PrimeXBT if a Bitcoin-based online trading platform for active traders. The broker give you access to trade a very reasonable number of financial instruments including cryptocurrencies, forex currency pairs, stock indices and commodities. You can trade both long and short on a secure and user-friendly trading platform with leverage of up to 1:100. It is great that they also provide some additional educational materials to help support new traders and have a social trading platform known as “Covesting”. I think they can be a good choice for anyone who is specifically looking to trade cryptos with leverage by themselves or to copy signals from other traders.
Pros & Cons
- Sophisticated and user-friendly trading platform
- Bitcoin-based online trading
- Multiple asset classes available to trade online
- Cryptocurrency specialist
- Competitive trading conditions
- Quick account opening process
- Covesting module
- 24/7 support via online chat
- No MetaTrader platforms
- Only live chat and email support
- No FIX API solutions
- No services to clients from many countries
- Crypto funding only
- Lack of regulation
PrimeXBT provide a convenient online platform for trading 30+ assets from one account, including Crypto, Stocks, Indices, Commodities, Forex and CFDs. They allow traders from 170+ countries to take long or short positions and have flexible leverage up to 1:100 on BTC, ETH, LTC, and more. Founded in 2018 and located in St. Vincent & the Grenadines, the broker supports 5 order types and instant Bitcoin deposits via secure wallets. The order execution speeds are decent whilst the spreads and commissions are competitive when compared to other online brokerages.
The broker offers a robust trading system for both beginners and professional traders that require highly reliable market data and performance. The brokers entire trading infrastructure is designed to facilitate a high number of orders each second and to handle extreme loads, whilst offering good order execution speeds and low latency trading.
All trades on PrimeXBT trading platforms are executed through one of the brokers Amazon AWS servers. These are connected with multiple liquidity providers to help ensure low latency and smooth pricing on all available assets at any time.
For active day traders’ quality of order execution and slippage is extremely important. A large majority of client’s market orders are executed at their requested quote, which is a good percentage when compared to industry averages. This helps to ensure that you can get your trades at the best available prices with minimal slippage.
PrimeXBT Trading Services Ltd is a Seychelles company whereas Prime Technologies Ltd. is a St. Vincent & the Grenadines company. They are not currently regulated. I always prefer to use a regulated brokerage firm as this means that they should be following rules to ensure that they operate in an honest and transparent manner. If you are looking for a regulated broker, AvaTrade are one of my top choices. They are regulated in multiple jurisdictions by some top tier regulators
The broker does not accept users from quite a few countries including the United States, Canada, United States Minor Outlying Islands, American Samoa, Israel, Japan, Algeria, Ecuador, Iran, North Korea, Sudan, Syria or any other countries or territories where it is not licensed, accredited or regulated to do so. You will need to check the laws applicable in your country. If you discover that you cannot open an account with them, please feel free to take a look at our broker reviews for another option.
The broker has its very own proprietary PrimeXBT trading platform. They state that the platform is fast, safe and reliable. It has an intuitive user interface and fully customizable layout with multi-monitor support. The powerful charting engine supports multiple chart types, variety of indicators and drawing tools as well as ability to trade directly from the charts. There are a variety of built in trading tools, features and functionality, thus making it suitable for both novice and professional traders alike. Traders of all experience levels can design and customize layouts and widgets to best fit their trading style. I found the platform a pleasure to use, with its modern interface making it easy to perform all of my trading activities in just a few clicks.
The brokers platform boasts an array of excellent features that you can take advantage of including:
- Customizable Platform Layout. A fully customizable workspace, which includes intuitive visualization of market data, and offers an extensive suite of trading tools.
- Professional charts. Place trades, manage orders and work directly from the integrated charts. Use the brokers comprehensive suite of drawing tools and over 50 technical indicators to analyze price trends.
- < 7.12 ms Average order execution speed. The trading engine is specially designed to execute over 12,000 orders per second.
- 12+ Integrated liquidity providers. Top tier liquidity from the PrimeXBT aggregator which provides feeds from multiple vendors to ensure high liquidity on all tradable assets.
- < 12,000 Executed orders per second.
- $375,000,000 Average trading volume per day.
- Real-time risk management. The platform enables cross-margin trading and automatically performs full risk checks after every order.
- Multiple order types. PrimeXBT offers multiple order types available in the Order Form option to give you the necessary tools to execute your trading strategy and provides increased flexibility on how you enter trades.
- Secure wallets. Withdraw, deposit and store your assets in your personal secure wallet. All assets are securely held in the brokers offline storage system to protect users against any possible risk or threat.
PrimeXBT also have a mobile trading application where you can trade over 30+ assets including Crypto, Forex, Commodities, and Stock Indices whilst on the go directly from their iOS and Android mobile devices. The web version of the platform is available on all browsers and does not require downloading or installing any software. I really like the convenience of a trading app as it means that I can access my account and check my trades from anywhere at any time.
