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PrimeXBT has been capturing the attention of traders worldwide thanks to its high leverage, supported markets, and sleek interface. Throughout this PrimeXBT review, we'll be carefully reviewing the platform's fees, features, and ease of use.
PrimeXBT is a reputable trading platform used to speculate on traditional financial products and cryptocurrency. Traders can access a broad spectrum of markets, including Forex (FX), cryptocurrency, commodities, and indices, using crypto as collateral – something unique in the industry.
However, the 0.05% trading fees are expensive, and investors can only buy crypto indirectly, which is a limitation. Moreover, there is a lack of features for beginners, and there is no crypto-to-crypto spot trading which is a disadvantage. With that said, PrimeXBT is well-designed and offers high leverage, making it a solid margin trading platform for international crypto traders.
- Supports cryptocurrency and traditional markets
- KYC is not required to start trading
- Advanced trading interface
- High margin trading fees
- Can't buy crypto directly through PrimeXBT
- Not available in the US
- Supports cryptocurrency and traditional markets. Unlike most trading platforms, PrimeXBT enables its users to speculate on cryptocurrencies and traditional markets, making it an excellent platform for people that trade a diverse range of instruments.
- KYC is not required to start trading. In contrast to the majority of exchanges, users can trade with margin on PrimeXBT without completing KYC verification, making it an ideal non-KYC crypto platform for users looking to protect their identities.
- Advanced trading interface. PrimeXBT boasts a propriety trading interface that is modern, intuitive, and excellent for performing analysis. As such, technical traders will feel right at home when using the platform.
- High margin trading fees. Compared to other platforms we have reviewed, like MEXC or Binance, PrimeXBT charges high fees for trading, which could eat into a user's profits.
- Can't buy crypto directly. Although PrimeXBT lets users buy crypto via Coinfiy, there is no way to deposit fiat directly onto the platform. Furthermore, with Coinfiy charging high purchase fees, PrimeXBT is best suited to users with existing crypto holdings.
- Not available in the US. Unfortunately, PrimeXBT doesn't currently accept traders based in the United States. As such, the platform is only suitable for international traders which may be a limitation and forced to seek alternatives.
PrimeXBT Compared and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
PrimeXBT At A Glance
PrimeXBT is a derivatives trading platform based in Seychelles and founded in 2018, currently serving clients in over 152 countries. The PrimeXBT trading platform provides access to crypto, stock indices, forex, and commodities markets. However, while PrimeXBT facilitates Contract-for-Difference (CFD) margin trading, the platform is unregulated.
|Features||Spot, margin and Futures markets, trading contests, copy trading, trading leaderboards|
|Accepted Fiat Currencies||USD, EUR, GBP, AUD, CAD, +30 Others|
|Deposit Methods||Credit/Debit Card, SEPA Transfer|
|Number of Trading Pairs||107|
|Trading Fee||0.05% (Margin)|
|Customer Support||Help Center, Live Chat, Email|
|Security Measures||2FA, SSL Encryption, Sign-In Logging, Withdrawal Address Whitelisting|
|Mobile App||Yes (Android and IOS)|
PrimeXBT Features & Services Reviewed
PrimeXBT 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 crypto as collateral. Other notable features of PrimeXBT include:
PrimeXBT Covesting (Copy Trading)
PrimeXBT is a social trading platform, meaning that users can follow successful traders to mirror their positions automatically. This system is handy for new traders and beginners aiming to connect with professional traders to improve their strategies.
For experienced traders, PrimeXBT Covesting (the exchange's version of copy trading) is an excellent way to share trades and earn a steady commission, as PrimeXBT pays a portion of the profits from followers to traders. Furthermore, traders can set the profit distribution providing a good amount of customizability. Below is a screenshot of the top copy-traders from our PrimeXBT account.
Similar to some of the leading copy-trading trading platforms for crypto, such as eToro and ByBit, PrimeXBT enables users to browse through traders' offerings to determine which best matches their goals and performance targets. Furthermore, traders on the PrimeXBT Covesting platform are rated from 1 to 5, making it easier to view the best performers.
The results of each portfolio are highlighted with an equity graph to show the trader's overall performance. Additionally, the number of days the traders have been active, followers' equity, and total P&L results are visible to filter through. As a result, PrimeXBT Covesting is a useful tool for beginners and experienced traders alike who can copy a strategy, or create their own to make passive income when others follow their trades. Below is an example of a trader we have reviewed in detail.
While creating our PrimeXBT review, we noticed the inclusion of a wall of fame, showing the top copy trading strategies on the platform. Users can view the maximum profit, days active, and total equity of the top 50 traders on the exchange, motivating new users and helping to connect them with experienced traders.
Users and the PrimeXBT team frequently host trading competitions that anyone on the exchange can join. PrimeXBT provides a trading account fully funded with virtual currency to ensure every participant is on equal footing. The competitions pit users against one another to see how they can perform the best over a fixed period. Furthermore, the top traders can earn prize money, making it a fun and rewarding way for a person to improve their skills as a trader.
