If the term cryptocurrency is something that scares you, something that you never had a chance to deal with, most likely, the words “Prime XBT” will not tell you about much. However, if you are well-acquainted with the crypto market trading and consider yourself to be one of the experienced traders, you probably have heard of this trading platform.
So, as we stated, Prime XBT is a trading platform, which provides several opportunities for trading, including bitcoin trading and trading other crypto assets. With the help of your trading account, you can exchange such assets as stocks, perform leverage trading, and exchange some commodities.
A beginner at this point might be interested in what actually “commodities” mean. Before we start our PrimeXBT review, let us make things clear: commodities include such issues as natural gas, gold, silver, and many other potentially valuable materials.
Now it is time to move to the main body of our Prime XBT review.
Prime XBT: Key Notions
The more or less professional traders have to be acquainted with such trading engines as Prime XBT. This trading platform allows dealing with the forex pairs, cryptocurrency market, leverage opportunities.
- The platform is not regulated, which allows each customer to contact other customers directly without involving intermediaries. At the same time, this makes working Prime XBT platform risky, so a customer has to be careful managing one’s assets.
- Prime XBT is a relatively new platform for crypto exchanges. It started its functioning in Seychelle in 2001 and has gained popularity for a couple of years now. The main used cryptocurrency assets are in Bitcoin. However, Prime XBT offers such cryptocurrency pairs as, for example, BTC/USD, ETH/BTC, LTC/BTC, and others, having BTC/USD to be one of the most frequently used.
- Prime XBT allows leveraged trading, and cryptocurrency traders highly appreciate this feature. This, and many other opportunities, which Prime XBT provides its users with, make it a serious competitor to other successful exchanges like Bitmex, which is one of the best services in margin trading.
- Since each trading account on Prime XBT uses bitcoin, as this is the fundamental currency here (among all cryptocurrencies ever known), this exchange platform has little (almost none) problems with functioning and operating.
What Does PrimeXBT Trading Platform Offer To Users?
One of the most attractive features which PrimeXBT suggests is Covesting. For those people who just at the beginning of their trading activities, covering is the term they have to add to their own “dictionary of cryptocurrencies.”
To put it simply, it is a chance for the newcomers to “learn from the best” — from professional traders who share their experience. Unexperienced users have a chance to repeat trades after people, successful in this area. Let us not delve into the wilds of these covesting issues and get back to the PrimeXBT features.
As far as you surely remember, this exchange service is based on Bitcoin.
Being a Forex service, the PrimeXBT platform for cryptocurrency trading provides leverage up to 1000x. In contrast, the usual leverage limit which people meet on a standard cryptocurrency market is equal to 100x leverage. But, of course, leverage rates vary from service to service.
PrimeXBT has a rather convenient design, valued by those who use this service regularly. The interface is indeed intuitive, but, unfortunately, not all trading services demonstrate this characteristic.
Trading Fees And Fee Structure Of PrimeXBT
Bitcoin trade and other kinds of trades require special attention when it comes to fees — most likely, you do not want to pay for something you did not know about.
So, be careful, and learn more about potential fees you will face on PrimeXBT.
- First of all, there is a difference in trading fees connected with the time period, and in other words, if it is day trading or long-term leverage, market conditions do matter.
- Second of all, a feature, which is easy to remember — for makers and takers, there is an established trading fee equal to 0.05%.
- There is also an overnight financing fee, equal to 6 dollars per day (per single bitcoin unit), but it is not fixed and may vary as well.
- To feel more confident about the potential fees you will meet, follow this link. Depending on the asset, fees change. This page will allow you to get more useful information about your exact case, potential withdrawal fee, and other useful issues on PrimeXBT.
Payment Methods & Cryptocurrencies Accepted
PrimeXBT is based on Bitcoin, so all “funds” of each account are in Bitcoin units.
But, as we stated, it does not make this service limited in comparison to other similar services. Despite the fact that the balances of every account are in Bitcoin, you can buy it using different options, thanks to the connection with CEX.io. Now buying bitcoin with dollars, euro, using a credit/debit card is possible. So, credit card deposits are an available option on PrimeXBT.
On PrimeXBT, you can meet different crypto pairs with Ethereum, Litecoin, or XRP. The price of each element involved in the tradings is also available here. Alternative currency pairs involving such fiat currencies as USD, for example, or Euro, British Pound, Japanese Yen, and many others, are also available here. Use your credit card to make deposits. Unfortunately, PrimeXBT does not provide all opportunities available on Bitmex. For instance, it is still quite functional for customer accounts.
