PrimeXBT Review [2024] | Trade Crypto Futures and CFDs

PrimeXBT is a global online broker that has gained prominence in the global trading community over the last six years. It offers the trading of different assets, such as cryptocurrencies, commodities, Forex, and major stock indices, via contracts for differences (CFDs).

The platform stands out with its competitive trading conditions, innovative features like Covesting, and robust security measures. Therefore, this review will analyze every aspect of PrimeXBT, from its user interface and trading options to its fee structure and security protocols.

How Does PrimeXBT Work?

PrimeXBT is a multi-asset trading platform that operates by providing users access to various global markets, including cryptocurrencies, forex, commodities, and indices. The platform is designed to cater to both beginner and professional traders by offering a range of trading options, such as futures and CFDs (Contract for Difference). 

PrimeXBT allows users to trade on margin, meaning they can borrow funds to increase their trading positions. This leverage can significantly amplify potential profits but also comes with increased risk.

The platform is web-based, so users can access it from any device with an internet connection. PrimeXBT also offers a mobile app for trading on the go. Users can customize their trading dashboards, employ advanced charting tools, and execute trades in real time. Additionally, the Covesting feature allows users to copy the trades of successful traders, which is particularly beneficial for those who are new to trading or who prefer a more passive investment strategy.

Platform Features

PrimeXBT’s platform is designed with both beginners and seasoned traders in mind. It offers a customizable interface that allows users to tailor their trading experience. The platform supports over 100 markets, enabling users to trade cryptocurrencies, traditional forex pairs, commodities, and stock indices. 

The mobile app, available on iOS and Android, allows traders to manage their portfolios on the go and offers the same advanced features found on the desktop version.

What Services Does PrimeXB T Offer?

PrimeXBT offers several services that cater to a variety of trading needs. Below are the primary services offered by the platform:

Crypto Futures Trading

PrimeXBT provides access to futures markets for cryptocurrencies, offering some of the best conditions in the industry. Futures trading allows users to speculate on the future price movements of cryptocurrencies without actually owning the underlying assets. This type of trading benefits those who want to profit from both rising and falling markets. PrimeXBT offers up to 100x leverage on crypto futures, which can significantly increase potential returns but also carries a high level of risk.

CFD Trading

In addition to crypto futures, PrimeXBT offers CFD trading on various assets, including forex pairs, commodities, and stock indices, again with highly competitive conditions. CFDs allow traders to speculate on the price movements of these assets without having to purchase them outright. This flexibility makes CFDs popular among traders looking to diversify their portfolios and take advantage of market movements in different asset classes.

Covesting

Covesting is one of PrimeXBT’s most unique features. It allows users to copy the trading strategies of top-performing traders on the platform. This is particularly useful for beginners who may not have the experience or time to develop their own trading strategies. 

For experienced traders, Covesting offers an opportunity to earn additional income by sharing their strategies with others. The feature includes a leaderboard that ranks traders based on their performance, making it easy for users to find and follow successful strategies. This transparency and the potential for passive income make Covesting a popular choice among PrimeXBT users.

Margin Trading

PrimeXBT offers margin trading across all supported assets, allowing users to trade with leverage. Margin trading can amplify both potential gains and losses, making it essential for traders to employ sound risk management strategies. The platform’s leverage options are competitive, with up to 100x leverage available on certain assets, enabling traders to maximize their trading potential.

Minimum Deposits

PrimeXBT allows users to deposit any amount sufficient to cover the required margin for their trades. As such,  no minimum requirement, offering flexibility for beginners and traders to trade their strategies according to their capacity and risk level. For example, if the minimum order size for Bitcoin trading is 0.001 BTC, the minimum margin required for leverage trading could be 0.000005 BTC, depending on the leverage selected.

However, this works differently for a Fiat currency deposit since PrimeXBT facilitates transactions through third-party providers. Therefore, a minimum deposit of $10 USD is required. 

Trading Contests

PrimeXBT hosts regular trading contests that allow users to compete against each other in a simulated trading environment. These contests are a fun and engaging way for traders to hone their skills and potentially earn rewards. The contests are held using virtual currency, so there is no risk of losing real funds, making them ideal for new and experienced traders.

Mobile Apps

Recognizing the importance of trading on the go, PrimeXBT offers mobile apps for both iOS and Android devices. These apps provide full access to the platform’s features, including trading, charting, and account management. 

Additionally, the mobile apps are designed with a user-friendly interface, ensuring that traders can execute trades, monitor markets, and manage their portfolios with ease, regardless of their location.

