The webs most detailed PrimeXBT review: Learn more about this bitcoin-based trading platform for active day traders and scalpers. What makes this multi-broker stand out from the crowd? Keep reading to find out what our experts have to say about this new trading platform.
In this section of our PrimeXBT review we highlight 6 special features that deserves extra attention.
PrimeXBT is based in Seychelles and the company behind this bitcoin-based leverage trading platform is PrimeXBT Trading Services LLC. This is a rather new start-up that was launched in 2018. They already serve traders from more than 150 different countries all over the globe and day traders seem to like it.
PrimeXBT is promoting a wide range of trading tools, high liquidity, high security, and a very efficient trading environment for its clients. Due to the rapid expansion of PrimeXBT, we can only say that so far it has been a success. Both experienced and semi-experienced traders use their platform and their innovative one-click trade system is what most traders are looking for.
Why use PrimeXBT
This trading platform is for experienced day traders and scalpers who are into high leverage and fast trading. The technology and system behind PrimeXBT are tailored for a high number of trades per second and extreme loads, including large trades as well. Trades are executed in less than milliseconds and this is a must for any day trader who is trying to stay ahead of the curve when it comes to speed.
Copy trading is also something that PrimeXBT is promoting actively through the Covesting platform. This is a great way to follow already profitable traders and earn money passively. All copy trading is done automatically and you can pick from a list of different traders where you will be able to see their performance, amount of active days, total profit, amount of followers, and the follower’s equity.
Trading on PrimeXBT
I consider PrimeXBT to be an advanced trading platform thanks to the complex charting which is completely customisable and you can change it just the way you want. PrimeXBT also offers several order types that are somewhat complex and you need to be atleast an intermediate trader to understand everything. The charting software is full of technical indicators, drawing tools, and all the time-frames down to 1minute are available.
Since PrimeXBT is what we call a multi-broker they offer different products, such as cryptocurrencies, forex, stock indices, and commodities. You can easily swap between all products from the trade interface and also choose your leverage for each product. While trading cryptocurrencies the max leverage is 100x and the forex leverage can be tuned up to 1000x.
To start trading on PrimeXBT you don’t need to file for KYC-documents.
Payment methods & limits
PrimeXBT only offers a few payment methods, cryptocurrencies, card payments, and bank transfers which is a slight minus since this will block many parts of the world who are using e-wallets etc. There are no limits to the withdrawal on cryptocurrencies and and the minimum deposit with card payments is $10.
Things we don’t like
Trading cryptocurrencies, forex, or any other product with leverage is inherently risky. Many traders lose money very quickly on these platforms and it’s definitely something to be mindful of. If you don’t have enough experience you should start out very small because very high leverage can end in tragedy very quickly. This is one aspect of this trading platform that I see as a minus, almost any trader has immediate access to high leverage within minutes.
I don’t see any tools for risk management which should be a must if the broker is offering leverage.
About the special features on PrimeXBT
There are some very nice features on this platform such as quick registration, fast execution speed, real stop loss, short selling, trading tips, and trading tips. The latter can be accessed from the blog at the bottom of the site. You can read up on several interesting facts about cryptocurrencies and other products. PrimeXBT also has a price prediction tool where you can see what other experts think about the markets. This is a cool way if you don’t know how to or don’t feel like making your own analysis.
Turbo trading is all about fast decisions, fast profits, and sadly sometimes fast losses as well. When you trade on the turbo market on PrimeXBT you have the option to choose between 1 minute, 5 minutes, and 10 minutes trades. You will bet either long or short and if the price is above the price when you when long you make a profit. The same thing goes for your short bets, if the market is lower than the price you entered the market at when you opened your short position you will make a profit.
Follow other traders automatically and make profits when they profit in the chosen market. You can choose between several different traders in a list where you can see the number of followers they have and their profitability. When done correctly it’s a great way of making passive income through copy trading. There are of course some extra fees to this style of trading, but if your trader wins a lot, you will also profit.
PrimeXBT offers cryptocurrencies, forex, stock indices, and commodities which makes it a multi-broker. You can access all of these products from the same account and the same trade interface. All of these products can be traded through the PrimeXBT mobile app as well. Remember to add the 2FA verification protection before you start!
You have the option to receive information about your open positions by email. For example, if you have active orders open you can choose to enable email notifications if there would be any changes to the positions.
Is PrimeXBT safe to use?
PrimeXBT is encrypted with SSL protection and will protect your data. The bitcoin wallet is secured with digital cold wallet storage which is one of the best ways to guard your digital assets. Since this is a new platform there is not much reported on PrimeXBT and we need some more time to evaluate the security.
So far, we haven’t heard anything negative regarding lost funds or hacks so in that sense we judge that it is safe to use, for now, if something comes up we will be sure to update this review.
Is PrimeXBT regulated?
PrimeXBT is a non-regulated bitcoin trading platform.
Frequently asked questions
Read the most frequently asked questions about PrimeXBT. Find answers without searching the web.
It is a bitcoin-based multi-broker that offers advanced trading in cryptocurrencies, forex, stock indices, and commodities.
Since this a bitcoin-based platform you need to make a blockchain withdrawal of your coins. You can fund your account with fiat currencies but when you make a withdrawal it has to be BTC.
From what we can tell at the moment there have been no hacks or lost funds on the platform and therefore we consider it to be safe to use for the moment.
On PrimeXBT you don't have to change the leverage on your own, it is always pre-set to be the maximum possible, instead, you control your risk level with your position size. For example, if your account equity is 0.01BTC you will be able to open a position worth 1BTC with 100x leverage but you don't have to. You can use only 5x leverage and open a position of 0.05BTC.
PrimeXBT is not available in the United States and minor outlying islands.