History and Founding
Founded in 2018, PrimeXBT has, among other things, become an all-inclusive platform serving various markets like cryptocurrencies, forex, commodities, and indices around the globe. It is popular for having an optimized website, targeted to cater for every need of a user and hence provides a variation in trading.
Mission and Vision
PrimeXBT's vision is to offer the trading tools for professionals to traders with all levels of experience and connect them to a market that is different in the world of online trading—the one that has the highest performance technology and an amazing, intuitive user experience.
Global Presence
The platform caters for more than 150 countries with several language supports for global clients. As a large player in cryptocurrency and multi-asset trading, the company has broadened into its market leadership.
Advantages and Room for Improvement
Key Strengths
- Low trading fees
- No minimum deposit
- Wide range of supported assets
- Advanced trading tools and charting features
- Covesting module for copy trading
- Strong security measures, including cold storage wallets and 2FA
- No mandatory KYC for trading
- Fast execution time
- 24/7 customer support
- Demo account to learn trading
Area for Improvement:
- Unregulated platform
- Occasional issues with mobile app performance
- Limited fiat deposit options compared to some competitors
- Not available in Canada and USA
- No spot trading
Regulations and Securities
Licenses Held
PrimeXBT's main issues concerning regulation are that the platform is unregulated despite it being used by traders who are already leery of it. However, extremely strict security measures are in place to safeguard the client's funds and data.
Fund Segregation and Insurance
Client funds are held completely secured in multisignature cold storage and protected against any unauthorized access. Furthermore, 2FA is set up, and an encrypted connection is secured.
Instruments for Trading
There are various opportunities offered by the platform, as explained below:
Cryptocurrencies
Trade a range of popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple, providing leverages of up to 1:200 so as to meet the demands of both short-term and long-term traders.
Forex Pairs
Over 20 forex pairs are available within the platform, featuring majors, minors, and exotic along with a leverage reach up to 1:1000 and so on very competitive spreads.
Commodities
The trade includes various commodities e.g., gold, silver, crude oils, and natural gases that would diversify the entire investment portfolio into commodities.
Indices
These Contract for Difference (CFDs) are available on prime global indexes, including NASDAQ, S&P 500, FTSE 100, and DAX, with high-speed trading and small fees given in those transactions made by the user.
Account Types
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 0.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 100 |
| Stop-out level | 50 |
Premium
| Minimum deposit | 0 |
|---|---|
| Commission | 0.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 100 |
| Stop-out level | 50 |
VIP
| Minimum deposit | 0 |
|---|---|
| Commission | 0.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 100 |
| Stop-out level | 50 |
Fees and Charges
Trade Fees
The platform very transparently levies for trades whose cost is such that cryptocurrencies make a flat 0.05%; however, those involved in currency and commodity trading and in diverse markets such as indices are charged from 0.01% per trade.
Overnight Financing
The overnight financing rate relates to any positions that are generally held overnight. Particular rates are available on the site.
Deposits and Withdrawal Fees
Methods of Payment
The platform shall accept deposits through cryptocurrency in forms such as Bitcoin, Ethereum, USDT, and USDC.
Duration of Procedure
Normally it takes only a few minutes, but it usually depends on the different Bitcoin confirmation times. Usually, no withdrawal exceeds 24 hours.
Associated Costs
There are charges involved whenever a person makes a withdrawal, for instance, a blockchain network fee, depending on the kind of cryptocurrency being used.
FAQ
Are there any licenses?
PrimeXBT does not operate under a regulated environment hence may infringe upon the principles held by various traders.
Who are the trading platforms intended for?
PrimeXBT offers its own in-house web-based trading platform and has made mobile apps meant for both Apple's iOS and Android platforms.
What is the minimum deposit that a trader needs to open an account?
The account opening requirement is to have deposited at least valued equivalent to 0.001 BTC in supported currencies.
What types of accounts does the broker offer?
It has a single account structure allowing access to all instruments, and it incorporates every feature.
Based on what is the payment of fees and commissions done?
The commission and fees applied differ on various frontiers. For example, the productivity costs in a transaction would be 0.05% in cryptocurrency, whereas those transacting in metals, other currencies, and in addition to being in diverse markets such as index. Moreover, ones having stocks are charged at 0.01% per trade. The overnight financing rate is also applicable.
What is the maximum leverage in use?
The leverage is set at 1:1000 for forex, 1:200 in cryptocurrencies, and 1:100 for indices and commodities.
Does the account have a demo?
PrimeXBT does not have a demo account, but instead, there is a Covesting module on its platform where traders can interact with and learn from professionals.
And how does customer support work?
The customer support option can be used by filling in forms that can be seen only on their website.