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Prime XBT

Prime XBT Review

Prime XBT is a Bitcoin-based derivatives trading exchange that allows you to trade not only cryptocurrencies but also traditional financial instruments such as Forex, S&P 500 and Nasdaq composite indices, commodities like crude oil and natural gas, and more. Despite the variety of choices, Prime XBT is extremely simple to use, as even a mere beginner can open an account and load it with Bitcoin (BTC) in minutes. The platform allows up to 100x crypto leverage trading and up to 1000x leverage for Forex trades. The platform is available to traders from more than 150 countries worldwide.

General info

  • Web address: Prime XBT
  • Support contact: Link
  • Main location: Seychelles
  • Daily volume: ? BTC
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: PrimeXBT Trading Services
  • Transfer types: Credit Card, Debit Card, Crypto Transfer
  • Supported fiat:
  • Supported pairs: 10
  • Has token: -
  • Fees: Very Low (Compare rates)

Pros

  • Ability to margin trade cryptocurrencies and traditional assets
  • Up to 100x leverage for crypto and 1000x leverage for Forex
  • Quick sign up process with no KYC required
  • Allows to purchase Bitcoin on the platform
  • Low fees

Cons

  • Only 5 tradeable cryptocurrencies
  • Bitcoin-only platform
  • Unregulated exchange

Screenshots

prime xbt review 2020

Prime XBT Review: Key Features

Prime XBT is an excellent cryptocurrency margin trading exchange for traders who are looking for a way to increase their bitcoin (BTC) holdings. The core features that make it stand out include:

Bitcoin-only exchange. You won’t be able to deposit any other kind of cryptocurrency to Prime XBT.
Ability to margin trade traditional assets as well as top cryptocurrencies. Trade bitcoin, ether, litecoin, EOS, and XRP along with S&P 500, FTSE100, NASDAQ, JAPAN, Forex, Gold, Natural Gas, Silver, Crude Oil, and much more.
Powerful and well-designed platform with customizable widgets. It comes with more than 12 integrated liquidity providers, which is capable of executing up to 12,000 orders per second and makes sure that the average order is executed in less than 7.12 ms.
Covesting integration. Prime XBT integrates directly with another crypto social trading platform Covesting, which allows you to view and copy the actions of seasoned traders.
Low fees platform. Prime XBT is extremely transparent when it comes to fees and guarantees some of the lowest fees out there.
Privacy. Prime XBT is a pro-privacy platform, which means that there are no KYC (know your customer) checks before you start trading.

All in all, Prime XBT is an ambitious emerging player in the margin trading sphere. It is likely to continue expanding its loyal user base and become a premier destination for both new and experienced margin traders, considering its user-oriented focus, convenience, and an ever-growing lineup of features.

Visit Prime XBT

Background

Prime XBT was founded and registered in Seychelles in 2018 under the holding company name Prime XBT trading services (148707). However, the platform didn’t launch it’s trading services until early 2019.

Later in 2019, Prime XBT also opened an office in St. Vincent & The Grenadines and moved its domain and trading infrastructure to the so-called world’s capital of cryptocurrency - Switzerland.

At the moment, the company claims to process approximately USD 375 million per day on average, and it is said to employ over 40 staff members in 3 offices.

Prime XBT operates in a borderless manner, which comes with minimal compliance with local regulations. As of today, the platform is accessible in more than 150 countries but is not available in the United States, Québec (Canada), Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan.

The website is available in eight international languages: English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian, and Turkish.

PrimeXBT review 2020

Prime XBT Fees

In terms of fees, Prime XBT is on the lower end of exchanges. The platform does not charge any deposit fees, but any withdrawal will cost you 0.0005 BTC - a standard fee to cover your Bitcoin transaction cost. In contrast, BitMEX, other popular Bitcoin derivatives exchange also says to charge only a small fee to cover BTC transaction cost, but it has been observed to charge people approx. 0.001 BTC which is not much but as twice as expensive.

Besides, you can make use of Prime XBT’s “Buy Bitcoin” instantly feature, which lets you purchase and deposit bitcoins directly into the platform via Changelly integration. Changelly lets you purchase bitcoins directly with your VISA or MasterCard bank card, which is extremely convenient but mind that the standard bank card transaction comes with a 5% Changelly and a 5% Simplex fees that add up to a higher than 10% of the total transaction amount fee.

