Welcome to the Blockduo review of the PrimeXBT Bitcoin trading platform. I developed this exchange guide for the beginner right through to the advanced, so you should be able to get some value from this piece no matter your level of experience. With that being said, let’s jump into the PrimeXBT review!
What is PrimeXBT?
PrimeXBT is a Bitcoin-based trading platform run by two parent companies; Prime XBT Trading Services Ltd (Seychelles) & Prime Technologies Ltd. (St. Vincent and Grenadines). Prime XBT was founded in 2018, has 3 offices globally and has over 40 employees.
The Prime XBT trading platform lets you trade over 30 different assets including traditional stocks, forex and crypto with no KYC requirements. Prime XBT currently serves over 150 different countries and uses state-of-the-art tech to run their trading platform.
Even though the exchange is fairly new, it seems to be gaining quite some traction in the market as a serious exchange. IT’s one of the only platforms in the world which lets you trade indexes like the S&P500 with Bitcoin and no KYC checks – this is most likely a large contributor to its popularity.
Main Features of Prime XBT
Here are the main features of the Prime XBT Bitcoin trading platform:
- Up to 100x leverage trading
- Low trading fees
- Fast order execution (< 7.12 ms)
- $375M Average Daily Volume
Is Prime XBT Safe?
So the main question you’re probably here to answer is ‘Can I trust Prime XBT?‘. You’re not alone, it’s sensible to do your own due diligence when it comes to trading platforms, especially Bitcoin-based ones. So. let’s take a look at the safety and legality of Prime XBT.
Overall, yes, I believe that Prime XBT is a safe crypto exchange. On the other hand, since the exchange is based overseas, should anything go wrong, you’re not really protected. For this reason, it is good practice to move funds on and off the exchange when you are not trading, this way you can limit your exposure to common risks such as bankruptcy and hacking.
I like how transparent the exchange is with their company info on the Prime XBT about page, it shows that they are not fully anonymous. In addition to the company information, I was able to locate a LinkedIn page with links to their employee profiles, so that gave me peace of mind before depositing funds on PrimeXBT.
Now, moving onto built-in user funds security and safety measures. One of the most overlooked aspects of exchange safety is the methods in which exchanges protect users accounts from being accessed by a malicious party. The main things I look for in this section of the exchange review/test are; 2FA (2-Factor Authentication) and Email confirmations/notifications.
Prime XBT checks all the boxes in terms of account security in my opinion. Under the account ‘System Preferences‘ I was able to find options for Google Authenticator (2FA), Email notifications and login logs with IP address and device.
Setting up Google Auth was simple and only took me a couple of minutes, so I can conclude that the process of getting security set up on your Prime XBT account is simple.
Register & Login
In this part of the Prime XBT review, I’ll be assessing what the sign up (registration) process is like on Prime XBT as well as logging into the trading platform. To register on Prime XBT:
- Visit PrimeXBT.com
- Click ‘Register‘
- Enter your details then press the ‘Register‘ button
- Click on the confirmation link in your email inbox (the one you used to sign up)
- All done, you can now make a deposit and start trading on Prime XBT
Moving onto logging in to Prime XBT, this is a pretty simple process too. All you have to do is go to PrimeXBT.com and click ‘Login‘. Once you’re on the login page, just enter your email address, password and Authentication Code (if you have 2FA enabled).
How to Deposit on Prime XBT
You can deposit onto your Prime XBT account with one deposit method which is Bitcoin (BTC). If you don’t have any Bitcoin they have a handy service next to the deposit section which lets you buy BTC with credit/debit cards.
To deposit on Prime XBT: login to your account, click ‘Account‘ > ‘Deposit‘, copy your deposit address and then send Bitcoin to that address.
The minimum deposit on Prime XBT is 0.001 BTC. Deposits on Prime XBT take anywhere from 10 minutes to 1 hour.
