Prime XBT Review – Is It Safe To Use?

★★★★★
★★★★★

Rating: 86%

Get 35% Deposit Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 86%

Get 35% Deposit Bonus

100x Leverage

Fees:
Taker:
0.050%
Maker:
0.050%
Deposit Methods:
Wire:
Credit:
Crypto:
Is It safe?

Exchange Pros

  1. Offers users a wide variety of asset classes to choose from, unlike other Bitcoin trading platforms.
  2. Offers a very powerful and easy to use trading platform suitable for both beginners, intermediate traders, and professionals.
  3. The use of cutting edge technology ensures ultra-fast trade executions at all times.
  4. Very low, transparent and competitive service fees.
  5. 1:100 leverage on crypto assets.

Exchange Cons

  1. Prime XBT Does not provide demo accounts to users for practice or testing of the platform.
  2. It does not support FIAT currency or the use of wire transfer for deposits, so you need to buy Bitcoin before using the exchange.
  3. It does also not support users in the US.

Prime XBT is a relatively new and fast-growing Bitcoin trading platform. The platform offers its users numerous investment options and asset classes to choose from. In this Prime XBT review, we will discuss if this is a good trading platform.

The exchange is a crypto-to-crypto exchange, so it only allows the funding of accounts by Bitcoin and can be used to trade cryptocurrencies, Forex and CFDs with leverage. This means that you need to buy Bitcoin before using Prime XBT.

An overview of the Prime XBT user-friendly interface.

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Founded in 2018 in Seychelles, Prime XBT has achieved record-breaking growth. It has now become one of the major players in the margin-trading industry. Prime XBT has costumers from over 150 different countries.

The company claims its high success rate comes from its “customer-centric” business model. This is achieved with the company’s ability to innovate and evolve by using cutting edge technology to provide users with all they need for their trading activities while keeping fees very low.

Prime XBT also offers users a very powerful, user-friendly trading platform. The site is loaded with the latest analyses and most important trading tools. This will help both beginners and well-seasoned traders achieve their trading goals easily. PrimeXBT also has very high liquidity and trading volume. This combined with around-the-clock customer support desk to help and assist users at every point in time. These are factors making the company stand out from the rest.

Prime XBT Fees

When it comes to picking the right exchange for you to trade at, there are some important factors to always pay attention to. One of them is the fee structure.

Exchanges will charge clients what is called the “taker fee” and the “maker fee”. The takers accept already placed orders from the order book while the makers are the liquidity providers, placing the orders into the order book. An alternative to this approach is for the exchange to simply charge a “flat fee” that covers both the taker and maker fees.

Fees are an important factor because fees can quickly rack up when trading. Hence, picking the right exchange with a good fee structure will go a long way in your growth as a trader. If you want to compare fees on other exchanges against each other, then check out our list of the most popular Bitcoin trading exchanges.

Trading Fees

Prime XBT exchange has remained very competitive in its fee structure, providing users with one of the lowest fees in the Bitcoin trading industry. Currently, Prime XBT charges a very low flat fee of about 0.05% per trade. This is very low, especially when compared to other exchanges. Most other exchanges charge as much as 0.075% per order.

The most popular Bitcoin trading exchange, Bybit, charges a 0.075% taker fee. However, Bybit actually has a negative maker fee of -0.025%. This means that on Bybit, you’ll actually get paid for using limit orders as a market maker. If you use the market order a lot, then Prime XBT is for you. However, if you are a regular user of limit orders, then check out our Bybit review.

Prime XBT also charges overnight finance fees for holding a position open overnight, but this varies from trading pair to pair.

SymbolTrading FeeFinancing/day LongFinancing/day Short
BTC/USD0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
ETH/USD 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
ETH/BTC 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
LTC/USD 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
LTC/BTC0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
XRP/USD 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
XRP/BTC 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
EOS/USD 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate
EOS/BTC 0.05% 0.194% Daily Funding Rate 0.194% Daily Funding Rate

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Withdrawal Fees

The next fee to consider while making your choice of your exchange to trade at is the withdrawal fee. This is usually a fixed fee but varies from one exchange to the other. The average withdrawal fee for the Bitcoin trading exchange industry is 0.000812 BTC when you withdraw Bitcoin. However, PrimeXBT has taken it a step further by slashing this fee by almost 40% for its users. This way users will only pay 0.0005 BTC when they withdraw their Bitcoin.

