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PrimeXBT Review – Is PrimeXBT a Recommended Broker?

PrimeXBT Broker Rating
Account Types9.5
Trading Speed9.7
Customer Service8.7
Safety9.2
9.3
CONCLUSION
Read our PrimeXBT review and learn why we recommend this broker for online trading and why it is not a scam, learn all you need to know in this PrimeXBT review before you sign up with the broker.

PrimeXBT Review

PrimeXBT logo

Online trading has become a passion for most people as this industry is full of opportunities and an unlimited number of people have become rich by trading assets. But the thing is most people do not know how to get maximum profits on trading. Here comes the function of online brokers or trading platforms that are middle parties and help new traders to achieve their goals. PrimeXBT is a famous name among these trading platforms, which only help traders to get maximum return on online trading products. In PrimeXBT review, you will come to know all basic things about the traders’ favorite trading platform.

PrimeXBT is a renowned trading place where you can access hundreds of markets including cryptocurrency, commodities, Forex, indices, and many more. The award-winning trading platform lets users to enjoy Bitcoin-based margin trading. It is very famous in the circles of new traders as well as professional investors due to its top-notch features. It is one of the unique trading companies that accept Bitcoin as margin collateral.

In terms of leverage, it is an exceptional and prominent as it offers high leverage on both crypto and traditional assets. With crypto products, PrimeXBT provides leverage as high as 100:1 and with traditional products, it equips traders with leverage up to 1000:1.

If you are in search of a company that offers copy trading then PrimeXBT is a perfect choice for you. The function of copy trading on the platform of PrimeXBT is executed with the help of Covesting module that lets users to earn an unlimited profit by following the successful trading strategies professional traders.

As PrimeXBT is known for its credibility, it puts a highly focus on the privacy of those who have joined the platform as their trading partner. However, you are not required to comply with the KYC protocol as the company does not make it necessary to provide personal details to validate know your customer policy.

It has successfully developed partnerships with the industry leaders so that users can enjoy maximum benefits. First, it has made its partnership with Devexperts which is known for creating feasible and highly profitable trading software. Second, its partnership with Covesting helps traders to perform the action of copy trading. Third, PrimeXBT is working with Bitfurys that places AML check and balance mechanism on transactions which are done via the top digital currency, Bitcoin.

PrimeXBT website

The facility of wallets is available to users of PrimeXBT who can easily deposit digital assets such as USDC, USDT, and ETH. The deposited assets of investors can be secured for a long period of time or they can use them while trading thanks to dedicated team. A separate section is created which is especially designated to monitor all occurred transactions and show them via a proper well-defined report.

In order to prevent mishappenings, the company has provided the facility of whitelisting addresses. As the functionality of address whitelisting is active, there is no chance that an account gets manipulated or manhandled by an unknown entity as withdrawals are done only through whitelisted addresses. PrimeXBT has a strong referral system which is based on four levels. Users can enjoy benefits of referral system up to four levels which is an impossible thing with any other trading firm.

Taking into consideration the broker’s payment options can be another significant factor. PrimeXBT provides a wide range of payment choices. Providing different payment methods turns PrimeXBT into a trustworthy broker and makes it a choice of many. Moreover, payment methods supported by the trading company are 100% secure and reliable. Neither your funds nor your privacy will be compromised in any case. All investments in forex, CFDs, and precious metals carry high-risk investments. The platform can protect your funds while you do business as compared to losing your money while trading.


PrimeXBT’s Markets

The firm has access to a wide range of markets covering cryptocurrencies, indices, commodities, and metals. With a good diversified strategy, one can put his money in a good number of assets from cryptocurrencies to traditional assets and the hard working team of the company helps people in choosing the assets.

Many brokers and exchanges offer only one trading account by which traders have to execute trading actions. But this is not the case with PrimeXBT as you can open multiple accounts on the single platform. Bitcoin is not the only supported cryptocurrency as many currencies, such as USDT and USDC, can be used to enjoy services of the company. Moreover, these currencies can also be used for trading purposes and PnL settlements.

