PrimeXBT is a leading Cryptocurrency and forex trading broker that was founded in 2018. Since the formation, the company has grown massively and serves users in more than 150 countries.
They also look to make use of the larger exchanges whereby PrimeXBT essentially aggregates (pools) this liquidity from over 12 larger exchanges.
PrimeXBT also provides leverage trading in different assets, including Cryptocurrencies with maximum 100x leverage and forex/ commodity with maximum 1000x leverage.
+ Diversify your portfolio with Forex & Commodities as well as Cryptocurrencies
+ Useful trading tools and resources
+ Cold storage of digital assets with multi-signature technology
+ Provides maximum 1:100 leverage in Cryptocurrency
– Does not operate in the US or Canada
– Relatively limited Crypto offering
PrimeXBT Review – Currencies and Payment Methods
It is tough to find Crypto and forex trading opportunities in one place. But PrimeXBT has made it possible for traders in over 150 countries.
The availability of assets, leverage facilities, easy to access trading platforms, and varieties of payment methods have made PrimeXBT a great choice for traders to start their Crypto journey.
List of Available Currencies
PrimeXBT is a Crypto-focused platform where you can deposit only through Cryptocurrencies. Therefore, you have to buy Cryptocurrency using your bank account or Debit/Credit Card before making any deposit.
However, as soon as you open an account on this platform, it will provide you with a Cryptocurrency wallet. You have to use this address as your wallet address, and when someone sends Crypto to this address, it will be available to trade.
During our review, we have found that the Crypto buying process is straightforward and effective. All of your investments will be stored in a Cold wallet so that it will remain safe and secure.
Besides deposit, you can withdraw your Crypto anytime you want. PrimeXBT processes the withdrawal once a day. Therefore, any withdrawal requested before 12:00 UTC will be processed on the same day. Any withdrawal requested after 12:00 UTC will be processed on the next day.
In deposit and withdrawal, PrimeXBT provides an opportunity to make a transaction with 5 cryptocurrencies as mentioned below:
You can deposit or withdraw any of these Cryptocurrencies through the PrimeXBT platform at any time. However, you should keep in mind that this platform mainly focuses on trading rather than exchanging Cryptocurrencies.
Buy Cryptocurrency with Fiat
PrimeXBT only allows Cryptos as a trading balance. Therefore, you have to deposit Cryptocurrency first on this platform.
PrimeXBT allows 38 different currencies to buy Crypto directly. Therefore, you can purchase any of the available Crypto assets through Credit/Debit Card, bank transfers, SEPA, or P2P trading through a third party.
The available payment gateway may change with the change in currency types. For example, if you want to buy Cryptocurrency through USD, you can do it with the following options: Credit/ Debit card, SWIFT, SEPA, or P2P trading.
If you want to buy using EUR, you will get the same options, but it is worth noting that the charges may vary depending on the fiat currency used and the type of payment chosen.
Based on our review of the payment system, we can say that PrimeXBT uses a variety of payment processors compared to the other platforms. We have tested the deposit channels offered and found them effective and speedy.
PrimeXBT Review – Safety and Security
The news of hackings in Cryptocurrency exchanges is increasing tension to traders, and rightly so. As Cryptocurrencies become more widespread and the holdings more valuable, hackers find it an increasingly attractive target. Therefore, finding reliable exchanges with maximum security is key to ensure sustainable growth in this sector.
In this section, we will see what security measures PrimeXBT has taken to ensure funds’ safety.
At first, Cryptocurrency exchanges must provide safety of funds where PrimeXBT successfully passes by providing Crypto wallets in cold storage. Therefore, your funds in this platform are safe with a secure offline environment where there is less possibility of being hacked by potential hackers.
Moreover, in the security protocol, they have used Cloudfare’s technology to minimize the risks from Distributed Denial of Service Attacks (DDoS). In trading, PrimeXBT uses advanced software and technologies based on AWS web host that is considered one of the best in the market.
In user security, PrimeXBT offers two-factor authentication to authorize the login using your phone or Google Authenticator. However, it is not mandatory to use the 2FA but using these features increases your security level more and as such, are advisable.
Another security feature that PrimeXBT provides is the mandatory white-labeling of BTC addresses. Here, you can send Cryptocurrencies to specific wallets that you trust only.
