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PrimeXBT Platform Review

PrimeXBT is a cryptocurrency and forex trading platform that offers leveraged trading to clients worldwide. It was established in 2018 in Seychelles under the name PrimeXBT Trading Services and has since grown into a global brand with customers in more than 150 countries. In 2019, the retailer opened offices in St. Vincent and the Grenadines and moved their HQ office location and infrastructure to Switzerland.

The company has more than 40 employees, three offices, and an average-day trading volume of more than $ 540 million. 

Platform Benefits

  • No KYC means faster registration, usually in less than 60 seconds.
  • No personal information is required to register, so there is no risk of traders’ privacy issues.
  • The minimum deposit is only 0.001 BTC.
  • Competitive service fees and trading conditions.
  • Ultra-Fast works with high-tech extraction and high tier liquidity sources.
  • 1000x leverage on forex, silver, and gold; 100x on crypto, stock indices, commodities.
  • Up to 1: 100 base on crypto assets. This is very competitive.
  • A modern platform suitable for the right vendor and the new seller.
  • The website is available in 17 languages.
  • 24/7 Live chat support.
  • 30+ trading assets

PrimeXBT is an award-winning Bitcoin-based trading platform based on Bitcoin that offers up to 1000x earnings on stocks, stock indices, forex, and cryptocurrencies.

Bitcoin Margin Trading

One of the prime features of Prime XBT is trading genetics with bitcoin. For those familiar with the concept, let’s specify two words before proceeding:

  • Leverage: It is usually expressed in terms of rates, the degree to which you can take credit. A 20x profit means that if you have $ 1, you can trade up to $ 20.
  • Margin: This is a debt or loan that a trader uses to invest in other financial instruments.

The benefits of trading in bitcoin with a margin 

  • Leverage trading allows traders to have more opportunities for assets than they have put down money. Using margin trading, traders will have the benefit of making profits on borrowed funds. On the other hand, any losses you make are also greatly magnified.
  • The shown trades help you shorten the asset, e.g., you make money by falling in price.
  • PrimeXBT offers a maximum of 100: 1 for crypto pairs and up to 1: 1 for some of their forex. Therefore, you need the 1% capital required to place orders on crypto pairs.
  • The accurate acquisition will depend on the type of goods you sell and the size of the position you occupy.

Bitcoin margin trading has become a growing business with institutional investors entering the fray. This boom is the most crucial feature after Prime XBT surge in popularity. To ensure profit, PrimeXBT provides many advanced trading tools to its customers:

  • The built-in charting tools are built to ensure the right time to enter and exit the margin trading markets
  • The tools include almost all popular indicators, such as RSI, MACD, Bollinger Bands, Well Alligator, and many others.
  • PrimeXBT has the lowest known cost of 0.05 percent of all bitcoin transactions.

Types of PrimeXBT Order

PrimeXBT gives you the option to use different types of orders. These orders offer additional protection and hedging on the margin trading platform. Other types of advanced orders available are:

  • Market Orders: An ordered set will be issued immediately or at the time of first acquisition.
  • Limit Orders: Allows the trader to set a limit on the prices at which they will buy or sell.
  • Stop Orders: Buy or sell goods if they meet the pre-determined “stop” price.
  • Protection Orders: Limit loss or defense profit on any trade or order.
  • One-Cancels-Other Orders: One-Cancels-Another (OCO) conditional order. It allows you to combine two different orders under exceptional circumstances. When one of the orders is established and executed, the second order is automatically canceled.

Registration

Registering your account is very easy. Just enter your email and account password! PrimeXBT does not perform long KYC processes.

After that, PrimeXBT will send more verification email to your account. Just click on the link.

Now, you will return to the exchange site. To start trading, enter your country.

Then, you will receive a private key for your deposit address. You will need to enter a minimum of 0.001 BTC.

PrimeXBT only accepts a bitcoin deposit. At the address given above, you should only send BTC. Send any other money or token, and you will end up losing. All revenue will be credited to the “Wallet” balance. To start trading, you will need to make an internal transfer to your “trading account.”

This is what your account will look like:

PrimeXBT also has a compatibility program. Just send a link to other people to create their account.

PrimeXBT Withdrawals and Deposits

As mentioned earlier, PrimeXBT is a crypto-only exchange, so you can only make money on bitcoin. It may make sense to get Bitcoin in advance through fiat-to-crypto exchanges like Coinbase or Kraken.

Now that you already have bitcoin transfer to the deposit tab and send more bitcoin to your public address. That’s easy.

PrimeXBT has installed the Changelly widget to make the Bitcoin acquisition process more straightforward.

Changelly is a third-party bitcoin purchasing service where you can instantly buy your coins with credit/debit cards. The deposit requires six verifications in the network, so it may take a while to appear on the screen.

The withdrawal process is straightforward again.

