PrimeXBT Exchange guide and review

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PrimeXBT was launched in 2018 as a new Bitcoin-based exchange service from Seychelles. Since then, it has built into a successful platform, ranking #24 out of all derivative exchanges and networking over USD$500 million according to CoinGecko. Recently, it has also been recognized at the 2020 ADVFN International Financial Awards as the Best Platform for Margin Trading. Due to its roaring success, the platform is able to offer services for clients in over 150 countries and is available in 16 languages such as English, Chinese, Spanish etc. This article aims to help those who are interested in using PrimeXBT by giving a condensed review, an easy-to-follow guide, and showing new users what they can expect and get out of the platform.

Key Features

  • Easy and Private Sign-up
    • Registering for an account does not require any address proof or confidential details. All you need to provide is an email and country of residence!
  • Wide Variety of Products
    • PrimeXBT includes trading indices, allows cryptocurrency trading, Forex, and commodities. PrimeXBT also has a special trading feature called Turbo, which users can try for quick trading and faster results.
  • Personal Annotated Charts
    • Users are able to mark charts using up to 50 indicators on the Analysis page, which can then be saved for personal use or reference.
  • Customizable Trading Interface
    • Users are able to customize their trading page to show or hide the information they choose. Widgets are also available for additional customizability such as watchlists, positions, orders etc.
  • Maximum of 100x leverage for trading cryptocurrencies
    • PrimeXBT offers a maximum of 100x leverage for commodities, stock indices, and trading cryptocurrency. As for Forex, PrimeXBT offers even more at 1000x leverage.

Features in Detail

As mentioned, PrimeXBT supports trading indices, commodities, Forex, and cryptocurrency. At the moment, PrimeXBT supports five cryptocurrencies: BTC, ETH, EOS, XRP, and LTC. Only trading pairs are allowed between those cryptocurrencies and USD and BTC. 

There are seven foreign currencies that can be traded on PrimeXBT from Forex: USD, EUR, AUD, NZD, GBP, CAD, JPY and CHF. However, PrimeXBT also offers trading pairs with additional currencies such as TRY, RUB and SGD. There are also 10 stock indices available for trading: S&P 500, FTSE 100, NASDAQ 100, CAC 40, EURO STOXX 50, DJI, NIKKEI 225, ASX 200, IBEX 35, HK-HSI, and GER30 (DAX30).

PrimeXBT allows for five commodities to be traded: Gold, Silver, CRUDE, BRENT and NAT. GAS. Trading these are done digitally through the platform and its CFDs, so there is no need to handle anything physically. 

This platform also allows margin trading. As a word of caution, we do not recommend margin trading unless you are an experienced trader as there are risks involved with this. PrimeXBT only offers up to 100x leverage for commodities, stock indices, and trading cryptocurrencies, and up to 1000x leverage for Forex.

PrimeXBT’s Safety and Security

PrimeXBT has many security functions to keep users safe. For example, some typical functions used include 2-factor authentication and the fact they always send a confirmation email whenever you log in. However, PrimeXBT also utilizes unique security tools, such as ensuring that users are only able to withdraw Bitcoin to addresses they have whitelisted manually.

The platform has also implemented multi-signature technology that uses cold storage of digital assets, DDOS protection, cryptographic hashing for passwords, and encryption of additional sensitive data. PrimeXBT also routinely performs a full risk check after all order placements and ensures their technical team conducts assessments on the platform. 

Moreover, the platform currently has a clean record with no hacks or vulnerabilities discovered thus far. Nonetheless, users should always remain cautious and take action into improving their security measures such as making sure they do not leave all their funds on this Exchange.

Supported cryptocurrencies and payment methods

Currently, PrimeXBT only supports BTC deposits. It accepted payments in EUR, USD and GDP with a minimum purchase of 0.002BTC. For some locations, users are able to buy BTC with their credit or debit card before depositing to their wallet (available for Visa or Mastercard only). PrimeXBT will inform whether the user’s location supports this service.

In terms of security, before making use of the feature, users will also need to provide additional personal details such as: email, country of residence, and an identification document (either an ID card, driver licence or passport). 

Supported countries

As mentioned before, PrimeXBT is available for 150 countries except for residents from countries such as: Canada, USA, Seychelles and other countries that are under economic sanctions by the European Union or United Nations.

PrimeXBT Fees

Deposit and withdrawal fees

PrimeXBT will not charge deposits or fees into your platform’s wallet or if you decide to transfer from one wallet to another on your PrimeXBT account. However, the platform does charge 0.0005 BTC for withdrawals.

