Crypto Exchange Is it Safe? Pros & Cons

PrimeXBT is a cryptocurrency margin trading platform that allows users to trade major cryptos, forex, commodities, and stock indices with up to 100x leverage. Founded in 2019, PrimeXBT has grown to serve over 150 countries with offices in St. Vincent, Grenadines and Seychelles.

The exchange aims to provide advanced trading tools, high leverage, and liquidity aggregated from over 12 providers. PrimeXBT offers traders a combination of features not typically found on a single platform – the ability to trade multiple asset classes while also providing social trading and passive income opportunities.

In this detailed review, we’ll take an in-depth look at the platform’s features, fees, security, and more to help you determine if PrimeXBT is the right fit for your crypto margin trading needs.

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Quick Verdict: PrimeXBT is an innovative and easy-to-use margin trading platform that provides traders with advanced tools, high leverage, aggregated liquidity, and unique social trading features across a variety of asset classes.

PrimeXBT Quick Facts

How to Signup at PrimeXBT

Signing up for a PrimeXBT account is quick and easy. The platform does not require any KYC verification, so you can start trading anonymously right away.

To sign up:

1. Go to the PrimeXBT website and click “Register” in the top right corner.
2. Enter your email address and password. You can also enter a referral code if you have one to get bonuses.
3. Check your email for the confirmation link PrimeXBT sent and click it to verify your email.
4. You will be redirected back to PrimeXBT to enter your account.

Once you have an account, you should enable two-factor authentication for additional security. You can do this in the Security Settings of your account.

With just a few clicks, you’ll have a PrimeXBT account ready to make deposits and start trading. The easy sign up process with no KYC is a major benefit for users who value privacy and want to begin trading quickly.

PrimeXBT Trading

PrimeXBT aims to provide an advanced yet easy-to-use trading interface. The customizable workspace allows you to set up multiple screens with different widgets like charts, order forms, current positions, and more.

The platform includes full-featured charting and technical analysis tools from TradingView. You get access to hundreds of indicators, 50+ drawing tools, and the ability to customize charts to your preferences. This level of charting significantly enhances traders’ ability to analyze the markets.

Placing trades is simple with market, limit, and stop order types available. You can also set up stop losses and take profit levels to manage risk. For high volume traders, PrimeXBT offers one-click trading as an option.

One standout aspect is the ability to trade right from the chart. You can buy or sell any instrument with one click directly on the chart you are viewing. This helps traders act fast to capitalize on chart-based signals.

PrimeXBT Deposits & Withdrawals

To start trading on PrimeXBT, you first need to deposit cryptocurrency into your account wallet. PrimeXBT currently accepts deposits in BTC, ETH, USDT, USDC, and COV.

You have two options to fund your account:

1. Direct crypto transfer – You can send supported coins directly to your PrimeXBT wallet from an external crypto wallet or exchange account.
2. Purchase crypto with card or bank transfer via integrated third-party services like Changelly, Paxful, Coinify, etc. These services allow you to instantly buy crypto using a debit/credit card or bank transfer.

Deposits are free on PrimeXBT. Your funds should reflect in your account within one network confirmation.

For withdrawals, you can transfer your funds to any external crypto address. Withdrawal fees are 0.0005 BTC for BTC, 0.01 ETH for ETH, and minor fees for other coins. Withdrawals are processed manually once per day, so may take some time depending on volume.

The ability to buy crypto directly on PrimeXBT makes funding your account fast and convenient compared to withdrawing from a separate exchange. Low withdrawal fees are another plus for users moving funds off the platform. However, the lack of fiat currency deposit/withdrawal options limits funding flexibility for some traders.

PrimeXBT Trading Interface

You can preview the live trading platform of PrimeXBT to get a feel for how it works before you open an account. The preview version of the platform is incredibly similar to the real version.

The only difference is in the very bottom section of the screen labeled “Positions.” If you have a live account, you would see a list of positions with the following columns for each: symbol, position ID, time and date, side, size, fill price, current price, take profit, stop loss, and P/L.