Demo Trading Account
New traders can join PrimeXBT and trade crypto without using real money. The platform hosts trading contests where users compete on a full-featured crypto demo platform to see who performs the best. Once traders are comfortable with the trading experience, they can fund a live account and begin trading. The overall experience is simple to use and stacks up well against other crypto exchanges with a demo account we have reviewed.
Whether a user is trading forex markets or crypto, the process can be challenging to understand for beginners. However, the PrimeXBT team has created a series of educational videos to assist new users. Although there aren't too many videos available on PrimeXBT, the platform has covered the basics of placing orders, funding an account, and copy trading, which could be a significant help to users new to the exchange.
Creating and Verifying a PrimeXBT Account
The process to sign up with PrimeXBT is extremely quick. There is no mandatory ID verification to begin trading, which will suit a lot of investors looking for a no-KYC crypto exchange. All a customer needs to register and start trading is a valid email address and a strong password. While Know-Your-Customer verification is not a strict requirement, users wishing to withdraw over $20,000 daily must complete the verification process by providing a photo ID and selfie.
Supported Fiat Currencies and Deposit Methods
PrimeXBT customers can deposit fiat currency to the exchange via bank transfer or credit/debit card through its third-party payment processor, Coinify. In total, PrimeXBT enables users to deposit using 35 fiat currencies, including USD, GBP, EUR, and AUD. Alternatively, traders can use fiat to buy Bitcoin using a fiat-to-crypto exchange such as Coinbase, which supports bank transfers and offers lower trading fees. The funds can then be transferred to a PrimeXBT wallet to start trading with leverage.
Supported Cryptocurrencies and Trading Pairs
Although PrimeXBT supports a reasonably impressive 107 trading pairs, the majority are based in traditional markets. Only 39 pairs on the platform are cryptocurrencies denominated in USD and BTC which may be too limited for serious crypto traders.
Although, similar to platforms such as eToro, and Bitpanda, the wide variety of tradable markets on PrimeXBT, which includes forex, commodities, and stock indices, is a competitive advantage compared to a traditional cryptocurrency exchange like Binance or KuCoin. Therefore, PrimeXBT can be a highly appealing platform for crypto traders who also speculate on the traditional markets.
PrimeXBT supports trading maximum leverage of 1:100 on all cryptocurrencies, commodities, and indices on the platform, with 1:1000 available on major Forex pairs. Successful traders can take advantage of leverage to boost their profits/losses or make use of strategies involving small price movements. However, when using leverage or margin, losses can be amplified, meaning it is critical to employ proper risk management techniques.
Exchange fees are an essential consideration when selecting a cryptocurrency day trading platform. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you pay higher fees when using more margin.
PrimeXBT charges a trade fee and overnight financing. The trade fee for cryptocurrency assets is 0.05% each time a user opens or closes a position. Essentially the cost to hold a leveraged position after market close, the overnight financing fee varies in price between cryptocurrencies and is based on liquidity.
Withdrawal and Deposit Fees
PrimeXBT does not charge a deposit fee. However, the exchange does charge a small fee on withdrawals to cover network fees. For example, withdrawing Bitcoin from PrimeXBT incurs a 0.0005 BTC charge, which is in line with the industry standard.
Users wishing to deposit fiat to PrimeXBT must do so via the company's third-party partner, Coinify. The deposit fee varies based on the fiat currency used, but deposits made in USD are charged 3.7% for card payments and 2% for SEPA payments.
PrimeXBT Fees Compared
The trade fees on PrimeXBT are reasonably expensive compared to other margin trading platforms, but its costs are offset somewhat by the huge leverage and range of financial markets offered.
|Exchange Name||Margin Trading Fees (Maker/Taker)|
|MEXC||0.00% / 0.03%|
|Binance||0.02% / 0.04%|
|OKX||0.02% / 0.05%|
|PrimeXBT||0.05% / 0.05%|
PrimeXBT Ease of Use
PrimeXBT boasts a modern and intuitive interface that is easier to navigate than most platforms. Critical aspects of the global exchange can be reached easily using the concisely labeled navigation bar. However, administrative areas, like account settings, are hidden behind a small hamburger menu, making them difficult to reach when first using the site. A screenshot from our PrimeXBT account is shown below which shows how the platform interface is laid out.
Thanks to the platform offering a wide selection of charting software and tools for crypto analysis, a plethora of technical indicators, and the ability to bring four charts onto a single screen, plotting complex strategies or searching for opportunities on PrimeXBT is both user-friendly and pleasant, despite lacking TradingView integration. Below is a screenshot from our PrimeXBT account with quad charting set up and drawing lines overlaid.
Trading on the PrimeXBT exchange is equally as impressive. After identifying an opportunity, users can use the buy/sell buttons to build their order or right-click to pre-populate a limit order. Additionally, the platform has been widely praised for its speedy order execution, which helps to ensure customers can fill a position at the best price possible.
