Overall PRIME XBT is a trustworthy and low-risk broker with an overall rating of 6 out of 10. PRIME XBT does not offer different account types but provides only one basic account and offers leverage up to 1:1000.
PRIME XBT at a glance
| ? Broker’s Name | PRIME XBT |
| ? Headquartered | St. Vincent & Grenadines |
| ? Year Founded | 2018 |
| ⚖️ Regulating Authorities | Not regulated |
| ? Countries not accepted for trade | United States, Japan, Saint Vincent and the Grenadines, Canada, Algeria, Ecuador, Iran, Syria, Korea, Sudan, United States Outlying Islands, American Samoa, Russian Federation. |
| ☪️ Islamic Account (Swap Free) | No |
| ? Demo Account | No, but limited practicing on the platform can be done. |
| ? Institutional Accounts | Yes |
| ? Managed Accounts | No |
| ? Maximum Leverage | 1:1000 |
| ? Minimum Deposit | 0.001 BTC (about $65 / R 1 112,72 at the time of writing) |
| ? Deposit Options | Bitcoin, credit card |
| ? Withdrawal Options | Bitcoin, credit card |
| ? Platform Types | Proprietary, Turbo |
| ? OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad. |
| ? Tradable Assets | Cryptocurrencies, S&P 500, Gold, EUR/USD and more than 30 other assets |
| ?? Languages supported on Website | English, Chinese, German, French, Turkish, Vietnamese, Japan, Korean |
| ? Customer Support Languages | English, Chinese, German, French, Turkish, Vietnamese, Japan, Korean |
| ? Customer Service Hours | 24/7 |
| ? Open a account | ? Click Here |
PRIME XBT Review – 20 key points quick overview:
Below is an in-depth review regarding PRIME XBT to help you make an informed decision before opening your account or trading on their platform.
PRIME XBT Overview
According to research in South Africa, PRIME XBT is a Bitcoin-based trading platform that offers digital assets, including Bitcoin, Ethereum, Litecoin, and Ripple for trading.
Prime XBT was founded in 2018 under the name Prime XBT Trading Services in Seychelles. In 2019 the broker opened offices in St. Vincent and the Grenadines and moved its infrastructure and headquarters to Switzerland.
Prime XBT has traders in more than 150 different countries, but traders from the USA, Québec in Canada, and a few others are not allowed.
The broker does not hold a license with a reputable regulator.
PRIME XBT Safety Security
One of the best benchmarks to measure the safety of a broker like Prime XBT is to establish which regulating authorities are watchdogs over its actions.
Prime XBT is not licensed. Customer reviews are mostly positive, although a few complaints suggest that the broker is not paying out returns as expected.
PRIME XBT Sign-up Bonus
Prime XBT does not offer a sign-up bonus but a deposit bonus of 7% is offered.
Traders who register a real account with Prime XBT are not offered a sign-up bonus, but a deposit bonus of 7% is offered, up to $7,000. This bonus can’t be withdrawn but it can be used for trading.
Brokers often offer such a broker bonus to new traders in an effort to draw in more customers in addition to encouraging trading activities. Offering a deposit or welcome bonus is the best way in which to assure traders that they will receive some money back depending on the initial deposit made.
Various brokers also offer no deposit bonuses to traders in the same effort to draw in more customers and bonuses like this may aid not only the broker in acquiring new clients but also traders who have strict budgetary restrictions.
PRIME XBT Minimum Deposit
PRIME XBT has a minimum deposit requirement of only 0.001 BTC (valued at about $65 at the time of writing). This minimum deposit amount was equivalent to ZAR 1 112,72 at an average current exchange rate between the US Dollar and the South African Rand at the time of writing.
PRIME XBT Step-by-step guide to depositing the minimum amount
Deposits can be made with PRIME XBT using the following steps:
Step 1 – Log in
- Log in to your PrimeXBT WebTrader platform.
- After this, you select one of the deposit methods the broker supports, enter the deposit amount and make the deposit.PrimeXBT is a crypto-only exchange and traders can only make deposits in Bitcoin.
Step 2 –Make the deposit
If a trader has Bitcoin, funding an account is simple. The “Deposit” button will take a trader to the deposit page where he can access his PrimeXBT Bitcoin address.
A third-party Bitcoin purchasing service helps a trader quickly buy coins with the use of a credit or debit card.
Once a trader has the applicable address, he can send Bitcoin. Deposits however take time to show in an account because a total of 6 confirmations on the network are required before crediting it.
