PrimeXBT Exchange review: Can it replace BitMEX?

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PrimeXBT is a cryptocurrency exchange and brokerage service offering leveraged trading, Forex, indices and commodities. PrimeXBT was founded in the Seychelles in 2018 and its growth has exploded in the cryptocurrency exchange scene.

For a LIMITED TIME ONLY, new users can boost their gains with 35% welcome bonus for deposits over 0.001 BTC by entering “CoinCodex” in the promocode section when registering for an account.

Currently the Exchange has clients from over 150 countries (with their website being available in 6 languages: English, Chinese, Korean, Portuguese, Russian and Spanish) and was recently recognised as the Best Bitcoin Platform for Margin Trading by the ADVFN International Financial Awards of 2020.

Key Features

What is unique about PrimeXBT is that they provide both exchange and brokerage services and offers access to over 30 asset classes and not just cryptocurrencies. Asset classes include: cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple and EOS), commodities (metals, oil, gas), Forex and Indices (FTSE 100, S&P 500 etc). The Exchange also offers leveraged and margin trading of up to 100x on ALL digital assets.

One key point to note however is that the Exchange only accepts Bitcoin as a currency, so users need to get their Bitcoin from elsewhere to deposit onto the Exchange. For convenience however, PrimeXBT has partnered with Changelly so users can purchase Bitcoin using your credit card with Changelly directly on the Exchange’s website.

Deposit Bitcoin
Options for depositing Bitcoin on the Exchange

The Exchange also allows you to customise your trading screen, so users can choose to enable, disable or move particular viewing panels such as their orders, messages or positions etc. This can be especially helpful for traders who use more than one exchange for trading since they may find it hard to get use to different layouts on various exchanges. Or they simply want to customise their layout according to their preference.

The Exchange’s PrimeXBT Turbo is perfect for those looking for the potential to make quick profits. Traders make short term price predictions on whether the price of an asset will become higher or lower after a specified duration (either 30 seconds, 1 minute or 5 minutes). According to PrimeXBT, traders on PrimeXBT Turbo can GAIN UP TO +90% IN 30 SECONDS.

PrimeXBT turbo
PrimeXBT Turbo

Which countries support Prime XBT?

PrimeXBT offers its services to over 150 countries except for citizens from the USA, Canada, Seychelles and those countries which are under economic sanctions by either the United Nations or European Union.

Which cryptocurrencies are listed on PrimeXBT?

Cryptocurrencies available on PrimeXBT are Bitcoin, Litecoin, Ethereum, Ripple and EOS.

What payment methods are accepted on PrimeXBT?

Bitcoin only, though users can buy Bitcoin using credit cards with Changelly’s services directly on the Exchange’s website.

What are PrimeXBT’s fees?

PrimeXBT does not charge any fees for deposits, however withdrawing from the Exchange requires a fee of 0.0005 BTC. It is noted that this is some other exchanges which do not charge any fees other than the network fees for deposits and withdrawals.

However PrimeXBT does have more competitive trading fees than other leveraged trading platforms. Trading fees for digital assets on PrimeXBT are 0.05%. However if traders do not open or close their leveraged position within the same trading day they are subject to overnight financing of 0.04166% or 0.0555% of the daily funding rate for long and short contracts respectively.

You can learn more about PrimeXBT’s fees here.

Is PrimeXBT safe or legit?

The Exchange users multiple security protocols such as 2-factor authentication (via. Google Authenticator), cold storage of digital assets using multisignature technology, mandatory bitcoin address whitelisting, DDOS protection, cryptographic hashing for all passwords and encryption of all other sensitive data, among others. The Exchange also does full risk checks after every order placement and execution, and has regular tests and security assessments by their technical team. From our research, we can see that the Exchange is very open and transparent about the security protocols that it has, and currently has an excellent track record of no hacks so far. So in our view we think that PrimeXBT certainly takes its security very seriously and so long as traders remain vigilant e.g. by only leaving assets you want to trade with on the Exchange, PrimeXBT should definitely be considered safe and legitimate.