The trading mechanism of PrimeXBT is also different than others as it runs on straight-through-processing (STP) rather than P2P. The major advantage of the STP is that it collects all orders and sends them to liquidity providers for better liquidity exposure. It has also an edge over P2P because it helps users in getting exposure to international markets. The matching of orders will be done on both internal as well as external level thus expanding the strata of liquidity and introducing independence from internal matching.

The placement of orders on the trading platform of PrimeXBT is very smooth and easy as it does not engage people in difficulty while placing different types of orders. You can either place orders through chart or by opening the watchlist where you can use the buttons of buy and sell assets. If you know the art of utilizing stop and limit orders, you can make a pile of money and fill you banks with returns collected as a result of trading. OCO (One Cancels the Other) order is another thing that you can use to make perfect trades as in this type of order once an order complete the other will get cancelled automatically. OCO order type is normally employed by professional traders who are unsure of the price value as a result of sudden breakout on the chart. Similarly, it can be used when someone is expecting a significant price range.

Before you dive into margin-based trading, it is a wise thing to get information on the expected results and the information is listed via “Margin impact” button which can be very helpful for you. If you do not want to risk your capital in margin-based trading then you should avoid putting more than 50% of your available margin thus minimizing the negative effects of margin-powered trading.

Nowadays, cryptocurrencies, including Bitcoin and Ethereum, have become mainstream assets and capture the attention of financial institutions and banking giants. A lot of tech giants and financial companies decided to onboard Bitcoin into their balance sheets as it is a flagship cryptocurrency that performs as a good hedge instrument against rising inflation and currency devaluation. Besides, institutions, many institutional investors have also turned towards adding the top digital asset into their personal wallets for a long period of time. Bitcoin is not the only attractive digital currency as there are many that have captured the attention of thousands of people in recent months. Ethereum is known as silver cryptocurrency and has challenged the king digital asset at many times in the past but did not become successful in overturning it. Lives of unlimited people have changed over the course of time as a lot of people turned to millionaires from nothing and many turned to billionaires from millionaires. By utilizing the trading platform of PrimeXBT, you can reap benefits of digital currency trading, thus opening new gates of opportunities.

Besides cryptocurrency, traders and investors should also try their luck with Forex currencies. Forex market is a place that is known for high liquidity presence as trading in trillions of dollars take place on a daily basis. All pairs of currencies against dominant fiat currencies are listed on the site and one can choose any of these pairs. On the platform of PrimeXBT, you will find hundreds of forex pairs, which have a positive track record in terms of profit.

Commodities, indices, and metals also have an important place on the PrimeXBT’s platform. Out of all metals, gold is a favorite asset of investors as they consider it a good hedge instrument. In past, gold played an important part when the traditional market was degenerating. In the past, during the times of bearish seasons, gold was increasing because investors considered that gold is the only option where they can safely invest their hard-earned money. Bitcoin, however, has challenged the status of gold by winning the hearts of many investors.

PrimeXBT Offers Leverage Trading

Normally, it happens on exchanges that users utilize the service of leverage facility by choosing a level between 1-100. But PrimeXBT gives you option to adjust the position size which is an easy thing for you. With only one BTC in your wallet you can create the position of 100 BTC thus adjusting the position at 100:1. It means that users of PrimeXBT are eligible to attain leverage up to 100%. There is chance of margin call if your trade goes against your expectations, thus adding a high risk level alert.

The company team advises its new comers not to go high as available margin should be high. For example, one should have 50% margin available to avoid getting struck in the markets due to high volatility.

Leverage trading is only recommended for professional traders who have an extensive experience in the field of trading. It is likely that new traders can lose their investments if they have clearly understood how leverage trading works.

