PrimeXBT Review 2020 | Is It Worth The Hype ?

Posted on the 07 November 2020 by Jitendra Vaswani @JitendraBlogger

PrimeXBT is an online Bitcoin- based exchange that provides its platform with cryptocurrencies and CFDs for trading. This business was founded in Seychelles in 2018. Although a new business, within a short period of time, PrimeXBT has experienced exponential growth, as it has customers from 150 different countries.

According to the website, the vision of the company revolves around creating an innovative platform that provides users with the essential tools necessary for their daily trading activities.

PrimeXBT Review 2020 | Is It Worth The Hype?

About PrimeXBT!

PrimeXBT provides a powerful platform loaded with important tools for traders that are suitable for both beginners and intermediate traders. In order to protect investor funds and trading activities from cyber-attacks, the exchange firm has also implemented industry-standard security practices.

The customer support desk works round the clock to ensure that traders are provided with assistance at any time. Six languages are available on the website: English, Chinese, Spanish, Korean, Portuguese, and Russian.

Brokerage Services and Supported Cryptocurrencies

On its platform, PrimeXBT provides about 20 currency pairs, 5 crypto assets, 3 commodities, and 7 indices for trading. To open an account, only an email and a password are required. Bitcoin is the only accepted currency for payments.

On its platform, PrimeXBT offers cryptocurrency assets, forex, indices, and CFDs for trading. Both exchange and brokerage services are provided by the brand. Availability of the following asset classes:

  • Forex: Trading is available for major and minor currency pairs. Commissions known as fees for trading are charged.
  • Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ripple, and EOS are the crypto assets available.
  • Commodities: Traders have the opportunity to speculate on commodity prices such as oil, gold, etc.
  • Indices: You can trade the most popular indices in the world on the PrimeXBT platform. The FTSE 100, S&P 500, and so on are some of them.

Payment Methods

Bitcoin, which essentially makes PrimeXBT a crypto-crypto exchange/brokerage, is the only suitable payment currency. This system would impact the deposit and withdrawal process of funds, as well as how traders source their trading resources. Traders on PrimeXBT would have to acquire a stable Bitcoin wallet as a crypto-crypto exchange, source Bitcoin from exchanges either by buying with fiat currencies or using other cryptos to buy Bitcoin (e.g. using Ethereum to buy Bitcoin). Strict wallet protection management is a must if the funds from Bitcoin are to be secure.

Why do traders like PrimeXBT?

The fact that they have leveraged trading with a variety of different assets is one of the key selling points behind PrimeXBT. These include 6 pairs of crypto-currency with a maximum of 100x leverage and a range of forex/commodity assets with up to 1,000x leverage!

PrimeXBT also makes use of the liquidity supplied by the industry's larger exchanges and market makers. From over 12 separate exchanges, they aggregate or 'pool' their liquidity.

PrimeXBT has traders from more than 150 different nations. However, given such rules, there are some countries from which traders are not accepted. This includes the likes of the United States, Canada's province of Québec, and a few others.

PrimeXBT Leverage

Trading on leverage is a way for the individual to get more exposure to an asset than they have put down in funds for those who do not know. This provides the trader with the profit of making money on "borrowed funds."

If you trade on leverage, a certain aspect will theoretically increase your returns. This also works on the way down, inevitably, as losses are also magnified. An example of how leverage will operate on the PrimeXBT platform is given below.

In general, another benefit of leveraged trading is that it enables you to shorten an asset. This implies that if the price of the commodity falls, you will make money. You are borrowing the coin in question in the event of a short position in order to sell it forward in the future.

PrimeXBT Fees

Trading fees are a very important factor because, in the long run, they will directly influence your profitability. These fees add up on a cumulative basis if you trade a great deal of volume on an exchange.

PrimeXBT, with its payments, is very straightforward. They have only two forms of fees and the trade fee and the overnight fee are these. The former is a fee paid for joining the position and the latter is for overnight funding of the position. In the table below, we have the fee breakdown for a choice of assets.

Please keep in mind that these financing fees are dynamic and are subject to fluctuate every day. Visit the fees section on the thePrimeXBTofficial website to confirm the exact fees on the day you are trading.
  • 300-600 BTC: Get a 25% discount on the rates mentioned above at PrimeXBT.
  • 600 + BTC: Traders with volumes greater than this amount will obtain a 50 % discount on the existing fee bid.

This puts PrimeXBT more in line than a Futures exchange with a CFD broker's fee model. On the contracts, they do not charge termination fees but charge an overnight rate for keeping the position. If you enter and leave the place within the day, the latter won't apply.

The 0.01 percent-0.05 percent trading fee is much less than comparable CFD brokers such as IQ Option etc. For those traders who make a large amount of volume on the platform, the exchange recently released their tiered fee structure. The discounts that you can gain depending on the amount of rolling trading for 30 days are below.

There are no fees that are added to inward payments in terms of financing your account. However, you will have to pay an arbitrary miner fee if you are to withdraw funds from the exchange in order to propagate your transaction (these are common across the industry).

Is PrimeXBT Safe?

One of the most significant considerations for the trader is security, given the ever-growing news of cryptocurrency exchange hacks. When it comes to grading an exchange, this is also one of our main evaluation requirements. On the information tab, there is an entire section that outlines the security protocols that PrimeXBT uses.

Exchange Security

The bulk of the coins kept at PrimeXBT are held in cold storage. This implies that they are kept away from internet connections and the danger of possible hackers in a safe offline environment.

They will also need to operate a "hot wallet" in order to service their current payments and withdrawals, but only a small number of coins are kept in this state. They use multi-signature access in order to allow some transfer from the cold wallet to the hot wallet.

This means that they would need the permission of a variety of different individuals who hold certain keys in order for any transactions to take place in the PrimeXBT wallets. This decreases the probability of a single failure point.

Communication Security

They also make use of Cloudflare's technologies in terms of other security mechanisms they have in place to minimize the risks raised by Distributed Denial of Service Attacks (DDoS).

User Security

Finally, they also have sophisticated hardware modules where they operate their technology for trading. These are hosted on AWS web servers, considered to be one of the industry's best.

PrimeXBT has full SSL encryption, like most exchanges and financial sites these days. This ensures that it will encrypt all correspondence that you send the exchange and make it impossible for any malicious actors to intercept it.

Quick Links:

Of course, PrimeXBT provides two-factor authentication, even though a hacker can get hold of your password. This means that through Google authenticator you will have to approve the login on your computer.

While it is strongly recommended, it is not mandatory for you to enable 2FA on your devices. You can do this very easily in your "security settings" through your account management choices. A QR code and a backup key will be presented to you by PrimeXBT.

Conclusion: PrimeXBT Review 2020

PrimeXBT is a relatively well-established exchange of cryptocurrencies that enables customers to trade a variety of properties, including cryptocurrencies, Forex, commodities, etc.

This will provide traders with another fascinating alternative to the crypto-margin trading status quo. PrimeXBT is attempting to take on some of the more proven space-operating futures and CFD brokers.