What Is the PrimeXBT Exchange?
The Prime XBT exchange allows trading in cryptocurrency, forex, and commodities. You get the option of margin trading, and leveraged options are also available. This exchange wants your business, and they offer an aggressive pricing model that’s competitive when you compare it to offering from other exchanges in the crypto sphere.
PrimeXBT is an unregulated exchange, meaning that it doesn’t accept deposits or facilitate withdrawals in fiat currencies like the US Dollar and the Euro. Unregulated exchanges also don’t require you to complete any KYC process, provided you stick within the specified daily withdrawal limit.
However, you need to be careful about using leverage if you are a new trader. Leverage can help you make massive amounts of money, but it can also result in losses that are more than your trading balance. In other words, you could lose your entire trading account, and still owe the platform money to cover the rest of your losses.
If you can’t pay the losses, then the company has the right to sue you for the outstanding balance. Therefore, you must understand what you’re signing up for, and the consequences of trading with leveraged products.
How Do You Start with PrimeXBT?
The PrimeXBT platform offers you plenty of unique options that you won’t find on many of the leading Crypto exchanges. To start with PrimeXBT, you’ll have to fund your account by purchasing your crypto assets on other platforms like Coinbase, and then send them to your wallet on the PrimeXBT platform to fund your account.
PrimeXBT is a BTC platform, meaning that you can only deposit and withdraw in BTC, with no fiat options allowed. However, you can use your crypto to fund your forex trading, with leverage on forex pair going up to a staggering 1,000X.
Prime XBT also offers its customers indices for trading, including the S&P500 and FTSE100, as well as a selection of commodities, such as oil, gold, Nat gas, silver, and copper.
You get access to all these markets through one trading platform, with a clean dashboard and widgets that help you navigate your trading view. You can mirror other traders on the platform by integrating the “Covesting” app that allows you to follow their trades.
What Cryptocurrencies Does PrimeXBT Support?
All customer accounts on the platform are Bitcoin-based. That means that all deposits, withdrawals, and account balances feature accounting in BTC. However, the platform does offer some unique functionality for altcoins.
The Changelly API allows users to exchange altcoins for Bitcoin, and vice versa. Users can then use their new altcoin balance to start trading other pairs. Ethereum, Bitcoin, Litecoin, EOS, and Ripple are all available in Bitcoin pairs.
The PrimeXBT trading platform does have a good selection of coins for margin trading, but we think it has fewer options than other exchanges like Bitmex. The ability to trade forex and other stock indices is exciting. Still, if you have a crypto strategy, then chances are that you’re not going to be using any of the other functionality.
As any good trader will tell you, pick one market, and stick to it. Spreading yourself thin in too many markets will result in mixed results. Your crypto strategy might not perform the same way in forex or commodity markets, handing you some big losses in your account.
Still, if you want to trade forex, you have the option of trading all the big reserve currencies and currencies from developed markets. The Euro, Pound Sterling, US Dollar Aussie Dollar, Yen and Swiss Franc are all available for your trades.
It’s important to note that while you can trade these pairs, all your profits and losses are in BTC. When it comes time to withdraw from your account, you don’t have the option of receiving any fiat, only BTC.
What Fees Does PrimeXBT Charge?
One of the pros about dealing with PrimeXBT is the transparency in its fee schedule. There are so many markets to trade on PrimeXBT; you need to understand all the fees involved with each trade you make, regardless of whether it’s crypto, forex, or commodities.
Day trading without margin has a different fee schedule to long-term leveraged products. Crypto fees are flat, with 0.05% for all trades, regardless if you are taking or adding liquidity to the market.
These fees are closer to the high end of the market. Still, considering the complexity and diversity of the trading platform, we feel they are in line with other offerings from other crypto exchanges that offer you far less in terms of trading tools.
Trading on margin, and holding overnight, results in a financing fee of $8.00 per day per 1-BTC outstanding on long trades. This fee may also change without notice, depending on market conditions.
PrimeXBT does have some limitations for trades, depending on the asset class. The minimum order size for a trade is 0.01-BTC.
That’s a reasonably high starting point, especially for traders that want to test out the platform. Most other exchanges have minimum limits set at a few satoshis. The maximum you can risk on any one trade is 100-BTC, which with 1000X leverage in the Forex market, gives you a buying power of more than a million dollars.
PrimeXBT Customer Support
It’s important to note that Prime XBT does not cater to traders from the US. If you are a US resident, then you’ll have to look for another trading platform.
The customer support from PrimeXBT lacks responsiveness. The site offers you a live chat function, but we didn’t receive a response for hours. When the representative did get on the other end with us, all they did was push us into email support. The email support works, but we ended up waiting over 72-hours for a response from the support team.
However, PrimeXBT does provide a comprehensive knowledge section on the website. You can browse through FAQ and archived articles and tutorials if you find yourself dealing with basic questions.
When checking out the companies reputation on Trustpilot, the platform has a 4.5-star rating, and only 5% bad reviews, which we assume are from traders that blew up their account or waited too long with customer service.
Who Are the PrimeXBT Team?
PrimeXBT operates out of Seychelles, with incorporation in 2018. It’s typical for unregulated exchanges to work out of tax havens, away from financial regulators. This global, dynamic platform started as a product aimed specifically at crypto traders and then spread out into indices and other markets as the platform garnered success.
PrimeXBT offers top-tier liquidity, according to their website, and a customer-focused trading platform with a large market selection and highly leveraged options give them a competitive edge in the margin trading market.