PrimeXBT.com Review

Rating: 4.5 / 5
8 Dec 2020

PrimeXBT.com offers a smooth, fully-integrated trading platform that features a fully customizable, easy-to-use trading dashboard to help even the most novice traders feel like a pro. Compared to other cryptocurrency exchange websites, PrimeXBT.com are considered low and offers low liquidity assets for fast trade and investment execution.

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Online Crypto, CFD and Forex trading platform

Reviews

Online Crypto, CFD and Forex trading platform

Though PrimeXBT.com is a newcomer into the cryptocurrency world, it’s already proven itself as a worthy contender. The company’s smooth website blends functional tools that make understanding the ins and out of cryptocurrency exchanges easy, even for those who don’t have a strong grasp of what bitcoin trading is.

In general, the company offers services in cryptocurrency, forex currencies, commodities, and stock indices. It also features long/short trading; bitcoin leverage; cryptocurrency, forex, index, and commodity price charts; and copy-trading.

Designed for beginnings and experts alike, PrimeXBT.com features highly-reliable marketing data and performance and can sustain high trade volumes with fast execution. Coupled with easily-customized layouts and widgets to accommodate all trading styles, the website has established itself as a reliable trading platform.

Online Crypto, CFD and Forex trading platform

History of PrimeXBT.com

Founded in 2018 and registered in Seychelles (registration number 148707), PrimeXBT.com is experiencing rapid growth, expanding into more than 150 countries and hiring over 75 employees in just under two years. All trades are executed at one of the company’s Amazon AWS servers based out of Frankfurt and London, and PrimeXBT.com has multiple liquidity providers for partners.

With a client-oriented approach, PrimeXBT.com places its clients’ interests at the center of all its operating platforms by offering a reliable and intuitive platform that provides its user with the tools needed to manage and execute their orders, as well as analyze the most up-to-date market data.

Allowing its users to set up personal, customizable dashboards, PrimeXBT.com helps visualize market data and offers an additional suite of trading tools, in addition to others. Integrated charts allow users to place trades, manage orders, and work directly from the dashboard.

Additionally, the company doesn’t collect any personal information out of respect for a user’s privacy.

Online Crypto, CFD and Forex trading platform

Top Features of PrimeXBT.com

Arguably, the best feature of PrimeXBT.com is how all the trading platforms are accessible from a single dashboard. That one dashboard enables easy navigation for users and allows them to access nearly all the trading features from a single screen.

Further, the biggest draw to PrimeXBT.com is that it offers leveraged trade for various assets, so investors and traders don’t have to have a couple of different accounts with multiple websites, which often is a lot to keep under control and keep track of.

Online Crypto, CFD and Forex trading platform

One of the benefits of offering various trade platforms is that the company can combine its liquidity from over 12 different exchanges.

The website offers an attractive leverage of 1:100, meaning that the investor receives one hundred dollars’ worth of buying and selling power for each dollar spent. To make those calculations easier for higher, more advanced numbers, PrimeXBT.com offers a leverage calculator to provide clear, easy to understand numbers.

Online Crypto, CFD and Forex trading platform

Just after signing up, PrimeXBT.com allows its new users to view an interactive dashboard similar to what they will be using so they can get a feel for its uses and practice with it before moving on to the real thing.

Finally, the website can be just as easily accessed through its mobile website and app, which provides the same intuitive dashboard on a smaller screen and portable device.

Security

As with anything in the cyber world, security is at the top of mind for all investors. To that end, PrimeXBT.com conducts periodic stress tests and security audits to ensure safety.

Online Crypto, CFD and Forex trading platform

Through its use of 2 Factor Authorization (through Google Auth), encrypted SSL, cryptographically-hashed passwords, hardware security modules with a rating of FIPS PUB 140-2 Level 3 or higher, a full risk check after every order placement and execution, on-going IT security assessments to screen and keep up with any potential vulnerabilities, and withdrawal address whitelisting, traders and investors can rest assured their trading integrity is safe and never compromised.

