PrimeXBT Review 2024

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PrimeXBT is a cryptocurrency, forex, indices, and commodities broker providing leveraged trading to UK clients. This review outlines the features available in the PrimeXBT trading platforms, along with the instruments and leverage. Also explained are the broker’s deposit and withdrawal options, fees and security information.

About PrimeXBT

PrimeXBT was incorporated in 2018 in the Seychelles. In 2019, the broker’s operating subsidiary, PrimeXBT Trading Services LLC, was incorporated in St Vincent & the Grenadines. In February 2021, the company announced it was moving its headquarters location and trading infrastructure to Switzerland.

The broker is a global brand serving clients in over 150 countries and employing more than 75 people across its three offices, with an average daily trading volume of approximately $540 million.

One downside for UK traders, however, is that the broker does not currently hold a license with the FCA.

Trading Platforms

PrimeXBT Review: Platform

PrimeXBT’s user interface is designed with the modern trader in mind, offering a highly customisable and intuitive experience. The platform allows users to tailor their trading dashboard to suit their preferences, ensuring that they have quick access to essential tools and information. This level of personalisation extends to the arrangement of various widgets, such as order books, trading history, and watch lists, providing a seamless and efficient trading experience.

The platform’s built-in charting tools are a standout feature, powered by the industry-leading TradingView. With TradingView’s comprehensive suite of technical analysis tools, traders can perform in-depth market analysis to identify trends, patterns, and potential trading opportunities.

Users have access to a variety of chart types, timeframes, and drawing tools, allowing for a customised approach to market research. Additionally, PrimeXBT supports a multitude of technical indicators, equipping traders with valuable insights to inform their trading decisions and enhance their strategies.

PrimeXBT offers a seamless trading experience by consolidating all of its features within a single account and user-friendly dashboard. This streamlined approach allows traders to access crypto futures, traditional asset CFDs, contests, copy trading, and other valuable resources without the need for multiple accounts or platforms.

The cohesive and efficient design of the dashboard ensures that users can effortlessly navigate between various trading instruments and tools, making PrimeXBT an ideal choice for traders seeking a comprehensive and intuitive solution to meet their diverse trading needs.

PrimeXBT offers copy trading to all clients, letting you mirror orders executed by other investors in various markets. It is easy to use and a great option for traders starting out. News of top performers is also regularly updated on the broker’s website.

PrimeXBT does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.

Assets

PrimeXBT offers more than 50 forex pairs, 11 major stock indexes, energies, including crude oil, and precious metals, such as gold and silver. Over 100 in total.

The broker also offers a decent range of cryptos such as Bitcoin, with more altcoins available vs the likes of Coinbase, ByBit and BitMex.

Overall, PrimeXBT offers a decent product range and ranks well with Kraken and Binance.

Spreads & Commission

PrimeXBT’s pricing structure is simple and fees are only incurred each time a market position is opened and closed or when a position is held overnight. Current commission rates are:

• 0.05% for cryptocurrencies
• 0.% for indices, forex, and commodities

Compared with its competitors, PrimeXBT is relatively cheap.

An overnight financing fee is applied to positions held into a new trading day. A full breakdown of PrimeXBT’s financing rates and exchange charges is available under the fees section of the broker’s website.

Leverage Review

PrimeXBT’s leverage rates are a unique selling point. Its competitive leverage trading ratios are variable, changing with the size of the trade and the asset type. Cryptocurrency futures enjoy a variable leverage system up to 1:200. Maximum leverage rates for energies, and indices go up to 1:100. Precious metals can reach 1:500 while leverage for forex pairs climbs as high as 1:1000.

The high leverage levels are possible because the broker is not regulated by the FCA.

Note, you should keep an eye out for margin impacts and calls. Also, plenty of free leverage calculators are now available online.

PrimeXBT App Review

The PrimeXBT trading terminal is available for mobile trading, with increased accessibility and flexibility for investment management and personalisation options.

The app provides the same functionality as the desktop version with full access to all features, including instant order execution.

The PrimeXBT app is free to download on iPhone (iOS) and Android (APK) devices via the Apple and Google Play stores.

Deposits

PrimeXBT deals exclusively in cryptocurrency so if you already have BTC or another asset, direct deposits into a PrimeXBT account are straightforward and free. Alternative deposit methods are available via third-party services, allowing you to buy crypto using your bank card, however, fees may apply. New fiat account funding methods are also available for USD and EUR.

