date information on supported and restricted regions.
PrimeXBT Review – Conclusion
PrimeXBT is a dynamic cryptocurrency trading platform with a global reach. It boasts an impressive array of features that cater to traders of all levels, making it a top choice for those looking to capitalize on the cryptocurrency markets.
One of PrimeXBT’s standout features is its leverage trading, which allows traders to magnify their potential profits. Its innovative copy trading and PrimeXBT Turbo options also provide exciting avenues for traders to enhance their strategies and seize opportunities in the crypto landscape.
What truly sets PrimeXBT apart is its user-friendly approach to KYC requirements and transparent fee structure. This combination ensures accessibility and affordability for all users. Moreover, PrimeXBT’s commitment to security is commendable, providing traders with peace of mind as they navigate the exciting world of cryptocurrency trading.
Is PrimeXBT legal in the US?
PrimeXBT is not available to residents of the United States due to regulatory restrictions. It explicitly states in its terms and conditions that it does not provide its services to residents of the United States of America. Therefore, PrimeXBT is not legally accessible to individuals or entities in the United States.
In addition to the United States, PrimeXBT also restricts its services to Japan, Saint Vincent and the Grenadines, Canada, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, United States outlying islands, American Samoa, and Russian Federation residents.
Where is PrimeXBT based?
PrimeXBT is indeed based in Seychelles, which is an offshore jurisdiction. It operates as a Seychelles International Business Company (IBC) under the company name PrimeXBT Trading Services. This jurisdiction allows PrimeXBT to provide its services to customers from various countries while complying with the regulatory requirements of Seychelles.
Besides its Seychelles base, PrimeXBT is accessible to users from various countries, totaling 152 worldwide. This global accessibility allows traders from diverse regions to access PrimeXBT’s trading platform and services.
How much leverage does PrimeXBT have?
PrimeXBT offers leverage of up to 1:200 for specific trading pairs, which means traders can control a position size up to 200 times their invested capital. However, the maximum leverage available may vary depending on the asset and trading pair.
Understanding the leverage amount you request and its associated risks is important because leverage can amplify both profits and losses in trading.