With excellent charting capabilities, four order types (market, limit, stop, One-Cancels-The-Other), and plenty of indicators, PrimeXBT is perfect for advanced traders looking for a feature-rich margin trading platform. Below is a screenshot of the various order types that can be selected from when opening a new order.
PrimeXBT Mobile App
While creating our PrimeXBT review, we tested the platform's mobile app for Android and IOS devices to determine its usability for on-the-go traders. The app currently boasts an impressive 4.6/5 rating across over 150 customer reviews on the App Store.
After logging into the PrimeXBT mobile app, the user is immediately presented with a dashboard showing their total funds stored in crypto wallets and trading accounts. In addition, traders can easily navigate between the app's portfolio, trading, deposit, and copy trading sections via a conveniently located navigation bar at the bottom of the screen. A screenshot of our PrimeXBT app is shown below of our wallet and the copy-trading feature.
PrimeXBT customers can access the forex, CFD, and crypto markets via the mobile app, making it one of the more versatile mobile trading platforms. In addition, PrimeXBT offers excellent mobile charting with ample crypto trading indicators like MACD and RSI like the desktop platform. However, no drawing tools are available to users making it challenging to perform detailed analysis.
The PrimeXBT mobile app doesn't use the standard order book-based interface popular among other crypto exchanges. However, placing orders is incredibly simple, thanks to its modern interface, with the only downside being a lack of order types (only market, limit, and stop orders are present). Below is a screenshot of the app and what the charting looks like.
In addition to the standard trading features present on the app, customers can also access copy trading from a mobile device. The copy trading platform is very well done, with users able to select strategies to follow based on information like overall profits and profit distribution.
PrimeXBT has one of the most intuitive and modern mobile apps compared to other margin trading platforms. With a good range of trading tools and access to almost every feature present on the web platform, it's a treat to use for experienced traders and beginners alike.
PrimeXBT has a detailed help center containing 50+ articles on topics like account security, copy trading, and futures. If the help center doesn't contain the answer a customer is looking for, they can connect with a customer support representative via live chat or email. To ensure our PrimeXBT review is accurate, we contacted support and were impressed after receiving a response within seconds, far faster than most trading platforms.
PrimeXBT has implemented several security measures centered around customer account and platform safety to keep its customers safe. This focus on security has paid off for PrimeXBT as the trading platform thus far has not been hacked or otherwise compromised in its nearly five years of operations.
Like other crypto trading platforms, PrimeXBT enables customers to improve their account security using two-factor authentication (2FA). Additionally, the advanced trading platform offers login logs and email notifications for important events like sign-ins and margin calls.
Overall, the PrimeXBT cryptocurrency exchange is secure and emphasizes client safety. However, while the platform itself seems safe, it's crucial that customers take the time to set up 2FA and withdrawal address whitelisting to make sure they're using the exchange as effectively as possible.
Frequently Asked Questions
PrimeXBT is a safe cryptocurrency platform for users to engage in leveraged trading. According to our research, there have been no reports of security breaches, theft, or hacks on PrimeXBT.
PrimeXBT is a legitimate company registered in Seychelles under Prime Technology Ltd, Seychelles company nr. 217308. Since being founded in 2018, the PrimeXBT platform has a proven track record, with thousands of active users spread across over 150 countries.
There are no KYC procedures or requirements to upload personnel information before trading traditional assets and cryptocurrencies with PrimeXBT. However, unverified users are subject to a maximum daily withdrawal limit of $20,000.
The PrimeXBT crypto exchange is available globally to most countries, including Australia, Canada, the UK, and New Zealand. However, there are several countries including the United States that are not allowed to use PrimeXBT.
Although PrimeXBT previously enabled its users to boost their crypto holdings via staking (since our last update), the exchange has now suspended this service. This is likely due to the Securities and Exchange Commission's (SEC) recent crackdown on staking products. However, we could see this feature readded in the future.
Final Verdict and Scores
PrimeXBT is an excellent platform for serious crypto traders looking to trade with margin. With the exchange providing access to various financial markets, including crypto, forex, and commodities, it's an excellent solution for users not wanting to be constricted to a particular asset class.
Furthermore, traders can take advantage of the high leverage and phenomenal trading interface offered by PrimeXBT to plot complex strategies requiring a lot of precision. However, the exchange is let down by its lack of a native fiat-to-crypto gateway and comparatively high trading fees.
To conclude our PrimeXBT review, the exchange is well-designed and suitable for margin trading in a variety of markets. However, as it offers no beginner mode and is unavailable for US traders, PrimeXBT is best suited to experienced international traders looking to trade multiple asset classes while using crypto as collateral.
|Review Criteria||HedgewithCrypto Rating|
|Features||3.9 / 5|
|Supported Fiat and Deposit Methods||4.2 / 5|
|Supported Crypto & Trading Pairs||4.2 / 5|
|Fees||4.3 / 5|
|Ease of Use||4.6 / 5|
|Customer support||4.6 / 5|
|Security Measures||4.8 / 5|
|Mobile App||4.6 / 5|