Prime XBT was founded in 2019 and is one of the top cryptocurrency exchange platforms in the market today. From its inception, PrimeXBT has grown in rapid succession with a key focus in mind, which is to offer a platform for traders of cryptocurrency that is both innovative and dynamic. You will find whatever tools you need for daily online trading on this platform. To learn more about the platform, check out our in-depth PrimeXBT review.
PrimeXBT has a lot of perks for professional traders around the world, but it also comes with a list of limitations, most of which are related to the regions where it is not allowed to operate.
Another deal-breaker for some traders is that PrimeXBT supports only 5 cryptocurrencies. Although these are the 5 most well-known cryptocurrencies globally, some people may prefer having more options to trade on.
This article will review which countries support PrimeXBT and which are the regions do not, including an extensive look into PrimeXBT for US customers.
How Does PrimeXBT Restrict Users From Certain Countries?
The system that PrimeXBT has implemented to create this security involves confirmation of the user’s place of residence at the time of registration. To gain access to the PrimeXBT platform and use its services, you should be a registered member. And for your PrimeXBT registration process to go through, you need to complete the procedure of confirming your residence when filling up the form.
PrimeXBT also makes sure to restrict certain users from the list of restricted countries through IP address checks. The main reason behind the IP address check is to ensure that there is no illegal trading on the platform and is in compliance with the terms and conditions set by PrimeXBT.
PrimeXBT checks for users’ IP addresses, and if it finds that the code is not matched with the countries that are allowed to use the service, the user will be sent a warning to prove their country of residence further. If you confirm this pop-up, they will send an email to your registered account with a timestamp attachment of when you selected your country.
Another way that PrimeXBT keeps its restricted countries and regions in check is through its Terms of Service. The platform reserves all rights to ask for extra documents for proof, such as tax bills, address certificates, pay stubs, etc., whenever they feel the need for further documentation. This verification process can result from the client’s activities on the platform, such as withdrawals or other forms of transactions.
If the legal team at PrimeXBT finds out that the information is not accurate, they hold every right to ban the user from the platform and have their license for trading seized. This is why users need to go through the Terms and Conditions of PrimeXBT before registering.
Who Is PrimeXBT For?
- It is for traders who are just entering the cryptocurrency world and professionals who have already been in the game for a long time.
- It would be best if you were not the United States of America or a Canadian resident. There are 12 other nations that you cannot be a resident or if you want to use PrimeXBT.
- It is for people who do not want a massive variety of cryptocurrencies to trade are not interested in any exclusive trading features like lending and borrowing but excited about multiple passive income possibilities.
PrimeXBT Restricted Countries
After the launch, many countries accepted PrimeXBT as a powerful trading exchange platform. However, many countries and regions have now restricted PrimeXBT’s services. The list of restricted countries for PrimeXBT’s services is:
- United States of America
- Saint Vincent and The Grenadines
- Russian Federation
- North Korea
- American Samoa
- United States Minor Outlying Islands
Is PrimeXBT Legal In The US?
Before any trader decides to use PrimeXBT from their respective regions, it is best to consult a legal body or a tax advisor who will know the ins and outs of the cryptocurrency world. Even if you have access to PrimeXBT through any accepted country, you will have to double-check with your country’s laws and regulations regarding online cryptocurrency trading.
The local laws and directives may subject you as a criminal taking part in unlawful activities even if the s PrimeXBT platform/ website is accessible from your country. Therefore, all platform users or traders need to get a second opinion before trading online.
How To Use PrimeXBT From The USA?
Since PrimeXBT is illegal for use in the USA, you cannot get access to the platform when you are in the area. The IP checking procedure of the platform will restrict entry for you. However, the platform allows you to use their services if you are temporarily visiting the country, but your original address is somewhere outside of the US.
PrimeXBT is restricted in the US because of derivatives and CFD trading laws, which have very high leverage on the platform. If you are a traveler in the US or other restricted states and regions, you may still access the platform through a Virtual Private Network (VPN). Through the VPN, you can mask your IP address based in the US and show another region’s IP address to the platform while suing it from the US.
Once you verify that you are a temporary traveler, the platform will grant access to all its services even if you are currently located in the US.
Other Trading Platforms Not Restricted In The US
To stay on the safer side and for no legal trouble., it is best to stick to cryptocurrency exchange platforms that are fully legal in the US. For example, Coinbase, Binance US and Gemini are some popular exchanges that are legal for use in the US.
PrimeXBT Countries FAQs
PrimeXBT does not operate in Canada, the United States of America, United States Minor Outlying Islands Israel, Sudan, Saint Vincent and The Grenadines, Russian Federation, Japan, Ecuador, North Korea, Syria, American Samoa, Iran, and Algeria.
These areas are regarded as “prohibited jurisdictions,” but there is no apparent cut reason as to why these restrictions have been placed on these countries in the first place.