Trading fees

There are 2 types of fees that PrimeXBT charges: a trade fee and an overnight financing fee. 

  • Trade fee
    • This fee is 0.05% for cryptocurrencies, 0.01% for commodities and stock indices, and 0.001% for Forex
  • Overnight financing fees
    • These fees are charged as a consequence if users do not open or close their leveraged position on the same trading day (at 12 AM UTC). It is charged as a percentage of the daily funding rate and depends on the liquidity of the asset. For instance, if one uses BTC/USD, the overnight financing fee would be 0.04166% of the daily rate for short and long positions.

Discounts and fee comparison

Compared to other exchange platforms, PrimeXBT has stricter fees. Additionally, while most other platforms have discounts and cheaper fees for traders who consistently use their services, PrimeXBT does not so this may deter users from trading more.

Turbo Trading guide

Turbo trading is a special service offered by PrimeXBT which allows you to trade in “turbo mode”. To do this, all that is required is for you to predict if an asset’s price of your choice will be lower or higher than the current price after a certain period (between 30 seconds to 15 minutes). This period and the potential profit ratio depends on what asset you choose, which will then be calculated for you before confirming the trade. 

In my belief, this trading feature is more appealing towards novice and experienced traders who want to try something simple and new. After testing this service, I find that it was very enjoyable in terms of its simplicity and efficiency to do quick trades. 

To give an example of its use, I made a prediction that BTC/USD prices would increase in 10 minutes (when the chart reaches the green circle with the arrow). After investing 0.0002 BTC, the potential profit that was calculated was 0.00014 BTC, which means 70% of what I invested if my prediction was correct. Alternatively, if the prediction was incorrect, I lose the 0.0002 BTC I had put in.

We encourage traders to try this feature out. However, unfortunately, this trading feature is unavailable in certain countries: Canada, USA, United States Minor Outlying Islands, Israel, Japan, American Samoa, Ecuador, Algeria, Sudan, North Korea, Crimea and Syria.

Review and Guide to Starting Out

From my experience of using PrimeXBT, I am pleased with the level of transparency they have with their users in terms of their team and the methods they use. They also provide great tutorials and FAQs on their website to teach new users how to use the platform. As a result, this makes their exchange look very user-friendly and reliable. 

How to register for a PrimeXBT account

Registering for an account on PrimeXBT is very fast and convenient. Below is a picture showing you what the registration screen looks like. To register, all you have to do is provide your email and create a password. There are no KYC procedures required at all. 

Register for a PrimeXBT account
Register for a PrimeXBT account

After filling out this screen, they will send an email asking you to verify your email address. Upon confirmation, you will be asked to select your country of residence. Note that no address proof is required here. After confirming all these details, you are ready to start trading!

Deposit cryptocurrency on PrimeXBT

Since PrimeXBT is based on Bitcoin, it only allows you to deposit such cryptocurrency. There are two methods to do this: People can either deposit Bitcoin from another cryptocurrency wallet, or users can purchase Bitcoin with credit/debit cards if their location supports this feature.

Depositing BTC from other wallets or exchanges

If users want to deposit Bitcoin from a wallet, all they need to do is click on “Account” which is located at the top bar, and then “Deposit” on the sidebar. On this page, they can find their Bitcoin wallet address to send money to. 

Deposit Bitcoin
Deposit Bitcoin

Buying BTC on PrimeXBT

Please note that only some locations can allow users to buy Bitcoin using credit or debit cards (Visa or Mastercard only), and that they only accept payment in USD, EUR or GDP, with a minimum required purchase of 0.002BTC. 

To begin purchasing, click “Buy Bitcoin” which is located on the Deposits page. After filling in how much Bitcoin you want to purchase, click “Buy”.

After this, the site will ask you for your email and country of residence. A confirmation email will be sent to your provided email address with a code to input at checkout for security reasons. Users are required to submit their country of residence since, as mentioned, some countries do not support Bitcoin purchases, which you will be notified of if this is the case. However, if your country does support Bitcoin purchases, you will then be required to show photographs of your identification document (either an ID card, driver license or passport), as well as payment details. After this, you will need to confirm your purchase using the code that was sent to your email, whereby the Bitcoin you purchased will automatically be sent to your wallet.

Withdrawing cryptocurrency from PrimeXBT

Withdrawals on this platform require additional steps compared to others since they implement compulsory whitelisting of destination addresses. Also to keep in mind, PrimeXBT only supports Bitcoin withdrawals, so any other cryptocurrency should be converted to such before withdrawing. 