Price Charts

PrimeXBT offers advanced price charts integrated with TradingView, a leading charting tool traders use worldwide. These charts are highly customizable, allowing users to apply various technical indicators, draw trendlines, and analyze market movements in detail. The platform’s charting tools are designed to cater to traders of all levels, providing the necessary tools to make informed trading decisions.

Crypto Buying and Deposit Methods 

PrimeXBT allows users to buy cryptocurrencies directly through the platform. This feature is convenient for users who want to trade crypto futures or CFDs but do not currently hold cryptocurrencies. 

PrimeXBT has different fiat-to-crypto exchange services (e.g., Coinify, Paxful, and Xanpoo). Users can buy Bitcoin, Ethereum, and other supported cryptocurrencies using various payment methods, including credit/debit cards and bank transfers. The purchased crypto can then fund trading activities on the platform.

For deposits, users can transfer cryptocurrencies from their personal crypto wallets to their PrimeXBT wallets. The supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Covesting (COV).

Demo Account

For those new to trading or those looking to test out the platform, PrimeXBT offers a Demo Account feature. This account is where users trade with virtual funds, giving them a risk-free environment to learn the ropes of trading or try out new strategies. 

Also, the demo account mirrors the real trading environment, including access to the same tools and features, making it an excellent resource for beginners and established traders to refine their skills.

What are the Security Features Available on PrimeXBT?

Security is a top priority at PrimeXBT. The platform employs various measures to protect user funds and personal information. One key security feature is the use of cold storage wallets, which keep the majority of user assets offline and out of reach from potential cyber threats.

In addition to cold storage, PrimeXBT uses two-factor authentication (2FA) and withdrawal address whitelisting to enhance account security. These security features have made PrimeXBT a trusted brand for traders globally. Also, these measures ensure that users can trade confidently, knowing that their assets are well protected.

Trading Fees and Costs

PrimeXBT is known for its low trading fees, which are among the most competitive in the industry. The platform charges a flat fee of 0.05% on all crypto trades, making it an attractive option for traders who engage in high-frequency trading. In addition to the flat trading fee, PrimeXBT also charges overnight fees for positions held open past a certain time. These fees vary depending on the asset being traded and the size of the position.

The transparency of PrimeXBT’s fee structure is another point in its favor. Unlike some platforms with hidden fees, PrimeXBT provides clear information on all costs associated with trading, allowing users to make informed decisions.

PrimeXBT Supported Assets

PrimeXBT supports numerous assets. This versatility allows traders looking to diversify their portfolios to have many options. The assets supported on PrimeXBT include:

• Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and over 30 other cryptocurrencies.
• Forex Pairs: Major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs.
• Commodities: Gold, silver, oil, and other key commodities.
• Indices: Major stock indices such as the S&P 500, NASDAQ, FTSE 100, etc.

Account Types and Verification

PrimeXBT offers a straightforward account registration process that can be completed in just a few minutes. The platform does not require users to complete a Know Your Customer (KYC) verification process to start trading, which is a significant advantage for those who value privacy. However, users wishing to withdraw more than $20,000 daily must complete a KYC verification process.

This flexibility makes PrimeXBT an appealing choice for users who prefer to trade anonymously — one of the benefits of blockchain technology. However, the lack of a KYC process also means the platform is unregulated, which may be a consideration for some traders.

PrimeXBT AML Compliance

PrimeXBT offers high privacy by not requiring mandatory KYC (Know Your Customer) verification for all users, which means it operates in an unregulated environment. However, PrimeXBT has measures to comply with Anti-Money Laundering (AML) regulations, particularly for users who wish to withdraw large sums of money.

Users who plan to withdraw more than $20,000 in a single day are required to complete the KYC verification process. This process involves providing a valid photo ID and a selfie to confirm the user’s identity. 

Additionally, PrimeXBT’s AML compliance follows FATF guidelines. It uses Bitfury’s Crystal software to monitor Blockchain in real-time. This feature assigns risk scores to deposits, allowing the platform to identify and filter suspicious transactions.

Furthermore, PrimeXBT does not support anonymous cryptocurrencies or fiat-to-crypto gateways, reducing the risk of money laundering and illicit financing. 

While PrimeXBT is not subject to the same regulatory oversight as some other platforms, these measures help ensure that it complies with international AML standards to some extent.

