Prime XBT Review (2020): Is It Safe? Bitcoin, Trading & Fees

Prime XBT is a popular Bitcoin-based cryptocurrency trading exchange that allows speculating on traditional financial products. Traders are able to trade a broad spectrum of markets including Forex (FX), cryptocurrency, commodities and indices using Bitcoin as collateral – something not many cryptocurrency trading exchanges offer today. 

In this PrimeXBT review, we will assess the platforms features, user interface, deposit methods, available pairs to trade, trading fees, security and customer service.  While we aim to provide you with accurate and the latest information, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward. 

primeXBT

What Is Prime XBT?

Prime XBT is a Bitcoin-based leverage trading platform that allows users to speculate on the price movement of traditional financial markets using Bitcoin. It combines the speed and trading experience of a crypto exchange with the broad range of markets typically offered by traditional brokers such as CMC, Pepperstone and IG Markets.

This means that you can use 1 asset (BTC) to trade 30+ trading assets from a single Bitcoin wallet. There is no need to worry about fiat deposits or banks, everything is faster and cheaper using Bitcoin only

primexbt

Founded in 2018, Prime XBT has experienced exponential growth and currently serve clients in more than 150 countries and an average daily volume of $375,000,000.

The exchange provides  access to top-tier liquidity and wide range of trading tools, while maintaining security, liquidity, enabling a safe and efficient trading environment for everyone.

PrimeXBT Compared

Advanced features, intuitive user interface and a mobile trading app are important features on PrimeXBT. This comparison table lists other top rated crypto exchanges that offer world-class features. 

Exchange

Fees

Rating

Website

bybit

Maker - 0.025%

Taker - 0.075%

5 / 5

primexbt

0.5%

4.5 / 5

plus500

Spread only

4.4 / 5

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How to Register With Prime XBT?

The process to sign up with Prime XBT is extremly quick. There is no KYC to register which will suit a lot of investors. All you need is a valid email address and you can then deposit Bitcoin and start trading immediately!

To create an account on Prime XBT:

  1. Visit the Prime XBT site and and click on ‘Register’  
  2. Enter your Email and set a Password 
prime xbt register

You will be required to verify the email address.

Check the registered email address and enter in the code. This will complete the registration process and you are now ready to login into Prime XBT.  

The security of your funds should be priority and recommend that you activate Two Factor Authentication when you login into Prime XBT for the first time.

How To Deposit Funds on Prime XBT?

The exchange will prompt you to deposit funds when you log in for the first time. As you would have skipped this step to activate 2FA, go to 'Account Summary' and there is a 'Deposit To Wallet' button that will bring up your personal Bitcoin deposit address in Prime XBT.  

prime xbt deposit

To deposit BTC into Prime XBT, there are two options:

  1. Go to your hardware wallet application or other online exchange and withdraw Bitcoin to the BTC wallet address  
  2. Purchase Bitcoin instantly with a credit card or exchange any other cryptocurrency using Changelly  
prime xbt bitcoin address

If you don't want to use Changelly, then you can find an alternate fiat-to-crypto exchange to purchase Bitcoin then deposit to Prime XBT. Once you have made a Bitcoin deposit, you are ready to starting trading using PrimeXBT exchange.

Charting On Prime XBT

For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market.

When selecting a cryptocurrency exchange, you must be comfortable with the trading interface. It must feel right as this is where most of your time will be spent!

When you first login to Prime XBT, the first thing you will notice is how well laid out, smooth and intuitive the trading dashboard is. There are no complicated menus or distractions - just an ease to use trading interface.

On the left, the trading pairs are listed where you can switch between the different asset classes. 

prime xbt interface

There is one feature on this exchange that will impress serious traders. That is, Prime XBT supports multiple price chart display up to quad screen. Not all cryptocurrency exchanges can provide this functionality. Traders are able to configure the charting interface to suit their own style. For example, you can use the quad chart display to view multiple time frames.

For example, if you want to chart Bitcoin, you can use this chart mode to view the live BTC price on a 15 min, 1 hour, 4 hour and Daily time frame all on the one trading interface. This simple feature gives users a visual perspective of the overall market sentiment without having to switch time frames on a single price chart.

prime xbt chart

Alternatively, users can utilize the multiple chart display to watch the live price of different asset classes such as Bitcoin, AUD, Gold and the NASDAQ at the same time. The multiple chart display is responsive with no latency and one clear advantage to the platform.

PrimeXBT charts includes all of the advanced crypto trading tools that you would typically expect for a modern cryptocurrency trading platform such as drawing lines, rectangles, horizontal, Fibonacci retracement, arrows, text and so on. In addition, PrimeXBT features an expansive suite of chart indicators that can be added to each chart such as:

  • Simple Moving Averages
  • Relative Strength Index
  • Ichimoku
  • Bollinger Bands
  • Average True Range
  • And many more...

In comparison to other exchanges, the charting interface and tools offered with Prime XBT is exceptional an like no other exchange. If you're a technical analysis trader, then you will be satisfied with the smooth charting experience on Prime XBT.