You can find out more details about each of PrimeXBT’s security features here.

PrimeXBT user experience

Registering an account was very simple, no KYC is required and all that’s required is your email and to choose a password. Then all you need to do is to click on the confirmation email sent to your address. The whole registration process takes under 1 minute to complete. Once you log in for the first time, there are immediate prompts on each page teaching you how to use its features which are really helpful for newer traders. Alternatively you can go check out the various tutorial articles and videos created by the Exchange which will walk you through topics such as how to set up stop losses and take profits, understanding leverage and lots more. We find the explainer articles and videos very helpful and clear. Crucially, any questions that we had on the Exchange, whether it be on how to trade, its fees, security measures etc. we could easily look up and find the solution to on their website.

One slight gripe is that it was initially quite difficult to figure out how to buy or sell (Tip: by right clicking the chart to bring up the “new order” pop up window). It would be helpful if the buy and sell window can be left on the interface itself without having to click every time. The interface, whilst presenting a lot of information, can seem quite intimidating and complicated to new users. However PrimeXBT does allow users to customise their interface so this problem can be quite easily resolved.

Trading interface
Trading interface

Conclusion: PrimeXBT exchange pros and cons

Pros

  • Easy to register an account. No KYC is required and an account can be set up in less than 1 minute.
  • Unique trading features, such as their PrimeXBT Turbo for short term gains, and different asset classes outside of cryptocurrencies such as Forex, oil and gold.
  • Open and transparent. They have detailed explainers for virtually any question you have about the Exchange.

Cons

  • Relatively new, having only been founded in 2018. Also unlike some other new exchanges, they do not have a well-known team behind them.
  • Relatively lower trade volume compared to other more well known exchanges.
  • Can be a bit hard to understand for newer traders. Though this can be remedied with their customisable interface and clear instructional videos and articles.

Can PrimeXBT replace BitMEX?

BitMEX is without a doubt one of the world’s most popular leveraged trading platforms out there. However with the recent troubles involving BitMEX including legal actions accusing the exchange of racketeering and recent trading suspensions (now reversed), many traders are starting to seriously consider moving to other exchanges instead. If so, can PrimeXBT be a replacement for BitMEX? We consider PrimeXBT a strong contender as a replacement for BitMEX. Previously, BitMEX landed itself as the winner of the exchange wars by offering short selling options and 100x leverage. However PrimeXBT also offers these services and has made them better, for example by offering 1:100 leverage for Bitcoin, Ethereum, Ripple, Litecoin and EOS. Whereas BitMEX only offers 100x leverage on Bitcoin-based trading pairs.

PrimeXBT also wins with its lower fees compared to other leveraged trading platforms and does not require a minimum deposit unlike BitMEX. Trading interface customisation is also a feature unique to PrimeXBT. Here are some of PrimeXBT’s features compared with BitMEX and Bitfinex.

PrimeXBT vs. BitMEX vs. Bitfinex
PrimeXBT vs. BitMEX vs. Bitfinex

In conclusion, whilst PrimeXBT is a relative newcomer to the leveraged cryptocurrency exchange scene and does not have a team coming from big name institutions, PrimeXBT seems to have successfully overshadowed other better known exchanges simply by offering better services and being more competitive in its fees and unique features. Though currently as a relatively new exchange, their trade volume is not going to be as high as some other more popular exchanges out there. The Exchange is also open about its features and particularly its security. Further, with ongoing troubles plaguing some well-known exchanges, PrimeXBT is in a good position to become an exchange that traders should seriously consider migrating to.

Claim your 35% welcome bonus today by entering “CoinCodex” in the promocode section!

REVIEW OVERVIEW
Ease of use
Trade features
Trade volume
Security
Order matching efficiency
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Jenny believes cryptocurrency can change the world, and the sooner you jump onto this bandwagon to the moon, the better. In her spare time, she loves to travel or curling up on the couch playing video games.

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