Thu. Dec 1st, 2022
PrimeXBT Review

More PrimeXBT

PrimeXBT Trading Services, the company’s original name when it was launched in Seychelles in 2018, has subsequently expanded into a global brand with customers in more than 150 nations. The broker relocated its infrastructure and headquarters to Switzerland in 2019 while opening offices in Saint Vincent and the Grenadines.

The business has three offices, over 40 employees, and an average daily trading volume of $540 million. The broker does not currently have a license from a credible regulatory organization.

Trading platforms

PrimeXBT Platform

PrimeXBT offers a web-based trading platform that doesn’t need to be downloaded or installed.

Directly from the charts, clients may manage orders and execute trades. The workspace is completely adaptable and provides a variety of visualization tools, execution strategies, and trading histories.

Additionally, traders have access to a variety of orders with the ability to simultaneously put stops on losses and take profits.

PrimeXBT Review
PrimeXBT Review

Turbo platform

Additionally, PrimeXBT has created a simple, streamlined trading platform. Traders can enter long or short positions on the Turbo platform during one of three predetermined time frames: 30 seconds, 1 minute, or 5 minutes.

While short time frames can limit prospective earnings, they also lessen the danger of a negative outcome because the maximum loss is limited to the amount of the initial deposit.

You can compete against other investors on the Turbo platform’s social trading section and trading stories. However, there is just one basic type of chart, and there are no indicators or analysis tools.

There are also just six trading instruments now available, and despite the existence of a leaderboard for social trading, there is no way to reproduce trading instruments.

Assets and Markets

Due to its extensive selection of asset types outside of cryptocurrencies, PrimeXBT distinguishes itself from its rivals in the cryptocurrency exchange sector. For instance, BitMEX, CoinBase, and ByBit are just a few of its rivals that only provide cryptocurrencies as trading instruments.

Spread betting, options, and futures are not provided by the broker.

Spreads and commissions

PrimeXBT charges just per trade maintains open positions overnight, and has a transparent pricing structure. Cryptocurrency commissions are priced at 0.05%, FX and precious metals commissions are at 0.001%, and commodities and indices commissions are at 0.01%.

Swaps, also known as overnight funding fees, vary by broker and can change throughout the day.

Mobile applications

A mobile version of PrimeXBT’s user platform is now available for download on iOS and APK-compatible tablets and smartphones. Nearly all of the features available on the web-based desktop platform are available on the mobile app, which also offers a staggering number of customization choices to accommodate any purchasing preference.

Trading account replenishment methods

When it comes to transactions, PrimeXBT only works with cryptocurrency. A widget in their deposit area allows users to purchase bitcoin using a credit or debit card, but there is a fee of somewhat more than 10%. Depositing money into your PrimeXBT account is easy if you already have Bitcoin.

However, due to the need for six automatic confirmations for security reasons, it can take some time before it shows up in the account.

The only information you need to submit to withdraw money is the amount and the bitcoin wallet’s address. Only addresses that are on a whitelist provided by PrimeXBT may be utilized for withdrawals. A 0.0005 BTC withdrawal fee is charged.

Regulation and licensing

There is no valid license for the PrimeXBT brokerage exchange. Except for a few complaints that the broker doesn’t pay returns, customer feedback is generally positive despite the unregulated status, which may raise some concerns. Although it is more challenging to ensure the security of trading with unregulated online brokers, we are hesitant to recommend them.

Account Types

PrimeXBT doesn’t add confusion by providing a variety of account types. Instead, there is just one account that offers all of a broker’s services without any limitations based on the size of the deposit or the volume of trading. 0.001 BTC is the minimum deposit needed to open an account.

PrimeXBT Review
PrimeXBT Review

Customer Service

PrimeXBT has integrated a 24/7 online chat service into its trading platform at the bottom right corner of the screen, where there are always several experienced agents working. However, there is no phone or offline support, which can be frustrating if you have a complex issue.

With that said, the knowledge of the support staff is good, and they can help with a range of requests, from liquidation pricing and platform maintenance to account requests and assistance in the case of rejected orders.

The broker is also very active on the social media sites below and can be contacted via email at support@help.primexbt.com.

  • Facebook
  • Twitter
  • Telegram

Safety

With only a Bitcoin deposit required for PrimeXBT’s privacy-based strategy, only the deposited money is at risk. This is accompanied by incredibly strong cybersecurity standards, which are continually tested and validated to safeguard the client’s money.

Additionally, Google offers a multi-factor authentication option that requires both a password for the account and a personal smart device running the Google Authenticator software.

A small portion of PrimeXBT’s assets is kept in wallets with internet access for transactions, while the remainder is kept in safe offline storage.

Secure sockets layer (SSL) encryption is used to encrypt all website communication, and account passwords are cryptographically hashed to render them unreadable in the event of a website breach.

Conclusion

Although PrimeXBT is a new broker on the scene, it pays close attention to technological advancement, developing slick trading platforms and eye-catching modules. PrimeXBT is a broker to keep an eye on.

The way PrimeXBT protects its users and limits the potential harm that hackers can do is not through legislation, but rather through anonymity and cybersecurity. Although its customer support and Turbo trading platform might be enhanced, PrimeXBT has an advantage thanks to its quick execution times and high leverage rates.

 

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