Editor’s Note: Why PrimeXBT Sucks In 50 Words
The chart is incredibly small! And I mean smaller than a smartphone screen. Unfortunately, I couldn’t find an easy way to make it full screen or at least to get it to an acceptable size. PrimeXBT should definitely make it more apparent, because I’ve dealt with tens of trading platforms so I think I can find my way around the buttons of a platform, but I believe it will be very difficult for a newcomer to do it.
Why PrimeXBT Doesn’t Suck In 50 Words
You can trade Bitcoin and a few other digital assets with leverage up to 100x, which is HUGE considering that the usual leverage offered by CFD brokers is about 5x (I’ve seen 20x but this was on a very few occasions). For fiat currencies, the leverage goes up to 1:1000 (!!!).
Another great thing is that you don’t need to go through any KYC verification. No proof of residence, no selfies with your passport – just enter your email, choose a password and you can deposit, trade and withdraw.
Is PrimeXBT A Scam?
The owning companies are not regulated but according to the information found at the bottom of their website, they are “in the process of undertaking a legal and regulatory analysis of Bitcoin trading with margin”. It is unclear what that means exactly but seems they are looking to get regulated. Despite not being regulated, this doesn’t look like a scam and keep in mind that a lot of cryptocurrency exchanges are not supervised by a major financial watchdog simply because crypto, in general, is mostly unregulated. However, you should always use caution because this is a relatively new broker and we cannot vouch for their integrity.
Should I Open An Account With PrimeXBT?
PrimeXBT is a Bitcoin-based online platform, launched in 2018, which offers leveraged CFD trading on several cryptocurrencies, including Bitcoin, Ethereum, Ripple and Litecoin, but also on more traditional assets such as fiat currencies, commodities, and indices. The website is owned and operated by PrimeXBT Trading Services LLC., a company incorporated in St. Vincent and the Grenadines, which is part of the PrimeXBT group. A second company appears on the website: Prime Technology Ltd. (registered in Seychelles); however, it’s not clear that the role of this company is. Neither company is regulated by a major financial watchdog.
This trading venue is a mix between a crypto exchange, a crypto CFD broker and more recently, a Binary Options and Forex broker. However, there’s no trace of an order book or market depth, which prevents me from calling them a full-on exchange. But let’s not bother with semantics anymore and see what they have to offer.
I mentioned Binary Options so an explanation is in order: they offer PrimeXBT Turbo, which is a module for trading binary options on cryptocurrencies and more recently, on fiat currencies. This module was in Early Access phase for a while but now it can be used by all registered users, assuming that’s your cup of tea. However, the expiry times are limited to only 1, 5 and 10 minutes, which feels like the binary options rush is in full force once again. These extremely short expiries were the “culprit” for a lot of lost money in the old days of BO and also appealed to gamblers more than traders. The way PrimeXBT advertises BO is a bit over the top, which is another similarity between them and the “old” BO brokers: “The fastest and easiest way to trade the markets. Gain up to +90% in minutes” etc. Please, we’ve had enough of this type of marketing. All trading is risky! Keep that in mind.
The main trading platform is actually pretty good, with intuitive menus and info that was easy to access, but the downside is that the trading chart itself cannot be made full screen or at least big enough to see the candles properly, without tinkering too much. The software is web-based, with no option to download a desktop version. The order types are the usual: Market, Limit, OCO (one cancels other), Stop, GTC (good till cancelled) and Protection orders (Stop Loss and Take Profit).
To start trading, clients will need to deposit and this can be done using only Bitcoin (minimum 0.001 BTC). It’s an inconvenience if you don’t have any Bitcoin but PrimeXBT offers ways to buy BTC from third parties such as CEX, Coinify and others. This way you can purchase Bitcoin with your credit card or wire and then deposit it directly into your PrimeXBT account.
There’s not much in terms of “classic” education meaning that you won’t find articles about what is Bitcoin, how to trade it or any history lessons. What you will get instead are good tutorials about how to use their platform and explanations about leverage, margin and trade orders, as well as some market updates/news.
Overall PrimeXBT seems like a good choice for anyone who understands the risks and advantages of high leverage and doesn’t want to go through the KYC hassle. I liked the platform but I couldn’t get it to work all the time, which could be a deal-breaker if it’s not addressed quickly. Other downsides are the lack of regulation (but that’s the case with most crypto exchanges) and a relatively short time in business. If you want to open an account just make sure you don’t deposit large sums right away. Give it some time.
PrimeXBT User Reviews And Online Presence
Opinions regarding PrimeXBT are mixed, as you can see in our comment section below. Some are happy with the service, others not so much. And this “trend” can be seen in many other places online, so it seems this broker / exchange is a polarizing one.
Both withdrawals and deposits can be made using Bitcoin only (fiat and other cryptocurrencies are not accepted). To tackle this inconvenience, PrimeXBT connects its clients with third-party services, allowing them to buy Bitcoin using credit cards. Withdrawals incur a fee of 0.0005 BTC (charged by PrimeXBT) and you will also pay the normal network fee for the BTC transaction. The minimum sum allowed is not specified.
Withdrawals are processed once a day, between 12:00 and 14:00 UTC. If the withdrawal request is made before noon, it will be processed the same day. According to their withdrawal page, “PrimeXBT reserves the right to manually review a withdrawal request before it’s approved if it exceeds a specific amount or triggers a suspicious activity alert”.
Definitely, the elephant in the room is the 100x leverage for crypto, which is the highest we’ve seen to date. You should know that leverage can greatly increase profits but it’s also a very sharp double-edged sword because it drastically increases risk as well. PrimeXBT Turbo is another extra feature, if you are interested in fast, risky trading.
User Friendliness 14/20
The website is translated into 16 languages, is well organized and with enough information to get you started. However, their platform is hit and miss, with small charts, which are definitely not user-friendly. Mobile platforms are available. The broker doesn’t require KYC, which means they don’t check if you are from the U.S. or some other part of the world but they specifically state that US clients are not accepted.
Range Of Markets, Spreads And Leverage 17/20
The number of crypto assets is very limited, with only 5 choices (Bitcoin, Ethereum, Litecoin, EOS and Ripple’s XRP) but they’ve recently introduced fiat currencies and a few indices. The spreads are very tight, with only 2 USD on BTC/USD and less than 1 USD on ETH/USD. Keep in mind that spreads are floating so in volatile times they will widen. Leverage is 1:100 for cryptocurrencies and up to 1:1000 for fiat currencies.
Fees And Support 16/20
PrimeXBT charges two types of fees: trading fees (0.05% per trade) and overnight fee. The latter will not be paid if the trade is opened and closed within the same day. Support is available through email and a live chat system, which was pretty fast.
Deposits And Withdrawals 15/20
Bitcoin is the only accepted method for both deposits and withdrawals. The deposit duration depends on network confirmation but keep in mind that PrimeXBT processes all withdrawals only once a day, between 12:00 and 14:00 UTC so it will probably take longer than a normal BTC transaction. The fee for each withdrawal is 0.0005 BTC but the minimum sum is not specified
PrimeXBT Extras 16/20
Huge leverage that can be a double-edged sword and no account verification (the client doesn’t have to go through KYC procedure). Also, clients can trade binary options on cryptocurrencies via PrimeXBT Turbo module and can use a form of copy trading.