PrimeXBT Review 2022 - Features, Fees, Pros & Cons, and More

In this PrimeXBT review, we will take an in-depth look at the features, fees, pros, and cons of the platform. So if you're considering using PrimeXBT for your next trade, read on for everything you need to know.

Overview

What is PrimeXBT?

PrimeXBT is a Bitcoin-based margin trading platform that offers access to global financial markets, including forex, stock indices, commodities, and cryptocurrencies. These features make it a one-stop-shop exchange. Launched in 2018, PrimeXBT has gained popularity for its user-friendly interface, low trading fees, and high-leverage options.

The platform offers maximum leverage of up to 100x on some assets and has a very user-friendly interface. Fees are very low compared to other exchanges and platforms.

How PrimeXBT Works

PrimeXBT is a Bitcoin-based margin trading platform that allows users to trade various assets using leverage. Leverage is a tool that allows traders to control a more significant position than they would be able to with their capital.

For example, if a trader has $1,000 and wants to trade $100,000 worth of an asset in the PrimeXBT platform, they can use leverage to do so. Leverage can be used to trade both long and short positions. 

In the case of long positions, traders are betting that the asset price will go up. In the case of short positions, traders are betting that the price of the underlying asset will go down.

PrimeXBT offers leveraged trading of up to 100x on some assets. This means that for every $1 a trader has in their account, they can control up to $100 worth of an asset. Leverage can be used to increase potential profits, but it also increases potential losses.

As of writing, the platform doesn't have a separate wallet from the primary exchange. Within the exchange, there are five unique embedded wallets. Each wallet is dedicated to a particular cryptocurrency:

• ETH
• BTC
• COV
• USDT
• USDC

To transfer these currencies in the PrimeXBT platform, you can choose either of these ways:

• Direct crypto transfers to your PrimeXBT account from your crypto wallets
• Use supported third-party platforms to buy cryptocurrency using a bank card for credit card deposits or to deposit fiat currency.

In this PrimeXBT review, we advise traders only to use leverage if they are comfortable with the risks involved. PrimeXBT also offers insurance policies that protect against risks associated with leveraged trading. As one of the sought-after trading platforms and crypto exchanges available, we'll help you understand its contributions to the margin trading industry before you start your trading account.

PrimeXBT Features

It’s a wise decision to select a platform that offers excellent features that help you sell and trade your assets the most profitable way possible, especially when today’s digital world is evolving towards Decentralized Finance (DeFi) and Gaming Finance (GameFi). So, in this PrimeXBT review, we’ll introduce you to some of the unique features of the platform.

PrimeXBT Turbo Review

The PrimeXBT Turbo is a platform-introduced tool that allows you to leverage trading by doubling your bitcoins in the quickest and easiest method possible. In turn, you can make more than a 70% return on your investment within minutes. 

Trading synthetic contracts allow you to make profitable trades by predicting the direction of the price movement of the chosen asset, determining whether it will move either higher or lower than its current rate. The key used by an experienced trader is to forecast short-term price movements in a variety of assets, such as:

• Bitcoin
• Foreign currencies like EUR and USD
• Gold
• S&P 500
• Oil

The downside of this PrimeXBT feature is that if your estimate is incorrect, your loss is equivalent to the pledged amount you chose while generating your initial prediction. The turbo function determines the possible reward for a successful trader who made the correct predictions. Each trade is like overnight financing: the last 30 seconds, 1 minute, 5 minutes, 10 minutes, or 15 minutes–same trading day.

PrimeXBT Covesting Review

Another feature widespread in the PrimeXBT trading platform is the PrimeXBT covesting. It is a copy trading integration provided by the PrimeXBT margin trading platform. Covesting allows users to browse existing trading strategies adopted by professional traders and replicate those strategies in order to achieve the same results.

Covesting is an excellent approach for anyone that doesn't yet understand how to trade to generate passive profit. The covesting option enables you to replicate the trading strategy of successful traders.

PrimeXBT Margin Trading Review

In this PrimeXBT review, we'll also look into margin trading, which is an advanced trading strategy that follows the process of lending from your broker to enhance the amount of a position you would ordinarily be able to trade. Also known as leverage trading, this feature enables successful traders to profit from more significant gains but may also result in larger losses.

The Margin Trading feature enables you to trade Crypto, Stock Indices, Commodities, and Forex by up to x1000 leveraged trading. This allows you to optimize your earning potential and profit from rising and falling markets using CFD trading contracts (Contract-for-difference).

You have to return any money borrowed with interest, just like any other loan you take out. The required interest varies based on the loan amount and the brokerage you choose. 

It can also be dependent on the asset being traded. The interest in margin trading is much smaller than what you earn on your credit card, but when done wrong, it can also lead to losses.

PrimeXBT Mobile App Review

Another feature of this PrimeXBT review is the mobile app, which helps beginners and experienced traders to access the global markets on their smartphones. The app allows them to store, trade, buy, and sell cryptos through the user-friendly application. 

The app is now available for both Android and iOS users. Both smartphone users can benefit from its excellent features, such as:

• Improved notification services
• Pie chart to support copy trading strategies
• General assessment system

PrimeXBT Fees & Limits

Fees

The PrimeXBT trading platform has a proven track record of being straightforward in its fees. This Prime XBT review gathers the different fees incurred in trading cryptocurrencies and other assets. 