To begin withdrawing, head to “Account” at the top bar, and then click “Withdraw” located on the sidebar. Click “Add new address” then type the address you wish to transfer your Bitcoin to, as well as a name for this address in the “Comment” field. Afterwards, select “Add new address”. Then, an email will be sent to you asking to verify the Bitcoin withdrawal address, which you can confirm by clicking the “Confirm new address” button.

When you return to PrimeXBT’s withdrawal page, the new address will appear on your list of addresses. Then, you can select the address and send the amount of Bitcoin you desire. On the right, it will display details of the withdrawal such as the destination address, transfer amount, transfer fee, and the final amount which will be sent. After checking, you can confirm by clicking the “Submit to withdraw” button. 

Withdrawing cryptocurrencies
Withdrawing cryptocurrencies

PrimeXBT review and user experience

A great aspect of PrimeXBT is the presence of pop up tutorials when you log into your account for the first time. These tutorials help users navigate towards actions such as funding your account, placing your first order etc. Even if you miss these tutorials or forget, there is the question mark on the top right-hand corner that gives you more tutorials. Hence, it is difficult for new users to feel lost while using the platform. 

To review PrimeXBT’s depositing system, I believe it was very straightforward and simple, there is little room to make errors although make sure you double-check your wallet address every time to avoid mistakes. In terms of buying Bitcoin, the steps were also simple to follow, although if you are using other exchanges or platforms you may find it is easier to buy your Bitcoin from there and deposit it to PrimeXBT, rather than going through the Know Your Customer (KYC) process again. Nonetheless, we recognize that this is done for security reasons and respect such methods.

Overall, the withdrawal system for PrimeXBT is quite straightforward. Although, it may be troublesome having to convert all your assets to Bitcoin as the prices may fall which means losing some money. Additionally, the whitelisting feature can be an inconvenience at first. However we respect that this is for security reasons to protect users which is a fair tradeoff. However, after going through all these minor steps, using the platform will be better in the long run if you usually send Bitcoin to a few specific addresses, such as your hardware wallet.

As for unique trading features, PrimeXBT also provides a “one-click” or “double-click” trading feature. This means that traders can bypass confirmation processes when they want to open and close positions or cancel orders with just one click. This is especially convenient for those who are in a rush to lock their positions. However, users can also suffer largely from losses if they misclick as it is irreversible.

Users are able to customize their trading charts and interface. Within the trading interface, users can move, add, and remove various widgets (e.g watchlists, orders, charts etc). People can also add new “workspaces” by clicking the “+” symbol. These workspaces can then be renamed and widgets can be added on. This is especially helpful for traders who want a convenient place to see all the necessary information they need, or if they want to make their interface look like a platform they are already familiar with previously. 

Users are also able to customize and annotate trading charts. For instance, you can overlay different trading pairs for comparison. Attached below is an image that gives you an example of this: I overlayed the charts for BTC/USD and ETH/USD together so I can compare where the assets were falling or rising at different points in time. Indicators can also be used (up to 50) on the charts, as well as the ability to save a picture of your chart, draw lines, or write notes so users can reference and study them. There are many other features that I have not discussed that can help those who are technical analysts, so this feature was definitely designed for pro traders and professionals.

Summary: Should you join PrimeXBT?

To summarize, here are some pros and cons based on my experience with the platform. 

Pros

  • Security: The platform uses unique security tools that are not commonly found on other sites such as the mandatory whitelisting for withdrawal addresses. Additionally, there are no hacks or vulnerabilities found so far. 
  • Transparency: PrimeXBT is definitely one of the most transparent exchanges that exist. Almost every question submitted was answered on their website. 
  • Customizability: Easy and attractive trading interface and charts that can be customized if desired, perfect for users who are analysts or experienced traders. 

Cons

  • Learning the platform: Even though there are many useful tutorials on the exchange, it will take lots of time and learning if users want to make use of every feature they have to offer
  • Limits in cryptocurrency: Only Bitcoin is supported for deposits and withdrawals

Overall, PrimeXBT is definitely more attractive towards users who have more trading experience. The Turbo trading function is also very unique and interesting which is something that is worth trying. The interface is very sleek and user-friendly in terms of its flexibility for customization. Although users may need to dedicate time towards exploring all the features that PrimeXBT provides, it is worth it at the end of the day and users may find themselves revisiting the platform many times. 

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