PrimeXBT Review 2022: Should You Use This Platform?

Updated: May 8th, 2022
Kevin Groves
Kevin Groves
PrimeXBT Review 2022: Should You Use This Platform?

Choosing a crypto platform for leverage trading can be a challenging task. There are several considerations such as the platform features, assets, leverage amount, trading fees, security and customer support. In this review, we assess the popular Bitcoin-based platform PrimeXBT which offers Forex (FX), cryptocurrency, commodities and indices that can be traded using Bitcoin as collateral.

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HedgewithCrypto Score
4.3/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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Visit Prime XBT

Prime XBT

Trading Fees:0.5%
Country:Global (USA not allowed)
Currency:N/A
Promotion:None available at this time

Key Features

  • Trade global markets with Bitcoin only
  • Up to 100x leverage on crypto, commodities and indices and 1000x on Forex
  • Competitive trading fee of 0.5% per trade
  • Advanced trading engine powered by TradingView charts
  • Copy-trade the best performing traders
  • 4.4 star rating based on reviews
  • 50% affiliate program for referring new users

PrimeXBT is a 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.

Key Features

  • Trade global markets with Bitcoin only
  • Up to 100x leverage on crypto, commodities and indices and 1000x on Forex
  • Competitive trading fee of 0.5% per trade
  • Advanced trading engine powered by TradingView charts
  • Copy-trade the best performing traders
  • 4.4 star rating based on reviews
  • 50% affiliate program for referring new users

PrimeXBT is a 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.

Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarStarEmpty Star
Deposit methodsStarStarStarStarEmpty Star
FeesStarStarStarEmpty StarEmpty Star

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Before you start trading, we recommend using a Bitcoin hardware wallet such as the Ledger Nano X to store profits. If you don't have a wallet, read our guide on the best cryptocurrency wallets.

What Is PrimeXBT?

Prime XBT is a derivatives-based platform that allows users to speculate on the price movement of 30+ traditional financial markets and cryptocurrency using Bitcoin as collateral. It combines the speed and trading experience of a crypto exchange with the broad range of markets typically offered by traditional brokers such as Plus500, CMC, Pepperstone, eToro and IG Markets.

Traders on the platform can use a single asset such as Bitcoin to trade 30+ assets from a single wallet. There is no need to worry about fiat deposits or banks, everything is faster and cheaper using Bitcoin only.

primexbt websiteprimexbt website

Founded in 2018, Prime XBT has experienced exponential growth and currently serves clients in more than 150 countries and an average daily volume of $375,000,000. The exchange provides access to top-tier liquidity and a wide range of trading tools, while maintaining security, deep liquidity, enabling a safe and efficient trading environment for everyone.

Pros & Cons

Prime XBT is a crypto platform that is geared toward professional traders that are experienced with crypto-to-crypto trading. The charting and trading platform are sophisticated, modern and intuitive on desktop and mobile app versions. The downside with Prime XBT is the lack of features for beginners and high conversion fees to purchase crypto using fiat currencies.

Quick Overview

Exchange NamePrimeXBT
CryptocurrencyStock indices, forex, commodities, crypto
Fiat GatewayYes
Leverage100x
Trading Fee0.5%
TP/SL OrdersYes
Mobile AppYes

Features & Services

Prime XBT offers cutting-edge trading products and services for intermediate and professional traders. The platform is designed to buy, trade and sell traditional assets and cryptocurrencies using Bitcoin as collateral. Other notable features of PrimeXBT include:

  • An award-winning platform for margin trading up to 1000x
  • Intuitive, sleek and professional trading platform
  • Advanced tools and indicators to perform technical analysis
  • A customisable charting layout and configuration
  • Turbo trading to predict short-term price moves
  • Multiple order types to manage trades
  • Real-time market data and charting to trade popular altcoin pairs
  • Demo trade crypto with virtual money using a simulated market
  • PrimeXBT app to monitor a portfolio and active positions from anywhere
  • Covesting copy-trade platform to follow and mimic activity from successful traders
  • A secure wallet that stores the majority of funds in offline cold wallets
  • Referral and affiliate program with up to 50% referral rewards for bringing in new users

PrimeXBT Compared

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

Is PrimeXBT Safe?

PrimeXBT appears to be a safe cryptocurrency platform for users to trade the markets with leverage with no reports of security breaches, theft or hacks according to our research. The exchange utilizes the best security features, protocols and procedures to ensure the safety of customers' funds such as cold storage wallets, whitelisting and two-factor authentication.

Is PrimeXBT Legit?

PrimeXBT appears to be a legitimate company that is registered in Seychelles under the name Prime Technology Ltd, Seychelles company nr. 217308. Since being founded in 2018, the cryptocurrency trading exchange has surged in popularity with thousands of active users spread across more than 150 countries worldwide. 

primexbt awardsprimexbt awards

Supported Countries

Prime XBT crypto trading exchange is available globally to all countries such as Australia, Canada, the UK and New Zealand. The following countries may not use PrimeXBT for trading such as the United States of America, Burma, Cuba, Democratic Republic of Congo, Hong Kong, Ivory Coast, Liberia, North Korea, Sudan, Syria and Zimbabwe.

Related: 11 Best Crypto Exchanges For Australians

Getting Started

The process to sign up with Prime XBT is extremely 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 click on ‘Register’
  2. Enter your Email and set a Password

You will be required to verify the email address. Check the registered email address and enter 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 a priority and recommend that you activate Two Factor Authentication when you login into Prime XBT for the first time.

