As an award-winning platform, PrimeXBT exchange offers users the best spot, futures, and swap trading on over 300+ trading pairs including cryptocurrencies, indices, forex, and commodities. Below, we provide a detailed account of; the history of PrimeXBT, pros and cons of the exchange, security measures, how to trade on the platform, deposit and withdrawal requirements, and unique features offered by the exchange.
What is PrimeXBT?
PrimeXBT is a Bitcoin trading platform that allows you to exchange a wide range of assets using the top cryptocurrency. Launched in 2018, PrimeXBT has risen to become one of the top derivatives exchanges in the world – recently scoping up the “Best Bitcoin Platform for Margin Trading” in the ADVFN International Financial Awards of 2020.
Prime Technology Limited, a Seychelles-based company, oversees the business of the exchange, which is incorporated under the laws of St. Vincent and the Grenadines with a license number 222LLC2019 – PrimeXBT Trading Service LLC.
Pros and cons of PrimeXBT
- Secure platform with multisig-enabled cold wallets
- A wide range of asset markets.
- A user-interactive and friendly platform.
- A regulated cryptocurrency exchange in Seychelles.
- Extremely low trading fees of 0.05%
- A low minimum trading amount of 0.01BTC
- A limited option list of cryptocurrencies.
- Moderately high fees and spreads.
Is PrimeXBT safe to trade cryptocurrencies?
One major worry across asset traders is security. However, with PrimeXBT’s keen focus on security and compliance, traders on the platform need not worry about the potential loss of assets or funds. Moreover, as a registered company in Seychelles, users can rest easy knowing the company is not a scam project.
The platform offers a three-layer security protocol namely the Customer Asset Protection, Trading Infrastructure, and Wallet Security.
- Customer Asset Protection: PrimeXBT employs a number of consumer asset protection techniques adding to the “periodical stress tests and security audits” to ensure compliance with high standards of security. Some of the features added to the exchange include two-factor authentication, BTC address whitelisting, cold storage of digital assets, multi-signature tech, encryption, and cryptographic hashing of passwords.
- Secure trading infrastructure: The exchange’s trading engine is uniquely created to enhance the overall execution speed on orders and minimize latency to protect the users from slippage. Additionally, the platform conducts a full risk check after order execution to ensure trading risks are mitigated. The website reads,
“PrimeXBT prides itself on having one of the most advanced and reliable trading software on the market.”
- Top-notch wallet security: A huge chunk of PrimeXBT customers’ digital assets are stored and held in cold storage wallets secured with multisig to prevent hackers from stealing the funds. Only the funds needed to make the market are released to hot online wallets – an action that requires the coordinated actions of several employees.
After understanding PrimeXBT and its commitment to keeping your funds safe, in the next section, we will focus on the trading markets and instruments offered on the exchange.
PrimeXBT Trading Markets/Instruments
Although they now boast of a wide arsenal of crypto commodities, PrimeXBT exchange started off its trading platform with the most popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), EOS, and XRP – all trading against the dollar.
Over time, the exchange ushered in a number of BTC futures and options products to help users diversify into new instruments. PrimeXBT has announced multiple markets on its platform including forex, commodities, and indices. The notable traded assets on the platform include:
Forex: USD/JPY, AUD/USD, CAD/USD, EUR/USD, and GBP/USD.
Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, and XMR (leverage trading is offered on BTC, ETH, XRP, and LTC pairs.)
Indices: S&P 500, the NASDAQ 100, NIKKEI 225, and ASX 200, FTSE 100, DAX 30, and Hang Seng.
Commodities: Natural Gas, Crude Oil (Brent and WTI), Gold and Silver.
PrimeXBT margin and leverage positions
PrimeXBT provides its client base with a number of margin trading options and leverage positions of up to 100x for professional traders. Margin trading is a bet of either going long (buying) or short (sell) on a specific asset. Taking a long position essentially means betting on the ability of an asset to increase its price while the latter is waging that the price would go down.
A leverage position on an asset allows users to take up larger positions than the capital they have. Having a 100x leverage position means that with a $100 deposit users can trade up to $10,000, strengthening their overall position in the trade.
NB: It is crucial to note that a higher leverage position also increases the risk of your position being liquidated.
PrimeXBT exchange order types
The award-winning exchange allows you to open up four types of orders while trading namely market, limit, stop and One Cancels the Other (OCO) orders.
The market order which is also standard is instantly carried out at the buying price. The Limit order extends traders with an option of determining a desirable market price whereas the stop is an instruction to close a position triggered by a specific market position. The One Cancels the Other dubbed OCO often leveraged by professional or experienced traders, is a combination of a stop and limit order put in place to prevent potential hemorrhaging of funds.
A stop loss and take profits feature is also incorporated and made available on every trade.
How to register on PrimeXBT?
PrimeXBT only asks the user for their email address and a minimum of 0.001 BTC or an equivalent amount to open an account on the platform and start trading. However, the exchange recently added the need for a phone number to collect the geographical data of customers as regulatory scrutiny across banned states increases across their governments. It only takes a user a couple of minutes to open an account on the platform.