Prime XBT Changelly integration deposit

Other principal fees at Prime XBT are Trade Fee and Overnight Financing.

The Trade Fee is charged every time you open or closed a position:

  • 0.05% for cryptocurrency trades
  • 0.01% for indices and commodities
  • 0.001% for Forex

Overnight Financing is incurred only when an open position is carried into a new day. A trading day at Prime XBT closes at 00:00 UTC. If you open and close position during the same trading day, no Overnight Financing fees are charged at all.

Prime XBT marketTrading FeeDaily Financing Fee LongDaily Financing Fee Short
BTC/USD0.05%-$16.0 per 1 BTC-$16.0 per 1 BTC
ETH/USD0.05%-$0.60 per 1 ETH-$0.15 per 1 ETH
ETH/BTC0.05%-₿0.000060 per 1 ETH-₿0.000015 per 1 ETH
LTC/USD0.05%-$0.20 per 1 LTC-$0.05 per 1 LTC
LTC/BTC0.05%-₿0.000020 per 1 LTC-₿0.000005 per 1 LTC
XRP/USD0.05%-$0.00054 per 1 XRP-$0.00003 per 1 XRP
XRP/BTC0.05%-₿0.00000054 per 1 XRP-₿0.00000003 per 1 XRP
EOS/USD0.05%-$0.012 per 1 EOS-$0.003 per 1 EOS
EOS/BTC0.05%-₿0.0000012 per 1 EOS-₿0.0000003 per 1 EOS

But how do Prime XBT’s fees rank compared with other margin trading exchanges? Let’s have a quick look:

ExchangeLeverageCryptocurrenciesFeesLink
Prime XBT100x50.05%Trade Now
BitMEX100x8-0.025% - 0.075%Trade Now
eToro2x150.75% - 2.9%Trade Now
Binance3x170.2%Trade Now
Bithoven20x130.2%Trade Now
Kraken5x80.01 - 0.02% ++Trade Now
Gate.io10x430.075%Trade Now
Poloniex5x160.08% - 0.2%Trade Now
Bitfinex3.3x250.1% - 0.2%Trade Now

As you can see, Prime XBT offers by far the lowest trading fees on the market, which makes it an excellent exchange for cryptocurrency or other financial instruments margin trading.

The platform is extremely transparent when it comes to various charges and makes it easy for you to do the math - there are no hidden charges.

Prime XBT privacy
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Prime XBT Security

Safety is by far the most critical aspect of any trading platform. Prime XBT has not been hacked yet and is generally considered as a secure and trustworthy platform.

Most of the bitcoins stored on the platform’s wallet are kept in cold storage - a secure storage locked away offline to minimize the chances of unauthorized access. Funds that are needed to cover day-to-day withdrawals are being held in a hot wallet. The transfers between the hot and the cold wallets are confirmed using multi-signatures, which is considered to be a standard security measure in the industry and helps to alleviate the risks of having a single point of failure.

Other security measures deployed by the exchange include Cloudfare’s protection against Distributed Denial of Service Attacks (DDoS). The platform’s hardware is hosted on Amazon Web Services servers, granting it sufficient capacity to run its powerful and efficient trading engine.

All the data exchanged between you and the platform is encrypted using full SSL encryption and is nearly impossible to intercept.

On the user side of things, Prime XBT allows you to secure your account using a strong email plus password combination along with Google Authenticator based 2FA (2-factor authentication). Besides, it protects your password and privacy by hashing them using bcrypt with a cost factor of 12 and encrypting all other sensitive data.

Prime XBT’s security gets significant props for protecting their user’s privacy, too. It does not force you to pass any mandatory KYC (know your customer) checks and doesn’t link your data to your name, which is a major win for their customers’ security by default. You can’t become a victim of targeted hacking if no one can identify you.

On the other hand, privacy is the biggest enemy of regulators. Hence, Prime XBT is an unregulated exchange and does not comply with any local banking restrictions.

However, In case someone does manage to get into your account anyway, your funds are also protected by the mandatory Bitcoin address whitelisting feature. It ensures that your bitcoins can be withdrawn only to your pre-approved BTC addresses.

Also, the platform lets you control whether you want to receive email notifications once someone signs into your account or your position is liquidated.

In sum, Prime XBT is one of the most secure platforms out there. Despite being unregulated, it compensates for that by offering its users all-around security in terms of account security and privacy.

