PrimeXBT Review

About PrimeXBT

PrimeXBT is a cryptocurrency and forex broker providing leveraged trading to clients across the world. This review covers the services provided by PrimeXBT, including its trading platforms, crypto predictions, mobile app and supported countries. We will also detail the deposit and withdrawal options, promotional bonuses, fees and KYC verification systems.

PrimeXBT Company Overview

PrimeXBT is a fintech company formed in 2018 which offers a Cryptocurrency, FX, Indices, and Commodities trading infrastructure with long and short positions, aggregated liquidity from multiple liquidity providers, and more. The company provides access to real-time market data and a wide range of trading analysis tools while maintaining security, liquidity, and enabling a safe and efficient t rading environment for everyone.

Prime Trading Services and has since grown into a global brand with clients in over 150 countries. In 2019, the broker opened offices in St. Vincent and the Grenadines and shifted their headquarters location and infrastructure to Switzerland.

Fees, Commissions and Spreads

The cost of trading icluding different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.

One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions. While contract for differences (CFD) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets

Its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

PRIMEXBT has a transparent fee structure and only charges for each trade, and for holding a position open overnight. Commission rates for cryptocurrencies are 0.05%, forex and precious metals are rated at 0.001% and the commission for commodities and indices is 0.01%.

Overnight financing charges are dynamic and may change from day to day. PRIMEXBT charges a 0.0005 BTC withdrawal fee.

PRIME XBT Leverage

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

PRIMEXBT allows its traders to use a maximum leverage ratio of up to 1:1000 for forex pairs, providing margins as low as 0.1%, though precious metals can only reach 1:500 (0.5% margin) and cryptos, energies, and indices only go as high as 1:100, giving a 1% margin.

Is PrimeXBT legit?

Is PrimeXBT A Scam?

The owning companies are not regulated but according to the information found at the bottom of their website, they are “in the process of undertaking a legal and regulatory analysis of Bitcoin trading with margin”. Which also means exactly but seems they are looking to get regulated.

Despite not being regulated, this doesn’t look like a scam and keep in mind that a lot of cryptocurrency exchanges are not supervised by a major financial watchdog simply because crypto, in general, is mostly unregulated. However, you should always use caution because this is a relatively new broker and we cannot vouch for their integrity.

PRIME XBT Trading Platforms

PrimeXBT Platform

PrimeXBT provides its own bespoke, browser-based trading platform that requires no download or installation. The platform comes fully equipped with over 50 technical indicators and a full suite of charting and analysis tools.

Clients can place trades and manage orders directly from charts. The workspace is fully customisable and offers a range of visualisation tools, execution methods and trading histories.

Traders can also execute several different order types with the option to simultaneously place stop losses and take profits.

Turbo Platform

PrimeXBT has also developed an intuitive, user friendly fast-trading platform. The Turbo platform allows traders to go long or short on a position for one of three fixed time periods: 30 seconds, 1 minute or 5 minutes.

The short time periods may limit potential profits, but they also reduce downside risk, as the maximum loss is the amount deposited.

The Turbo platform comes with trading histories and a social trading section where you can compete with other investors. However, charting is very limited, with only one basic chart type and no indicators or analysis tools.

Furthermore, there are currently only six tradeable instruments and, despite the social trading leader board, there is no copy trading capability.

Note, the broker does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.

Final thought

Prime XBT can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. Prime XBT has an overall trust score of  2.5 out of 5.PrimeXBT is an award-winning trading platform that allows you to trade global markets.