Depositing Funds

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.

primexbt deposit optionsprimexbt deposit options

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. The minimum deposit is 0.001 BTC. This will allow you to trade with up to 0.1 BTC worth of assets. 
  2. Purchase Bitcoin instantly with a credit card or exchange any other cryptocurrency using the instant crypto service Changelly which has been integrated into the exchange.

Alternatively, traders can use fiat to buy Bitcoin using a fiat-to-crypto exchange such as Coinbase which supports bank transfers and lower trading fees. The funds can then be transferred to a PrimeXBT wallet to start trading with leverage.

primexbt deposit bitcoinprimexbt deposit bitcoin

Trading Pairs

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. Users 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 others.

For those that prefer sticking to trading digital coins, there are 9 cryptocurrencies available that can be traded against USD or BTC with leverage. Should you decide to trade the traditional financial markets, there are plenty of assets to the exchange allow 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.

Similar to platforms such as eToro, Dsdaq and Bitpanda, the wide variety of markets to trade on PrimeXBT is a competitive advantage compared to a traditional cryptocurrency exchange. Although, for traders that are looking for hundreds of trading pairs to cycle through to find trading opportunities, an alternate exchange to PrimeXBT that we have reviewed is Currency.com which offers tokenized assets.

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 the deposit value.

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 effect and increase the size of your losses. An example of how leverage works on Prime XBT is shown below.

User Interface

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!

primexbt leverageprimexbt leverage

When you first log in 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 easy to use trading interface. On the left, the trading pairs are listed where you can switch between the different asset classes.

primexbt btc chartprimexbt btc chart

There is one feature on this exchange that will impress serious traders. That is, Prime XBT supports multiple price chart display up to the 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.

Related: How to use the crypto fear and greed index.

primexbt chartsprimexbt charts

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 include 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...

Overall, the charting interface and tools offered with Prime XBT are exceptional and 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, PrimeXBT's own charting engine stacks up incredibly well.

primexbt indicatorsprimexbt indicators

Trading Experience

There are two main ways to initiate 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 simple to use. There is a drop-down menu to select the different order types that Prime XBT offers which include:

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 into a position to ensure it meets the user's risk management rules.

primexbt tradingprimexbt trading

Once a position is triggered, the asset, position size, entry price, margin, and unrealized P&L are all displayed and updated 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 Covesting

Covesting is a copy-trade software that is unique to PrimeXBT that allows traders on the platform to search for and follow the trades of the most successful and profitable investors. It is highly suitable for new traders and beginners to connect with professional traders and strategies in the global trading community.

Similar to social trading platforms such as eToro, profitable traders can also benefit from the social trading module by earning a passive income from followers' trading fees.

Follow A Profitable Trading Strategy

Covesting creates a fun and exciting forum for like-minded traders to come together and share trading strategies. For beginners, it is the perfect environment to learn a trading strategy that is used by professional traders. The results of each portfolio are shown with an equity graph to show the overall trader's performance. The number of days the traders have been active follower's equity behind the trader and total P&L results are visible to filter through.

primexbt covestingprimexbt covesting

Create & Share A Strategy

Experienced traders that have a thorough understanding of the traditional and cryptocurrency markets can use PrimeXBT to trade their own portfolio and earn a second passive income through the Covesting module. Traders can create and share their strategies with other users on the social network. 

The users' trade history is publicly shared in the Covesting platform with other traders as shown above. This creates a competitive environment between professional traders. Traders that share their strategy can generate a passive income with each user's that follows their traders. A portion of their trading commissions is shared with the trader. The more followers acquired will result in the potential to make money from a profitable and consistent trading strategy.

PrimeXBT Fees

Exchange fees are an important consideration when selecting a cryptocurrency exchange or day trading platform. 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 is very clear and transparent with its 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 has capped this fee at 0.0005 BTC which is standard.

Trading Fees

PrimeXBT charges 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 feesprimexbt trading fees

Security

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

Account Security

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 the exchange and withdraw funds. They would have to know your login information and be in possession of your mobile phone (and be 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 System Preferences menu
  • Click the ‘Enable GA’ button in Google Authenticator section
  • Backup your 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

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

Wallet Security

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

The private keys for crypto assets are kept off cloud-based servers 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 Requests

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 whitelistprimexbt 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.

Frequently Asked Questions

There is currently no KYC procedures or requirement to upload personnel information to start trading traditional assets and cryptocurrencies with PrimeXBT. Users that purchase Bitcoin on the platform using a third party provider will need to complete KYC and will be directed to the website. 

Prime XBT has a 3rd party arrangement with Changelly that allows users on the platform to buy Bitcoin with a bank card and transfer it to the account wallet. Direct deposits from your bank card to PrimeXBT are currently not available.

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. Users that want to trial PrimeXBT for the first time can set up a trading account with the minimum deposit of 0.001 BTC, which will allow trading up to 0.1 BTC worth in funds.

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

primexbt appprimexbt app

PrimeXBT offers a 4-level affiliate program that allows users to invite friends and family to the platform and receive commissions up to 50% of trading fees paid by their referrals.

Conclusion

To conclude our PrimeXBT 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 indices with profits realized in Bitcoin (BTC).

Visit PrimeXBT

It combines the speed and trading experience of a cryptocurrency exchange with the broad range of markets typically offered by traditional brokers such as Plus500 and eToro. 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.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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