Compared to other cryptocurrency exchanges that use an interface to TradingView charts, we have to say that PrimeXBT's own charting engine stacks up incredibly well.

prime xbt indicators

How To Trade Using Prime XBT

There are two main ways to initate trades using Prime XBT. The first is to navigate to the 'Buy' and 'Sell' buttons at the top left of the trading window. This will bring up a 'New Order' box as shown below. The other way, which we prefer is to right click on the screen where you want to place a limit order. It will pre-populate the price level so you don't have to type it in.

The order window is clean and simply to use. There is a drop down menu to select the different order types that Prime XBT offers which include:

  • Market
  • Limit 
  • Stop
  • One Cancel Other (OCO)

Users have the ability to pre-define their risk and take profit levels. The stop loss / take profit window will calculate the projected profit and loss of the trade using the stop loss and take profit values entered. This means traders are able to quickly determine the % risk of a trade prior to entering to ensure it meets their risk management rules.

Once a position is trigger, the asset, position size, entry price, margin, and unrealized P&L are all displayed and update in real time at the bottom of the screen.  

To modify a live trade, you can click the order on the chart which will bring up a window to adjust the 'Entry Price''Take Profit' and 'Stop loss' values.

primexbt buy order

Prime XBT Trading Assets

Users are able to trade a broad spectrum of markets including Forex (FX), cryptocurrency, commodities, and indices using Bitcoin as collateral. So you don't have to settle for trading just the cryptocurrency markets if there are no trading opportunities.

You can switch over to the traditional financial markets, too. Prime XBT offers trading on dozens of cryptos, indices like the NASDAQ, commodities like Oil and Gold, forex like EUR/USD, and many more.

primexbt markets

For those that prefer sticking to trading digital coins, there are 9 cryptocurrencies available that can traded against USD or BTC with leverage.

Should you decide to trade the traditional financial markets, there are plenty of assets to he exchange allows you trade using Bitcoin (BTC) the following markets: 

  • Crypto: Bitcoin, Ethereum, Litecoin etc
  • Indices: S&P 500, FTSE 100, Nikkei 225 etc
  • Forex: USD, EUR, JPY etc
  • Commodities: Gold, Silver, Oil etc

Prime XBT Leverage

PrimeXBT offers 1:100 leverage on all cryptocurrencies, commodities and indices available on the platform and 1:1000 leverage on Forex majors. All users are automatically provided with the buying (or selling) power equal to 100x times of the deposit value. We also provide the highest leverage for the rest of our instruments, allowing you to maximize your trading profits.

Leverage trading can be a powerful tool for a trader. You can use it to take advantage of comparatively small price movements to make your balance grow faster. It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up your capital. It can also have the opposite affect and increase the size of your losses.

An example of how leverage works on Prime XBT is shown below.

primexbt leverage

Prime XBT Fees

Exchange fees are a important consideration when selecting a cryptocurrency trading exchange. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you are paying fees on positions that are much larger than your margin.  PrimeXBT are very clear and transparent with their fees which are listed on the website.

Deposit / Withdrawal

PrimeXBT does not charge a deposit fee. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from the exchange which is determined by the blockchain load. Prime XBT have capped this fee at 0.0005 BTC which is standard.

Trading Fees

PrimeXBT charges two different types of fees: a trade fee and overnight financing. The trade fee for cryptocurrency assets is 0.5% each time you buy or sell on the market. The overnight finance fee varies for the different cryptocurrencies based on the liquidity. It is essentially the borrowing cost to finance a leveraged position overnight. If you open and close a leveraged position within the same trading day, you are not subject to overnight financing. 

primexbt trading fee

Prime XBT Security

Prime XBT platform includes a number of security features to provide the highest level of security and protect its users funds from compromise. Visit the website for a full list of cyber security mitigation measures and protocols in place.

2 Factor Authentication

Dual factor authentication (also known as 2FA or two-step verification) is available to provide an additional layer of security by protecting account access (log in) and withdrawal operations.

This level of security makes it very difficult for hackers to compromise Prime XBT client accounts and withdraw funds. They would have to know your login information and be in possession of your mobile phone (and able to unlock it).

To Activate 2 Factor Authentication on your trading account:

  • Download the Google Authenticator app for either iOS or Android
  • Go to to System Preferences menu
  • Click ‘Enable GA’ button in Google Authenticator section
  • Backup you secret key and confirm it by clicking on the box next to ‘I backed up a 16-digit code’
  • Confirm the setup by entering PIN code generated by 2FA
primexbt 2fa

Next time you will be asked to provide a code from Google Authenticator to access your account or withdraw funds.

Prime XBT Wallet

The majority of users digital assets (Bitcoin) on PrimeXBT are stored in cold storage wallets and kept offline. This means, even in an event of system compromise, an attacker still will not have full access to all the required keys to steal funds.

No private key is kept on any cloud server which greatly reduces cyber risks such as hackers. A small percentage of funds are kept in hot wallets protected by industry-leading security.

These hot wallet funds are used to process withdrawals quickly and are insured against loss in case of compromise.

Prime XBT uses Multi-signature access (“Multisig”) to provide both security against attacks and tolerance for losing access to a key or facility, eliminating single points of failure. All fund transfers from Cold Storage to Hot Wallets are handled manually and require the coordinated actions of multiple PrimeXBT employees.

