Cryptocurrency trading is rapidly gaining popularity. Traders are looking for platforms where transactions are made quickly, and the service commission is minimal. Several well-known companies already operate in this market segment.
New platforms such as PrimeXBT create additional competition among similar service providers, which in turn makes their offer even more attractive to investors in the long term.
The PrimeXBT exchange allows you to trade with several types of digital assets such as BTC, LTC, ETH and XRP. Even fiat currencies are supported, as well as some CFDs.
As part of this review, we will talk in detail about the PrimeXBT service. You will receive information about the company itself, deposit options, security system and the opportunities that this trading platform provides.
Let’s start the review by answering two of the most frequently asked questions.
What is PrimeXBT?
Today, PrimeXBT is the №1 platform for active bitcoin traders operating in over 170 countries around the world.
Apart from cryptocurrencies such as BTC/USD, PrimeXBT service allows you to trade various fiat currencies. Their list includes such popular currencies as the US dollar, euro, Japanese yen.
The PrimeXBT platform allows you to trade with 100x Bitcoin leverage trading in both directions – long and short. The service supports five different types of claims and allows the use of anonymous accounts.
More than 40 employees support platform users from different parts of the world. Three offices and over 12 liquidity providers enable the PrimeXBT exchange to handle ~$375,000,000 in daily trade volume.
Is PrimeXBT legal?
PrimeXBT is a new crypto exchange and brokerage company that was established in 2018. Since then, it has grown rapidly.
What is known about the company that owns the PrimeXBT service?
The PrimeXBT brand is owned by two companies that are registered with the SEC.
- PrimeXBT Trading Services Ltd. Registration number: 206865. Country of registration: Seychelles.
- Prime Technologies Ltd. Registration number: 25369BC2019. Country of registration: Saint Vincent and the Grenadines.
All statutory documents are published in the “legal support” section on the websites of the owner companies. You can also access them by clicking on this link.
The current Trustpilot rating of owning companies is 4.5/5.
Now consider the opportunities offered by the trading platform.
Overview of trading platforms
The innovative PrimeXBT trading platform offers a clear and user-friendly web interface with advanced functionality. The operation of the platform is characterized by high speed and reliability.
A lucrative advantage of the PrimeXBT trading platform is that its work can be tested for free and without registration.
Are you considering becoming a client of the service? One has only to click the “View live trading demo” button and you will see the whole wide range of features of this trading platform.
By funding their account using one of the available payment methods, users immediately have the ability to use the “buy” and “sell” buttons, as well as full access to the Prime XBT platform.
The PrimeXBT service offers the use of leverage in the process of trading cryptocurrencies. This implies that there is a risk of losing your funds. This is because leverage affects potential returns and potential losses.
Let’s move on to a more detailed examination of the functionality of the standard working interface of the Prime XBT service.
Currency selection
In the upper left corner of the interface is the “All markets” menu, in which users can select one of the four available market segments:
- Commodities.
- Crypto.
- Forex.
- Stock indices.
In total, the company allows leveraged trading for more than 30 types of assets. For example, these are LTC / BTC, LTC / USD, BTC / USD cryptocurrencies, as well as fiat currencies, for example, GBP / JPY.
Applications
Buy and sell orders in the PrimeXBT service are displayed in the orders section located in the lower-left corner of the platform interface. You can use the compact drop-down list to customize the columns.
Current open positions are displayed in the lower right corner of the interface.
Traders have the ability to open long and short positions in any market that is supported by this platform. Rising price traders buy the underlying asset with the intention of taking advantage of the price increase.
Conversely, those traders who expect prices to fall will get rid of the underlying asset, hoping to benefit from a price decline.
Tickets created in the Prime XBT platform are processed on Amazon AWS servers.
Given the availability of the required number of liquidity providers, one should expect high transaction speed with low latency.
You may have a question: is it possible to “day-trade” in the service PrimeXBT? The current statistics of the service show that 74.1% of market orders were executed at the requested quote.
If you want to avoid slippage, choose the “Limit” order type.
In total, the service supports five different types of requests:
- Limit.
- Stop.
- Market.
- OCO (one overrides the other).
- Defense Claim.
- Useful information: defense applications can be attached to the first application.
For example, traders who place a stop at the above price will be able to attach a protective stop loss order at the same time as placing the main order.
This means that after a buy order is executed, a protective stop loss is transmitted to protect the current position.
Graphs
Informative charts are displayed in the central area of the trading screen. In addition to the “buy” and “sell” buttons, time intervals, various types of charts, as well as some analytical data can be used in the trading process.
