PrimeXBT Review 2024

PrimeXBT is a popular cryptocurrency and forex CFD trading platform that is known for its fast sign-up process, advanced trading options, and low fees. Since its launch in 2018, the platform has attracted over 1 million active users and stands as one of the best platforms for traders who are looking for a user-friendly trading tool.

PrimeXBT appears to be a great option for users to consider. However, is the platform as good as it claims to be?

We decided to conduct a thorough PrimeXBT review to establish whether or not the trading platform lives up to its hype. Our team spent time reviewing the platform’s features, fees, and trading options. We also compared PrimeXBT to other leading platforms to uncover exactly what the platform has to offer.

PrimeXBT Review Overview

We rated the key features of PrimeXBT out of 10, based on our individual experiences with the platform.

The table below provides an overview of our findings. However, it is important to understand that your experiences of the platform may differ

Pros and Cons of PrimeXBT

PrimeXBT is a good platform to consider for short-term trading. During our review of the platform, we were impressed by the usability, the quick sign-up process, and the low trading fees. However, we also discovered several features that could be improved.

Here is an overview of the main pros and cons of PrimeXBT.

If you’re looking for a more beginner-friendly cryptocurrency exchange, take a look at our list of top crypto exchanges.

What is PrimeXBT?

PrimeXBT is an online CFD trading platform that supports cryptocurrencies, forex, commodities, and indices. The platform is catered towards advanced trading strategies and offers a range of charting tools for technical analysis as well as leverage trading options.

PrimeXBT is registered in the Seychelles and was established in 2018. According to the official website, PrimeXBT is an ‘all-in-one’ platform for CFD trading, copy trading, and buying crypto.

The BanklessTimes Review Process

Our team spent time exploring the PrimeXBT trading platform to assess the key features, advantages, and disadvantages. For this review, we focussed on the platform’s cryptocurrency trading features. However, we also took time to review the other markets that are available.

As well as using our own experience of the platform, we analyzed user testimonials and reviews that have been left by previous PrimeXBT traders. We used these reviews to make sure that our own assessment of the platform matched up to other people’s experiences.

The following review is an overview of everything we found during the meticulous assessment process. For the purpose of this guide, we have focussed on aspects of PrimeXBT that will be most relevant to cryptocurrency traders.

To get a better understanding of the platform, we recommend conducting your own research before putting any money at risk.

Key Features of PrimeXBT

When reviewing a crypto trading platform, it is important to take a look at the key features that may be used as part of your trading strategy.

PrimeXBT comes with an abundance of trading platform features which made reviewing them a pretty extensive task. In the following section, we will take a look at the key features of the platform that stood out during our review.

PrimeXBT Crypto Trading

First and foremost, PrimeXBT is known for providing industry-leading cryptocurrency trading services. Users can trade 39 different cryptocurrency pairs including BTC/USD, ADA/BTC, ETH/BTC, and LTC/USD. Base currency options include USD and BTC.

Although PrimeXBT’s token offering is relatively small, the platform stands out because it supports the trading of crypto futures and CFDs.

Cryptocurrency futures and CFDs

Users can trade cryptocurrency futures contracts with leverage up to 200x. This allows you to increase your position size by borrowing funds using margin.

PrimeXBT offers user-friendly price charts and over 50 technical indicators that can be used to conduct analysis and execute positions effectively.

Crypto exchange

As well as cryptocurrency trading, PrimeXBT supports buying crypto with Visa and Mastercard.

Users can buy four coins through the platform: Bitcoin, Ethereum, USDT, and USDC. This makes the platform a good option for buying cryptocurrency with a debit card.

The cryptocurrency exchange feature is simple to use. However, it is relatively limited in comparison to the platform’s CFD trading capabilities.

Crypto wallet

Perhaps one of the most appealing crypto trading features offered by PrimeXBT is the storage of cryptocurrencies.

The trading platform uses cold wallets to store crypto safely offline. When coins need to be transferred to a hot wallet, the platform uses a multi-signature access procedure whereby multiple employees must sign off the transaction.

Furthermore, all users have access to their own PrimeXBT crypto wallet which can be accessed on both desktop and mobile devices. This means that you do not need to set up a third-party wallet to store your crypto if you choose to use PrimeXBT.

PrimeXBT Forex CFD Trading

PrimeXBT also supports forex CFD trading. Users can access advanced charting tools, price charts, and economic data to build trading strategies and make informed decisions.

There are over 100 global markets available to trade on the platform and users can trade with leverage up to 100x.

PrimeXBT Copy Trading

In 2020, PrimeXBT launched its copy trading platform which allows users to copy the trading strategies of experts.

The copy trading tool makes it possible to earn ‘passive income’ from PrimeXBT. Copy Traders receive 75% of profits that are made by the experts they copy. Similarly, expert Traders can earn 20% of their follower profits by sharing their strategies.

PrimeXBT’s copy trading offering stands out from other platforms because it allows users to trade solely cryptocurrencies.

The feature is simple to use. Once you sign up to the PrimeXBT platform, navigate to the copy trading dashboard, explore Traders that are available, and select the trader that you wish to copy.

The minimum deposit required to copy a trader on the platform is 0.00101 BTC or 0.02525 ETH.

You can also use the platform’s native token, COV, to copy trade. Using the COV token comes with bonuses such as reduced entry fees and crypto staking rewards.

Customer support

Customer support is crucial when you are trading volatile markets, such as crypto. Luckily, PrimeXBT offers 24/7 support services that are available to all users.