Withdrawal Whitelisting

PrimeXBT provides its customers with an additional layer of security called 'withdrawal whitelisting'. This means, users are able to whitelist specific Bitcoin addresses.

Any withdraw from the account is restricted to BTC addresses that are included in the whitelist only. In the unlikely event that your PrimeXBT account is compromised, an unauthorized user will NOT be able to withdraw digital assets to a different address.

primexbt whitelist

To enable whitelisting on Prime XBT:

  • Go to Account section and choose Withdraw menu
  • Click “Destination address” dropdown menu. Next, click ‘Add new address’
  • In the pop up window fill up the label and the Bitcoin address you are willing to use for withdrawals. Press ‘Add’ to continue.
  • Now you need to go to your email inbox. You will receive an email with confirmation link. Click on it to whitelist the address. Please note that the link is only active for an hour.
  • The BTC address you confirmed will be added to the Whitelist and withdrawal of funds will be possible only to that specific address.

Prime XBT Alternatives

BYBIT

Bybit

ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world. 

plus500

Plus500

Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.

Disclaimer: your capital is at risk

binance

Binance

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen an astronomical growth and is a premium crypto trading platform. 

Frequently Asked Questions

How Much Money Can I Make Trading Cryptocurrency?

Profits will depend on your patience, trading decisions and the success of your trading strategies. There are no holy grail trading strategies or guarantees of earning a profit trading the markets. 

Is PrimeXBT Legit / Safe?

There have been no reports of major security breaches or hacks on the exchange since its launch. This a positive sign early on for a fairly new exchange.
We do like to check the security rating from Mozzilla. While only 4 cryptocurrency exchanges have scored A+ in Mozilla’s Observatory Test, out of over 400 cryptocurrency exchanges examined, PrimeXBT scored a D Rating. The exchange could score better by addressing a few issues however should not be taken that the exchange is not safe to use as it still passed 9 out of 11 tests.

Do I Need To Submit KYC Documents To Start Trading?

No, there are no KYC procedures or need to upload personnel information to start trading with PrimeXBT .  

Can I Deposit Bitcoin Via Bank Card?

Yes, Prime XBT has a 3rd party arrangement with Changelly that allows you to buy BTC using your bank card and have it transferred to your PrimeXBT wallet. Direct deposits from your bank card to PrimeXBT are currently not available.

What Is The Minimum Deposit To Start Trading on Prime XBT?

The minimum deposit is 0.001 BTC. This will allow you to trade with up to 0.1 BTC worth of assets.

Are There Any Withdrawal Limits On PrimeXBT?

No, there are no withdrawal limits.

Does PrimeXBT Have A Testnet / Demo / Paper Trading Account?

No. Prime XBT does not offer a demo or testnet account to provide its customers with the ability to practice trading Bitcoin without making a deposit

If you still want to try trading with PrimeXBT, you can set up a Trading account with a minimum deposit of 0.001 BTC to try out the platform, which will allow you to trade with up to 0.1 BTC worth of assets at once.

Is There A Prime XBT App?

Yes, Prime XBT allows its users to trade from your mobile device. The app is free to download the iOS App or Android App. The web version of the platform is available on all browsers and does not require downloading any apps or software.

primexbt app

What Countries Are Supported On PrimeXBT?

Prime XBT real money trading is available globally to all countries, except:

  • United States of America
  • Burma
  • Cuba
  • Democratic Republic of Congo
  • Hong Kong
  • Ivory Coast
  • Liberia
  • North Korea
  • Sudan
  • Syria
  • Zimbabwe

Does PrimeXBT Have An Affiliate Program?

Yes, the exchange offers a 4-level affiliate program that allows allow users to invite friends, family and others to try out the platform. Affiliate partners receive payouts of up to 50% of trading fees paid by their referrals.

How Can I Earn Bitcoin Without Investing?

If you are looking for ways to profit without investing and trading, signing up to the Prime XBT affiliate program is a great way to earn a little extra income. You do not require any trading experience and allows you to receive payouts of up to 50% of all trading fees paid by your referrals.  

Conclusion: Prime XBT Review

To conclude our Prime XBT review, the exchange has bridged the gap between traditional markets and cryptocurrency. It has allowed investors and traders from all over the world to speculate on markets such as cryptocurrency, Forex, commodities and stock market indicies with profits realized in Bitcoin (BTC).

It combines the speed and trading experience of a cryptocurrency exchange with the broad range of markets typically offered by traditional brokers. It serves to advance the use and adoption of cryptocurrency around the world in a safe and secure trading environment.

With an excellent charting interface, zero deposit fees, competitive trading fees and various traditional assets to trade with leverage, PrimeXBT is without a doubt one of the best cryptocurrency trading exchanges to trade with Bitcoin.

Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders. 

  1. Bybit
  2. Binance
  3. BitMEX
  4. Plus500
  5. FTX
  6. BaseFEX
  7. OKEx
  8. Kucoin
  9. PrimeBit
  10. BitForex
  11. Quadency
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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