PrimeXBT continues to grow as a platform that excels at specific trading actions while proving limited for conventional trading of coins. The average PrimeXBT review may claim that the platform is clearly superior while others may dismiss the platform without due consideration. While neither extreme is an advisable approach to take, both ideas offer us the opportunity to understand PrimeXBT better.
Read on in this PrimeXBT review to find out what PrimeXBT is all about, where it wins, where it falls short, and how you can use it for some great services.
What is PrimeXBT?
PrimeXBT is a trading exchange where users can trade in cryptocurrencies, commodities, stock indices, and Forex.
The platform primarily serves as a margin trading exchange. This means you’re restricted from making any real purchase of cryptocurrency directly here. However, PrimeXBT’s margin trading comes with exceptional benefits. Users can trade margins and earn up to 100x the amount invested into the platform initially. This makes the platform offer much more potential of earning through margin trading compared to other ordinary exchanges.
Also, additional features like Covesting and turbo trading render it even more useful for users willing to make use of these capabilities.
PrimeXBT is, however, not all good news, though. The platform is restricted in more than a dozen countries. This list of prohibited countries includes nations like the United States, Canada, etc. So, there’s no PrimeXBT USA like Binance.us, for instance, where Binance created a dedicated platform of selected services for the US alone.
Are these benefits substantial enough to stick with the platform? Or are the drawbacks simply too unforgiving? Let’s look at PrimeXBT’s features and elements in more detail to find out.
Brief Company Profile
PrimeXBT is headquartered in the East African nation of Seychelles. Like many other crypto companies offering lucrative trading opportunities, PrimeXBT is also located in an offshore location where direct intervention by regulatory authorities is difficult.
As a platform for trading in cryptocurrency, PrimeXBT has been around since its inception in 2018. By autumn of 2021, the platform added rising tokens like Solana, Polkadot, Cardano, etc. to its listings.
Summarized PrimeXBT Review and Quick Takeaway
PrimeXBT appears to be better suited for investors who wish to invest in diverse areas including cryptocurrencies and stocks. The easily navigable interface does not compromise accessibility. And you get to perform a wide range of investment actions in one place. So, whether you’re trading Bitcoin, browsing through indices like the S&P500, trading in USD, or simply investing in gold, it’s all there.
However, a large number of crypto enthusiasts may find the limitations too restricting. For starters, users cannot infuse fiat money directly, nor can they engage in spot trading. Additionally, the number of supported coins number to around 40 only, and the platform has no presence in crypto-thriving countries like the US.
Reasons to Use PrimeXBT (Pros)
- One-stop trading for a variety of currencies, commodities, and indices.
- Attractive leverages that support long/short investments
- Fast Registration and ease of navigation
- Innovative earning opportunity via Covesting
- Advanced charting capabilities and features
- Turbo trading to enhance returns
- Impressive referral system
Reasons to Avoid PrimeXBT (Cons)
- No support for many upcoming cryptocurrencies
- No ownership of underlying assets
- Not available in multiple countries, including Canada, USA and Japan
- Limited direct crypto transfers
How does PrimeXBT Work?
Now that we have a clearer, overall picture of what PrimeXBT is, let’s get a more detailed understanding of the underlying mechanism and its general approach.
Creating an Account
To start investing in PrimeXBT assets, you’ll have to create a functional PrimeXBT account. Here’s a brief but relevant step-by-step take on how to get started.
- Step 1: Go to PrimeXBT’s official website and choose the ‘Register’ option on the top right.
- Step 2: Fill up the subsequent form that appears. Details required here will include your email, a strong password, and other relevant information.
- Step 3: Click the confirmation link or get the login code from the email that you provided.
- Step 4: Login using your new credentials and proceed with the PrimeXBT account verification.
- Step 5: Next, purchase and deposit the minimum required amount of currency in your account.
- Step 6: Once all these steps are done, you can begin trading on the platform.
