PrimeXBT Review

General information about PrimeXBT

Year of foundation	1997
Regulation	none
Platforms	margin, covesting
Markets and products	cryptocurrency, forex, indices, commodities
Spreads	from 0.0 pips
Minimum deposit	0.001 BTC
Maximum leverage	up to 1:1000
Types of account	turbo
Deposit and withdrawal	credit card, Xanpool, Paxful, and CEX

Account opening

Unlike most brokers, where there are a variety of accounts for each client type, PrimeXBT offers all its services under one basic account. Once you create an account, you can choose whether to trade on the margin platform or on the covesting platform. 

The account has different features that allow PrimeXBT customers to trade seamlessly and maximize their profits. 

Some of these features include: 

• Trading assets available – 80+
• Min. deposit – 0.001 BTC
• Base currency – BTC 
• Leverage – up to 1:1000
• Commission – 0.001%
• Spread – from 0.0 pips
• Execution speed – up to 20 ms
• Order types – limit, stop, market, OCO
• Account activation time – 24 hours

How to open an account at PrimeXBT?

Getting started on the platform is easy. Register an account in these four quick steps. 

Step 1. Open the registration page from PrimeXBT’s home page.

Step 2. Provide your valid email address, a password, and your phone number. 

Step 3. Check the box to agree to the broker’s terms and conditions.

Step 4. You’ll receive a confirmation email with a PIN to confirm your account registration. Enter the PIN, and your account will be created successfully. 

PrimeXBT doesn’t have a demo account, so you’ll be redirected to your trading account. You can now deposit some BTC and make your first trade. 

Money management

As mentioned earlier, it is a BTC-based broker where all the deposits and withdrawals are made in Bitcoin. Also, only whitelisted Bitcoin addresses can perform any transaction. 

Depositing money

You can deposit money into your trading account using the following methods:

• Direct crypto deposit from your Bitcoin wallet address. This transaction takes about 40 minutes to complete. 
• Using alternative methods like online wallets or credit cards. The process may take a few hours, depending on the route you follow.

All deposits are free. And, since you are depositing using cryptocurrency, there is no conversion fee.

Withdrawing money

The broker requires that you submit a withdrawal request for review before your withdrawal amount is processed. Funds are usually withdrawn to your BTC wallet address immediately after the withdrawal request is approved. 

PrimeXBT allows you to cancel any pending withdrawals as long as they have not been approved yet. This action will not have any effects on your account.

Fees and charges

Many exchanges charge what we call taker fees from takers and what we call maker fees from makers. Takers are people who remove liquidity from the order book by accepting orders that have already been placed. Makers are those who put these orders. The main alternative to such fees is fixed fees. Fixed commissions are commissions, the size of which is the same for takers and makers.

This exchange offers a meager fixed commission of only 0.05% per trade. This is a pretty competitive commission. Most of the exchanges offering derivatives trading charge 0.075% in fees. Thus, the broker has cut the industry average taker fees for crypto derivatives exchanges by a third.

PrimeXBT charges trading fees depending on the trading module that you choose. There are two trading modules you can choose from:

• Margin
• Covesting

The spreads start at 0.0 pips on both trading modules, and the commission is at 0.001%. However, the maximum leverage in a margin trading module is 1:1000, while in the covesting trading module, it’s at 1:100. 

The covering trading module requires a min. deposit of 0.01 BTC before you start trading, but with the margin trading module, you can trade with any amount. 

In margin trading, you pay different fees for the assets you choose to trade. For example, you pay 0.05% on cryptocurrencies, 0.01% for commodities and indices, and 0.001% on FX. On covesting, the fees will vary depending on your follower’s equity of strategy on all the assets. 

Other fees include:

• Overnight fees (weekend fees are billed on Thursday night as a triple charge). 
• Inactivity fees – no
• Deposit fees – no 

PrimeXBT withdrawal fees

Another commission that should be taken into account before choosing an exchange for trading is the withdrawal fee. Usually, the size of this commission is fixed (it does not depend on the amount of the withdrawn cryptocurrency). Its size varies from cryptocurrency to cryptocurrency.

