PrimeXBT Review 2020
PrimeXBT allows traders from around the globe to trade multiple products from a single Bitcoin-based online trading platform. However, the brokers non-crypto assets are limited as are the funding options. They are also not regulated and lack in educational materials to help support new traders. We would prefer to use a regulated broker with a wider range of trading products and services.
PrimeXBT Review 2020, Pros & Cons
- Sophisticated & user friendly trading platform
- Quick account opening process
- 24/7 support
- Unregulated broker
- Limited funding options
- No additional stand alone trading tools
- No MetaTrader platform
- Not the lowest spreads
- Limited trading instruments
In this detailed PrimeXBT review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
PrimeXBT is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including PrimeXBT.
PrimeXBT Review: Summary
PrimeXBT provide an online platform for trading 30+ assets from one account, including Bitcoin, Stocks, Indices, Commodities, Forex and CFDs. They allow traders from 170+ countries to take long or short positions and have flexible leverage up to 1:1000 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 not the lowest that we have seen when compared to other online brokerages.
PrimeXBT 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. In 2019 74.1% of PrimeXBT clients market orders were executed at their requested quote, which is a good percentage when compared to industry averages.
PrimeXBT Review: Regulation
PrimeXBT Trading Services Ltd is a Seychelles company Reg. number. 206865. Prime Technologies Ltd. Is a St. Vincent & the Grenadines company number. 25369BC2019.
PrimeXBT are not regulated by any government agency. Most professionals would avoid trading with an unregulated broker especially considering there are so many regulated brokers to choose from. Unregulated brokers cannot offer the same protection to investors as a regulated broker can. You can see a list of our best trading brokers for regulated brokerages.
PrimeXBT Review: Countries
PrimeXBT do not accept users from the United States 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.
Some PrimeXBT broker features and products mentioned within this PrimeXBT review may not be available to traders from specific countries due to legal restrictions.
PrimeXBT Review: Trading Platforms
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. The platform boasts:
- 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 users 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.
PrimeXBT Review: Trading Tools
All of the trading tools are available in the PrimeXBT online trading platform. The broker does not offer any standalone tools such as trading calculators, market sentiment tools, market analysis tools, economic calendar, etc.
PrimeXBT Review: Education
The PrimeXBT blog has a range of trading articles that cover a variety of subjects from trading strategies, market news and analysis. It should be noted that there is not a large amount of content and it is not frequently updated.
PrimeXBT Review: Trading Instruments
PrimeXBT allows clients to actively trade most popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and more. You can speculate on if markets will rally or decline, or hedge your existing Cryptocurrency holdings. In addition to Crypto trading, they provide Stocks, Indices, Commodities, Forex and CFDs.
- Cryptocurrencies: Trade BTC, ETH, XRP, LTC, and EOS 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
PrimeXBT Review: Trading Accounts & Fees
There is one account type at this broker. 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
As broker fees can vary and change, there may be additional fees that are not listed in this PrimeXBT review. It is imperative to ensure that you check and understand all of the latest information before you open a PrimeXBT broker account for online trading.
PrimeXBT Review: Customer Service
PrimeXBT customer Support team are available 24/7 in the live chat or via email.
PrimeXBT Review: Deposit & Withdrawal
The brokerage accepts Bitcoin deposits and withdrawals. Clients can fund their 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. It would be beneficial if they could add some online payment processors in the future such as Neteller, Skrill, PayPal, etc.
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.
PrimeXBT Review: Account Opening
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 platform.
PrimeXBT Review: Conclusion
Whilst PrimeXBT may be suitable for those who are looking for anonymous cryptocurrency trading, they are not regulated and thus investors do not have the same protection as they would using a regulated brokerage. The PrimeXBT platform is sophisticated and user friendly but they do not provide any educational materials to traders.
Furthermore, there is not a large choice of trading instruments and the funding options are limited to cryptos. They also do not provide the MetaTrader platforms that so many traders are already familiar with. You can see alternative broker options on our best trading brokers list.
Investing is risky, do so at your own risk and we advise people to never invest more money than they can afford to lose. Prior to bitcoin trading with margin you should carefully consider the terms and conditions of the PrimeXBT web-site, to the extent necessary, consult an appropriate lawyer, accountant, or tax professional. If any of the following terms are unacceptable to you, you should not use the web-site, and to the extent permitted by law, you agree not to hold any of the company and its respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns liable for any losses or any special, incidental, or consequential damages arising from, or in any way connected, to the bitcoin trading with margin, including losses associated with the bitcoin trading with margin.