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Review of PrimeXBT Exchange

Overview

  • Legal Name: PrimeXBT Exchange
  • Headquarters: Beau Vallon, Seychelles
  • Owner: PrimeXBT Trading Services
  • Year Founded: 2018
  • Exchange Type: Centralized
  • Trading Fees: Maker: 0.05%/ Taker: 0.05%
  • Deposit Methods: Credit cards, Cryptocurrency
  • Supported Cryptos: Bitcoin, EOS Token, Ethereum, Litecoin, and Ripple
  • Fiat: Not Supported
  • Customer Service: Email
  • Trading Options: Spot Trading, Margin Trading

Cryptocurrencies are becoming more and more popular over last few years, as well as the demand for credible and good platforms for trading with crypto. With every new channel that emerges, the bigger the competition for the attention of the user.

Some platforms manage to succeed and others fail very quickly. A super famous platform for crypto is PrimeXBT.

We will go over all aspects of it like the trading, the fees, the features, the supported currencies and a lot more. Let’s get this review of PrimeXBT Exchange started!

In this Article:

  • What exactly is PrimeXBT?
  • Features
  • Fees and Limits
  • Supported Currencies
  • How to register?
  • How to recover your password?
  • Covesting Module
  • How to make a deposit?
  • How to withdraw?
  • Pros and Cons of PrimeXBT
  • How to buy cryptocurrencies?
  • How to sell cryptocurrencies?
  • Mobile App
  • Conclusion
  • Recent Updates
  • Ratings
  • FAQ’s

What exactly is PrimeXBT?

Prime XBT is a website providing Bitcoin-related exchange for trading. It was established in 2018 in the Seychelles. From then on, Prime XBT has been growing very rapidly and has won over customers from 150 countries.

Prime XBT is full of valuable trader resources which are great if you are a beginner or a middle-level trader. You will be able to access the site in 6 languages: English, Spanish, Portuguese, Korean, Chinese and Russian.

Features

1) Leverage: This is one of the features that many advanced traders usually search for, but a lot of websites offer a super limited one. PrimeXBT is better than the competitors, because it has available a 1:100 leverage

2) Asset Coverage: This is a very exciting feature. Traders on the platform can exchange a big range of markets with the help of Bitcoin as leverage – those include cryptocurrencies, commodities Forex (FX), and index.

3) Fees of PrimeXBT: The platform has competitive fees. They are 2 types – the trade and the overnight fee. They are constant – 0.05%.

4) Security: The coins on this platform are kept in a cold storage which means that they are super secure since they are not online and could not be hacked.

5) Customer Support: The most effective and quick way to contact customer support when you need it is via the live on the platform. It is available 24hours a day, 7 days of the week. You can also receive support via email.

Fees and Limits

There are 2 types of fees on PrimeXBT: a trade and an overnight fee. The former is 0.05% and it is paid every time you sell or buy on the market. The latter could vary depending on the liquidity of the cryptocurrencies.

There is no deposit fee. The platform takes a small Bitcoin network fee which is taken from your account when you decide it is time to withdraw from the exchange the Bitcoin. It is then calculated taking into account the blockchain load. This has been set on the platform at 0.0005 BTC.

Supported Currencies

The currencies available for trading are the following:

  • Bitcoin
  • Ripple
  • Litecoin
  • Ethereum
  • EOS Token

There are no withdrawal currencies and fiat deposits on PrimeXBT. Keep in mind that in case of a permanent contract, you will be allowed to use crypto/fiat pairs.

How to register?

Step 1: Go to the website and find the page for registration.

Step 2:  Type your email and a good password.

Step 3: You have the option to also give your phone number. After that you have to agree with the Terms and Conditions

Step 4: Click the ‘Register’ button.

Step 5: Check your email to see the 4-digit code and confirm your registration.

How to recover your password?

In case you ever forget your password, there is an option to reset it. Go to Password Recovery and type your email. You will receive a link and instructions on how to create a new password.

Covesting Module

Covesting allows the users to share their results with other people from the public and have a competition. Traders can monetize their skills by taking payments from their followers, based on performance. It is an excellent second income. The bigger the number of followers, the larger the amount of cash.

Covesting allows traders to copy the behavior of others on the platform. In this way you will be experiencing the same returns the copied trader.

How to make a deposit?

Step 1: Log in and go to the Deposit page.

Step 2: There are 2 options for deposits on this platform – Direct BTC deposits and Alternative Deposits.

Step 3: Copy your wallet address.

Step 4: Then you have to paste it into the field from which you sent funds

Step 5: There is an option to also use the QR code to after that paste the address.

How to withdraw?

Step 1: Log in and go to the Withdraw page.

Step 2: Look for the withdrawal address that you want to use, or type a new one.

Step 3: Type the amount of BTC for withdrawal.

Step 4: Click ‘Submit to withdraw’.

Step 5: Open you email and confirm it.

Pros and Cons of PrimeXBT

Pros

  • The fees and the conditions for trading are competitive
  • Crypto asset leverage that is up to 1:100.
  • You can do Credit Card deposits
  • You can take advantage of the Referral System
  • They are also Anonymous Accounts

Cons

  • You cannot start with a demo account like some other platforms
  • It is not available in the USA and Canada
  • It is Not Regulated
  • You can receive support only via Email

How to buy cryptocurrencies?

Step 1: Log in and go to the ‘Trade’ tab

Step 2: In the Chart field choose the desired pair for trading and the order size

Step 3: Click on the ‘Buy’. A ‘New Order’ window will appear.

Step 4: The box that opens will ask you to type the amount, order type, and price.

Step 5: Once this is done, you can click ‘Send Order‘.

Step 6: After that you will be able to view the position in the ‘Positions’ tab which is located under the chart.

How to sell cryptocurrencies?

Step 1: Log in and go to the ‘Trade’ tab

Step 2: In the Chart field choose the desired pair for trading and the order size.

Step 3: Click on “Sell”. A ‘New Order’ window will appear.

Step 4: A box will open and ask you to type the amount, order type, and price.

Step 5: When you are done, click  ‘Send Order‘.

Mobile App

PrimeXBT is available on the Apple Store and on the Google Play Store. The app is super advanced and it is a great way to use PrimeXBT on the go. There is still no PrimeXBT APK file, but you can download the app from the Google Play Store.

Conclusion

If you are currently on the lookout for a platform that offers a leveraged cryptocurrency exchange, has advanced technology, reasonable and clear fees, and that is highly secure, you should try out Prime XBT. Given all the aspects that you have already read, it might be a good choice for you.

PrimeXBT has stood out in crowded cryptocurrency trading space. It is very simple to use, has excellent leverage, low commissions and tight spreads.

Ratings

  1. Overall:                       4
  2. Easy to use:                4
  3. Trading:                      4.5
  4. Fees and Limits:         4
  5. Registration:               4

FAQs

PrimeXBT – How does it work?

It earns from commissions which are charged to users when they make transactions or withdrawals. If a trader decides to withdraw BTC there will be a fee of 0.0005 BTC. Deposits could be received free of cgarge.

How to create an account on Prime XBT?

Click on the ‘Register” button that is at the top right corner and type the necessary information.

Are there margin trading or leverage on PrimeXBT?

Yes, there is 1:100 leverage for the available cryptocurrencies, indices and commodities and 1:1000 leverage when it comes to Forex.

Where are the headquarters of Prime XBT based?

They are in the Republic of Seychelles.

Is MetaTrader available?

No, there is only the Prime XBT platform.

Can I use PrimeXBT if I am in the USA?

No, you won’t be able to use it.

About Abram Jayce

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