There is an indication of lax KYC protocols within the platform highlighting that ‘no personal information is required’ to use the site. With the BTC address generation automated in the case the user opts to transfer BTC from another address, options of depositing from credit cards have been availed however requiring fiat to BTC conversion to occur before the funds reach the account.
Fees, Deposits, and Withdrawals
For withdrawals, first, they have to move the funds from the trading account into their personal wallets then account holders will be required to verify the legitimacy of withdrawal by whitelisting the recipient BTC address. They will also be liable to a 0.0005 BTC standard withdrawal fee.
Activity on their platform attracts two kinds of fees namely: trade fee and overnight financing. The leveraged nature of the products will generally attract an overnight financing fee depending on the underlying asset however, in case a leveraged position is opened and closed before the close of the business day it’s not susceptible to the overnight fee.
|Symbol||Trading fee||Financing/day Long||Financing/day Short|
|BTC/USD||0.05%||0.0417% Daily Funding Rate||0.0417% Daily Funding Rate|
|ETH/USD||0.05%||0.0556% Daily Funding Rate||0.0556% Daily Funding Rate|
|ETH/BTC||0.05%||0.0556% Daily Funding Rate||0.0556% Daily Funding Rate|
|LTC/USD||0.05%||0.0694% Daily Funding Rate||0.0694% Daily Funding Rate|
|LTC/BTC||0.05%||0.0694% Daily Funding Rate||0.0694% Daily Funding Rate|
|XRP/USD||0.05%||0.0833% Daily Funding Rate||0.0833% Daily Funding Rate|
|XRP/BTC||0.05%||0.0833% Daily Funding Rate||0.0833% Daily Funding Rate|
|EOS/USD||0.05%||0.0750% Daily Funding Rate||0.0750% Daily Funding Rate|
|EOS/BTC||0.05%||0.0750% Daily Funding Rate||0.0750% Daily Funding Rate|
PrimeXBT also employs around-the-clock customer care for cryptocurrency users from Sunday to Friday. Furthermore, the exchange is also inclusive of a blog and an interactive chatbot alongside an FAQ section on their site. This and the non-complex nature of the site (easy to maneuver), makes it a favorite among both novice and professional traders. It is also available to android and IOS users.
- Turbo trading
Are you a high-risk professional trader? Then PrimeXBT has the optimal trading venue for you through their PrimeXBT Turbo Trading platform. It offers you a “unique, simple, interactive and user-friendly platform that allows you to earn up to 90% by simply predicting short-term price moves of various assets” on the platform including top crypto and forex pairs. Turbo Trading is like a binary options trading account.
Moreover, a low $1 capital requirement is set allowing traders to build their capital from a small amount of money without the risk to lose large amounts of their funding. New users to the module are offered 1 BTC in a demo account to sharpen their skills.
More on the T&C of PrimeXBT Turbo Trading module.
- Covesting Module
PrimeXBT covesting module allows you to choose among the best performing traders and automatically copy their investing and trading activities. This opens up a smarter way to trade (especially if you are a learning trader) by selecting through the best strategies and trading performances from hundreds of pro traders.
Once you select your preferred trader, choose the amount you wish to set on the allocated strategy, and start earning the same as the selected strategy. You also can earn extra income by allowing other PrimeXBT users to copy your strategy.
- Copy Trading
Copy-trading allows you to be a passive market participant instead of letting professional traders execute their strategies on your behalf. This takes some of the guesswork and early losses new traders can experience out of the equation. It allows the trader to manage their trading risks better than manual trading as the risk is spread out across a number of successful traders’ strategies.
PrimeXBT Affiliate Program
PrimeXBT also offers you the chance to passively earn income from inviting your friends and new clients to trading on the platform. Once they start trading, an affiliate can earn up to $1,250, which makes it one of the most profitable affiliate programs.
The three main categories of affiliates include classic affiliates – who, as PrimeXBT partners, can earn up to 70% of the revenue share generated by their referred users; popular affiliates get paid between $40 – $1,250 for every qualified trader you introduce to the PrimeXBT platform, and classic/popular hybrid affiliates receive a fixed payment for every eligible lead, and after, you will get a revenue share every time your referrals trade.
Traders with active social media, blogging, or education community base can also earn extra passive income through the PrimeXBT Ambassador program.
All in all, PrimeXBT offers one of the best platforms to trade cryptocurrency derivatives and a host of assets including forex, indices, and commodities. With industry competitive fees, a user interactive platform, and high leverage, PrimeXBT lives up to its award-winning title – especially in the Bitcoin leveraged trading market.
Frequently Asked Questions (FAQs)
Q: What is PrimeXBT?
PrimeXBT is a BTC-based margin trading platform, offering leverage trading with instruments from numerous markets including cryptocurrencies, indices, commodities, and forex.
Q: Which assets can I trade on PrimeXBT?
The exchange offers a number of asset markets to trade from including cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.), forex (USD, AUD, CAD, EUR, etc.), Commodities (such as Natural gas), and indices (S&P 500, Nikkei 200, etc.). The full list can be found here.
Q: What are the fees on PrimeXBT?
There are 2 different fees that can be incurred when trading – Trade fee and Overnight financing. Detailed information regarding fees can be found here.