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PrimeXBT Review: An In-Depth Look

PrimeXBT Review
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Are you interested in cryptocurrency? Then you might want to check out the latest crypto exchange platform Prime XBT. This platform has been tried and tested to offer leverage trading and online margin trading of up to 100x.

You can use it to trade digital assets such as Bitcoin, Litecoin, Ripple, and Ethereum. Initially founded in 2018 with operations starting in 2019, Prime XBT is registered in Seychelles and offers a wide range of services, including several trading tools, liquidity, efficient and safe trading to users in up to 150 countries.

Like any centralized platform, Prime XBT is ideal for seasoned traders and beginners alike and when used right, can guarantee solid performance and access to reliable market information.

Thanks to robust infrastructure that allows it to handle multiple orders per second, this incredibly modern platform has the ability to help traders handle even the most challenging market conditions.

What Services Does PrimeXBT Offer?

primexbtPrime XBT is a unique trading platform that offers a wide array of options when compared to other crypto exchanges online. Keep in mind that all accounts are Bitcoin-funded.

The platform’s main service is the ability to leverage 100x cryptocurrency markets and users can choose up to 5 different assets.

You can even leverage Forex trading markets for up to 1000x. These are some impressive numbers when it comes to the amount of leverage that you get, and the best part is that you’re getting it in a regulated platform!

Part of what you can expect from Prime XBT is the ability to trade against a wide variety of high profile indices including FTSE100, S&P500, and JAPAN to name but a few. This is in addition to valuable commodities like Gold, Silver, Crude Oil and Natural Gas.

Payment Methods

Bitcoin is the main payment method for all customer accounts. This means account balances, withdrawals and deposits are reflected in Bitcoin.

Once you’ve made a deposit, the platform will automatically link your API to Changelly so you can trade in Bitcoin. It’s worth noting that you can trade in USD pairs and Bitcoin as well as XRP, Litecoin, EOS, and Ethereum.

Although Prime XBT is a margin trading platform, it provides a wide coin selection. You can’t argue with the selection of major fiat currencies on offer, including the Swiss Franc, the US Dollar, the British Pound, Euro, Japanese Yen, and Australian Dollar.

Now, although it’s possible to margin trade on the markets offered on PrimeXBT there’s very little fiat currency support and you can only make deposits and withdrawals using Bitcoin.

PrimeXBT Fees

Another great thing about Prime XBT is that they’re pretty straightforward about their fees which is important in today’s landscape where you have access to a plethora of trading platforms.

Their fee structure is based on user activity. For instance, longer-term leverage will have a different fee structure to margin-free day trading. However, there is a standing 0.05% cryptocurrency fee for all trades regardless if you’re the taker or maker.

This is very similar to other competitors. Keep in mind that you’ll need to pay an overnight financing fee of $8.00 per 1BTC every day for margin trading, especially when dealing with long trading. But, market conditions might cause this amount to fluctuate as well.

Limits

Based on your trading assets, Prime XBT imposes certain limits. For instance, there’s a 0.01BTC minimum order, which is a tall order for someone who’s just trying to get their feet wet.

Especially when considering the fact that there are plenty of other exchanges that allow you to start with just $1. Maximum exposure and single trades are 100BTC and you can even go up to $1 million trades if you like.

Security

Safety and security are always important when deciding on a trading platform. Prime XBT has earned itself a reputation as one of the most trusted and safe platforms available.

You can rest assured that the platform stores all the Bitcoins used in cold storage. This refers to an offline storage facility that’s designed to avoid unauthorized access. However, all the funds that facilitate day-to-day withdrawals are kept in a hot wallet.

The platform uses a multi-signature approach to ensure safety when transferring funds from cold to hot wallets. This security measure is an industry-standard and it’s designed to mitigate the risk of probable single-point failures.

But, this isn’t the only security measure that Prime XBT uses. They use Cloudflare protection measures to prevent Distributed Denial of Service Attacks (DDoS). The platform hosts its hardware on reliable servers courtesy of Amazon Web Services, which means it has the capacity to run efficiently.

You’ll be glad to know that all user data and interactions are secured through SSL encryption technology which is designed to circumvent any interception attempt.

Supported Countries

Although Prime XBT advertises itself as a global exchange, US traders cannot access it. This is mainly due to the fact that the US is rapidly increasing regulation around crypto trading, thus making it difficult for platforms to comply.

With that said, Prime XBT’s verification process is not that efficient at identifying customer background. But, because accounts only run on Bitcoin users get to enjoy borderless trading exchange. Plus, there’s no need for local banking restriction compliance due to the lack of fiat support.

We must commend Prime XBT for offering their platform and services in a wide range of different languages, including English, Turkish, Russian, Chinese, Portuguese, Spanish and Korean.

Pros

  • You can use Prime XBT to margin trade both traditional assets and cryptocurrencies
  • Leverage of up to 1000x for Forex and 100x for crypto
  • Simple and straightforward signup – no KYC required!
  • Enables direct Bitcoin purchases
  • Low fees

Cons

  • Prime XTBT is unregulated

Conclusion

While leverage trading is not everyone’s cup of tea, there’s no denying the credibility of it. It allows you to accurately predict market movements in order to place leverage trades that bring handsome returns.

A lot of traders who turn to platforms like Prime XBT do so because they’re no longer satisfied with well-established platforms and want something new and refreshing. Prime XBT is like a breath of fresh air that offers a pool of reliable referrals that can help you generate a consistent income.

If what we’ve described ticks all the boxes for you, then you should definitely check out Prime XBT.

Click here to register on Prime XBT and start your online trading journey today!

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