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PrimeXBT.com Review 2020 – 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
- USA and Québec not allowed
- No other collateral than BTC
Trading on PrimeXBT
Long and Short Trades
Products offered by PrimeXBT
Deposits & Withdrawals
The PrimeXBT Trading Platform
Regular or One-Click Trading
PrimeXBT for USA
Critics of PrimeXBT
PrimeXBT is a young Bitcoin trading platform which specializes in Bitcoin-settled 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.
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.
The broker offers a range of cryptocurrencies to trade as well as some major Forex pairs, indexes and commodities, all as CFDs.
Trading On PrimeXBT
Trading performed on PrimeXBT is collateral-based, available only in bitcoin. To trade, firstly, you have to deposit some BTC, after which the platform will calculate your USD balance as well as available margin.
New since summer 2020: Now you can also buy Bitcoin with credit card instantly in your Primexbt account in case you shouldn’t yet own any bitcoins. It seems like the platform has partnered with Cex.io, as the embedded instant buy application is from this big American Bitcoin exchange. When Buying BTC with credit card you need to provide an ID document, so in this case you can’t keep an “anonymous” account. But this is always the case when credit cards come into play.
Keep in mind that by trading on a CFD-based crypto broker, you are not buying the underlying asset. In short, as a buyer performing a trade, you are entering into an agreement with the seller on the future price of a given currency pair. Because of that, you will not only be able to enter long but also short positions with a maximum leverage of x100. What is more, by depositing Bitcoin, you will be able to trade all available pairs. This means that profits and losses in all PrimeXBT trades care Bitcoin-settled.
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.
Products Offered By PrimeXBT
One of the strongest PrimeXBT sides is the number of available markets. As a customer, you will be able to trade not only the most popular crypto against USD but also many currency pairs, indexes, and commodities: crude oil, natural gas, and more.
By depositing bitcoin, you can also trade many supported currency pairs, featuring AUD, CAD, CHF, JPY, EUR, GBP. PrimeXBT supports 18 different currency pairs with the same, x100 leverage.
By depositing bitcoin you can also trade many supported currency pairs, featuring AUD, CAD, CHF, JPY, EUR, GBP. PrimeXBT supports 18 different currency pairs with the same, x100 leverage.
As a PrimeXBT customer, you will be able to capitalize on many commodities: gold, silver, oil, and natural gas. All commodities are traded against USD, with the same margin calculated from your BTC deposit.
Last but not least, PrimeXBT enables you to trade indexes: German GER30, S&P 500, US TECH 100, Hong Kong 50, Australia 200, Japan 225, and UK 100.
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 an instant purchase option for credit card (Visa, Mastercard). Users can directly purchase BTC from Bitcoin Exchange Cex.io within their PrimeBTX account, es mentioned earlier above. 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). The broker generally does not specify an upper limit for withdrawals, but in the “Withdrawal” area there is the note that “PrimeXBT reserves the right to manually review a withdrawal request before it’s approved if it exceeds a specific amount or triggers a suspicious activity alert.”
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”.
When it comes to your bitcoin deposits, PrimeXBT is fully transparent with the level of the offered security. First of all, the majority of the customer assets are always kept in a multi-signature, cold storage wallets. By requiring that every transaction transmitted to the blockchain will require at least two signatures, the system provides both securities against attacks or unintentional loss of access. What is more, PrimeXBT also offers high standards of security models by supporting FIPS PUB 140-2 Level 3 and performing a full check after each order execution.
Although PrimeXBT is not yet regulated, in order to ensure compliance with all the regulatory requirements the company is subject to, the functionality and offered services are subject to change.
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 is one of the big margin trading platforms that allow 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 following to the typical maker taker fee model and an extra funding fee for overnight positions. Trading fees are 0.05% for takers and 0.02% for makers.
The financing (or overnight funding) 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 and they can vary. So the funding fee might not be the same as shown in this screenshot on the day you trade. Therefore traders have to check the current fees on PrimeXBT that apply on the day when they are in a trade.
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 for USA
PrimeXBT may not be used by US citizens and residents due to US law. But the platform can be used within the US by foreign travelers who want to keep managing their trades while temporarily residing in the US. The only thing users have to keep in mind is that PrimeXBT might ask for an ID verification if they detect a login from a US american IP address.
It is technically possible to avoid this hassle by using a VPN. Through a virtual private network you can access the website through a foreign IP, e.g. one of your home country where you are allowed to use the margin trading broker. Or any other country’s IP where the use of such a trading platform is not prohibited. VPNs are easy to install and use. You just need to decide if you take a free or a paid one, depending on your needs. And you may not forget to enable the VPN each time BEFORE accessing PrimeXBT.
Critics of PrimeXBT
Most of the critics and issues associated with PrimeXBT had already been solved. As for now, the main issues are regulatory, preventing the company to operate in the United States. As with other exchanges operating under the same business model, PrimeXBT suffers by not offering fiat deposits and withdrawals and quite high limits of minimum order sizes.
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.