Back in April 2020, in partnership with Europe-based fintech software developer Covesting, PrimeXBT successfully launched the Covesting copy trading beta. The tool lets experienced traders create strategies for investors to follow. Utilizing publicly available success metrics, followers can choose a strategy and invest equity into top traders’ trades from around the globe. Followers earn 70% from any profitable trades, while the strategy manager nets 20%.
By tapping into pro traders’ expertise, newer traders just learning the ropes can bypass many hard lessons for stress-free trading. However, even the world’s best traders have losing streaks, so it is essential to understand all risks associated with the Covesting platform and take steps to minimize this risk. As is the case with any investing or trading, capital loss is possible, so proper risk mitigation tactics are always necessary. Historical performance is by no means an indication of future results.
All of the trading tools are available in the PrimeXBT online trading platform. The broker does not currently offer any standalone tools such as trading calculators, market sentiment tools, market analysis tools, economic calendar, etc. That being said, there is likely to be more than enough tools implemented within the brokers trading platforms to suit the needs even of the most demanding traders. I found everything I needed for conducting in-depth chart analysis across various instruments.
The PrimeXBT blog has a range of trading articles that cover a variety of subjects from trading strategies, education, market news, and analysis. There is a generous amount of frequently updated guides that can benefit both new and experienced traders alike.
PrimeXBT enables you to actively trade most popular cryptocurrencies such as Bitcoin, Ethereum, and more. You can speculate on if markets will rally or decline, or hedge your existing Cryptocurrency holdings. In addition to Crypto trading, the broker provides Stock Indices, Commodities, Forex and CFDs. I think there is a decent selection of instrument to create a diversified portfolio. However, for individual stocks you may want to look for another brokerage such as TMGM.
- Cryptocurrencies: Trade BTC, ETH and other cryptos with 100x leverage
- Forex Currencies: Go long or go short on 25 Forex majors. Take advantage of leverage up to 1000x
- Indices: Access the most popular indices such as S&P500, FTSE100, JAPAN, and more
- Commodities: Speculate on the prices of high-profile commodities such as oil and gold
There is one account type at this broker which keeps things nice and simple. It also makes sure that everyone is getting access to the same conditions. In most assets, PrimeXBT offer volume-based fees that allow you to benefit from more attractive prices as your trading activity increases. The broker charges two types of fees: trade fee and overnight financing. Since instruments at PrimeXBT are leveraged products, you finance the traded value through an overnight financing. This borrowing cost (financing) is dependent on the liquidity of the underlying asset. If you open and close a leveraged position within the same trading day, you are not subject to overnight financing.
The minimum deposit is 0.001 BTC. This will allow you to trade with up to 0.1 BTC worth of assets. A trade fee is incurred any time a position is opened or closed:
- 0.05% for Cryptocurrencies
- 0.01% for Indices and Commodities
- 0.001% for Forex majors
PrimeXBT state that registration takes just 40 seconds and there is no KYC verification required. Traders can create personal accounts in just a few easy steps with no personal information required to get the full access to the leveraged trading platform. You just need to sign up using the online registration form and confirm your email address to get instant access to the brokers trading platform. It is great that the whole process is completed online as you would expect nowadays.
PrimeXBT customer Support team are available 24/7 in the live chat or via email. They are prompt and polite in their responses based on our experience. It would be useful if they had a direct contact telephone number for clients who prefer that method of communication. I think it is great that they are available 24 hours a day and 7 days a week, especially when you consider that the crypto market is open over the weekends.
The brokerage accepts Bitcoin deposits and withdrawals. You can fund your trading accounts with Bitcoin or any other cryptocurrency. Deposits require 3 block confirmations which usually takes around 40 minutes. Please note that this timeframe can vary during times of blockchain congestion. The withdrawal fee is a flat 0.0005 BTC, regardless of the amount being withdrawn.
Alternative deposits allow traders to buy BTC using a Credit Card (fiat currencies) and have it transferred to their PrimeXBT wallet. I think that it would be beneficial if they could add some online payment processors in the future such as Neteller, Skrill, PayPal, etc. Blockchain fees can be expensive and take a while to clear in comparison.
Some fees may be charged when using certain payment methods. All pending withdrawals are processed once a day, between 12:00 and 14:00 UTC. A withdrawal requested before 12:00 UTC will be processed on the same day. Any withdrawal requested after 12:00 UTC will be processed on the next day. The withdrawal time can vary depending on the payment provider and method.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
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|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I think that PrimeXBT offer competitive trading conditions on a decent selection of trading instruments across multiple assets classes but where they really shine is in their cryptocurrency offering. The broker may be a popular choice for those who are looking for anonymous cryptocurrency trading. They do have a quick account opening process and 24/7 support. The broker could benefit from adding some individual stock trading instruments, educational materials, contact telephone number and the popular MetaTrader platforms.