PrimeXBT is one of the biggest names in the cryptocurrency space, and this platform has established itself as a versatile and reliable service for traders and investors. Even though the number of cryptocurrencies is less, they deal with some of the highly coveted coins in the market today. PrimeXBT is also a very versatile platform through which you can quickly gain access to Forex, Cryptocurrencies, Stocks and Commodities.
In this article, we will review the background of PrimeXBT, how it came to be and its success story.
Overview of PrimeXBT
PrimeXBT is a platform that was established with the idea of trading Bitcoin but later flourished into a fully-fledged cryptocurrency exchange platform that is currently at the top of its game. The PrimeXBT history is packed with success, and from the get-go, they achieved popularity from traders and investors worldwide.
PrimeXBT deals with some of the biggest cryptocurrencies in the world like Bitcoin (BTC), Covesting (COV), Ethereum (ETH), USD coin (USDC) and Tether (USDT). With top-of-the-line security in place, PrimeXBT puts the safety of its customers’ assets as the top priority. They provide a reliable and credible platform for all their users to experience the best crypto trading exchange.
They also provide cold and hot storage for assets and funds with a Multisignature technology. The customer service is responsive and systematic, so you’ll always find a solution to all your queries. They are also available 24×7, so it is easy to reach out to the support team through mail or their website.
They established themselves as a Bitcoin-based exchange platform in 2018.
In 2019, PrimeXBT introduced their new Covesting module, which helped traders and investors make more revenue, targeting at least 20% of equity profits from followers.
PrimeXBT launched 18 more Forex pairs on their platform in the same year, making it even more versatile and inclusive.
International Financial Awards
By 2020, PrimeXBT was already making headlines with 74.1% execution of orders from their clientele- a much higher number than the average industry standards. They also won the International Financial Awards from ADVFN.
In 2021, PrimeXBT exchange volume peaked at $1.80 Billion, and users could start buying crypto with US dollars.
New iOS App
Towards the end of 2021, PrimeXBT launched an iOS app for more inclusivity, where users could trade from anywhere in the world.
PrimeXBT Trading Services LLC operates as a subsidiary with PrimeXBT. Since its operations are based in St. Vincent and the Grenadines, PrimeXBT doesn’t need a financial service license or any other region authorization for offering its services.
This platform has access to trading Indices like NASDAQ (National Association of Securities Dealers Automated Quotations) and S&P 500, global leaders in marketing securities. Not only this, PrimeXBT deals with commodities such as silver and gold. With more than 100x leverage, PrimeXBT offers premium trading and investing opportunities for people interested in making a living out of cryptocurrencies.
PrimeXBT is legal in over 150 countries around the world. The countries where PrimeXBT is allowed its services enjoy top-of-the-line trading without KYC, which is another plus point for the users. Moreover, this exchange’s security is top-notch- with a 2FA authentication and white labeling of addresses for withdrawals and zero fees for deposits.
The countries where PrimeXBT is not legal are 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. It is unclear why these countries have banned the use of PrimeXBT.
As of now, PrimeXBT does not have a dedicated API to help with tax reports. But there are numerous other third-party apps that you can use to keep a tag on all your transactions without missing out even on reward stacking, forks and airdrops. Since the tax authorities report cryptocurrency taxes differently from regular taxes, you cannot be too sure which ones are taxable events and which aren’t. This is especially important if you do not have a legal expert helping you with your crypto taxes.
These apps are highly advanced software that can help you calculate and generate even the most complicated transactions on the exchange platform. They also offer many services, including a CPA, so you can easily choose an option that best suits your need.
This reliable market that PrimeXBT has developed for itself plays to their side with an easy-to-use interface and fast processing of trading activities; they waste no time giving their customers the best service they can.
Another reason for the success of PrimeXBT is its liquidity offering to its users. The policy of high liquidity and low fees from PrimeXBT is one of the best marketing strategies that have led to the success of this exchange. The platform houses more than 12 liquidity providers who make it a point to have all its clients’ orders fulfilled and satisfied. For a full overview of the platform, give our PrimeXBT review a read.
The Founders of PrimeXBT
PrimeXBT was founded in 2018, with its headquarters at Seychelles. It operates under the parent company PrimeXBT Trading Services LLC. However, PrimeXBT founder(s) are unknown to the public.
PrimeXBT & Covesting
Some veteran traders have been in the business for years and have learned the ins and outs of the game; hence, when they are allowed to share their strategies with newbies, it increases revenue and profits by at least 20%. PrimeXBT Covesting is an integration based on copy trading which allows customers to examine previous trading schemes, copy them and use them to make it easier for current traders to make more revenue and income.
PrimeXBT Covesting is easy to use with various asset classes to choose from. The result of this system is a win-win for both parties, which is why the concept is successful in its execution.
PrimeXBT History FAQs
PrimeXBT was established in 2018 and currently has its headquarters in Seychelles.
PrimeXBT location is in Victoria, Beau Ballon, Seychelles.