Competitive Fee Structure

Fee is an integral factor when a new trader wants to join a trading platform for trading. Investors and professional traders likely pick that trading platform that offers low fees on trading. Due to low fee structure, PrimeXBT has become a favorite place for many professional as well as new traders. Traders only have to pay 0.05% fees on cryptocurrencies and much cheaper fees on traditional assets trading. Moreover, they are providing rebates to market makers as it is an STP broker. Most brokers do not show fee schedule as they are not fully transparent with their users. But PrimeXBT has employed the policy of transparency thus making things clear between the company and its user base.

The fee structure with necessary detail is mentioned on the website of PrimeXBT. If you have any queries regarding fee schedule you can join the support team of the firm for explanation.

Availability of Turbo Platform

The products and features of PrimeXBT are very unique and effective, which are very rare to find in other brokers. Recently, the company has introduced the Turbo platform, which is a very extra ordinary tool for professional traders. If you predict the next price target, you can make profit up to 90% which is not possible with normal type of trading. But the risk factor is also attached here and you should be careful of it as you can lose your hard-earned money if your prediction proves incorrect. You can bet on what will be price value in the next thirty seconds, one minute, or five minutes. Every asset listed on the platform has its terms and conditions, such as contract duration and payout ratio.

Turbo function is available in demo account so that traders can try out things without actually losing anything. After getting exposure via demo account, one can start executing trades but keep in mind the high risk factor is attached with it. New comers should avoid this feature as it is only designed for professional traders whose predictions are strong.


Covesting Module for Traders

Covesting is a renowned tool known for providing DLT services. It was one of the pioneers that attained DLT license: others exchanges include eToro, CEX, and Huobi. Covesting gives access to users of coping top class trades executed by traders. This strategy should be considered by new comers who can copy trades of professional traders. By copying the trades, new traders can make thousands of dollars in a short span of time. Through Covesting module, users can uplift each other in terms of profit by copying the trades.

Customer Support

The customer support section is designed in such a way that users will not feel strange as the environment on the platform is very friendly and the staff is cooperative. Customer support desk remains active 24 hours a day so that traders could solve all of their issues and problems related to trading actions. Through their given email, and phone numbers, concerned users can submit their problems and queries. Users will get immediate solutions to their issues from the responsible team of PrimeXBT as they are only dedicated to serve clients on an urgent basis. If you are facing issues in leverage or in margin trading, you can ask from staff members what to do in this case. Issues related to deposits and withdrawals are solved soon after the submission of queries as the company gives these issues the utmost priority. While registering the issue, give a full detail about the problem otherwise your issue will remain get delayed.

The feedback given by existing and old users will be very helpful for people who are thinking about joining the site for the first time. If you are not satisfied with PrimeXBT then you have full freedom that you can avoid this broker as your trading partner.

Customers’ Security

PrimeXBT has also made its name when we consider brokers in terms of customers’ security. Users’ security should be a top priority of any company that is dealing with clients’ hard-earned money. If a trading company does not place high attention and focus towards users’ security then you should avoid that platform as there are high chances that your money will be lost forever. Based on the past recorded data, we can say that the traders linked with the firm have not faced any difficulty yet. So, a clean record with the top-notch features is a favorite trading broker of many traders.

However, the company does not demand personal information, which is required for know your customer protocol. So, there is an easy procedure for creation of an account with PrimeXBT as no detailed information will be asked. The funds of users are protected under many layers of advanced security system which makes hacking or cyber attacks neutralized by blocking them. The professional team of PrimeXBT makes it their first responsibility of offering full protection and security to clients who are associated with the trading in one way or the other.    The funds of users are stored in segregated accounts which are separated from the accounts of broker. Since its establishment, the company has not witnessed a single successful hacking attack.

Conclusion

In this review, you have got every important bit of information that introduces you to PrimeXBT. PrimeXBT has distinguished itself from other brokers due to its some unique and extraordinary features, including Covesting module and Turbo platform. Expanded markets and top-notch security protocols have uplifted the status of PrimeXBT as a trusted and credible trading broker.

Eino Kinnunen (Finland)

Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies.

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