PrimeXBT Review

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Contributor, Benzinga
June 8, 2022
PrimeXBT
Best For
  • Active Traders
securely through PrimeXBT's website
1 Minute Review

PrimeXBT, founded in 2018 and opened in 2019, is a Bitcoin based-brokerage that features up to 100 times leveraged trading on the most popular cryptocurrencies and stock indices, and up to 1,000 times leverage on forex pairs and commodities. The brokerage also charges dynamic fees that decrease to as low as 0.001% as your balance grows.

The platform features a few trading products to serve all of your needs, including the flagship PrimeXBT platform, which offers many technical indicators and supports several order types, a Turbo platform for high-frequency market trading, and a Covesting module, which allows you to copy strategies and invest alongside other experienced traders of your choice. All trading platforms feature a modern and sleek customizable user interface.

PrimeXBT is unregulated and does not have to abide by KYC requirements that other brokerages do. The platform does, however, have a plethora of safety features to ensure the security of your funds and account. Some features include 2FA, manual withdrawal clearance, Bitcoin address whitelisting and cold storage of digital assets.

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Best For
  • Traders who are looking to maximize their profits
  • Active traders
  • Traders of any level
  • Traders who prefer anonymity
  • Traders who want to diversify their portfolios across different asset type
  • Traders who want good customer support — 24/7 live chat feature in 16 languages
Pros
  • Up to 100x leverage for crypto and stock indices trades
  • Up to 1,000x leverage for forex and commodity trades
  • Long and short trading with multiple order types
  • Customizable and friendly user interface
  • Low fees
  • No need for KYC verification
Cons
  • Demo trades only available on Turbo platform
  • Not available in the U.S., Canada, Japan, Russia, and 10 other countries/regions

PrimeXBT Ratings at a Glance

Trading Options
Customer Service
Pricing
Mobile App
User Benefits
User Experience
Overall Rating

PrimeXBT Trading Options

No equity-specific trading is offered and there is only a limited number of cryptocurrencies on the platform.

PrimeXBT
Best For
  • Active Traders
securely through PrimeXBT's website

PrimeXBT

PrimeXBT’s flagship trading platform includes a fully customizable workspace with an extensive suite of trading tools. Not only can you trade Bitcoin and other altcoins, but PrimeXBT also supports securities and commodities to trade. Also, unlike most exchanges, you can trade with up to 100x leverage. The service provides you with professional charting tools, allowing you to manage orders and place trades without having to switch between tabs or windows. PrimeXBT supports market, limit, stop and OCO orders (visit this link to learn more about these order types). The brokerage also allows you to deposit, withdraw and store assets in a secure personal wallet that is kept offline. PrimeXBT features ultra-fast order execution from 12 liquidity providers and processes over 12,000 orders per second, helping you get in at the best available prices.

Turbo

PrimeXBT’s Turbo platform was designed for high-frequency traders whose goal is to execute as many trades in as little time as possible. The platform allows you to earn up to 90% in minutes by predicting short-term price movements of various cryptos, commodities, forex pairs and stock indices. Turbo offers 24/7 trading and live chat support. You can start from as little as a $1 deposit and are able to test the platform with a free demo account where you can trade with a 1 BTC balance. It is important to note that this style of trading involves a significant amount of risk and is not suitable for beginners. 

Covesting

The Covesting platform allows you to choose from a list of best-performing traders and copy their trading activity. First, you can choose your preferred trader, then allocate a portion of your balance toward your chosen strategy, and finally can follow your trades. You are able to follow multiple traders and allocate varying amounts of your balance toward different strategies. If you’re a strong trader, you can monetize your trading strategy by receiving fees from your follower’s gains. The more followers you have, the more money you can make.

Cryptocurrency Offerings

PrimeXBT offers cryptocurrency trading on BTC/USD, ETH/USD, LTC/USD, EOS/USD, ETH/BTC, LTC/BTC, and EOS/BTC. You can also follow XRP/USD and XRP/BTC pairs. Many traders choose to trade Bitcoin pairs, as it gives them an idea of how their investments perform against Bitcoin which is seen as the standard return in cryptocurrency markets. If you're a risk-tolerant investor and are looking for extra gains, PrimeXBT offers leveraged trades. While this increases your potential returns, it adds a significant amount of risk as well. If you aren't an experienced trader, you should be weary of using leverage.

