Since the introduction of cryptocurrency, many brokers have found ways to incorporate it into their trading systems, making it easy for their clients to trade them. PrimeXBT is one of such brokers and goes the extra mile to use Bitcoin as its base currency.
PrimeXBT launched operations in 2018 and has since offered clients a platform to trade their cryptocurrencies, commodities, stock indices, and FX currencies. The broker has grown fast to have a client base from over 150 countries globally, trading on 80+ assets. The daily trading volume averages at $545,000,000.
PrimeXBT trading platform is hosted on Amazon Web Services (AWS), which has solid security on all customer assets and investments. Even though the broker has yet to get a license from any top-tier financial institution, the clients’ safety and assets are guaranteed through a robust cyber-security framework.
The broker has four markets for trading cryptocurrencies, stock indices, FX, and commodities. Clients have access to over 80 assets, deep liquidity, and high leverages in these available markets to gain higher profits from the markets.
However, it’s important to note that these high leverages pose a risk for greater losses if the trade takes a different direction.
The available markets on PrimeXBT include:
The broker offers the most popular cryptocurrencies, including Bitcoin, Litecoin, Ethereum, EOS, and Ripple, on its cryptocurrency market. Traders enjoy deep liquidity, instant trade executions, and high leverages of up to 1:100 on cryptocurrency pairs for higher profits.
- Stock Indices
Clients on PrimeXBT can trade on Indices like S&P 500, NASDAQ 100, NIKKEI 225, Germany 30, and ASX 200. The platform has highly customizable charts and other technical tools that enable traders to profit from every price movement. Leverages on stock indices go up to 1:1000 on the markets.
The trader can deal with major and minor currency pairs on PrimeXBT with high leverages of up to 1:1000 on every trading position. You can pair the forex currencies with cryptos to get more profits from the highly volatile cryptocurrency market. PrimeXBT’s forex market has deep liquidity that allows traders to access their earnings right away.
Traders can deal with gold, silver, natural gas, crude oil, and other popular commodities on PrimeXBT’s commodity market. The broker allows you to leverage on the commodities and increase your profit margin. Most clients love the trader-friendly platform and the high leverages on PrimeXBT.
Unlike most brokers who offer different client account types, the broker houses everything under one account for efficient trading. Therefore, when you sign up to PrimeXBT, you get the same account as everyone else, then you get to choose a trading platform that suits you.
PrimeXBT’s account has the following features:
- Trading assets available – 80+
- Minimum deposit – 0.001 BTC
- Base currency – BTC
- Leverage – up to 1:1000 on other assets and up to 1:100 for cryptocurrencies
- Commission – 0.001%
- Spread – from 0.0 pips
- Execution speed – up to 20 MS
- Order types – limit, stop, market, OCO
- Account activation time – 24 hours
How to open a PrimeXBT account?
Getting started on this platform is easy. Your first step is to register an account in these four quick steps.
Step 1. Open the registration page from PrimeXBT’s home page.
Step 2. Provide your valid email address, a password, and your phone number.
Step 3. Check the box to agree to the broker’s terms and conditions.
Step 4. You’ll receive a confirmation email with a PIN to confirm your account registration. Enter the PIN, and your account will be created successfully.
The platform doesn’t have a demo account, so you’ll be redirected to your trading account. You can now deposit some Bitcoin and make your first trade. The risk is much higher as you trade because you are unfamiliar with the site, so you can start trading with a minimum amount for practice purposes.
PrimeXBT’s platforms are seamless and easy to use, so you’ll be familiar with the site in no time. You can also take advantage of the available tutorials to understand the site before starting your first trade.
Deposit and withdrawals
The broker uses Bitcoin as its base currency. Therefore, all the deposits and withdrawals are made in Bitcoin or any other supported cryptocurrency.
To deposit, you can transfer funds directly into your PrimeXBT account from your wallet. This method is straightforward and will be completed within a few minutes. Also, you can choose to deposit through Paxful, XanPool, CEX, or your credit card.
You must first send in a withdrawal request for withdrawals, where PrimeXBT management will review and later approve your request. The processed funds are sent to your allowed BTC wallet address.
If, for any reason, you’d like to cancel a withdrawal request, you can do so any time before approval.
How to withdraw?
To withdraw funds from your account, go to the main page of your account. Click ‘Withdraw’ for the currency that you want.
When trading on PrimeXBT, you must first choose your preferred trading module because each module presents different costs and trading fees. Compared to other brokers, PrimeXBT’s trading fees are more competitive and favor the trader’s needs.
The two trading modules on the platform are:
Some of the trading fees charged on these modules include:
- Spread – starts at 0.0 pips in both trading modules.
- Commission – 0.001% in both trading modules.
- Leverage – 1:1000 on margin and 1:100 on covesting. All assets (including cryptocurrencies) are leveraged for more profits.
In margin trading, you pay different fees for the assets you choose to trade. For example, you pay 0.05% on cryptocurrencies, 0.01% for commodities and indices, and 0.001% on ForexForex. On covesting, the fees will vary depending on your Follower’s Equity of Strategy on all the assets.
Unlike other brokers, PrimeXBT charges little non-trading fees to allow their clients to maximize their profits without spending it on fees. These include:
- Overnight fees (weekend fees are billed on Thursday night as a triple charge).
- Inactivity fees – no
- Deposit fees – no
- Withdrawal fees – 0.0005 BTC
Platform and features
The broker has two trading platforms:
Traders can choose to trade on any platform depending on the goals they want to achieve trading on PrimeXBT.
Both platforms are easy to use, and you can customize the workspace to suit your preferences. Here are some of the features you’ll find on the different platforms.
Margin PrimeXBT trading platform
- Fully customizable working space
- 50+ technical indicators
- Market data visualization
- Multiple order types
- 80+ asset types
- Ultra-fast order execution (12,000 orders per second)
- Available in web and mobile versions
Covesting trading platform
- 50+ trading instruments
- Customizable trade strategies
- Market data visualization
- 50+ technical indicators
- Multiple order types
PrimeXBT has additional features in these trading platforms to ensure that every trader has an easy time trading.
These other features available on the platform include:
The covesting feature allows you to check what other experienced traders are doing and copy them. You can earn extra profits when you have people copying your trading strategies.
- Leverage on Bitcoin
This feature lets you get high returns from small price movements when you go long or short on trades. Bitcoin CFDs are not popular on most brokers, so this feature is a good one.
- Price charts
The broker allows you access to real-time price movements for cryptocurrencies, FX, indices, and commodities as you trade.
- Referral programs
You can refer other traders to PrimeXBT as an affiliate or an ambassador and earn from it.
The platform has a section for news and announcements within the platform. This helps keep traders updated on any developments on the site and market news that may affect price movements.
Pros and cons of PrimeXBT
|Competitive trading fees
24/7 customer support
Access to multiple markets in one account
Robust technical analysis tools and charting
|No license or regulation from top-tier regulators
No demo account
Limited research features
No lending or staking services
Few crypto trading pairs
Not available in 14 countries, including the U.S., Canada, etc.