Towards the bottom of the main deposit screen, you should be able to see a table with all your deposit history. This is handy to track incoming deposits as well as for later reference when you need to get the information about when you deposited onto Prime XBT.
Trading on Prime XBT
Now I’m going to show you exactly how you can make a trade on Prime XBT and share my opinion of the process with you. Before you can make a trade, you need a free Prime XBT account. If you need to sign up, you can do so at PrimeXBT.com.
What can you trade on Prime XBT?
Prime XBT is well known for offering a varied selection of assets on their Bitcoin trading platform, including Forex and Stocks which is unheard of with crypto exchanges. Here is a full list of the assets (currencies/pairs) you can trade on Prime XBT:
- Bitcoin (BTC)
- Ethereum (ETH)
- EOS (EOS)
- Litecoin (LTC)
- XRP (XRP)
- UK100 (FTSE100)
Now that you know what you can trade on Prime XBT, I’m going to show you how you can trade it.
How to trade on Prime XBT (Tutorial)
- Go to the ‘Trade‘ tab
- Select the pair you want to trade
- Depending on which trade you want to take, choose either the’Buy’ (green) or ‘Sell’ (red) button
- You will now see a box open which asks you to enter an amount, order type and price (if applicable)
- Once you have confirmed the details, press ‘Send Order‘
- You’re all done, you should now see the position in your ‘Positions’ tab under the chart with current profit/loss
Prime XBT offers 4 main order types; Limit, Market, Stop and OCO. It’s impressive to see OCO in that list, it shows that they care about providing their customers with the right set of tools to be a profitable trader on the Bitcoin-based platform.
Fees & Limits
There are two main types of trading fees you need to be aware of when trading on Prime XBT; trading commissions and financing.
The trading fee on Prime XBT is 0.05% per trade and there is also a financing cost per day and this amount changes depending on the asset you are trading. To see the full list, visit PrimeXBT.com and click on ‘Fees & Conditions‘.
Prime XBT has a standard withdrawal fee of 0.0005 BTC. There are no limits as to how much you can deposit or withdraw on PrimeXBT.
Overall, the fees on Prime XBT aren’t that bad in my opinion, they’re around the industry standard, so nothing to worry about there.
Similarly to depositing on Prime XBT, you can withdraw funds via Bitcoin (BTC) to any external address of your choice. Withdrawals on PrimeXBT take around 1 hour and are completed every day between the hours of 12:00 and 14:00 UTC. If you submit your withdrawal after 14:00 UTC, your withdrawal will be made the day after in the next batch. Prime XBT processes withdrawals manually like this for security reasons. I personally don’t mind exchanging convenience for the safety of funds.
To withdraw from Prime XBT:
- Go to primexbt.com/my/account/withdraw
- Add a Bitcoin withdrawal address if you haven’t already (I use the Ledger Nano X Bitcoin Wallet to store my Bitcoin after trading)
- Enter the amount you want to withdraw and press ‘Submit to withdraw‘
- Confirm the withdrawal on your email address
- Wait for your withdrawal – it’s that simple
I like the way that you can see the transfer details before you make the withdrawal, this way you know exactly what your balances are across the board.
Prime XBT offers leverage on the trading platform which allows you to multiply your profits by essentially borrowing money. Be warned though, it also means you can lose more (no more than your account balance). The maximum leverage on Prime XBT is 1000x. This means that on some trading pairs, you can trade with 1000 times more than your account balance. That’s right, you can trade $1,000 with $1 – crazy right?
Prime XBT uses cross leverage, meaning that you can’t manually change it like you can on other crypto exchanges which, in my opinion, makes Prime XBT less beginner-friendly than other exchanges like Bybit or BitMEX.
Does Prime XBT Have KYC?
Know Your Customer or ‘KYC’ for short is s legal requirement for regulated trading platforms based in the EU, US and many other jurisdictions. Most of the time, Bitcoin-based exchanges don’t require it since they are based in places like the Seychelles. So, does Prime XBT require KYC?