Since the preview version is not associated with an account, this section is blurred out and over it, you will find the option to log in or register.

Overall, the trading platform is exactly what you expect as it is very similar to the trading pages experienced investors are used to. On the top left side of the screen, you will see a list of cryptocurrency pairs.

These include LTC/USD, BTC/USD, ETH/USD, EOS/USD, and XRP/USD. For each, you can view the bid price, ask price, and change. These figures are color-coded in white, green, or red.

As expected, green indicates an increase while red indications a decrease.

Clicking on any of the pairs listed here will bring you to a screen that lets you buy or sell the crypto in question. It will display the prices for buying and selling as well as the low and high for the pair.

Below this section, still on the left of the screen, you will see the Order Book. The Order Book displays the information for whichever currency pair you most recently selected from the top left corner. It is divided into sales and purchases. A nice touch on this Order Book is that in addition to a list of the quantities and prices, it also displays a visual representation via graphs in green and red in the background. This way, you can see the current trends at a glance.

The main section of the trading page is the actual chart, which is directly to the right of the crypto listings and Order Book and takes up most of the page. The top left corner of the chart shows you the trading pair it represents.

You can adjust this by clicking on the box where it is listed and typing in the new pair (you will notice autofill suggestions) or by clicking on the pair to the left in the crypto listing section.

Trading Charts on PrimeXBT

The default setting of the PrimeXBT trading chart is a candlestick chart. It is color-coded green and red with prices on the vertical axis and time on the horizontal axis. Hovering over any point on the chart will show you the specific date and time as well as the open, high, low, close, and value.

You can increase or decrease the time range displayed by adjusting the time graph immediately below the main chart. The top of the chart is where you will find most settings.

There is a drop-down menu that lets you change the intervals of the candlesticks. The default is 5 minutes, but you can also choose 1, 15, or 30 minutes; 1, 2, or 4 hours; or 1 day, week, or month. To the left of this is the option to switch from a candlestick chart to a line graph or bar graph.

Next to this, you will find options regarding crosshairs. You can also choose long or short and from a range of 13 indicators, lines, and tools to add. These include things like a trend line, trend channel, and Fibonacci Rays, among others.

Advanced traders will be interested in the Studies section, which is accessible via an icon of a test tube to the right of the above options and to the left of Studies. You can choose from one of several dozen available studies or add in your own study. Use up to five at once.

There are two methods of trading with PrimeXBT. You can click on a pair on the left of the page and fill in the box that appears. Or you can use the section at the top left corner of the chart, directly below the name of the pair.

PrimeXBT Fees & Limits

PrimeXBT charges two types of fees, trading and overnight finance. Because instruments are leveraged products you finance the traded value through an overnight financing.

This borrowing cost (financing) is dependent on the liquidity of the underlying asset. If you open and close a leveraged position within the same trading day, you are not subject to overnight financing.

The exposure limit is a restriction on the size of a position each individual client can maintain with PrimeXBT. The trading platform will not allow clients to place orders which will exceed the limit if executed.

The restriction is set by the PrimeXBT risk management department and depends on such factors as instrument liquidity, volatility and other market conditions.

Using Leverage on PrimeXBT 

Leverage is one of the many features that advanced traders tend to look for, but most platforms offer very limited leverage when it comes to trading cryptocurrency. PrimeXBT stands out by offering leverage of 1:100.

This means that for each $1, you get $100 worth of buying or selling power. This essentially gives you access to a greater market position, so you can make even more profits, or indeed losses.

Leverage is one of the key features of PrimeXBT and among its main features. The website also offers a detailed explanation of leverage on its website to help those that do not fully understand.

This explanation includes an example with BTC/USD for example.