There is no minimum deposit. Depositing into a PrimeXBT account takes approximately 40 minutes for BTC and less for other cryptocurrencies, as it requires several block confirmations for security purposes.

Withdrawals

Withdrawing is reasonably simple, requiring only a quantity and wallet address. There are no withdrawal limits with PrimeXBT, but there is a flat withdrawal fee of 0.0005 BTC. All pending withdrawals are processed once a day between 12:00 and 14:00 GMT.

PrimeXBT provides withdrawal address whitelisting, meaning only preset addresses can be used which have been verified via email confirmation. All withdrawals are done exclusively in crypto but third-party services allow users to convert to other currencies, such as EUR.

Demo Account

PrimeXBT recognises the importance of practice and risk management for traders, which is why it offers a demo account through its PrimeXBT Contests feature. This demo account allows users to hone their trading skills and test strategies using virtual funds, without putting their actual capital at risk.

By participating in these contests, traders can familiarise themselves with the platform’s various tools and features while gaining valuable experience in a risk-free environment. This unique opportunity to practice and learn, combined with the competitive element of the contests, makes PrimeXBT an attractive choice for both novice and experienced traders looking to refine their skills and enhance their trading prowess.

PrimeXBT Review Welcome Bonus

PrimeXBT is currently giving away an exciting promotional $100 bonus for deposits of $500 or more to users who register within the next 48 hours. The bonus will remain valid for two weeks, giving you plenty of time to explore their trading platform. Take advantage of this opportunity to enhance your trading experience with PrimeXBT.

PrimeXBT Regulation Review

PrimeXBT is not regulated by the UK’s Financial Conduct Authority (FCA). We are reluctant to recommend unregulated online brokers as we cannot guarantee that they are safe to trade with. However, customer reviews are mostly positive with limited accusations of it being unsafe.

Additional Features

Covesting Module

PrimeXBT’s covesting module was launched in August 2020. It allows users to browse other traders’ strategies and copy their activity, achieving the same returns as leading investors on the platform. Followers earn 70% from any profitable trades. Leading traders can monetise their skills by earning success fees from their covesting followers. The module allows users to follow multiple traders at once.

Education

PrimeXBT Trading Academy is an educational resource designed to help both novice and experienced traders improve their knowledge and skills in cryptocurrency and traditional asset trading.

It offers a comprehensive collection of learning materials, including articles, tutorials, and videos, covering a wide range of topics such as trading strategies, technical analysis, risk management, and platform features.

Throughout its website, the broker exhibits useful guides and tutorial videos, and various extensive FAQ sections in its Help Center.

The PrimeXBT blog features market research reports, education guides, plus technical summaries and strategies. The broker also makes Bitcoin (BTC) and Ripple (XRP) price predictions, among other cryptocurrencies.

PrimeXBT Contests

PrimeXBT Contests provide an exciting opportunity for traders to participate in risk-free trading competitions using virtual funds. These contests allow users to test their skills, strategies, and knowledge in a competitive environment while having the potential to win real prizes.

The use of virtual funds eliminates the risk of losing real capital, making it an excellent way for both beginners and experienced traders to practice and refine their trading skills in a simulated environment.

Additionally, PrimeXBT Contests serve as a demo account, allowing traders to familiarise themselves with the platform’s features and functionalities without any financial risk.

Trading Accounts

PrimeXBT simplifies matters by only offering one account. This single account gains access to all the broker’s services with no limitations. There is no minimum deposit required to open an account, but you must deposit some funds to begin. Follow the sign-up instructions on the company’s website to get started.

Crypto Futures Platform

PrimeXBT offers an extensive range of crypto assets for trading, allowing users to diversify their portfolios and take advantage of market opportunities. With the ability to take both long and short positions, traders can capitalise on price movements in either direction, increasing their potential for profit.

The platform features a comprehensive selection of popular cryptocurrencies, including Bitcoin, Ethereum, and many altcoins, providing traders with ample options to suit their trading preferences and risk tolerance.

Perpetual swaps and crypto futures on PrimeXBT provide several unique advantages that can enhance the trading experience. One significant benefit of perpetual swaps is the absence of an expiry date, which allows traders to maintain positions for as long as they desire. This flexibility facilitates long-term strategies and simplifies trade management, as there is no need to worry about rolling over contracts.

Additionally, crypto futures utilise a funding rate mechanism that helps maintain a close alignment between contract prices and the underlying spot market, ensuring a more accurate representation of an asset’s value and minimising price discrepancies.

