PrimeXBT Review- Online Platforms, Commission, Leverage, Account Types, Features & moreLast Updated Date: Dec 02, 2022
PrimeXBT is one of the leading online platforms that offer Cryptocurrencies and CFDs for trading to clients globally.
Besides allowing traders to trade in cryptocurrencies, the trading platform also allows traders to trade in general financial vehicles, including Forex, S&P 500, and Nasdaq composite indices.
The traders can also invest in commodities, including crude oil and natural gas, and a lot more options.
No doubt, there are a variety of options available, but the best part about using the trading platform is that it is relatively easy to use, and it can be used by newcomers also.
The main agenda of the forum is to solve general issues like long KYC processes, inferior liquidity, surprise downtime, restricted order types, and a lot of trading fees.
On this platform, you can surely avail of stunning leverage, massive liquidity, a user-friendly platform, and significant trading volumes.
About PrimeXBT and Accepted countries
Back in 2018, PrimeXBT was incorporated in Seychelles. Initially, it was formed under the name of PrimeXBT Trading Services.
Currently, the company serves as a global brand, and it tends to serve clients in more than 150 countries. Just the previous year, the company also opened offices in St. Vincent and the Grenadines.
Now the company has its headquarters in Switzerland. The company has more than 40 employees, three offices, and a $540 million trading volume daily.
Traders from the United Kingdom, South Africa, Singapore, Australia, Thailand, India, France, Germany, Norway, Sweden, Italy, Hong Kong, Saudi Arabia, Kuwait, Luxembourg, Qatar, Denmark, and other countries have access to trade on this platform.
Traders from Canada, Algeria, Ecuador, Iran, Syria, Korea, Sudan, United States Outlying Islands, United States, Japan, American Samoa, Russian Federation Saint Vincent, and Grenadines don’t have access to trade on this platform.
|Founder / CEO||George McCann|
|Headquarter||St. Vincent and the Grenadines|
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PrimeXBT Trading Platform
These are the instruments that allow you to set the trade size.
|Trading Platform||PrimeXBT Webtrader, Mobile Traders|
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Trading Platform Supported Languages||English, Hindi, Chinese, Korean, Spanish, Portuguese, Russian, Italian, And Others.|
PrimeXBT Mobile App
The trading platform offers a mobile version of the custom platform, and users can download it on their iOS and APK smartphones and tablets.
Almost all the functionalities of the desktop web-based platform are available on the mobile app.
Additionally, it has impressive personalization options to meet all the trading preferences. Above all, the app is suitable for both iPhone and Android mobile users.
Check out Mobile Apps of more Forex Brokers
PrimeXBT Commission or Brokerage or Fees
The platform tends to have a transparent fee structure as it charges only for each trade, and it holds a position open overnight. The commission charges for cryptocurrencies are 0.05%.
While on the other hand, commission rates for forex and precious metals are 0.001%. The commission rates of indices and commodities are 0.01%.
Additionally, swaps are also known as Overnight financing charges, and some of the brokers tend to change it daily.
Above all, the commission and trading fees tend to play a significant role as they have a great impact on profitability.
These fees add on a cumulative basis if you trade a great deal of volume on the exchange.
|Commission on trades||Yes|
PrimeXBT Exposure or Leverage
Leverage rates on this platform are quite competitive. The crypto pairs offer leverage of 1:1000.
The leverage tends to be variable mainly because they have smaller trade sizes. The maximum leverage decreases when the trade size increases.
Additionally, the top rates also vary depending upon the asset. It offers the trader the benefit of making money on the borrowed funds.
You can potentially increase your returns by some factor by trading on the leverage.
|Maximum Leverage||Up to 1:1000|
Payment methods provided by PrimeXBT
When it comes to transactions, the platform only accepts cryptos. By using the widget in the trading platform’s deposit option, one can use to buy bitcoin with both credit and debit cards.
The additional charge is just 10%. Depositing into a PrimeXBT account is a quick process if you have a bitcoin already.
Before it may show up in the account, it might take up some time mainly because there are six automated confirmations. The withdrawal fee is 0.0005 BTC.
|Deposit Options||Direct Crypto deposits and Alternative Deposits|
|Withdrawal Options||Direct Crypto deposits and Alternative Deposits|
Find out Payment Methods provided by other Forex Brokers
Investment in Asset, Classes, or Markets by PrimeXBT
|Total Tradable Assets||NA|
|Number Of Currency Pairs||NA|
|Number Of Cryptocurrencies||5|
|Number Of Stocks||6|
|Number Of Indices||NA|
|Number Of Commodities||6|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
PrimeXBT Virtual Trading Account or Demo Account
Traders need to note that the trading platform doesn’t offer a virtual trading account to practice trading strategies in a risk-free environment.
|Virtual Money||$ 5000|
PrimeXBT Offers or Deals
Though the trading platform doesn’t offer any welcome bonuses, rewards, or deposit bonuses, they can avail of some monetary incentives once the trader signup.
|Free Learning Courses||No|
|Free Demo Account||No|
|Discount on Brokerage||No|
|Flexible Brokerage Plans||No|
|Forex Trading Contest||No|
|Trading Bonuses & Rewards||No|
PrimeXBT Regulation or Licensing
Currently, the PrimeXBT is not licensed. The unregulated status may come as a red flag for several traders. But you don’t need to stress as the customer reviews are mostly positive.