How to Start Trading on PrimeXBT (Depositing Funds)
Trading on PrimeXBT is normally a straightforward process, but the number of coins eligible for transfer to the platform is limited. For trading purposes, you can move only five out of the 40 odd supported coins available in the exchange.
To transfer the funds, you’ll have to move the currency through one of two options:
- Transfer the funds from your personal crypto wallet that’s tied to another exchange. This option is available in the Dashboard’s interface with each supported currency on display. Choose the currency you wish to send and then copy the given link and paste it from your source wallet.
- Use a third-party payment provider like Coinify or Xanpool. These services let you buy the allowed currency coins with your own bank card, before transferring them to your PrimeXBT account.
The five currencies are:
- ETH (Ether)
- BTC (Bitcoin)
- COV (Covesting)
- USDT (Tether)
- USDC (Stablecoin)
Each of these currencies has a PrimeXBT-compatible wallet embedded and running on the platform. So, when you transfer any of these currencies, you can only store them in the corresponding wallet.
The primary dashboard is where you’ll find all these currencies displayed along with the balance, option to deposit, and option to withdraw.
For a full guide on how to deposit funds into your PrimeXBT account, please refer to our PrimeXBT deposit guide.
How to Execute Your First Trade on PrimeXBT
Follow these steps to successfully perform your first trading command on the platform.
- Step 1: Transfer your funds to your trading account from your PrimeXBT Wallet. The Fund button will appear in green right next to the corresponding currency.
- Step 2: Click on the Trade Interface. Once clicked, a chart widget will appear displaying the currencies and empty field for order size. Here, pick the two currencies you want to trade and then decide on an order size.
- Step 3: The Short Sell option will appear as a red button on the left and the Long Buy option will display as a green button on the right. Choose the option relevant to your trading strategy.
- Step 4: A New Order window will appear. Choose the details for Loss Price, Profit Price, Project Loss, Project Profit, etc.
- Step 5: Once ready, click on the ‘Send Order’ button in blue. If successful, your completed order should show up in the Positions Widget.
How to Withdraw from PrimeXBT?
These are the steps to follow for withdrawing funds from PrimeXBT:
- Step 1: On your dashboard, find the cryptocurrency with which you want to process the withdrawals and click on ‘Withdraw’ on the right.
- Step 2: Specify the address to which you want to make the withdrawal. This is usually a destination wallet where you want to send your earnings.
- Step 3: Click on the ‘Submit for Withdrawal’ button at the bottom. If successful, you should receive a confirmatory mail that finalizes the transaction.
As a measure of security, PrimeXBT does not store big amounts of cryptocurrency in the system wallet. So, withdrawals get processed once during the day starting from 12:00 noon till 14:00 PM UTC. So, for your withdrawal to get processed on the same day, ensure that you request the withdrawal before noon.
Withdrawing cryptocurrencies invites a flat fee from the platform. The amount can vary depending on which currency you’re withdrawing.
- For BTC, the withdrawal fee rests at 0.0005 BTC.
- For ETH, the fee is capped at 0.01 ETH
- In the case of USDT, the charge rests at 20 USDT
- Withdrawing USDC will cost you 18 USDC
- And cashing in on COV comes with a charge of 5 COV
If you want to see a step-by-step guide on how to withdraw funds from PrimeXBT, you should check out our PrimeXBT withdrawal guide.
Covesting Copy-trading in PrimeXBT
One of the most innovative features of PrimeXBT’s earning opportunities is the Covesting option. Aptly named PrimeXBT Copy-trading, this option allows users to emulate the trading style and approach of successful users so that the results also translate into their earnings. It’s like getting a close analysis of the successful trader’s picks and decisions so that you can pull off a similar success story.
There are a few major advantages to this system.
- First, it gives new users and inexperienced traders the opportunity to earn much better amounts by imitating experienced traders. They get instant access to a part of the expertise without having to undergo years of trial and error.
- Next, it gives the successful traders an asset to monetize – their trading skills. Traders who share their strategies and skills earn a part of the returns that their followers get. So, they get rewarded and remain incentivized toward successful trading.