• In this example, assume that Bitcoin is $10,000 each, and its price rose by 5 percent during your investment.
• If you were to use a traditional exchange without leverage, you could buy 10 BTC for $100,000 (10 x $10,000).
• If the price went up by 5 percent, your BTC would be worth $10,500 each so if you sell them, you will make $5,000 off of your $100,000 investment.

In contrast, if you were to make the same trade on PrimeXBT with its 1:100 leverage, you would only have to pay 1 percent of the $100,000 position, meaning an investment of $1,000 up front.

In the same situation, this means you would still make $5,000 but would have only invested $1,000. In other words, you can vastly multiply your profits with the same amount of initial capital.

PrimeXBT explains some of the advantages of trading with leverage, including the ability to magnify profits, gearing opportunities (the ability to free up capital you can use for another investment), and the ability to gain when the market falls.

There is also a convenient leverage calculator on PrimeXBT, so you can figure out your buying power based on your available capital.

Just keep in mind that while using leverage increases the potential reach of your funds and your potential profits, it will also increase the potential losses.

As such, you should always be cautious when using the maximum leverage offered on PrimeXBT. That being said, those with trading experience and confidence in their methods find leverage to be an incredibly useful tool.

Profiting From Market Movements

Since the cryptocurrency market does not always increase, PrimeXBT offers methods of profiting whether the market is going up or down. You can trade any of the most popular cryptocurrencies and hedge existing holdings or profit from rallies or declines in the market.

In other words, you can go either long or short with PrimeXBT. Buying is when you go long while selling is when you go short. To go long, you would buy Bitcoin and watch your account increase in value while the price of BTC rises.

In this case, a fall in BTC’s price would drop the value in your account. In contrast, you can go short, which means you open a position that will increase its value if the price of BTC goes down.

You can view specific examples with calculations for each of these types of trades on PrimeXBT. There is also information on calculating your profits, so you can understand what is going on in your account. To calculate your profit or loss, you just take the difference in price points at opening vs. closing and multiply this value by the size of the position. If you combine it with leverage, you can increase your position size.

PrimeXBT Copy Trading

PrimeXBT offers a copy trading feature called Covesting that allows traders to automatically copy positions opened by successful strategy managers on the platform.

Inside the Covesting module, users can browse strategies and traders based on criteria like returns, drawdown, and followers. An integrated stats dashboard shows past performance data to help guide selections.

Copying a strategymirrors every trade from the manager’s linked portfolio proportionally based on the amount allocated to that strategy. Traders can diversify by following multiple strategies or managers.

To become a strategy manager yourself, you need a minimum balance of 0.5 BTC or equivalent. Managers earn profit sharing from follower copying fees based on the performance of their portfolio.

Copy trading provides an innovative social element that benefits both new traders looking to learn and experienced traders who can profit from sharing proven strategies. It essentially lets traders leverage the skills of top-performing members on the platform.

While inherently risky like any trading, the Covesting module creates a hands-off way to potentially profit. For new traders, following successful managers also provides valuable insight into trading analysis.

Is PrimeXBT Legit?

PrimeXBT is incorporated in Seychelles and operates offices there along with Saint Vincent and the Grenadines. However, the platform is not currently regulated by any financial authority. This means PrimeXBT does not have oversight from regulatory bodies that provide a level of investor protection and recourse.

Despite being unregulated, PrimeXBT takes measures to ensure a secure and compliant operation:

• Funds are held in cold storage with multi-signature access controls. This follows industry best practices.
• The trading platform uses SSL encryption, 2FA, and other security protocols to protect accounts and data.
• KYC is not required, but PrimeXBT monitors activity and flags suspicious accounts to remain compliant with AML laws.
• The exchange tracks and reports large transactions for tax purposes as required in many jurisdictions.

While the lack of formal regulation may make some cautious, PrimeXBT has established a largely positive reputation over 5+ years in business. Users generally report good experiences with security, support, and trading on the platform.

As with all exchanges, it’s advisable to withdraw most funds off the platform into private wallets under your control to mitigate security and regulatory risks. While PrimeXBT has proven so far to be legitimate, traders should weigh the unregulated nature carefully.

