Why PrimeXBT Sucks In 50 Words
The chart is incredibly small! And I mean smaller than a smartphone screen. Unfortunately, I couldn’t find a way to make it full screen or at least to get it to an acceptable size. If such a way exists, then 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. What I’m saying is that if an experienced trader cannot find that button, how can you expect a first-time user 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). 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 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 trading on several cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin. The website is owned and operated by Prime XBT Trading Services Ltd. (a company incorporated in the Republic of Seychelles with company number 206865) and by Prime Technologies Ltd. (a company incorporated in St. Vincent and Grenadines with number 25369BC2019). 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 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. At the time of writing, this module is still in the Early Access phase and you will have to get in touch with Prime XBT in order to get access and give binaries a spin, assuming that’s your cup of tea. However, the expiry times are limited to only 5 seconds, 30 seconds, and 1 minute, 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 over the top, which is another similarity between them and the “old” BO brokers: “Trade fast. Stay Greedy”, “Insanely profitable” 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 huge downside is that the trading chart itself cannot be made full screen or at least big enough to see the candles properly. The software is web-based, with no option to download a desktop version. The order types are the usual: Market, Limit, Stop, and Protection orders. The latter type includes Stop Loss, Take Profit, and GTC (good till canceled) orders.
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 Changelly as a widget. Using it you can purchase Bitcoin with your credit card (or swap another cryptocurrency to Bitcoin) 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.
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 very 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
At the time of writing we couldn’t locate any type of user complaints against PrimeXBT and this is most likely due to their low profile and limited online presence. They need to grow their service and their popularity but once that happens, we will surely see more clients talking about them and reviewing their offering.
Both withdrawals and deposits can be made using Bitcoin only (fiat and other cryptocurrencies are not accepted). To tackle this inconvenience, PrimeXBT integrated Changelly, which allows users to buy Bitcoin using credit cards. Withdrawals don’t incur a fee charged by PrimeXBT but you will pay the normal network fee for the BTC transaction. The minimum sum allowed is not specified but it should be similar to deposits (0.001 BTC).
Withdrawals are processed once a day, between 12:00 and 13:00 UTC. The time it takes depends on network clutter but if the sum is a significant one, 12 hours may pass because PrimeXBT employees will have to manually refund the hot wallet (only small amounts are held in online hot wallets and the rest is in cold offline wallets, which is actually a good thing for security).
Definitely, the elephant in the room is the 100x leverage 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 but at the time of writing it is in the Early Access stage.
User Friendliness 14/20
The website is translated into 8 languages, is well organized, and with enough information to get you started. However, their platform is hit and miss, with incredibly 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.
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 100x for all 5 cryptocurrencies.
Fees And Support 16/20
PrimeXBT charges two types of fees: trading fees (0.05% per trade) and overnight fees ($16 per 1 BTC, $0.60 per 1 ETH, etc.). The overnight fee will not be paid if the trade is opened and closed within the same day. Support is only available through email, which is a downside because you won’t get your problem solved instantly.
Deposits And Withdrawals 15/20
Bitcoin is the only accepted method for both deposits and withdrawals. The duration depends on network confirmation but keeps in mind that PrimeXBT processes all withdrawals only once a day, between 12:00 and 13:00 UTC so it will probably take longer than a normal BTC transaction.
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 the PrimeXBT Turbo module (early access phase).