Find out Regulations & Licensing of more Forex Brokers
Education – One of the best features available on this platform for traders is the education feature.
Under this feature, the experts explain to traders some of the order types, trading strategies, etc.
Additionally, users can also access video tutorials and visual guides. On the website, you can also find the cryptocurrency blog. It covers all the details about challenging trading strategies.
Covesting – The trading platform is planning to offer the Covesting module, and it is under developing mode currently.
The feature allows the client to invest in some other traders. Almost all funds are rated by some metrics.
You are most likely to receive more capital gain if you have your own funds and also gain some percentage on extra profits.
|Social Trading / Copy Trading||Yes|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||No|
|Interest On Margin||No|
|Other Trading Features||No|
PrimeXBT Account Types
The trading platform chooses to keep things simple, so it doesn’t offer many account types.
Instead, the trading platform offers only one account by providing all the services to the broker with no restrictions based on the trading volume.
The minimum deposit to trade on the platform is 0.001 BTC.
|Account Type||Demo Account||Islamic Account|
|Initial Deposit||0.001 BTC||0.001 BTC|
PrimeXBT Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||No trading desk|
|Maximum Leverage||Up to 1:1000|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||No|
|Suitable for Weekly trading||No|
|Suitable for swing trading||No|
PrimeXBT – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team :
|Daily Market Commentary||No|
|News (Top-Tier Sources)||Yes|
|Company Stock Review||Yes|
|Free Stock Tips||Yes|
- Traders have access to Bitcoin and cryptocurrency trading.
- Suitable for traders as the minimum deposit is 0.001 BTC.
- Quick execution times ~7ms
- Traders can trade 24*7
- No personal information is required.
- Maximum leverage rates
- Covesting model
PrimeXBT Cons or Drawbacks
- They restricted deposit and withdrawal methods.
- Online customer support is only available.
- Demo account not available.
PrimeXBT Trading Hours
Traders on this platform can trade 24/7. It is mainly because markets don’t have closing hours. But you should know that overnight swaps are chargeable for positions that are held beyond 23:59 UTC.
Almost all forex pairs available on this platform are open from 21:05 to 21:00, but it is not available for USD/RUB. The pairs are open from 07:00 to 21:00.
Traders can trade precious metals from 22:00 to 21:00. Due to local trading hours, there is a considerable variation among commodities and indices.
PrimeXBT Customer Care or Contact Details
The PrimeXBT offers 24*7 live chat services. Additionally, there are several experienced agents always active.
But you need to know that there is no telephone or offline support. The best part is the support staff and is also knowledgeable.
You can also contact the platform through email@example.com.
|Support During Weekends||No|
|Live Chat Support||Yes|
|Customer Support Languages||English, Hindi, Chinese, Korean, Spanish, Portuguese, Russian, Italian, and others.|
PrimeXBT Safety and Security
The trading platform doesn’t need traders to submit zero personal information.
The trading platform offers excellent cybersecurity standards that are tested regularly and also audit the client’s capital.
Google offers additional information on multi-factor authentication, and it needs both an account password and a personal smart device.
Almost all the assets of the trading platform are secure, with a limited amount of Bitcoin held in internet-connected wallets.
The website traffic is encrypted, featuring a secure sockets layer (SSL) encryptions and account passwords.
Hence the content is unreadable even if the website tends to be unfiltered.
PrimeXBT Rating & Review by Top10StockBroker
Based on the user experience, the following rating and reviews are provided.
|User Experience||7.5 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||8.2 / 10|
|Trading Platforms||8.1 / 10|
|Overall Ratings||7.9 / 10|
PrimeXBT Verdict or Conclusion
As the trading platform is new to the scene so you should keep an eye on it. Additionally, it concentrates a lot on technological development, which leads to the creation of sleek trading platforms.
No doubt, the trading platform protects its traders, but it is not done through any regulation.
The best part about the platform is that it is easy to use, and the only thing that makes the platform stand out in the crowd is the maximum leverage ratio of 1:100.
Above all, the platform tends to have a cement reputation in the trading market.
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