- PrimeXBT Overview – What is PrimeXBT?
- PrimeXBT Alternatives
- PrimeXBT Pros and Cons
- PrimeXBT Trading Platform
- PrimeXBT Cryptocurrency
- PrimeXBT Fees & Commissions
- FAQ about PrimeXBT
- Conclusion about PrimeXBT
Two types of people looking for different ways to earn digital coins converge in the crypto market daily: people with money and those with trading experience. In most cases, they will have exchanged places by the time they close the day’s business and head home.
With such a wide diversity of trading platforms, most people trying to evaluate safe trading and locating the most appropriate ones end up with the short end of the stick.
And this is why it matters: unlike marriage, where you lose half of your wealth when it fails, you could lose everything in crypto trading. That’s why you should read this tutorial on the PrimeXBT trading platform, which will explore everything you need to learn as a trader.
PrimeXBT overview
PrimeXBT is an online crypto trading platform that allows users to trade in cryptocurrencies, Forex, commodities and indices. The exchange that has positioned itself as the leading Bitcoin trading platform was founded in 2018 is based in Seychelles with offices located in Saint Vincent and the Grenadines.
The platform was founded by a team of finance experts and software developers who aimed to provide high leverage, advanced trading tools, and high liquidity. Users can trade a combination of financial instruments not traditionally available on a single platform.
Trading in all these multiple asset classes is available for individual and institutional traders apart from in the US and several EU jurisdictions. The broker employs over 192 employees across its three offices and has over one million registered users.
Users can engage in leverage trading using over 100 supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), USD Coin (USDC) and Tether (USDT), or over 1000 other traditional assets.
Besides catering to expert traders with highly advanced PrimeXBT trading tools, other prominent features include low fees, robust security, innovative features, and educational resources targeting beginners.
PrimeXBT Alternatives
BitMEX
BitMEX cryptocurrency exchange was founded in 2014 and specializes in derivatives trading. The platform is famous sport trading and perpetual contracts is also known for offering low fees and starting deposits. Since BitMEX specializes on active traders, it has fewer features and tools aimed at newbies.
Traders using Bitmex must undergo mandatory verification and are required to fulfill KYC requirements. Users are charged 0.075% taker fees and 0.025% for maker trading fees. BitMEX’s major selling points include the availability of multiple order types, industry-leading security, and a highly liquid platform. On the flip side, though, Bitmex has fewer tools and features since it focuses on active traders and withdrawals can only be done at a set time daily.
Read our review of BitMEX crypto exchange.
Gemini
PrimeXBT and Gemini differ significantly as they focus on different issues for their users. On matters of fees, Gemini runs a tier-based formula starting at 0.10% for makers and 0.35% for makers and a flat transaction fee ranging between $0.99-$2.99 and 1.49% for trades over $200. PrimeXBT, on the other hand, charges a flat rate irrespective of volume, with fees only differing based on the instrument you’re trading.
Gemini is regulated in the USA, and US-based investors can use the platform with KYC compliance, though it doesn’t offer futures or margin products. PrimeXBT users can enjoy up to 100X margin, although US investors aren’t allowed. Gemini offers at least 62 crypto assets and 86 trading pairs, slightly larger than PrimeXBT’s offering.
Read more on Gemini here.
Coinbase
Coinbase is a US-based, state-of-the-art cryptocurrency exchange offering over 18,000 crypto assets that users can trade on the marketplace, store in wallets, or borrow via the Coinbase DeFi function. The platform boasts over 10 million customers and is renowned for offering customized derivative products and educational support from individual users.
The main advantage PrimeXBT has over Coinbase is offering margin trading, Forex, Indices, and commodities that attract more active traders. Where Coinbase scores low for lack of futures or margin products, the platform offers a greater selection of cryptocurrencies. Note that trading in Coinbase doesn’t happen anonymously, and bugs periodically attack the system.
Read our Coinbase review here.
PrimeXBT Pros and Cons
Pros
Crypto and traditional markets support: The PrimeXBT user experience is unlike other trading platforms as it enables users to trade cryptocurrencies and other conventional assets. This makes it an excellent option for users interested in diverse instruments.
KYC is unnecessary: Compared to most crypto exchanges, you can perform PrimeXBT margin trading without KYC verification, making it a good choice for traders who prefer to protect their identity.
Highly advanced interface: The platform offers a modern, intuitive interface that makes it easy for traders to perform analyses, which is especially important for technical traders.
Cons
Exorbitant trading fees: The fees charged on margin trading are relatively higher than similar trading platforms, which eats into users’ profits.
Users can buy crypto assets directly: The platform doesn’t offer a way to deposit fiat currency so that users can buy crypto directly. Instead, users can buy crypto via a proxy platform. The platform works perfectly for users with existing crypto holdings.
US traders not allowed: The platform doesn’t currently allow US-based traders to trade, meaning it’s unsuitable for international traders, and traders must seek alternatives.
| Pros | Cons |
| Trade cryptos, foreign currencies, major stock indices, and commodities | Few crypto trading pairs |
| Referral system | Not available in 14 countries including the U.S., Canada, and Japan |
| Robust technical analysis tools and charting | No lending or staking services |
| Easy and Advanced User Interfaces Available | Limited direct crypto transfers |
| Advanced Features, Order Types, and Margin Trading Available | Few Options for Deposits and Withdrawals |
PrimeXBT Trading Platform
PrimeXBT’s most significant selling point is the number of trade instruments it offers compared to other exchanges that rarely venture outside crypto circles. Moreover, the platform also enables users to place Bitcoin and other crypto assets as collateral to trade the other products it avails. The exchange offers users endless possibilities with over 50 trading instruments.
