PrimeXBT exchange review, detailed guide on the PrimeXBT exchange

John Williams

Dec 11, 2020 — 6 min read

With the rapid expansion of cryptocurrencies, the necessity for a high-quality trusting trading platform grows avidly. This increase creates a profoundly competitive climate that is getting difficult to surpass.

Indeed, some existing crypto trading platforms reach considerable traffic, but others struggle to remain alive. One of the trading platforms that succeeded in attaining visibility is certainly Prime XBT.

This article brings a well-rounded idea of the Prime XBT platform, from its traits, fees and registration process to pros and cons. So, join us on this in-depth journey on Prime XBT Exchange Review.

Overview

● Legal Name: PrimeXBT Exchange

● Headquarters: Beau Vallon, Seychelles

● Owner: PrimeXBT Trading Services

● Year Founded: 2018

● Exchange Type: Centralized

● Trading Fees: Maker: 0.05%/ Taker: 0.05%

● Deposit Methods: Credit cards, Cryptocurrency

● Supported Cryptos: Bitcoin, EOS Token, Ethereum, Litecoin, and Ripple

● Fiat: Not Supported

● Customer Service: Email

● Trading Options: Spot Trading, Margin Trading

What is PrimeXBT?

Prime XBT defines as a virtual Bitcoin exchange platform trading with cryptocurrencies and CFDs. The original initiative was realized as a company in Seychelles in 2018. Prime XBT experienced rapid success from its early beginnings and today stands proud of customers from 150 countries worldwide.

The high-quality trading content provided through this platform resonates with all experience levels, from beginners to advanced traders. Even more so, the content is accessible in six languages: English, Chinese, Spanish, Korean, Portuguese, and Russian.

PrimeXBT Features

1) Prime XBT Leverage: Leverage is known to be an essential feature that the traders on the advanced level search for. Unlike most platforms with cryptocurrency trading, Prime XBT offers an extensive leverage of 1:100.
2) Asset Coverage: One of the unique assets that characterizes Prime XBT is the Asset Coverage. Traders can use Bitcoin as leverage, including Forex (FX), cryptocurrencies, commodities and index.

3) PrimeXBT fees: As a recognized platform worldwide, Prime XBT offers very desirable fees. Two types of fees are included; trade fee and the overnight fee, whereas the first being fixed at 0.05%.

4) Security: Superb trustworthiness and security defines Prime XBT as a significant amount of coins is safely deposited in the "cold storage". Cold storage is a term for keeping the coins far from the internet so that the hackers cannot access them.

5) Customer Support: Trading with Prime XBT offers a quick and responsive customer support through the live chat available 24/7 or through the email support. Having both options creates a supported environment for well-informed and secure trading.

PrimeXBT Fees and Limits

Regarding fee charges, Prime XBT offers two varieties: a trade fee and overnight financing. While the first fee is fixed at 0.05% for every trade you make through the platform, the overnight fee fluctuates depending on the type of cryptocurrency.

Trading with Prime XBT, you are saved from the deposit fees. The only cost you are required to pay is the Bitcoin network fee. The blockchain load determines this fee when a user withdraws Bitcoins from the market. This cost is limited to 0.0005 BTC when trading with Prime XBT.

PrimeXBT Supported Currencies

Here we give you a list of available currencies that the Prime XBT website offers:

● Bitcoin

● EOS Token

● Ethereum

● Litecoin

● Ripple

Notice: Prime XBT does not offer fiat currency and its deposit/withdrawal support. On the other hand, it does allow fiat and crypto trading pairs in the case of open-ended contracts.

How to register on PrimeXBT?

First, go to the official website and click on the registration page.

Second, type in your email address and create a strong password combination.

Third, you have the option to provide your mobile phone number, after which you have to agree with the Terms and Conditions.

Fourth, to confirm, click on the “Register”.

Fifth, you will receive an email with a 4-digit PIN code. Enter this code to verify your registration.

How to recover the PrimeXBT password?

When you cannot remember your password, simply go to the Password Recovery and type in your email address. You will soon receive an email for the password recovery containing a link to change your password.