Deposit and Withdrawal Options

PrimeXBT supports diverse deposit and withdrawal options, making it easy for users to fund their accounts and access their profits. The platform accepts over 30 fiat currencies, including USD, EUR, GBP, AUD, and various cryptocurrencies. Deposits can be made using credit/debit cards, SEPA transfers, or cryptocurrency transfers from external wallets.

Additionally, withdrawals are processed quickly, with most requests completed within a few hours. However, the platform charges a small fee for withdrawals, which varies depending on the asset being withdrawn.

PrimeXBT offers advanced trading tools designed to enhance the trading experience. These include sophisticated charting tools, integration with TradingView for technical analysis, and risk management features such as stop-loss and take-profit orders. 

The platform also has customizable trading dashboards, allowing users to tailor their workspace to their specific needs. This makes monitoring the markets and executing trades more efficient.

These advanced charting tools and risk management features promote PrimeXBT as a robust platform for traders who rely on technical analysis to inform their trading decisions. The platform’s tools are designed to be both powerful and user-friendly and are accessible to traders of all experience levels.

Educational Resources

PrimeXBT prides itself on helping its users improve their trading skills and knowledge. The platform offers a range of educational resources, including tutorials, guides, and webinars. The PrimeXBT Blog is another valuable resource where users get insights into market trends, trading strategies, and platform updates.

For beginners, PrimeXBT offers a series of educational videos that cover the basics of trading, from placing orders to managing risk. These resources are packaged to help users get up to speed quickly, making PrimeXBT an accessible platform for those new to trading.

Customer Support

PrimeXBT offers a comprehensive customer support service, with a team available 24/7 to assist users. Support is available through live chat, email, and a detailed help center that covers different topics. User reviews of the platform’s customer support are generally positive, with users finding the team to be responsive and helpful, although some users have reported longer wait times during periods of high demand.

Overall, PrimeXBT’s customer support is considered to be of high quality. Its focus is on resolving issues quickly and effectively.

User Experience and Reviews

User experience is a key factor in the success of any trading platform, and PrimeXBT has generally received positive feedback in this area. The platform’s user interface is praised for being intuitive and easy to navigate, with advanced features that are accessible to both beginners and experienced traders.

In terms of performance, PrimeXBT is known for its speed and reliability, with minimal downtime, and fast execution times. However, some users have reported occasional issues with the mobile app, particularly during periods of high market volatility.

Overall, users have a favorable view of PrimeXBT; many traders highlight the platform’s low fees, advanced trading tools, and strong security measures as key advantages.

Pros and Cons of PrimeXBT

Pros:

• Low trading fees
• No minimum deposit 
• Wide range of supported assets
• Advanced trading tools and charting features
• Covesting module for copy trading
• Strong security measures, including cold storage wallets and 2FA
• No mandatory KYC for trading
• Fast execution time 
• 24/7 customer support 
• Demo account to learn trading 

Cons:

• Unregulated platform
• Occasional issues with mobile app performance
• Limited fiat deposit options compared to some competitors
• Not available in Canada and USA
• No spot trading 

Is PrimeXBT Safe?

Aside from the reviews of features and the platform of PrimeXBT, most users consider the safety of their investments before trusting a platform. Security is a critical concern for any trading platform, and PrimeXBT takes several measures to ensure the safety of its users’ funds and personal information. 

PrimeXBT uses cold storage wallets. These wallets store the majority of user assets offline, making them less vulnerable to hacking attempts than hot wallets connected to the internet. 

Also, PrimeXBT implements two-factor authentication (2FA), which requires users to verify their identity using a second device when logging in or making withdrawals. This adds an extra layer of protection against unauthorized access. 

Additionally, the platform offers withdrawal address whitelisting, which ensures that funds can only be withdrawn to pre-approved addresses. Also, traders enjoy cryptographic hashing for passwords, SSL encryption, and Cloudflare DDoS protection, ensuring a secure and reliable trading environment.

Lastly, IP checks and email confirmations ensure users comply with regulatory standards. The consequence of providing false residency information results in account restrictions for defaulters. 

Therefore, to answer the question of PrimeXBT’s safety, the platform has operated for six years and has never been hacked or compromised. As such, it has a strong reputation for its robust security measures and safety. Therefore, it’s safe.

Conclusion

PrimeXBT, currently serving more than a million users in 150 countries, has established itself as a leading platform for trading cryptocurrencies, forex, commodities, and indices. With its low fees, advanced trading tools, and innovative features like Covesting, PrimeXBT offers a comprehensive trading experience that caters to both beginners and experienced traders. The platform’s strong security measures and commitment to user privacy further enhance its appeal.