Is PrimeXBT Safe?

PrimeXBT stores the vast majority of assets in cold storage wallets. This keeps funds offline and away from potential hacking risks. Multi-signature access controls are used to authorize transfers between cold and hot wallets.

The platform uses Cloudflare technology to mitigate DDoS attacks. User passwords are encrypted and 2FA is available. Regular security audits and penetration testing are performed to identify and address vulnerabilities proactively.

PrimeXBT has not suffered any major security incidents that resulted in loss of customer funds. Support staff are generally responsive in assisting users with account-related issues.

While the safety record so far is largely positive, there are no guarantees when using any exchange. As a best practice, users should take steps to protect their own accounts:

• Enable 2FA for login protection
• Use strong unique passwords
• Limit account balances and withdraw to private wallets
• Review account activity regularly for unauthorized access

Following basic security hygiene along with the measures implemented by PrimeXBT can help minimize risks. Traders should use proper precautions and manage balances responsibly based on their personal risk tolerance.

PrimeXBT Design & Usability

PrimeXBT provides a polished user experience that is both full-featured yet easy to navigate.

The customizable workspace uses a modular widget-based layout. This allows traders to customize and save multiple workspaces with their preferred widgets like charts, watchlists, order forms etc.

Navigation feels intuitive with key sections accessible from the top menu bar. The overall design uses clean lines, contrasting colors, and whitespace effectively without feeling cluttered.

Charting is a standout feature visually. The embedded TradingView charts look modern and can be extensively customized and analyzed with all the available tools. The ability to trade directly from charts makes technical analysis seamless.

On the usability front, PrimeXBT hits the mark for the most part. Workspaces are flexible, widgets are customizable, and key functions easy to locate. A few exceptions exist – the covesting section feels slightly disjointed, and some features like turbo trading are not obvious at first.

However, PrimeXBT provides ample educational resources and video tutorials to help users understand all aspects of the platform. Customer support is also responsive in case any confusion arises.

For new traders, the simple buy/sell exchange interface offers an easy onramp before accessing more advanced tools. Overall, PrimeXBT offers visual appeal and functional usability with the flexibility power users desire. The design and user experience compare well to top exchanges.

PrimeXBT Mobile Offering

For traders looking to manage positions and execute trades on the go, PrimeXBT offers mobile apps for iOS and Android devices.

The PrimeXBT mobile app provides tools to analyze price charts, monitor portfolios, place trades, and manage account settings. The interface is well-designed with intuitive navigation between sections.

You get full-featured charts and the ability to overlay technical indicators. The app also allows you to easily track your account balance, open positions, and order history. Trades can be placed directly from the charts or using the order form.

The iOS app has a 4.7/5 rating based on over 5,400 reviews. The Android version is rated 4.4/5 from over 107,000 reviews. Most feedback is positive, but some users report occasional lag and minor bugs.

PrimeXBT also offers a second app called PrimeXBT Crypto Trading for more advanced traders. This provides deeper charting capabilities and order management tools.

Overall, the PrimeXBT mobile experience delivers the core features you need to manage existing positions and execute new trades on the go. Charts and order execution are fast and reliable. While the apps may not satisfy power users, they offer a convenient way to stay connected from anywhere when away from your desktop.

PrimeXBT Ease of Use

Despite providing advanced trading features, PrimeXBT has designed an accessible interface suitable for beginner through expert traders.

New users can easily buy/sell or go long/short on crypto, forex, commodities etc. with just a few clicks. The intuitive order forms and charts allow fast order execution.

For more experienced traders, PrimeXBT offers extensive charting capabilities, order types, risk management tools, customizable workspaces and more. Yet the added functionality does not make the platform overly complex. Traders can access as much or as little complexity as they desire.

The educational resources and FAQ sections provide ample support for learning the platform. Video tutorials guide users through topics ranging from placing basic trades to utilizing covesting strategies.