Go to the “withdrawal” page where you will give them your bitcoin address. After that, when you ask for withdrawals, you will have to wait for them to put you on hold. Here are some things to keep in mind regarding withdrawals:

  • The size of your withdrawal depends on the processing time.
  • Withdrawals are processed from hot wallets, and if there is not enough, the exchange achieves more funds from cold wallets.
  • PrimeXBT processes all pending releases once a day, between 12:00 and 14:00 UTC.
  • The requested withdrawal before 12:00 UTC will be processed on the same day. Any requests made after this will be considered the next day.
  • If the withdrawal request draws a suspicious activity warning, PrimeXBT may review the details and forward the withdrawal, after approval.

Prime XBT Leverage

Now, let’s get into the flesh of things. You can view a complete list of restrictions on how to grow other assets in your account management area. To understand how this works, consider the following picture:

If you have high exposure to the market, PrimeXBT will reduce its leverage limits. In the image shown above, you can see that a more significant position will require more margin, which reduces the risk of exposure.

Why is this important?

Investments weighing 100x or 1000x may be tired of the slightest change in the market downturn. This is why effective management of your market risk is essential. If you lose your equity and your account falls below a certain level, you will reach a stage called “Margin Call.” When you reach this stage, PrimeXBT will close your position on risk management.

Referral Program

PrimeXBT offers many transfer programs.

The four-level system offers 20% direct refund transfers, however, what makes the system different is that any new users actual direct deployment makes and removes commissions on original transfer transfers, up to four levels of profit.

Direct transfers give 20% commissions, while categories 2, 3, and 4 receive 15%, 10%, and 5% respectively. Leaders have already made more than 51 BTC depending on the institution’s leader board.

Customer Service

24/7 live customer service is available via online chat, who are ready to assist with any issue or provide assistance with using the platform. 

A help center is also offered and the company provides regular updates, guides, and more through the company blog. Further assistance is often provided via official social media accounts.

PrimeXBT Security

PrimeXBT uses a comprehensive cybersecurity framework to ensure that robust and effective measures are in place to protect customer assets from eventualities and threats. The following measures and procedures are taken to ensure safety:

  • They perform regular pressure tests and safety tests to ensure compliance with the most reliable safety standards.
  • Ensures account security with two-factor authentication with Google authenticator – address authorization feature.
  • Stores all the digital assets in cold storage with multisig technology.
  • Encrypted SSL (https) to encrypt and protect our website traffic.
  • Hardware security modules have an average price of PUB 140-2 Level 3 or higher
  • Make a risk-filled check after each installation and order
  • Remove potential DDoS attacks with Cloudflare.
  • Mandatory bitcoin address whitelisting feature.
  • All account passwords are automatically intimidated, while all other sensitive information is included.
  • All operations are hosted on Amazon Web Services (“AWS”). AWS has a proven track record of physical safety and internal controls.
  • Ongoing testing of IT security is underway to disseminate the existing risks.

Prime-XBT “Turbo” platform

Another attractive tab you will see after creating your account is the Turbo platform. If you are just starting, you will be calling the Turbo an excellent place to start. It allows you to hold on to assets for as long as the defined benefit. You have the option to travel long and short.

NOTE: If you wish to buy bitcoin, for example, your account will grow in value as the price of Bitcoin increases. If the price of bitcoin decreases, your account loses value accordingly. In addition to standard trading (purchases), the PrimeXBT platform allows you to open a position that will increase in value as cryptocurrency decreases in price. This is called selling or going short, as opposed to buying or going long.

In terms of time trading, you have three different options:

30 seconds.

1 min.

5 minutes.

Currently, you only have six different trading options. These are BTC / USD, ETH / USD, EUR / USD, GBP / USD, EUR / JPY, and USD / JPY.

More points about the Turbo platform:

  • The potential profit from accurate forecasts, maybe 70% or 85% depending on the expiration date.
  • There are limited side effects.
  • There is also a social aspect here. You can see what other vendors are doing, and you can compete with them on the leadership board.
  • Trading charts are simple and have none of the technical analysis tools.

Customer Support

Customer support can make or break an exchange. KYC verification takes a lot of time during customer support. However, as PrimeXBT will not do that, it frees up a lot of time and allows you to enjoy quick query fixes.

A well-functioning customer support channel here is the live chat option. The conversation is active and done 24/7.

You can contact their team at [email protected] if you have further questions regarding topics such as security, account management, or product inquiries. If your issues are not resolved immediately, you can contact them on Twitter or the Telegraph. Unfortunately, they do not have provided phone support.

Conclusion

It’s no surprise that PrimeXBT has won so many awards over the last few years. Here’s how PrimeXBT ranks its main competitors – BitMEX and Bitfinex.

PrimeXBT also has a mobile app supported on both iOS and Android devices. Another interesting thing to consider is that PrimeXBT has some tutorials that can help you teach about different nuances of the exchange. If you are looking for a platform where you can hear about trading marks with good security, real money, and advanced technology, do not look beyond PrimeXBT.

If you want cryptocurrency exchanges with advanced technology, virtual currency, and robust security systems, then it should be considered. You will need to decide whether you are free to use the new exchange service.

Sign up today for a free trading account on PrimeXBT.

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