If you already have cryptocurrencies on another exchange or a wallet, simply copy your personal Bitcoin address at PrimeXBT and make a transfer to this address.
Step 3 – Review your transaction
Whether you are transferring Bitcoin directly or through the Changelly service — once your transaction becomes visible on the blockchain, you will find a pending transfer in the Deposit history table below.
After making a deposit, funds will be credited to the personal “Wallet” balance. In order to start trading, you will need to transfer them to the Trading account.
PRIME XBT Account Types
PrimeXBT does not offer different account types but provides only one basic account to clients, which provides all the broker’s services, just with different limits that are set according to the size of deposits made into the account and trading volumes executed. The broker does not offer a separate option to open an Islamic Account (also known as a swap-free account).
PrimeXBT also does not offer a virtual demo or practice account to new or inexperienced traders with which to start trading first.
The minimum deposit required to open an account is 0.001 BTC (valued at about $65 at the time of writing). No other currencies can be used to fund an account, but a trader can buy bitcoin using a credit or debit card through PrimeXBT’s partner CEX, a widget that will pop up when a person wants to deposit funds into his account and help him purchase BTC.
This way of funding may take some time however to reflect in an account because it requires no less than six different confirmations on the network.
PRIME XBT Account Features
An account with PrimeXBT is easily created just by clicking on the Register tab on the website. A trader must wait for an email for verification and may also enable two-factor authentication after logging in for extra safety.
No personal information for KYC verification is needed since PrimeXBT is an anonymous exchange, which is beneficial for traders who would not like to submit or upload a lot of personal documentation because they value their online privacy. This is another factor that makes the exchange less of a target for identity thieves and hackers who may be on the lookout for easy targets in databases.
How to set up a PRIME XBT Demo Account – Step by Step
PRIME XBT does not provide an option to open a demo account, however, traders are able to open a live trading account and do a limited amount of practicing on the platform itself.
PRIME XBT accounts can only be opened with Bitcoin.
Note that no personal information for KYC verification is needed since PrimeXBT is an anonymous exchange, which is beneficial for traders who would not like to submit or upload a lot of personal documentation because they value their online privacy.
This is another factor that makes the exchange less of a target for identity thieves and hackers who may be on the lookout for easy targets in databases.
Follow these steps to open an account:
Step 1 – Open Your Account
An account with PrimeXBT is easily created just by clicking on the Register tab on the website.
Step 2 – Fill out the form
A trader must wait for an email for verification and may also enable two-factor authentication after logging in for extra safety.
Complete the simple online registration form. Provide your full name, email address, and phone number, and create a password for your account
A demo account is also referred to as a practice account because it provides traders with the ability and freedom to explore a broker’s offering without running the risk of losing money, due to the provision of virtual money with which to ‘trade’.
PRIME XBT Islamic Account
PrimeXBT does not offer Muslim traders who follow Sharia law the option of a separate Islamic Account.
The purpose of an Islamic Account is that it caters explicitly to Muslim traders who follow the strict rules of Sharia law. These rules prevent followers from paying any type of interest, such as overnight fees, which are seen as exploitive or wasteful.
Overnight fees are charged when traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should traders hold positions open for longer.
Brokers offer an Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which may differ vastly from the other individual account types, such as minimum deposits, spreads, and more.
Traders who are interested in registering for an Islamic account must contact the broker’s customer support team to verify the availability and current conditions of such an account as conditions may have changed from the time of writing.
PRIME XBT Trading platforms
The forex trading platform provided by Prime XBT to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
Prime XBT provides its own personalized, browser-based trading platform that requires no download or installation as well as a Turbo platform.
The proprietary platform is equipped with more than 50 technical indicators and a full suite of charting and analysis tools.
For newbies to Prime XBT, the Turbo platform is the most user-friendly and comes with trading histories and a social trading section where you can compete with other investors.
The proprietary platform has better functionality for traders of skilled levels although you cannot trade as many assets.
Prime XBT also has mobile apps supported on both iOS and Android devices and with the same functionality as the desktop version.
PRIME XBT Fees and Spreads
Prime XBT only charges two types of fees – the trade fee, charged for entering the position, and the overnight fee, which is for financing the position.