Prime XBT does not require KYC checks whatsoever.
Is there a Demo Account?
No, unfortunately, Prime XBT doesn’t have a demo account. If you are looking for a Bitcoin exchange with a demo account, check out Bybit.com.
I’m slightly disappointed by this aspect of the exchange – it’s so good in many other ways that it should really have something as simple as a demo account so that traders can test out the exchange before depositing real funds.
Prime XBT offers both an IOS & Android mobile app for the Apple App Store and Google Play Store. The mobile app is really sophisticated and a great way of using the Prime XBT platform on the go. People that use BitMEX will know how annoying it is when you can’t trade properly on mobile devices since the majority of people now use them. To download the Prime XBT mobile app, use the links below.
There is currently no Prime XBT APK file available, you can download the Prime XBT app from the Google Play Store instead. Compatible devices for the Prime XBT mobile app include iPhone, iPad, HTC, Samsung, Sony and Google Pixel.
Covesting – what’s it all about?
Once you’ve got your PrimeXBT.com account set up, you may notice a tab at the top called ‘Covesting‘ and you’re most likely wondering what it does?
Covesting is a new feature on Prime XBT which lets traders allocate a portion of their portfolio to other traders and profit from their trades (basically like copy trading). It also allows “Successful traders will be offered the ability to build a positive track record, gain a following, and earn extra income by managing funds”.
The Covesting module is built with help from Prime XBT’s partner; Covesting.io and is not yet live, but will hopefully be at some point during 2020.
If there’s a bonus, why not take it? PrimeXBT currently offers a 35% deposit bonus to customers who follow these instructions:
- Register on PrimeXBT with this referral link: primexbt.com/?signup=117985
- Deposit at least 0.01 BTC
- Open a customer chat
- Type ‘XRE84TS‘ in the chat box
- Your 35% deposit bonus will be credited to your account
Prime XBT offers a brilliant affiliate program open to everyone which was created to increase the awareness of the exchange within the trading community. To sign up for the affiliate program, just register for an account on PrimeXBT.com.
For a more detailed explanation on the Prime XBT affiliate program, check out our full guide here.
Crypto exchanges are usually available in most counties, but there are occasionally some restrictions in place in some countries. The main one people wonder about is: Is Prime XBT open to US customers? No, Prime XBT is not available in the US. On the other hand, some users claim that they trade on Prime XBT with the use of a VPN like BulletVPN in the USA. Here is a list of some of the accepted countries on Prime XBT:
- Sri Lanka
- Faroe Islands
- Puerto Rico
- Trinidad and Tobago
- Burkina Faso
- Saint Lucia
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Papua New Guinea
- Dominican Republic
- New Caledonia
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Cook Islands
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Northern Mariana Islands
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man
- French Polynesia
- Sao Tome and Principe
- Solomon Islands
- Cape Verde
- United Kingdom
- Czech Republic
- Vatican City
Whilst I was testing the exchange, I was pretty impressed with their support team. It seems really fast and I love the fact that there is a love chat feature on Prime XBT web and mobile platforms. In addition to the contact methods, there are loads of articles available on help.primexbt.com which should answer the majority of questions you may have about the platform.
Should you need to email, the support email address for Prime XBT is firstname.lastname@example.org.
To summarise, Prime XBT appears to be a really nice crypto exchange. The highlight for me is that you can trade Forex & Indices as well as cryptocurrencies with Bitcoin and no KYC. It is a little less beginner-friendly than exchanges like Bybit, and for that reason, I think it suits the intermediate to the advanced trader. It’s got a nice interface and a powerful trading engine.
Does PrimeXBT have a bonus?
Yes, you can claim a 35% deposit bonus on PrimeXBT by registering here.
Is PrimeXBT on TradingView?
No, you cannot access PrimeXBT charts on TradingView.
Is PrimeXBT available in the USA?
No, PrimeXBT is not available in the USA.