Prime XBT Promo Code – Get 35% Deposit Bonus

Prime XBT has the most generous deposit bonus in the industry, 35% bonus on your first deposit. If you deposit at least 0.01 BTC you’ll get a 35% bonus credited to your account instantly. For example, if you deposit 0.1 BTC, you’ll get 0.035 BTC bonus, and if you deposit 10 BTC, you’ll get 3.5 BTC bonus. The minimum is 0.01 BTC and there is actually no maximum.
To get your bonus follow these steps:

  1. Click the “Visit Prime XBT” button and register.
  2. Go to “promo code” and enter “bitcoinsensus”.
  3. Deposit.
  4. Get the bonus.

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100x Leverage

Deposit Method

When it comes to funding your PrimeXBT account, it is important you remember that the customer accounts are all Bitcoin-based. Therefore, all your deposits, account balance and withdrawals on the exchange platform will be denominated in bitcoin. PrimeXBT provides its own bitcoin wallet free of charge to registered clients for direct deposit.

You can also deposit using your credit card, or other cryptocurrencies. If you deposited using your credit card or other Crypto coins like altcoin, you will be required to convert them into Bitcoin on the platform by using a simple API that has been linked to Changelly, this API allows users to easily buy bitcoin or exchange other cryptocurrencies into Bitcoin.

Withdrawal 

It is important to remember that while PrimeXBT offers a wide array of asset classes to trade in like Litecoin, Ethereum, Bitcoin, XRP, Forex trading pairs, Indices, Commodities and all, the platform does not support the withdrawal in any FIAT currencies or other cryptocurrencies than Bitcoin. 

This effectively makes PrimeXBT exchange a crypto-to-crypto platform thereby requiring traders to have a secured bitcoin wallet in order to withdraw their profits. You can also make use of the API linking the PrimeXBT platform to the Changelly website to withdraw your funds in Bitcoin and then convert it to whatever currency you want.

Supported Currencies

Prime XBT supports the trading of both major and minor forex currency pairs on its platform. It also charges commission per trade. These commissions are also known as trading fees and are currently at 0.01% for forex pairs. These fees are the same irrespective of the order type used to take the trade.

Forex currencies supported by PrimeXBT:

  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Euro
  • Swiss Franc
  • British Pound
  • Japanese Yen

Leverage Trading 

PrimeXBT is well known for the very high leverage it offers its clients. 

  • For Forex trading indices and commodities, PrimeXBT offers a 1:1000 leverage for traders, depending on the size of the position opened.
  • For Bitcoin and other cryptocurrencies, PrimeXTB offers a 1:100. This puts Prime XBT among the Bitcoin trading platforms that provide the highest leverage.

What Does 100x Leverage Really Mean?

What this simply means is that you can increase your purchasing power and exposure to the market while trading with little funds. The added funds/leverage you get to make bigger bets is given to you by the exchange. So for a 1:100 leverage, every 1 BTC you have is transformed into 100 BTC thereby increasing your purchasing power. In other words, you will be able to open positions worth much more than the funds you hold on Prime XBT.

PrimeXBT Leverage

However, while high leverage can potentially help you make more money from trading, it can also increase your losses. Therefore, it is important that you take the required time needed to understand how leverage works. Make sure to learn how to trade Bitcoin before touching leverage trading.

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High Liquidity

With clients in over 150 countries, PrimeXTB is believed to be among one of the top 40 biggest brokers/exchanges in the world. Their size makes any liquidity issues absent. Not only that, its use of Bitcoin-only accounts, truly makes it a global exchange thereby removing all boundaries between countries and local bank restrictions.

How To Use Prime XBT In The United States

PrimeXBT is not available to US traders as the company continues to shy away from regulations that would want to limit or control how it does its business.

That said though, this doesn’t stop US traders from using the exchange platform. Especially with the company requiring little to no personal information and details from users. This allows users to remain anonymous while transacting with the exchange and prevents the company from having an in-depth verification process that can be used to identify clients. If you are trading from the US you’ll need a VPN. The most popular VPN among Bitcoin traders in the US is NordVPN.