Keeping all this information in mind, remember that you cannot withdraw your gained asset in traditional currencies or any alternative cryptocurrencies. The only option for you here is to withdraw BTC, regardless of the trading volume you are used to. This feature spreads on each account registered on the PrimeXBT trading service.
For better or for worse, there are some limitations concerning your trade, which depend on the assets you decided to trade.
The smallest order size available on PrimeXBT is equal to 0.01 bitcoin unit. But on other crypto markets, you can meet a much lower minimum. For the beginners, even 0.01BTC might be too much “just to try.” 0.01BTC now is equal to a significant sum, and not every newcomer wants to risk it this way.
Luckily, there are other exchanges where you can trade just with a dollar or a couple of satoshis.
For those who do not know what the term “satoshis” means, we provided a link. In simple words, a single satoshi is the minimal part of bitcoin, its smallest “piece,” equal to 0.00000001BTC. It does not cost too much and allows small exchange deals to be possible as well; A satoshi is a perfect option for those who are only starting their journey in the crypto world.
There is a maximum limit for trading on PrimeXBT as well. A single trade cannot exceed a hundred bitcoins. These deals are not really frequent, and unless you keep a couple of free millions of dollars under the bed, you will not be bothered by the maximum limit established on this service.
For more details connected with the limits of the PrimeXBT service, check this link.
A Customer Support System
We can state for sure that the PrimeXBT service has improved its support system during the previous years. At least, that is what we, personally, realized when we had to face it. Let us now briefly review it and share our user experience.
Several months ago, our message in the support chat was left unresponded. This is a common mistake for many beginning platforms. But, Prime XBT quickly fixed the situation. Several months later, we tried to communicate to their support team once again and received the response in a minute!
This service is indeed user-friendly: it provides video lessons for those who do not want to spend time figuring out which button is responsible for what. You can watch them here. Also, there is a knowledge base for these purposes as well.
If people get a chance to evaluate Prime XBT on any review site, they often leave a 5-star rating for it. We cannot state for sure if these reviews are honest or not, but, at least, that is what we see.
But, on some platforms like BitcoinTalk, people stated that Prime XBT was caught registering staff members as real users here. The service itself refuted these accusations and stated that this is not a part of their policy — to deceive people.
Countries With The Access
The first issue we would like to highlight about this service is its variability of languages available. You can choose not only English but also Chinese, Korean, Turkish, Spanish, or even Russian!
Despite the fact that this service claims to be an international, worldwide platform, access for USA residents is prohibited. This is the price of living in this country. But, the verification process does not allow these customers to be identified, so the chances are that if you live in the United States, you will be able to exchange currencies here as well.
Since this service is based on cryptocurrency tradings only and fiat currency is not used directly, customers avoid long formal clarifications with the banking systems.
The Final Word
PrimeXBT is a rather reliable service for crypto exchange. It has several offices and liquidity providers, the number of which exceeds 12.
Summing up all the benefits of this service, the first thing which catches the eye of a user is the design. A convenient, comfortable, and easy to understand, its interface attracts even those who never tried themselves in cryptocurrency exchange. Moreover, with the provided tutorials, things become even more clear than they were before.
Secondly, smart and reliable chat support is definitely another advantage of this service. You can address team members with any issue, and they will try to solve your problem as soon as possible.
Being based on a cryptocurrency, PrimeXBT allows you to avoid communication with banking, which sometimes be rather prolonged and undesired.
Also, PrimeXBT allows dealing with such commodities as Gas, Crude Oil, Gold, Silver, and many others.
But, alongside all the mentioned benefits, there are some issues which require your attentiveness. Firstly, this crypto service is unregulated. Be careful about your funds; take care of your money.
Secondly, leverage tradings are an unstable issue which you have to be careful with. If you do not have enough experience, we recommend you avoid unduly leveraged tradings because you might lose more funds than you earned and pull into the negative.
In general, the impression of using this service remained rather positive, but we recommend checking PrimeXBT by yourself and creating your own impression from this experience.
Is Prime XBT legit?
Yes, the Prime XBT service is legit. We recommend trying to use it on your own to make sure it is convenient, easy, and understandable. But, it is not regulated, and this is the price you, basically, pay for the freedom provided by this service.
How do I withdraw money from PrimeXBT?
To withdraw money from this service, you have to do the following: enter your withdrawal address, choose the amount of currency you want to take out, press the “submit to withdraw” button and confirm the withdrawal.