Prime XBT trading fees are between 0.01–0.05%, which is low in comparison with other exchanges. A trader can also earn the following discounts on 30 days’ rolling trading volume:
300–600 BTC: 25% discount
600 + BTC: 50% discount
The broker does not charge deposit fees or withdrawal fees, but a person is charged an arbitrary miner fee (according to industry standards) to finish a transaction when withdrawing funds.
Prime XBT restricts the size of a position a trader can maintain with the broker and if such a limit is exceeded, the trader’s orders will not be executed. The limitation depends on factors such as volatility, instrument liquidity, and other market conditions.
PRIME XBT Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
Since Prime XBT is a crypto-only exchange, you can only make deposits or withdrawals in Bitcoin. If you need to get Bitcoin to fund, you will have to use a Fiat gateway such as Bitstamp or Kraken.
Prime XBT has a widget that can help you to buy Bitcoin with a credit or debit card, which charges a commission of over 10%. Withdrawing is easy, only requiring a quantity and Bitcoin wallet address but there is a withdrawal fee of 0.0005 BTC.
Large withdrawals may take time to be processed because it is processed from hot wallets and if there is not enough on hand they may have to access offline cold wallets.
PRIME XBT Current Popularity Trend
According to Google Trends, here is an overview of how frequently the search term – “PRIME XBT” is entered into Google’s search engine over a given period of time.
PRIME XBT vs Etoro vs XM – Comparison Table
| ? Broker | ?Prime XBT | ? eToro | ? XM |
| ? Minimum Deposit | 0.001 BTC (about $65 / R 1 112,72 at the time of writing) | $1000 USD | $5 USD |
| ? Sign-Up Bonus | No | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:1000 | 1:400 | 1:888 |
| ? Currency Pairs | – | 47 | 57 |
| ? Open an Account | ? Click Here | ? Click Here | ? Click Here |
PRIME XBT Customer Reviews
Awesome didn’t believe it until I was able…
Awesome didn’t believe it until I was able to withdraw… Guys there are the best
Before
Before, I didn’t trade Forex. I just heard about it, and my friends often discussed the stock market, the rise of bitcoin, etc. It seemed to me something cool and exciting.
I always use my principle that good cooperation cannot be built without trust. And it doesn’t matter if you are working with a person or a company. The most important thing is trust for primeXBT.
PRIME XBT Pro and cons
| ✔️ Pros | ❌ Cons |
| Offers digital assets to trade | Not licensed or regulated |
| High leverage allowed | No demo account |
| Run a blog for customers | Little research options |
Conclusion
Overall, Prime XBT can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. Prime XBT has an overall trust score of 2.5 out of 5. Prime XBT is an award-winning trading platform that allows you to trade global markets.
Disclaimer
PRIMEXBT warns potential customers that Forex and CFD trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with PRIMEXBT, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
PRIMEXBT warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence PRIMEXBT cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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Risk Management
Risk management in the context of PRIME XBT (or any other cryptocurrency trading platform) involves strategies to mitigate the potential losses from market volatility and other risks associated with trading cryptocurrencies. Some common practices include:
- Diversification: Diversifying your portfolio across different cryptocurrencies can help reduce your overall risk.
- Stop-loss orders: Setting stop-loss orders can limit your potential losses if the market moves against your position.
- Position sizing: Position sizing involves managing the size of your trades relative to your overall portfolio. This can help you control your overall exposure to risk.
- Regular monitoring: Regularly monitoring the market and your trades can help you stay on top of potential risks and make informed decisions.
- Research and analysis: Conducting thorough research and analysis on the cryptocurrencies you are interested in trading can help you make more informed decisions.
It’s important to note that cryptocurrencies are a highly speculative and volatile market and investing in them carries a high degree of risk. As such, it’s crucial to thoroughly understand the risks and to approach your investment with caution.
Frequently Asked Questions
Trading environment
What are the advantages of trading with PRIME XBT?
Own service for copying trades; KYC verification, high level of security; simple and convenient trading terminal.
Which platforms are supported by PRIME XBT?
Prime XBT provides the following popular trading platforms:
Own proprietary platform
Mobile version
Turbo
What type of broker is PRIME XBT?
PrimeXBT is an award-winning cryptocurrency trading platform that allows you to trade global markets including Crypto, Commodities, Indices, and Forex.
Is PRIME XBT a fake or a scam?
PrimeXBT is legit and serves thousands of crypto traders every day.
What is the overall rating out of 10 for PRIME XBT?
The overall rating is 6/10
Featured SA Shares Writer and Forex Analyst.
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