Trading Platform

Prime XBT has a simple user-friendly web-based trading platform that has been equipped with all the features and tools a trader can ever need to carry out his analysis and place trades. Since it is web-based, it does not require you to download anything or make any installations on your computer. The trading platform also has an inbuilt “help and tutorial section” with videos and articles that are very useful for both beginners and intermediary traders looking to sharpen their trading skills. Some of the features of the trading platform include:

  • Availability Of Technical Indicators:

One of the many features the PrimeXBT trading platform has is the availability of sufficient indicators to aid traders in their technical analysis. The platform has well over 90 different types of indicators inbuilt into the platform and readily available to registered users.

  • Easy to Use and Customizable Layout:

The simplistic design and friendly layout that was implemented for the PrimeXBT trading platform makes it a favorite among users. But it doesn’t just end there, the company has gone a step further by making the platform’s workspace fully customizable by the user. This way traders can fully rearrange, position and add new widgets to the workspace in order to make it more suitable to their trading style.

  • Multiple Order Types:

The PrimeXBT exchange trading platform has numerous order types that can help traders best position themselves in the market. These order types include: market order, limit order and stop order. PrimeXBT also offers OCO orders through 3rd party solutions by using an API bridge. The platform also offers traders the ability to add a “take profit” and “stop-loss” order in their trade. This is to help them better manage their position and minimize their risk exposure in the market.

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Mobile Trading App

With Prime XTB, you can trade on-the-go using the Prime XBT mobile app, which is currently available for free on the Google Play store. This app allows users to carry out a wide range of activities including:

  • Opening a new account
  • Trading over 30+ instruments across all asset classes including crypto, indices, commodities, stocks, and forex.  
  • Carry out technical analysis using various inbuilt chatting tools.
  • Trading on 6 different timeframes and using 3 different chart types.

The app makes trading on-the-go very easy, especially with its easy-to-understand interface.

Trading Charts & Trading View

Prime XBT Trading View

Prime XBT default trading chart looks like any other chart you would expect on an exchange trading platform. It is slick, easy to navigate and user-friendly. The chart also has numerous options available to the user for customizing and personalizing the look and feel of the chart.

There are also different chart types, indicators and time frames available to users to choose from for carrying out their technical analysis. Not only that, but there is also a “studies-section” available on the chart. This section provides users with several dozen available studies on different pairs and asset classes.

Is Prime XBT Safe?

Prime XBT takes its clients’ security very seriously. The company boast of having cutting edge technology that ensures investors assets will remain protected at all time. Some security features implemented by the Prime XBT are:

  • The Use of Cold Storage for Client’s Bitcoin:

In order to protect customers’ assets from hacking and theft, Prime XBT holds a greater portion of customers’ Bitcoin in offline storage systems also known as cold storage. Only a very small part of the customers’ Bitcoin is actually available online. 

  • A Dedicated and Secured Server for The Web Platform:

The implementation of some of the latest cutting edge technology ensures that the Prime XBT trading platform is very secured from every form of online attacks especially DDOS attacks. This way customers can be assured that the web platform will always remain available and easily accessible whenever needed. The use of sophisticated technology also ensures there is no lagging in the run time or order execution error that might come up when a trader is trying to place, modify or exit an open trade.

  • The Use of Two Factor Authentication and SSL:

Prime XBT trading platform also adds an extra layer of security by making use of a two-factor authentication method. This ensures that no hacker gain access to their accounts. The authentication method combined with the use of only the Secured Socket Layer (SSL) protocol for communicating on the internet ensures that the exchange communication network remains hacker-proof.

Customer Support

PrimeXBT customer support desk operates 24/7 providing help and assistance to anyone. The support team only speaks English and Russian and is very knowledgeable about the various features and issues that might arise from using the platform. Although it might take several hours before you can get replied through an email, there are various other communication channels. Try the instant web chat, it has a very quick response time for replies.

Conclusion

Even though the company is still relatively new in the trading industry, PrimeXBT has grown to become an industry leader. Prime XBT is a pacesetter by simply focusing on improving and innovating its services in order to provide more satisfaction to its users.

The biggest competitors to Prime XBT is Bybit, Phemex and Deribit. Bybit and Prime XBT have a great interface and very good customer support. Check out our Bybit tutorial if you want to learn more about how to use that exchange.

Prime XBT is combining technological advancement with high leverage, low and transparent fee structure and an amazing web-based trading platform. This makes PrimeXBT stand out as one of the best Bitcoin-based exchanges in the business. If you’re looking for a safe exchange with a user-friendly interface, then Prime XBT is the exchange for you.

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100x Leverage


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