- Finally, this program encourages and nurtures the spirit of collaboration within the PrimeXBT network. Everyone has something to gain by sharing skills, emulating successful traders, and maintaining a transparent system of accountability.
There are some minimum conditions before a trader can share strategies, though. For instance, you need 2500 in funds for USDT and USDC if you wish to be a copy-trading leader. For ETH, the required minimum fund is 1.2500. Finally, for BTC you’ll need at least 0.05 coins in your account to qualify as a Covesting leader.
Once you qualify, you can create a personalized portfolio that includes an overall approach or strategy towards trading. If other traders pick up your style and start making money, you’ll be rewarded with a commission for sharing your expertise.
PrimeXBT Turbo Trading (TurboXBT)
For users who have sharp trading acumen, the PrimeXBT turbo option is a convenient way of earning that extra dough. It works by speculating and guessing the price movement of PrimeXBT’s assets in the short term. The duration of the predictions is extremely short. Hence, the name ‘turbo’ is appropriately named given how fast the results are revealed.
Each asset will have varying degrees of term, depending on what asset you choose. For instance, cryptocurrencies may come in three different durations. They come in one very short duration of 5 minutes, medium duration of 10 minutes, and a longer duration of 15 minutes. For Forex assets, the duration is comparatively shorter with the first option being one minute and the longer duration being 5 minutes. Within the Forex option, the USD and the EUR may even be available in 30-second durations.
Of course, accurate predictions aren’t easy to execute. The penalty for inaccurate guesses is usually the same amount that you betted to participate. However, the good news is that the returns for correct predictions can go up to 70% of the pledged amount. The system automatically allots the return percentages before predictions are made. So, you have little control over the percentage of returns you may get.
PrimeXBT Referral Program
PrimeXBT has one of the most comprehensive referral programs for its users. And for many participants, it has become a substantial source of earning passive income on the platform. These programs work by allowing the user to advertise, promote, or endorse the platform and inviting new users. In return, the platform rewards them with discounts, deals, and commissions from the amounts spent by the new users.
The PrimeXBT referral program comes in two categories – the affiliate and the ambassador.
The Affiliate Referral Program
The Affiliate program began in 2018 and has so far handed out over $10 million worth of rewards to affiliates. You can join the program if you have a medium of connecting to wider audiences. So, bloggers, YouTubers, TikTokers, Social Media Influencers, Twitch Streamers, etc., all have the option to leverage this great deal.
PrimeXBT provides advanced tools and assistance to help you with the affiliate program. And if you meet with success, the platform offers weekly payouts for all its converting affiliates. They currently engage over 20,000 promoters in different fields and you can choose from over 30 different cryptocurrency offers.
The Ambassador Referral Program
With the Ambassador program, you can become a partner of the platform. As an ambassador partner, you’ll be tasked with promoting and advertising the platform to whatever circle of influence you have.
To help you in the process, PrimeXBT offers certain features that are specially meant for the platform’s Ambassadors.
- Payouts twice a month for each lead generated for the platform.
- Special offers for your readers or subscribers include commissions and discounts.
- You stand a chance to receive up to 50% of the trading fees paid by your leads.
- Customized programs that will suit you and your followers.
Educational centers, website owners, active traders, and crypto analysts are all considered ideal candidates for the Ambassador program.
PrimeXBT Fee Structure
PrimeXBT is renowned for the low, negligible, and sometimes zero trading fees it offers.
For starters, the platform does not charge anything for deposits. However, if you use third-party vendors to purchase Bitcoin for your account, these payment providers may charge a small convenience fee.
For the actual trading, the PrimeXBT fees can vary depending on what you’re trading. Cryptocurrency remains the asset with the highest trading fees. But even in this case, the fee is a measly 0.05%. For all the other assets (Forex, Metals, Oil, Indices, etc.), the trading fee is capped at 0.01%.