Overall, based on our review, we have found that the PrimeXBT security is above average by far for safety and security measures. Therefore, investors can trust that PrimeXBT is a safe platform, but unexpected situations may appear at any time. So you should focus on following the maximum safety level from your side while making transactions online. A hardware wallet for example will always be a safer choice for Crypto storage.
PrimeXBT Review – Fees and Limits
Trading fees are an essential element that an investor should focus on while choosing Cryptocurrency exchanges. However, the fees and limits depend on the trading volume on a cumulative basis.
PrimeXBT is transparent about their fees, where there are two types of fees – the trading fees and overnight fees.
The trading fees are a small amount that will be deducted from your account while you open a position. On the other hand, the overnight prices are a charge you have to pay to keep your position open overnight.
The trading fees remain within 0.01% to 0.05%, much lower than the traditional CFD brokers. You can also receive a discount on trading fees if you complete some volume requirements.
There are no fees on inward payments for the deposit or withdrawal option, but when you make a withdrawal, you have to pay an arbitrary miner fee.
PrimeXBT Review – Services Offered and Customer Support
PrimeXBT’s primary focus is to provide Cryptocurrency buying and selling services in a secure environment.
You can buy Cryptocurrencies through more than 30 fiat currencies and through different options like Credit/ Debit card, SWIFT, SEPA, or P2P trading.
When you open an account with PrimeXBT, you will be given Cryptocurrency wallets for different coins, and you can store them in your wallet after buying. Adding on to that, you can also trade with your investments or send them to other people at any time.
Sell and Exchange Cryptocurrency
After buying Cryptocurrency, you can use it for trading and sell it any time through the withdrawal option. You are also able to exchange Cryptocurrencies through the platform at any time.
Besides buying and selling Cryptocurrencies, this platform’s main aim is to allow traders to buy and sell Crypto assets with a margin facility. In margin trading, you can trade any of your Cryptocurrency pairs like traditional forex or the stock market.
During our review, we have found that the execution speed and costs are acceptable. Moreover, if you are familiar with binary trading, you may experience turbo boost accounts to predict currency pairs’ short-time price movements.
Furthermore, PrimeXBT created a social network between successful traders and investors where investors can see profitable traders’ chronological orders. Therefore, they can allow good traders to trade with a small fee or a profit percentage.
PrimeXBT Customer Support
During our review, we have tested communication methods with the PrimeXBT customer support team and found Live Chat as the most effective. The live chat is available 24/7.
Another way to communicate with them is through email, where you can ask any security, account management, and product-related questions.
PrimeXBT Review – Supported Countries
PrimeXBT offers service in more than 150 countries in the world. Therefore, if your country is on that list or there is no restriction on Cryptocurrency trading in your country, you can take a service from here.
However, PrimeXBT has restrictions on providing service to the following countries:
- United States of America
- North Korea
- United States Minor Outlying Islands
- American Samoa
- Russian Federation
- Saint Vincent and The Grenadines
Moreover, other countries with an economic sanction by the United Nations or European Union might face a restriction on service by PrimeXBT.
Based on the volume of Crypto trading through the US, it is a big miss of the platform that this region is currently unsupported.
Despite being a relative newcomer in 2018, PrimeXBT offers a platform that provides solutions for beginners to Crypto trading and the more advanced traders alike. They take safety and security seriously and the cold storage of your assets will give you more peace of mind that your Crypto holdings are in a safe place. Low trading fees vs other Exchanges with the strong service they provide is an added bonus too. With a highly responsive and efficient customer support team too, you can rest assured you’ll be hard-pressed to find a better choice than PrimeXBT to start your Crypto journey. This makes it a real shame they do not currently operate in the US or Canada.
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At Complete Crypto we hear many questions on exchanges and have sourced the most common ones here to help you
PrimeXBT users (and potential users) most commonly ask these questions about the platform
Is PrimeXBT safe?
PrimeXBT is a safe cryptocurrency exchange in terms of security and funds safety. Once buying Cryptos they are stored safely in cold storage.
Can I store my Cryptos in PrimeXBT?
Yes, you can store Cryptos in PrimeXBT where they use a cold storage wallet to keep your holdings safer.
How do I get my money out of PrimeXBT?
You can withdraw the money in your Cryptocurrency wallet through the PrimeXBT platform.
How long do withdrawals take from PrimeXBT?
Withdrawal takes a maximum of 24 hours but can vary depending on the method chosen.
How high are PrimeXBT's fees?
PrimeXBT fees are lower than any CFDs Brokers. A full breakdown can be found here.