Covesting Module

A high demand for covesting brought it to the forefront of the cryptocurrency market. Covesting is a form of copy trading that has numerous advantages for both followers and traders. Followers can research through hundreds of trading techniques and behaviors and copy the most successful ones. By following and paying for the top trading strategies, followers can get the same results as the leading traders.

On the other hand, covesting allows traders to publish their results and compare them with the results of other traders. The more successful traders and their strategies are, the more followers they gain, and thus, the more cash flow they earn from their followers.

How to deposit on PrimeXBT?

Step 1: To enter your account go to Log in and then go to the Deposit page within your account.
Step 2: Decide between two deposit options - Direct BTC deposits and Alternative Deposits.

Step 3: Copy your Prime XBT wallet address.

Step 4: Paste your wallet address into the destination field.

Step 5: You also have the option to use the QR code to paste the wallet address.

How to withdraw on PrimeXBT?

To withdraw a certain amount of BTC, go to Log in and then click on the Withdraw page of your account.

Then, decide on your withdrawal address, or provide a new address.

Type in the amount you wish to withdraw.

Click 'Submit to withdraw'.

Finally, go to your email inbox and verify the requested withdrawal.

PrimeXBT Pros and Cons

Pros

● Lowest service charges

● Attractive trading options

● Unique 1:100 leverage

● Credit Card support

● Referral System offered

● Anonymous Account option

● Live-chat 24/7 and email Support

Cons

● Does not offer a demo account

● USA and Canada based users have no support

● Not Regulated

How to buy cryptocurrencies on PrimeXBT?

Step 1: To buy cryptocurrencies, go to Log in and then click on the Trade page.

Step 2: Go to Chart and select the pair you want to buy.

Step 3: After selecting the green “Buy” button, a window with “New Order” will appear.

Step 4: Enter the amount, the type of order and the price in the area provided.

Step 5: When you approve the entered details, click "Send Order".

Step 6: Once you created the new order, you will have a "Positions" tab displayed under the current rank chart.

How to sell cryptocurrencies on PrimeXBT?

To sell the cryptocurrencies, go to Log in and then click the “Trade” button.

Then, go to Chart and select the pair you want to trade with.

After selecting the pair, go to the red “Sell” button and then a “New Order” window will appear.

Enter the amount, the type of order and the price in the area provided.

After confirming the details, click “Send Order”.

PrimeXBT Mobile App

More and more users prefer using mobile devices over PCs or laptops. Prime XBT follows this trend offering trade through the app available on Apple App Store and Google Play Store for IOS and Android. The Prime XBT app simplifies the complex cryptocurrency trading and allows exchange at any given moment. The app is carefully designed to meet all the users´ needs. At this moment, Prime XBT does not offer an APK file. Nonetheless, you can download it through Google Play Store.

Conclusion

Ample of advantages portray the Prime XBT platform, from advanced tech solutions, unique leverages and competitive fees to top-notch security. All these features set this platform to a highly respectable level within the cryptocurrency trading world.

Prime XBT stood out from its competition by providing only the best possible trading conditions. If you are keen to use a multi-asset exchange platform with vast possibilities, then Prime XBT should be your number one option.

PrimeXBT Ratings

Overall: 4
Easy to use: 4
Trading: 4.5
Fees and Limits: 4
Registration: 4

PrimeXBT FAQs

How does PrimeXBT work?

Prime XBT takes a percentage of users´ commissions paid for trading. It holds the deposits free of charge but imposes a cost of 0,0005 BTC per each withdrawal.

How do I open an account with Prime XBT?

Go to the official website and click on the registration page. Type in your email address and create a strong password combination. You have the option to provide your mobile phone number, after which you have to agree with the Terms and Conditions. To confirm the details, click on the “Register”. Finally, you will receive an email with a 4-digit PIN code. Enter this code to verify your registration.

Does PrimeXBT offer margin trading or leverage?

Yes, PrimeXBT offers 1:100 leverage on all cryptocurrencies, commodities, and indices available on the platform and 1:1000 leverage on Forex majors

Where is Prime XBT based?

The Prime XBT Exchange is based in the Republic of Seychelles.

Does Prime XBT use MetaTrader?

No, only the Prime XBT online trading platform is available.

Is PrimeXBT available in the USA?

No, PrimeXBT is not available in the USA.