For users who access the Covesting program as beneficiaries, the platform charges specific fees. A flat 20% is the amount deducted from your profits and given to the Covesting leader. PrimeXBT also retains a specific percentage from your profits which changes based on how much you invest. If your invested currency is 0.1BTC or more, the commission for PrimeXBT drops down to 5%. But the platform deducts 20%, if your investment in the copy-trading program is less than 0.02 BTC.
So, users have more to gain by investing bigger amounts in the copy-trading program. While this may initially seem like a risk, the right use of the copy-trading program brings in more money than the low fees you have to pay towards the platform and the leaders.
Platform Security: Is PrimeXBT Safe?
PrimeXBT has put up a comprehensive security framework in place to ensure that the platform runs smoothly, repels hackers, and prevents malpractice. Here are some of PrimeXBT’s security measures:
Protection of User’s actions and data
PrimeXBT conducts timely tests and security checks to ensure that the safety infrastructure is firmly in place and remains optimized. A few ways they accomplish this are:
- Every transaction is followed by an extensive risk-check
- Periodical system checkups by the technical department
- Continuous update of security systems to fight against new vulnerabilities
- Every password and all sensitive data undergo encryption for complete privacy.
The platform ensures that the trading mechanism constantly complies with industry standards when it comes to exchange security. The codes are all optimized for minimum latency and maximum speed. All in all, PrimeXBT runs with some of the most advanced security solutions in the market today.
PrimeXBT retains a minimal amount of coins in its ‘Hot Wallet.’ This is the online wallet that houses coins required for immediate use. The majority of assets all lie safely in offline, cold storage systems that are safely tucked away far from prying hands online. Any transfer made between the offline storage and the online wallet is managed manually to prevent oversights.
Like most other reliable cryptocurrency exchanges, PrimeXBT also employs dual-factor authentication to protect undue access to the user’s accounts. The platform employs a TOTP (Time-based One Time Password) which requires the user to have a Google authenticator app.
This added layer of security ensures that only the user gets access to the account. It also ensures that stolen passwords have little use for hackers because the additional layer of temporary passwords renders the initial password powerless.
Whitelisting allows you to specify which addresses or wallets you wish to accept transactions for your account. So, the platform will only send money to the address you’ve whitelisted. On the off chance that your account is compromised, the thief won’t be able to send the funds to any other wallet except your own. This extra preventive measure makes it extremely difficult for hackers to complete their transactions and high-tailing it off.
With all these security measures in place and reinforcing layers of safety installed, losing your funds is highly unlikely. Even if one layer of safety gets compromised, you have multiple other layers of security still working.
PrimeXBT has based its headquarters in Seychelles, a nation of islands located in the western part of the Indian Ocean.
PrimeXBT does not currently operate in the United States. So, citizens/residents of the US will not be able to trade or benefit from the platform’s features. There is an exception for travelers who are temporary residents. In this case, the user has to submit proof that they belong to a country where PrimeXBT is not restricted.
Instead of forcefully trying to access PrimeXBT (which may be considered illegal in the US), a better option may be to go for an alternative. Platforms like Coinbase and Binance.us all offer adequate features and trading capabilities in the US.
The basic way of buying Bitcoin on PrimeXBT is through one of the supported third-party providers. The transfer window is available on the main page (Dashboard). Here, you can simply choose the payment processor that’s available for the selected currency and proceed with the purchase.
The simplest way to short Bitcoin on PrimeXBT is through margin trading. The high leverage rates offered by PrimeXBT imply that users enjoy lower margin requirements. This creates a suitable scenario for short-selling Bitcoin on PrimeXBT.
Regardless of the platform in question, it is advisable for beginners to learn the ropes, grab some experience, and trade wisely in any situation. However, PrimeXBT’s Covesting copy-trading is a unique solution that allows even new users to quickly copy successful users’ strategies for added profits. In return, you will have to pay a certain part of your profits to the strategy leader and the PrimeXBT exchange too.