Limits

Every account on the platform has a 24-hour withdrawal limit. The limit amounts to $20,000, equivalent in other currencies for all withdrawals submitted. Verifying your account can expand your options and remove this withdrawal limit.

The platform does not offer spot trading.

Overall, the fees and limits on PrimeXBT are very favorable for traders. The low taker and maker fees make it an excellent choice for those looking to trade frequently. The lack of deposit and withdrawal limits allows users to move their funds as they see fit.

Pros

Traders prefer their trading experience in PrimeXBT because the crypto exchange has the following:

• PrimeXBT cryptocurrency exchange performs smoothly
• Two-factor authentication feature
• In-depth verification process and account management options
• Compatibility with forex pairs
• Preferred for making an initial investment for new traders
• Cheap PrimeXBT trading fees compared to other crypto markets
• Impressive technical charting tools for advanced traders
• User-friendly global exchange and trading platform with reasonable trading fees
• 24/7 Customer support
• Allows trade for natural gas, crude oil, and more

Cons

Some drawbacks found by experienced traders about the crypto exchange are as follows:

• Only offers leveraged trading and not spot trading
• Few cryptocurrency trading pairs compared to platforms in the cryptocurrency market
• Lacks higher regulation, unlike other popular crypto trading platforms

Guide

This PrimeXBT review will also guide you to further understand how the platform works. We'll teach you how to start an account, KYC, funding & withdrawal, and trading strategies.

Registration

To start an account, input your email and password. Before proceeding, read and accept the Terms of Conditions and Privacy Policy. You'll then receive an email to the address you gave for you to verify your application process.

We advise that you enable the 2-factor authentication because this is not in default.

KYC

When you join up with PrimeXBT, you do not need to provide any forms of identification. This is because they are among the few exchanges that require KYC (know your customer) or AML (anti-money laundering) checks on their traders. Put simply, you can keep your online privacy in this fully anonymous exchange.

Funding & Withdrawal

As mentioned above, there are two funding and withdrawal methods that traders can apply. They can:

• fund their accounts using a bank card or transfer
• deposit through third-party services that help customers buy ETH, BTC, USDT, and USDC

Another option is available for users who do not wish to use the above-mentioned third-party services. Instead, they must fund their accounts using cryptocurrency obtained from an exchange such as Binance. Binance is another popular platform you can trust as it’s known for its crypto exchange and grounded partnerships in the cryptocurrency industry.

Trading Strategies

Trading extremely volatile assets may result in huge gains, especially with more robust trading instruments like PrimeXBT. That's why we include some of the best trading strategies used by strategy managers and market makers in this Prime XBT review. So please take note of these tips so that you can apply them in your next trade.

1. Moving Average Crypto Trading Strategy. You can use this to analyze data points across periods and plan stop-loss levels through simple mathematical formulas.

2. MACD strategy. You can use this to locate an early hint of a reversal that may emerge, subsequently confirmed when a crossing occurs. This is a favorite strategy for bitcoin trading.

3. Bollinger Bands Strategy. When combined with candlesticks, price chart patterns, and other technical indicators, you can use this as an effective and lucrative cryptocurrency trading strategy.

4. Parabolic SAR Strategy. You can use this if you think dot patterns are helpful indicators because they are placed above or below price actions. When the price meets these dots, they appear on the other side of the price action, and this is when a signal is generated.

5. TD Sequential "9" Strategy. The bottom line of this strategy is you simply have to wait for the 9 buy or sell signals to complete before entering a long or short trade.

Final Verdict

While it could be a better platform, PrimeXBT has established a name for itself, being a Bitcoin-based margin trading platform that offers access to global financial markets, including forex, stock indices, commodities, and cryptocurrencies. It offers reasonable fees and has plenty of excellent features. Overall, it's worth analyzing whether this trading platform can provide for your needs as a trader.

FAQ

Is PrimeXBT legit?

Yes, PrimeXBT is considered a legit platform used in over 150 countries. It has extensive security to protect its users against fraud. Overall, PrimeXBT’s engines and systems were created to match the highest industry requirements for online trading.

What is the minimum deposit in PrimeXBT?

Let's say you want to deposit BTC. To begin trading, you must deposit any amount that would provide the needed margin for your transactions. 

The platform specifies a minimum order size of 0.001 BTC for Bitcoin. Hence, the minimum margin necessary to make such a trade with x200 leverage is 0.000005 BTC.

Is PrimeXBT available in the US?

Unfortunately, the US is among the 14 countries restricted from benefiting from PrimeXBT. The app is banned from providing services under the laws, regulations, and directives of some countries, including the United States. With this, USA customers can’t access the PrimeXBT app.

Where is PrimeXBT located?

The headquarters of PrimeXBT is in Seychelles, a small country in Africa. However, PrimeXBT trading platform trades are now carried out on servers in London and Frankfurt.

Does PrimeXBT require KYC?

The PrimeXBT trading platform values its users' privacy. They do not compel their clients to go through KYC procedures, which would most likely expose their personal information.