Online Crypto, CFD and Forex trading platform

Additionally, all trades and coins are kept in what’s called “cold storage,” which essentially is a secure, offline environment that doesn’t have an internet connection to disable hackers from accessing the sensitive information and currencies.

PrimeXBT.com Commission/Costs

With competitive, transparent pricing that features no false incentives, PrimeXBT.com works off of volume-based fees to allow for more attractive prices depending on the user’s trade activity.

The minimum deposit required to trade is 0.001 BTC, and the leverage offered is floating up to 1000x. Flat fee commissions per trade and flat fee margin financing charged daily are coupled with a withdrawal fee of 0.0005 BTC. Additionally, the website accepts most major currency forms.

Online Crypto, CFD and Forex trading platform

Fees

The website charges two types of fees: overnight financing and trade fees. Overnight financing does not apply to open and closed trades within the same day, and the borrowing cost depends on the liquidity of the underlying asset.

Of course, PrimeXBT.com reserves the right to increase margin requirements, especially for client portfolios that the website deems to be of high-risk.

Online Crypto, CFD and Forex trading platform

In terms of payment methods, the deposit options include cryptocurrency and credit cards, while the only withdrawal option is cryptocurrency.

Current fees include:

  • 0.05% for Cryptocurrencies
  • 0.01% for Indices and Commodities
  • 0.001% for Forex majors

Customer Support

One of the best parts about PrimeXBT.com is its 24/7 customer support team to accommodate traders from all across the globe. All customer support teams speak fluent English and Russian and are eager, willing, and polite, ready to tackle any questions or concerns.

PrimeXBT.com users have three options to contact customer service: over the phone, by email, and with an instant web chat. The only caveat to emailing customer support is the wait time for an answer — sometimes it may be a few hours or even overnight, depending upon when the message was sent.

Online Crypto, CFD and Forex trading platform

The instant web chat feature is the best way to go, which is available on the website and the trading platform. The live chat employees are ready to answer instantaneously and even seek out users proactively to see if anyone needs assistance.

Of course, the company also has social media channels on the major players (Medium, Twitter, Reddit, and Telegram), where they also accept any comments, questions, or concerns.

In terms of the personal dashboard itself, PrimeXBT.com offers walkthroughs and trading tips, which can also be found on the company’s aforementioned social media profile.

Online Crypto, CFD and Forex trading platform

PrimeXBT.com Licenses/Regulation

When it comes to legality, the company once again follows its theme of transparency by providing its users with a series of PDFs that feature its documentation and other legal terms, including:

  • Affiliate Agreement
  • Cookie Policy
  • Privacy Policy
  • Terms and Conditions
  • Anti-Money Laundering Policy
  • Covesting Terms and Conditions
  • Referral Program Rules and Conditions
  • Complaints handling procedure
  • PrimeXBT Turbo Terms and Conditions
  • Risk Disclosure Notice
Online Crypto, CFD and Forex trading platform

Final Thoughts

Online Crypto, CFD and Forex trading platform

Overall, PrimeXBT.com offers a smooth, fully-integrated trading platform that features a fully customizable, easy-to-use trading dashboard to help even the most novice traders feel like a pro.

Helping the website stand out in the cryptocurrency field and setting it apart from its competitors with its low commissions, tight spreads, and impressively high leverage ratio.

With customer support teams ready to answer at all times and transparent fees and commissions, PrimeXBT.com is a great option for newcomers to the cryptocurrency world to get their feet under them and learn how to play with the big guys in an intuitive, user-friendly, and responsive environment.

Compared to other cryptocurrency exchange websites, PrimeXBT.com are considered low and offers low liquidity assets for fast trade and investment execution.

However, as a note to new users and especially those new to trading and investing in cryptocurrencies, it’s very easy to get caught up in the website’s simplicity and functionality and make some mistakes along the way.

It’s easy to get excited and jump into things headfirst and lose a lot of money, so the best piece of advice to follow is to take it slow, use all the resources that the website provides to you, and make some money.

Online Crypto, CFD and Forex trading platform
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