The last time we did our empirical research, the average industry fee for withdrawing BTC was 0.0006 BTC. PrimeXBT only charges 0.0005 BTC. Accordingly, their BTC withdrawal fees are roughly slightly lower than the industry average.

In general, the exchange commissions are pretty competitive.

Trading platforms

The broker has two distinct trading platforms – margin and covesting platforms. The margin platform is the broker’s proprietary trading platform, and it is suitable for all clients who want to trade on margin and use leverages. On the other hand, the covesting platform allows traders to copy from experienced traders and increase their profits. 

PrimeXBT trading platform

• Fully customizable working space
• Easy to use even for new traders
• 50+ technical indicators
• Market data visualization
• Multiple order types
• 80+ asset types
• Ultra-fast order execution (12,000 orders per second)
• Available in web and mobile versions

Covesting trading platform

• 50+ trading instruments
• Copy-trading
• Customizable trade strategies
• Market data visualization
• 50+ technical indicators
• Multiple order types
• Instant order execution
• Copy other traders in a click

Trading on the covesting platform allows you to choose the best traders by reviewing their trading strategies and their performance, and then you follow them. You’ll be able to follow their strategies and copy their exact moves and therefore get the same results. 

Experienced traders have an opportunity to monetize their accounts by allowing others to copy from them. Every time a trader follows them and gets profits, they earn part of that profit. That means if a hundred traders are following your strategy, you’ll earn a hundred times from the profits they make. 

Since PrimeXBT is available in over 150 countries, the platform supports different languages, including English, Chinese, Hindi, Italian, Portuguese, and Russian. However, PrimeXBT is not available in countries like the United States, Japan, and Canada as it does not meet their law requirements. 

Trading instruments

The broker allows its clients to trade in cryptocurrencies, stock indices, commodities, and forex markets where there are over 80 assets to pair.

 Cryptocurrencies

Buy, sell, and trade crypto-assets and tokens including Bitcoin, Ethereum, Litecoin, Ripple, EOS, and more on PrimeXBT. The cryptocurrency market is endowed with deep liquidity, customizable charting software, and high execution speeds for fast trading.

Stock indices

The broker allows you to trade global indices like S&P 500, ASX 200, NASDAQ 100, Germany 30, and NIKKEI 225. With the help of PrimeXBT’s trading tools, you’re able to profit from the stock’s price fluctuations.

 Commodities

PrimeXBT’s commodities market features globally popular commodities including gold, silver, crude oil, and natural gas.

Forex

PrimeXBT has the world’s most recognized currencies such as USD, EUR, AUD, CAD, and GBP which you can trade both long and short. The forex market has the most liquidity globally thus increasing opportunities for profit on every pair. 

Features

The broker incorporates different features in its platforms to improve customer experience as they trade on the broker. These features offer education to both new and experienced traders as well as provide more resources for research. 

Their features include:

• Education

PrimeXBT’s rich education sections offer how-to and other general articles that equip traders with the knowledge they need to get started on the site. The PrimeXBT Academy on YouTube and Twitter also engage clients in live sessions to educate them. 

• Copy trading

The covesting feature allows you to check what other experienced traders are doing and copy them. This increases your chances of making more profits as you copy from well-performing traders. You can earn extra profits when you have people copying your trading strategies. 

• Leverage on Bitcoin

This feature allows you to get high returns from small price movements when you go long or short on trades. Bitcoin CFDs are not popular on most brokers, so this feature is a good one. 

• Price charts

PrimeXBT allows you access to real-time price movements for cryptocurrencies, FX, indices, and commodities as you trade. This ensures that you are able to track your trade as you can see the price movements.

• Referral programs

You can refer other traders to PrimeXBT as an affiliate or an ambassador and earn from it. It’s through the referral program that PrimeXBT has experienced tremendous growth through the 3-year span of operation.  

• News

The platform has a section for news and announcements within the platform. This helps keep traders updated on any developments on the site and market news that may affect price movements. 

• Research

PrimeXBT offers different research tools to their clients to allow them to find information that is relevant to their trading activities. That way, they can plan their trades and maximize their profits.