Prime XBT review 2020

Prime XBT Design and Usability

The first thing you’ll see when you register onto the platform is its seamless user experience.

In fact, it takes less than a minute to open an account, and few more to load it with bitcoins and start trading.

Another impressive feature is the design of the trading platform. It is extremely simple to navigate, place orders, watch markets, and trade. However, if it isn’t so for you, you can also customize the platform’s interface according to your individual needs. If you’re a beginner, it likely won’t take long for you to start trading, too - despite all the advanced trading tools and charts, Prime XBT looks exceptionally intuitive and user-friendly.

It also has Android and iOS mobile apps to help you trade on the go.

Prime XBT margin trading

Trading on Prime XBT

All trading on Prime XBT revolves around either shorting or longing the market.

If you anticipate a market decline, you can buy a short position and profit from it if it does come true. In case you anticipate an increase in price, you can long the market and earn from the appreciation.

Prime XBT allows you to add leverage to your trades, too. Although leverage trading is a risky activity, it lets you enhance your position size by borrowing funds from the platform.

For example, if you’re trading BTC/USD market with a 1:100 leverage using USD 1000 of your funds, your position size reaches USD 100,000. Such a position means higher potential profits but also a higher risk of liquidation - the higher the leverage, the less price fluctuation it takes to close your positions and liquidate your funds.

Prime XBT review 2020 order types

Prime XBT lets you place four types of orders:

  • Market (default): an order which is executed immediately at the current offer/buy price.
  • Limit: an order which lets you place an offer at a wanted price. It will execute when the market price reaches it.
  • Stop: an order that lets you close position if the market reaches a certain level.
  • OCO: an order used by experienced traders to combine a stop order with a limit order to mitigate position risks.

In addition, you can set up a stop loss or take profit levels for every trade. This feature comes extremely handy if you have specific targets in mind before entering the position.

Customer support

In case you have any questions about the Prime XBT platform or trading, you can use its FAQ section to find answers.

Other than that, the platform has a customer support chat and a support email. Both of these support channels are open for messages 24/7.

Prime XBT deposit withdrawals

Deposit and Withdrawal methods

The minimum deposit on Prime XBT exchange is 0.001 BTC. If you decide to use leverage, it will allow you to open up to 0.1 BTC worth of positions.

Alternatively, you can top up your bitcoin wallet using Changelly integration. It allows you to buy bitcoins directly using your credit or debit card. The entire operation costs approximately 10% of your purchase amount.

Concerning withdrawals, there are no limits, but the amount should be higher than the pre-set bitcoin network transaction fee of 0.0005 BTC.

Prime XBT processes withdrawals only once a day, somewhere between 12:00 and 14:00 UTC. As per the company’s website, any withdrawal requested before 12:00 UTC will be processed on the same day, but withdrawals requested after 12:00 UTC will be processed the next day only.

Prime XBT registration
Start Trading

How to sign up and start trading on Prime XBT

Registering an account to start trading on Prime XBT takes just a few minutes. Here’s what you need to go through:

  1. Registration form. Sign up with your email, confirm it, and log in onto the platform.
  2. Fund your account. Deposit your bitcoins directly to the platform. If you don’t have any yet, you can buy it with your credit or debit card there via Changelly integration.
  3. Start trading. That’s it! You can trade cryptocurrency, Forex, commodities, and other indices with up to 1000x leverage.

Conclusion

Prime XBT is a rising star in the derivatives trading niche. The platform stands out by taking a clear stance against forced anti-privacy regulations, which is a massive plus for the privacy enthusiasts.

Prime XBT’s trading platform is tailored for both experienced users as well as beginners and provides a clutter-free experience despite its many advanced features.

Making use of smart integrations such as Changelly or Covesting is a smart and open approach to enhance the platform’s functionality outside of its default domain and makes up a wholesome trading experience.

All in all, a relatively new Prime XBT is already proving to be a serious player in the crypto trading industry.

Disclaimer: Margin trading is considered to be a risky activity, so do your own diligence and never trade more than you can afford to lose.

Summary

  • Web address: Prime XBT
  • Support contact: Link
  • Main location: Seychelles
  • Daily volume: ? BTC
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: PrimeXBT Trading Services
  • Transfer types: Credit Card, Debit Card, Crypto Transfer
  • Supported fiat:
  • Supported pairs: 10
  • Has token: -
  • Fees: Very Low (Compare rates)