Technology
Using Bitcoin as its base currency, PrimeXBT security is assured as it relies on a bank-grade security infrastructure. According to the company’s website, the platform is created on a tailor-made engine designed to avail top speeds, reliability, and safety with up to 99.9% uptime.
Customers’ digital assets are stored in an offline cold wallet, with only a small amount of BTC remaining in the online hot wallet. Furthermore, a multisig arrangement guarantees protection against transfers between hot and cold wallets or any cyber-attacks.
PrimeXBT Features
Renowned for its wide array of tools and features, the platform offers up to 100X on the PrimeXBT leverage trading program, where it provides advanced features like taking profit and stop loss orders, which enables users to manage their risks more efficiently. The following is a more detailed summary of other features the PrimeXBT offers:
Leverage Trading: The platform offers derivatives contracts for up to 100X on digital assets like Bitcoin and Ethereum.
Covesting: Refers to a module where traders can successfully mimic trades of successful investors.
24/7 Multilingual Support: The PrimeXBT customer support service is available 24/7 and is available in English, Japanese, German, Spanish, Arabic, and Mandarin.
Refer & Earn: You get rewarded up to $1,200 for every eligible person you refer and join the exchange.
Mobile App: You make trades, can access your funds, or contact customer support on the go using the PrimeXBT mobile app, which is compatible with Android and iOS devices.
Getting Started with PrimeXBT
The PrimeXBT account setup process is fast and will take less than a minute since very few details are required. At 0.001 BTC, the platform offers the lowest minimum deposit, meaning many traders can quickly test the waters before making a final commitment.
The platform doesn’t accept fiat deposits, so you make BTC deposits via proxy sites like Changelly. PrimeXBT cryptocurrency markets offer a high level of security, and it’s the reason they allow withdrawals only once daily. For any issues with the platform, you can contact customer support or get more details from the company’s blog.
PrimeXBT Cryptocurrency
Crypto futures were initially available in eight prominent crypto pairs, BTC/USD and ETH/USD. However, PrimeXBT has continued adding other cryptocurrencies based on trends, popularity, or user requests. Currently, the platform supports over 39 pairs, of which traders can pick from leading altcoins like Solana, Cardano, Avalanche, and others.
Unlike many similar platforms, PrimeXBT offers a wide array of tradable markets like Forex, stock indices, and commodities, giving it a competitive advantage over your traditional exchange. This has made PrimeXBT more appealing to crypto traders interested in speculating on other markets.
The most prominent cryptos supported by the program include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), USD Coin (USDC) and Tether (USDT).
Fees & Commissions
The fees charged by a crypto exchange are a significant consideration when choosing a trading platform. This is especially important if you trade vast amounts on leveraged exchanges where fees could be higher when you use more margin.
PrimeXBT Trading Fees
PrimeXBT fees are applicable at 0.05% for trading every time a user opens and closes a position and for overnight financing. The relevant costs for holding a leveraged position after markets have closed and the overnight financing fees may vary between the different crypto assets and liquidity levels.
PrimeXBT Withdrawal Fees
Users don’t pay any deposit fees on PrimeXBT. Nonetheless, there’s a fee charged on withdrawals to cover network charges. The fees become applicable because the trading platform incurs a 0.0005 BTC charge when you withdraw a Bitcoin in line with general industry standards.
However, since users making fiat deposits to PrimeXBT must do so through the firm’s third-party partners, they incur a fee for the service, which could vary depending on the fiat currency of choice. Deposits made in US dollars are typically charged 2% for SEPA payments and 3.7% for card payments.
Compared to other margin trading platforms, PrimeXBT fees could look relatively expensive. However, this is mitigated by the enormous leverage and wide range of available markets.
FAQ about PrimeXBT
Is PrimeXBT Safe? PrimeXBT trading platform is safe for users who wish to engage in leverage trading. So far, there haven’t been any reports of hacks, theft, or security breaches.
Is PrimeXBT secure? While most cryptocurrency exchanges have experienced security breaches, PrimeXBT has been spared the challenge. The platform employs advanced security measures, including hardware security models such as FIPS PUB 140-2 level 3 or better.
Is PrimeXBT available in the US? Unfortunately, PrimeXBT’s services are unavailable for traders in the United States. The platform doesn’t yet offer these services, which other platforms like Binance and eToro have availed.
How long is the withdrawal time at PrimeXBT? The time taken to process a withdrawal on PrimeXBT varies depending on the crypto asset or the network used. Since the withdrawals are on-chain, meaning they happen on the blockchain, the blockchain network of choice and its congestion levels at withdrawal will affect withdrawal times.
Has PrimeXBT ever been hacked? While it’s not technically impossible, PrimeXBT maintains a spotless security record. This is consistent with the firm’s initial intentions to offer crypto investors a safe and secure trading platform.
Conclusion
If the cryptocurrency market has become too red for you, and the past hacks of trading platforms got you down, don’t worry, PrimeXBT’s got your back! Well, not with money.
The first-rate trading platform offering additional access to financial markets like crypto, Forex, and commodities, the platform is excellent for anyone who doesn’t want to be restricted to only particular financial assets.
For all the suitable components that make PrimeXBT a world-class leverage trading platform, the exchange’s greatest undoing is the comparatively high trading fees and the lack of a local fiat-to-crypto gateway. Overall, the platform is well-designed for margin trading in several markets.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