PrimeXBT also offers a free demo account with virtual funds. Testing strategies risk-free on the demo is a great way for newer traders to familiarize themselves with the tools and order types.

While designed to handle the demands of veteran traders, PrimeXBT remains straightforward enough for those with minimal experience to get started. User-friendliness, education, and demo support create a smooth onramp for traders of any background to leverage the platform’s capabilities.

PrimeXBT Customer Support

PrimeXBT provides customer support through multiple channels including email, web form, and live chat. Support is available 24/7 to accommodate traders globally.

Via live chat, response times are typically prompt with support agents responding in minutes. The team is knowledgeable and able to assist effectively with most inquiries on accounts, trading, technical issues, and platform use.

In addition to direct support, PrimeXBT offers an online Help Center with FAQs and an education portal with guides. The support site makes it easy to find answers to common questions or get pointed in the right direction.

As a global platform, phone support would be a useful addition for users that need urgent assistance. But PrimeXBT does offer alternative ways to get quick help, including their Telegram bot linked to support staff.

Considering its global reach, PrimeXBT delivers solid customer service through various channels. Live chat and the knowledge base provide traders with readily available assistance. While room for improvement exists, their support compares well relative to other exchanges.

Conclusion

PrimeXBT provides an impressive all-in-one margin trading platform for cryptocurrencies, forex, commodities, and stock indices. The exchange stands out by offering social copy trading and up to 100x leverage across a variety of assets.

For cryptocurrency traders seeking an alternative to spot exchanges, PrimeXBT opens up unique opportunities to profit from the volatile crypto markets. The ability to short, use leverage, and capitalize on declining prices adds to the potential strategies available.

The customizable workspace, extensive charting tools, and robust order management features accommodate advanced traders. Yet the platform remains accessible enough for beginners thanks to the simple buy/sell interface.

While the lack of regulation and limited cryptocurrency pairs are drawbacks for some, PrimeXBT still delivers a compelling trading experience. The combination of high leverage, aggregated liquidity sources, and social trading makes PrimeXBT a top choice worth considering for margin cryptocurrency trading.

Overall, PrimeXBT provides the features, tools, and performance to compete with leading margin exchanges. For traders seeking exposure beyond just spot trading, PrimeXBT is a top-tier platform and a welcome addition to the growing crypto derivatives market.

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PrimeXBT FAQs

What countries does PrimeXBT operate in?

PrimeXBT accepts users from over 150 countries globally, with the notable exception of the United States, Canada, Japan, and a few other prohibited jurisdictions.

What fees does PrimeXBT charge?

PrimeXBT charges a trading fee of 0.05% for crypto trades and 0.01% for forex, indices, and commodities. There are no deposit fees but a small withdrawal fee is charged. Overnight financing fees apply for leveraged positions held open overnight.

Is PrimeXBT regulated?

No, PrimeXBT is not currently regulated by any financial authority. The platform is incorporated in Seychelles. Users trade at their own risk.

What leverage does PrimeXBT offer?

PrimeXBT offers up to 100x leverage on crypto and 1,000x leverage on some forex pairs. Leverage varies by instrument from 1:5 up to 1:1,000.

Can I deposit fiat currency to trade?

No, PrimeXBT does not support direct fiat deposits. You must first purchase or transfer supported cryptocurrencies like BTC, ETH, USDT to fund your account.

How do I withdraw funds from PrimeXBT?

You can withdraw cryptocurrency at any time by sending to your personal wallet address. Withdrawals are processed once per day and require a minor network fee. Fiat withdrawals to a bank are not supported.

Is copy trading available on PrimeXBT?

Yes, PrimeXBT offers a copy trading feature called Covesting. Investors can automatically mimic trades from successful strategy managers to leverage their market expertise.

Does PrimeXBT have a mobile app?

Yes, PrimeXBT offers mobile trading apps for both iOS and Android devices. The apps allow you to monitor markets, execute trades, and manage your account on the go.