Indices

PrimeXBT offers trading on 11 global indices from the U.S., EU, U.K., France, Spain, Hong Kong and Japan.

Forex

PrimeXBT offers trading on 51 forex pairs between USD, EUR, GBP, AUD, CAD, CHF, JPY, MXN, HKD, TRY, ZAR, NZD, SGD, RUB and Gold (XAU).

Commodities

PrimeXBT offers commodity trading on gold, Brent oil, U.S. crude oil and U.S. natural gas.

PrimeXBT Customer Service

PrimeXBT has a large FAQ section that can be accessed by navigating to the brokerage’s help center found in the sitemap (bottom of the website) in the “About” column. The FAQ page answers over 50 questions across 5 common categories. Additionally, this help center has a substantial amount of information regarding topics such as trading conditions, leveraged trading, security and deposits/withdrawals. Almost any question you have can be easily answered in the help center as it is full of information and elegantly laid out in a linked table of contents styled outline. If you have a question that cannot be answered in the help center or were simply unable to find the information you were looking for, PrimeXBT offers a 24/7 live chat feature that is available in 16 different languages. Unfortunately, PrimeXBT does not provide a customer service hotline.

PrimeXBT Pricing

PrimeXBT accounts are free and commissions are super competitive. The Turbo platform has no commissions. Fees are laid out clearly next to each potential trade, so there are no surprise fees after execution. The minimum deposit requirement is 0.01 BTC for PrimeXBT and $1 for Turbo. You are also able to earn more in crypto through PrimeXBT’s affiliate program, which offers a revenue share, CPA, and hybrid referral plans on up to four levels of referral. You can also earn income from helping other traders profit by letting them covest with your strategy.

PrimeXBT Mobile App

Its mobile app is clean and mirrors the site closely with the same functionality and enhanced security. Sign-up and account registration is easy through the app. Many traders prefer to trade via the mobile app, as it gives easy access to their portfolio right from their smartphone.

PrimeXBT User Benefits

  • Lots of trading options in a variety of markets
  • Multiple types of trading strategies
  • Competitive pricing
  • Diversity in your portfolio
  • Lots of extra information and a blog
  • Helpful and easy to use price charts
  • Covesting gives you the opportunity to earn passive income
  • Anonymity

PrimeXBT User Experience

  • The site is customizable, easy to use and navigate.
  • A lot of charting tools enable traders to do as much research and analysis as they need.
  • Financial information is easily accessible.
  • Live chat is helpful.

PrimeXBT vs. Competitors

PrimeXBT differentiates itself from competitors by providing you with access to multiple market types along with excellent charting data and tools. While it may not be the best option if you are looking to trade a specific asset, PrimeXBT allows you to diversify exposure to several different asset classes at once. PrimeXBT also offers 3 trading platforms, giving you the choice of how you want to trade. 

PrimeXBT Overall Rating

While PrimeXBT is undoubtedly one of the best trading platforms in existence today, it is not available for use in several major countries including the US and Canada, making it hard to justify a perfect 5/5 rating. If you reside outside the U.S. and are looking for a platform that provides anonymity, is safe and secure, offers a diverse set of investment options, and supports varying methods of trading, PrimeXBT is your solution.

PrimeXBT Tutorial

Frequently Asked Questions

Q
Is PrimeXBT legit?
A

Yes. The platform services 150 countries and offers a wide range of tracing tools. Plus, it is powered by well known names like Devexperts, Covesting and Bitfury crystal.

Q
What can you trade on PrimeXBT?
A

You can trade 51 forex pairs, 11 global indices, 4 cryptocurrencies and 4 commodities on PrimeXBT.

User Reviews

William Franklin

How do you use this product to boost your finances?

Greetings!!! Due to the high rate of fraudulent activities in the Cryptocurrency Market the US Authority and other regulatory Bodies (FUND RECOVERY DESK)have decided to sanction all Brokers activities . In the course of this investigation we uncovered

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