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PrimeXBT.com Review 2019 – Pros and Cons of Trading PrimeXBT
- high volume
- high leverage
- stop loss / take profit order
- great customer support
- major altcoins tradable
- high security
- supports anonymity
- Restricted for traders from USA and Québec
This page is also available in: 日本語
PrimeXBT is a young Bitcoin trading platform which specializes in Bitcoin margin trading. The broker platform was founded in 2018, and after exponential growth by spring 2019, it already has a customer base of users in over 150 countries.
In essence, this Bitcoin Broker is not about simply buying or selling Bitcoin for Fiat money, but about price betting on a rising or falling price in the form of long trades and short trades.
So you can’t just send Bitcoin to PrimeXBT to sell it to someone and get the money paid out. On this professional margin trading site you perform long trades and short trades only, with the aim to record the price difference of rising or falling prices as a profit in BTC.
PrimeXBT Long and Short Trades
A long trade is a price bet on a rising price where you buy Bitcoin and sell it at a higher price. The difference between the buy price and the sell price is the profit in a long trade. Buying (trade entry) and selling (trade exit) therefore inevitably take place one after the other, at a time or price level determined by the trader.
A trade cannot therefore remain open forever; a purchase must inevitably be closed in the form of a sale. Therefore, with a broker like PrimeXBT no Fiat deposits or withdrawals are possible, because the cryptocurrency is not exchanged for fiat money.
Registration with PrimeXBT
The registration process is as simple as possible, as the broker doesn’t require KYC (meaning no personal data or ID verification). All you have to do is enter an email address and a password. Tip for using passwords: It should be at least 14 characters long, and contain letters, numbers and special characters, and it should not be anything you can look up in the dictionary. The best is a password that doesn’t make sense, that is at least 14 characters long and that is kept safe in a password manager.
Deposits are made exclusively in Bitcoin (BTC), as are withdrawals. This principle allows the broker a very simple registration process for traders, as there are no regulations for pure crypto brokers regarding registration processes, as there are for brokers who deal with banks and payment institutions by exchanging Fiat money.
To make a deposit you simply have to send BTC to the Bitcoin address given in the account under “Deposit”.
In order to make it easier for users who do not yet own Bitcoin to participate, PrimeXBT has integrated a kind of quick purchase option. Users can directly use an interface to the Bitcoin Exchange Changelly in their PrimeBTX account, via which they can buy BTC with credit card and then send it directly to their BTC address in the PrimeXBT account. This means that even traders who do not yet own BTC can make a Bitcoin deposit within minutes.
The minimum deposit is 0.001 BTC.
As already mentioned, payments are made exclusively in Bitcoin (BTC).
Meanwhile it is indispensable that you use the security of a Bitcoin Broker account via a 2FA authentication. The best way to do this is to install the Google Authenticator App on your mobile phone (available for Android and iPhone) and activate authentication as specified in the account under “Enable GA”.
The PrimeXBT Trading Platform
On PrimeXBT you can perform Bitcoin Margin Trades, as well as leveraged LTC, ETH, EOS and XRP trades. The base currency in this case is also Bitcoin, so gains and losses are payed out in Bitcoin.
What particularly pleases PrimeXBT is the simplicity of the user interface. The minimalist design enables even newcomers to find their way around quickly and intuitively. The makers of the broker platform have understood what the essential menu items are and limit themselves to these, without further frills.
In the “Trade” section we find the necessary widgets letting us control our trading activities. The widgets are divided into a chart window showing the chart of the price pair of our choice as well as order and info widgets for running orders and positions.
The chart can be edited according to all the rules of chart analysis art. We have at our disposal all the display forms and analysis tools we are used to from the professional trading tools of Coinigy and Tradingview.
Regular Trading or One-Click Trading
Experienced traders who want to trade fast have the possibility to activate the “One-Click” setting. This allows orders to be placed immediately without the order being displayed in a confirmation window. To speed up the process, you may want to skip this security feature. The default setting “Regular Trading” otherwise lets the trader check his order again and again before he really sends it with another click.
If you click on one of the Trade Buttons in the “Trade” widget on the left, the order window opens, in which you can precisely set buy or sell orders. Interesting are the Protection Orders, which offer 2 particularly important order types. A stop-loss and a take-profit order, which are added to the position. Stop-loss orders are always placed by professional traders to keep potential losses short.
PrimeXBT, together with BitMEX, is the only margin trading platform that allows up to 100x leverage. This means that traders can trade at a hundredfold the buy power of their actual stake. However, the higher the leverage, the higher the risk of loss. To understand this principle, read this explanation about margin trading.
The broker’s trading fees are divided into normal trading fees that are incurred on intra day trades. These are always 0.05%. The financing fees shown in the table refer to trades that are not closed on the same day, so the financing fees are overnight fees on current positions.
PrimeXBT has set trading limits for each trading pair, so there is a limit for position sizes. For instance, the maximum single trade size for Bitcoin is 15 BTC, while the maximum exposure may not exceed 30 Bitcoin. The table below shows the minimum and maximum order sizes for all financial products tradable on PrimeXBT.
All further details can be found under the menu item “Information”.
PrimeXBT.com on Social Media
Like every ordinary broker, PrimeXBT also maintains a Twitter account, via which support can be contacted. The Margin Trading Broker can also be found in the most common social media networks via Facebook and Medium.
Our Verdict on PrimeXBT.com
The new Bitcon Margin Trading Broker offers an interesting alternative to BitMEX, especially for smaller traders who do not need the enormous liquidity of the leading Bitcoin Margin Trading Broker BitMEX. For people looking for a simple platform to trade with leverage, PrimeXBT is worth a try. Ultimately, it’s also a matter of taste as to which platform is best suited for you. We recommend for interested people to start trading with micro amounts to see if you can get along with the platform.
What we miss at XBT is a demo mode that allows new and inexperienced traders to put the platform through its paces without risk. So for newbies it is absolutely advisable to trade only the minimum amounts at the beginning, until you really understand the platform in their sleep.