You can contact the support team via live chat, email, or social media. We found that the live chat feature provided the quickest response but the email option is best for technical issues that require comprehensive support.

PrimeXBT also provides a catalog of useful articles that you can use to find answers to any queries that you may have.

Research and analysis tools

PrimeXBT offers a catalog of useful research and analysis tools including:

• Live price charts

• Economic calendars

• Technical indicators

• Drawing tools

• Risk management tools

PrimeXBT has developed its own trading technology which is catered toward cryptocurrency trading. The trading platform is fully customizable which means that you can easily implement your own strategies and set things up in a way that suits your needs.

As well as advanced charting tools, the platform provides an AI trading bot. This tool offers live price alerts, open positions, and executed orders which can be used to assist your analysis.

Trading with leverage

PrimeXBT supports trading with leverage for both crypto CFDs and Forex pairs. For cryptocurrencies, it is possible to trade with leverage up to 200x whereas the limit is 100x for forex trading.

Users can access risk management tools including stop-loss and take-profit orders, price alerts, customizable position sizes, and customizable leverage.

How to Sign Up To Prime XTB

PrimeXBT is known for its fast sign-up process. You do not need to provide identity documents to complete the initial account creation process however, you may need to verify your identity to deposit fiat money into your account.

We managed to successfully sign up to PrimeXBT with an email address in under 10 minutes by following these steps.

Step 1: Navigate to the official website and click ‘register’

Make sure that you are using the official PrimeXBT website before proceeding with the sign-up process.

On the homepage, click ‘register’.

You will then be directed to the main sign-up page.

Step 2: Select a sign-up option

It is possible to sign up with your email, Google account, or Apple account. Select the most suitable option.

Make sure that you have access to the email account that you sign up with. PrimeXBT will send a verification email with a code that you must use to verify your account.

Step 3: Create your account

Once you have verified your account via email, you will be able to finish the setup process.

This involves choosing a password and providing some personal information such as your country of residence and your mobile number.

Step 4: Explore the trading platform

Although PrimeXBT does not offer a demo trading option, it is possible to explore the trading platform before depositing any funds into your account.

We recommend spending time familiarising yourself with the different features and tools that are available before depositing any money into your trading account.

Step 5: Fund your account

You will need to verify your account by providing identity documents to unlock deposit options.

Start the verification process by clicking on the account symbol on the right-hand side of the dashboard and selecting ‘verify account’.

Follow the instructions that appear on the screen to complete the verification process.

PrimeXBT does not charge any fees for depositing funds into your account. Deposits can be made through a crypt wallet, debit card, or bank transfer.

To deposit funds, click the small blue wallet symbol at the top of the dashboard.

You will then be able to select a payment method. For cryptocurrency deposits, you can select from Bitcoin, Ethereum, USDT and USDC. You can also deposit the platforms native Covesting token, COV.

The easiest way to deposit crypto into your account is to connect your crypto wallet. However, you can also send tokens manually to your PrimeXBT crypto wallet address.

If you choose to deposit fiat currency into your account, you will be asked to choose which PrimeXBT trading account you would like the money to go into. Make sure to select the right account type so that you can use the desired features.

Prime XTB Platform Fees

Compared to other cryptocurrency trading platforms, PrimeXBT offers relatively low fees. The two main fees involved with crypto trading are trading fees and overnight fees.

It is important to be aware that fees may vary depending on your trading strategy.

Here is an overview of the fees that are charged by the platform.

Prime XTB Bonuses and Incentives

You might be pleased to know that PrimeXBT is currently offering a $100 incentive to new users. To qualify for the bonus, you will need to deposit at least $500 into your account.

The $500 deposit can be made in any currency into any PrimeXBT account. The offer is limited and may not always be available.

PrimeXBT also offers several incentives to users who copy trade with the COV utility token. Token holders can receive discounted entry fees on copy trades and generous crypto staking rewards.

Is PrimeXBT Safe?

Cryptocurrency trading always comes with inherent risk, no matter what platform you use. However, the risk involved with trading crypto can be minimized by using a platform that is licsend and adheres to strict security procedures.

Although the trading platform is not currently regulated or licensed, PrimeXBT uses advanced cybersecurity measures to protect users from cybercriminals. The team regularly conducts security audits to ensure that process meet high security standards.

Some of the security procedures used by PrimeXBT include:

• The use of Cloudflare technology

• AWS web servers

• Two factor authentication

• Cold wallet crypto storage

• SSL encryption

• Bcrypt algorithm for password storage

• White labelling of Bitcoin addresses

• Manual transfer execution

PrimeXBT adheres to anti-money laundering standards and uses manual transfers to make sure that suspicious activity can be flagged.

Of course, it is never possible to guarantee 100% safety however, PrimeXBT provides a robust security framework to protect users. If you have any concerns, the platform offers 24/7 support through live chat.

The Bankless Times Verdict of Prime XBT

Overall, PrimeXBT is a good platform for trading cryptocurrency CFDs with leverage. The trading platform is easy to use, offers low fees and provides a good range of tools for research and analysis.

We were particularly impressed with PrimeXTB’s copy trading feature, which is suitable for both experienced and less-experienced users. We also liked the fact that the platform offers a native crypto wallet for token storage.

In regards to potential drawbacks, the selection of cryptocurrencies available on the platform is limited. This may be an issue for users who are looking to trade small cap altcoins. That being said, it is still posible to diversify with the 39 tokens that are available on the platform.

If you would like to start trading cryptocurrency CFDs on PrimeXBT, you can create an account in less than 10 minutes through the link below.

FAQs