The time interval for generating graphs can be set in the range of different terms. The platform supports the following types of charts: bar, candle, and line.
Trendlines, as well as more sophisticated analytics such as Fibonacci lines, can also be displayed on charts.
In addition, about 30 different types of analytical studies, such as the average true range, CCI, Bollinger bands, and moving averages, can also complement the presented charts.
Carrying out trade transactions
Trades can be created using the charts or by clicking the buy button (green) and the sell button (red) located on the right side of the toolbar.
The workspace for trading can be configured in an arbitrary (preferred) way, due to the fact that the platform interface is based on widgets.
Users have the opportunity to place 4 different charts on the right side of the interface and use the rest of the workspace, for example, for widgets of open and closed positions.
Other users may prefer to use the standard workspace layout described above.
Account replenishment methods
This review would not be complete without looking at the ways to deposit funds to a trading account in the PrimeXBT service. You cannot fund your account with a credit card.
The client must have their own Bitcoin wallet to fund the account and make transactions. At least if you wish to remain anonymous.
The only requirement to start trading through the PrimeXBT web app – is to make a deposit to the account in the amount of at least 0.001 BTC.
This is because the only available currency for deposits is BTC and the minimum deposit is 0.001 BTC. Therefore, if you want to become a client of this exchange, you need to have a Bitcoin wallet in order to deposit funds into your account.
If anonymity is not critical to you, you can also deposit funds to your account using a bank card. The funds will be transferred to your personal Bitcoin address.
The Prime XBT platform also allows overnight trading. This means that once trades have been completed, positions may remain open until the start of the next business day.
Further in our review, we will talk about the tariffs and commissions of the PrimeXBT service.
We will tell you in detail about the structure of fees charged by the service.
PrimeXBT tariffs
It’s time to take a closer look at the structure of payments in favor of the PrimeXBT platform, charged for the services of the exchange, as well as for trading at night.
Trading Commission
The fee structure is extremely important and is a key element in any trading platform review. As mentioned above, in order to start trading, the user needs to transfer at least 0.001 BTC from their wallet to their account in the trading application.
Trading fees vary depending on the assets used for trading.
Cryptocurrencies
The trading fee for cryptocurrencies is 0.05% for each traded asset. This rule is relevant for BTC/USD, ETH/USD, ETH/CTC, LTC/USD, and all other cryptocurrencies.
Indices and commodities
Trades in indices and commodities such as Brent, Crude, or GER30 oil carry a commission of 0.01% of the trade.
Forex
Forex trading involves the lowest commission of the service – only 0.001%.
Keep in mind that the “spread”, which is the difference between the ask price and the bid price, adds to the trading fee.
The principle is similar to buying a new car. By purchasing it, you make a payment in the amount of the sale price in favor of the dealer. If you literally return the car to the auto center on the same day, you will get much less money for it, even if you drove it only 50 meters. This reflects the offer price.
Financial transactions at night
You have the option to trade with 100x leverage. In other words, 99% of your position is held in the form of liquidity borrowing.
This results in borrowing costs when your trades to open a position are made during the day, but the trades themselves are not closed on the same day.
That is, if the position is held until the next morning, the user will be charged for holding the position overnight.
Cryptocurrencies
Overnight holding fees vary depending on whether the trade is long or short. Please refer to the table below for accurate information on fees for holding an asset in crypto overnight.
Indices and commodities
Regardless of whether a trader is long or short, the overnight holding fee is identical for the two types of positions. However, the commission amount can vary significantly depending on the underlying asset.
The fees and charges page on the platform website provides details of all potential user costs. In addition to the costs mentioned above, there are also trading restrictions and margin trading requirements to consider.
Prime XBT Exchange Social Media Pages
Social media pages are a great free source of information when you are a customer or about to become a Prime XBT user. You can find them on Reddit and YouTube.
PrimeXBT Review Conclusions
The possibility of anonymous registration significantly speeds up the process of opening an account. At the same time, the factor of lack of fiat deposit methods should definitely be taken into account before transferring large amounts of money to your account on this platform.
This trading platform is promising and its fee structure is competitive in the market.
The PrimeXBT exchange fully complies with the ideology of cryptocurrencies.
This correspondence highlights the fact that anonymous funding is only possible through transfers from a BTC wallet, not from a bank card. Why is that? Because completely anonymous accounts are possible only if the account is replenished without disclosing personal data.
However, traders who wish to share their personal data can also fund their accounts via a bank card payment!
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