PrimeXBT emphasises tailoring the trading experience to meet each user’s individual needs, offering a flexible margin system and a highly customisable user interface. The adjustable margin system enables traders to efficiently manage their positions and risk by automatically adapting the required margin based on their balance and position size. Pick between isolated or cross margin, or use a sliding leverage

Furthermore, the platform’s user interface can be tailored to suit each trader’s preferences, allowing for a seamless and personalised experience. Customisable features include the arrangement of widgets, such as order books, trading history, and watch lists, ensuring that users have easy access to the tools and information they need to make informed trading decisions.

Traditional Asset CFDs

PrimeXBT’s traditional asset CFDs provide traders with access to a diverse range of financial instruments, allowing for ample diversification and investment opportunities. The platform supports trading across multiple asset classes, such as stocks, indices, commodities, and forex pairs. Notably, PrimeXBT has recently introduced base metals to its selection, ensuring that traders have an extensive array of assets to choose from, catering to various investment strategies and risk appetites.

PrimeXBT’s traditional asset CFDs offer unique advantages tailored to the modern trader’s needs. The fixed leverage system associated with traditional asset CFDs creates a more predictable and stable trading environment, allowing for better risk management. The availability of traditional asset CFDs on PrimeXBT empowers traders to hedge their risks and explore new markets.

Allocating resources across various asset classes can mitigate the potential impact of market fluctuations and decrease the overall volatility of portfolios. In turn, this risk management approach may lead to a more consistent and stable return on investment. By incorporating both crypto futures and traditional asset CFDs into their trading strategies, users of PrimeXBT can take full advantage of the diverse financial landscape and optimise their potential for success.

Benefits

PrimeXBT has several features to attract succesful traders, including:

• Secure login
• VPN accessible
• Bitcoin rewards
• Covesting module
• High leverage rates
• No minimum deposit
• No personal data required for sign up
• Trade decent range of assets outside of cryptos

Drawbacks

Disadvantages of trading with PrimeXBT include:

• Unregulated status
• Only online customer support
• No automated trading through APIs
• Limited deposit and withdrawal options

Trading Hours

Cryptocurrencies can be traded with PrimeXBT 24/7 as markets do not close. However, an overnight financing fee is applicable for any positions carried into a new trading day (past 23:59).

All forex pairs traded at PrimeXBT are open weekdays 21:05 – 21:00, including USD/RUB which changed in May 2020. Precious metals, including gold, can be traded 23 hours a day, weekdays 22:00 – 21:00. The broker’s trading hours for commodities and indices markets vary due to local trading hours.

Note, sessions may change owing to public holidays and daylight saving time.

Customer Support

PrimeXBT provides 24/7 customer support via its email address at support@help.primexbt.com or its live chat which is available via the Account menu at the top right of its website. PrimeXBT’s Telegram bot can also be used to contact the broker’s support team by connecting your live account to the Telegram app. However, there is no offline support, such as a telephone number, which may make complex issues more difficult to resolve.

The customer support team can help with a range of queries, from how to change leverage, liquidation prices, funding rates, orders rejected, platform maintenance and more.

Client Safety

Clients are not required to undergo KYC procedures, meaning zero personal information is needed for you to begin trading with PrimeXBT, only the minimum deposit. The broker protects its customers’ assets using an extensive cyber-security framework.

The majority of the broker’s assets are held in a safe offline storage system with limited amounts of BTC held in online wallets.

PrimeXBT provides users with a two-factor verification to secure their account, requiring both a password and access to the Google Authenticator app which is safer than using text messages.

PrimeXBT’s website traffic is encrypted with secure sockets layer (SSL) and passwords are cryptographically hashed, making them unreadable should the website be compromised. Security is regularly tested and checked by the broker’s technical team.

PrimeXBT Exchange Verdict

PrimeXBT is a good broker which has plenty to offer: intuitive and innovative trading platforms, competitive leverage rates, and a new covesting module that is attractive to experienced traders and beginners alike.

While the PrimeXBT brokerage is not regulated in the UK, it offers reassurance to clients by protecting their identities and assets. Its speedy order execution, integrated charting, and customisable workspace which is available in browser and app format are also an advantage.

FAQ

Top 3 PrimeXBT Alternatives

These brokers are the most similar to PrimeXBT:

1. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
2. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
3. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

PrimeXBT Feature Comparison

Trading Instruments Comparison

PrimeXBT vs Other Brokers

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