PrimeXBT Review 2021

PrimeXBT logo
PrimeXBT Facts & Figures

PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.

InstrumentsForex, indices, commodities, cryptocurrencies
Demo AccountNo
Min. Deposit0.001 BTC
PaymentsBitcoin Payments
Min. Trade0.01 contract
Regulated By
MetaTrader 4No
MetaTrader 5No
cTraderNo
DMA AccountNo
ECN AccountNo
Social TradingYes
Copy TradingYes
Auto TradingNo
Signals ServiceNo
Mobile AppsYes
Islamic AccountNo
Forex

Trade on close to 20 currency pairs, including crypto pairs. 'Covest' and follow experienced traders.

GBPUSD SpreadVariable
EURUSD SpreadVariable
GBPEUR SpreadVariable
Assets18
Stocks

Trade on major indices, including Nasdaq, S&P, & Nikkei

Cryptocurrency

Trade on popular cryptocurrency coins with an award winning trading platform. Leverage up to 1:100 subject to regulation.

CoinsBTC, LTC, ETH, XRP, EOS
Spreads0.05% BTC, 0.05% ETH
Risk Warning – Your Capital is at risk

PrimeXBT is a cryptocurrency, forex and commodities broker providing leveraged trading to UK clients. This review outlines the features available in the PrimeXBT trading platforms, along with the instruments and leverage. Also explained are the broker’s deposit and withdrawal options, fees and security information.

About PrimeXBT

PrimeXBT was incorporated in 2018 in the Seychelles. In 2019, the broker’s operating subsidiary, PrimeXBT Trading Services LLC, was incorporated in St Vincent & the Grenadines. In February 2021, the company announced it was moving its headquarters location and trading infrastructure to Switzerland.

The broker is a global brand serving clients in over 150 countries and employing more than 75 people across its three offices, with an average daily trading volume of approximately $540 million. One downside for UK traders, however, is that the broker does not currently hold a license with the FCA.

Trading Platforms

PrimeXBT Platform

PrimeXBT provides a custom-made, browser-based platform with no download or installation needed. The platform comes equipped with 50 technical indicators and a full suite of trading and analysis tools.

The workspace layout is customisable to the client’s preferences, enabling a range of market data visualisation tools and execution methods. Users can place trades and manage multiple order types directly from the integrated charts. PrimeXBT enables cross-margin trading and full risk checks after every order.

PrimeXBT forex platform

PrimeXBT platform

PrimeXBT offers copy trading to all clients, letting you mirror orders executed by other investors in various markets. It is easy to use and a great option for traders starting out. News of top performers is also regularly updated on the broker’s website.

Turbo Platform

PrimeXBT has also developed a fast-paced, user-friendly Turbo platform. Turbo allows clients to earn quick profits by making short-term price predictions. For crypto, the fixed time periods are 5m, 10m, and 15m. For forex, it’s 1m, 5m, and 30 seconds for majors like the EUR/USD.

Short time periods may limit potential profits but the downside risk is reduced as the maximum loss is equal to the amount deposited. Successful predictions can yield up to 90% profit. However, trading on PrimeXBT’s Turbo platform involves increased overall risk and is not suitable for all users. Each PrimeXBT Turbo account is given a starting demo balance of 1 BTC.

PrimeXBT trading platform

Turbo platform

The Turbo platform features useful tools such as trading histories and a live leaderboard where clients can compete. However, charting on PrimeXBT Turbo is limited to only one basic chart with no indicators or analysis tools. Currently, PrimeXBT Turbo offers 12 tradeable instruments, including forex and cryptos.

PrimeXBT does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.

Assets

PrimeXBT offers more than 50 forex pairs, 11 major stock indexes, energies, including crude oil, and precious metals, such as gold and silver. The broker also offers a decent range of cryptos such as Bitcoin, with more altcoins available vs the likes of Coinbase, ByBit and BitMex. Overall, PrimeXBT offers a decent product range and ranks well with Kraken and Binance.

Spreads & Commission

PrimeXBT’s pricing structure is simple and fees are only incurred each time a market position is opened and closed or when a position is held overnight. Current commission rates are:

  • 0.001% for forex majors
  • 0.05% for cryptocurrencies
  • 0.01% for indices and commodities

Compared with its competitors, PrimeXBT is relatively cheap.

An overnight financing fee is applied to positions held into a new trading day. A full breakdown of PrimeXBT’s financing rates and exchange charges is available under the fees section of the broker’s website.

Leverage Review

PrimeXBT’s leverage rates are a unique selling point. Its competitive leverage trading ratios are variable, changing with the size of the trade and the asset type. Maximum leverage rates for cryptos, energies, and indices go up to 1:100. Precious metals can reach 1:500 while leverage for forex pairs climbs as high as 1:1000. The high leverage levels are possible because the broker is not regulated by the FCA.

Note, you should keep an eye out for margin impacts and calls. Also, plenty of free leverage calculators are now available online.

Mobile App

The PrimeXBT trading terminal is available for mobile trading, with increased accessibility and flexibility for investment management and personalisation options. The app provides the same functionality as the desktop version with full access to all features, including instant order execution.

PrimeXBT mobile app

PrimeXBT trading devices

The PrimeXBT app is free to download on iPhone (iOS) and Android (APK) devices via the Apple and Google Play stores.

Deposits

PrimeXBT deals exclusively in cryptocurrency so if you already have Bitcoin, direct deposits into a PrimeXBT account are straightforward and free. Alternative deposit methods are available via third-party services, allowing you to buy BTC using your bank card, however, fees may apply.

The minimum deposit is 0.001 BTC, allowing users to trade with up to 0.1 BTC worth of assets. Depositing into a PrimeXBT account takes approximately 40 minutes as it requires three block confirmations for security purposes.

Withdrawals

Withdrawing is reasonably simple, requiring only a quantity and wallet address. There are no withdrawal limits with PrimeXBT, but there is a flat withdrawal fee of 0.0005 BTC. All pending withdrawals are processed once a day between 12:00 and 14:00 GMT.

PrimeXBT provides withdrawal address whitelisting, meaning only preset addresses can be used which have been verified via email confirmation. All withdrawals are done exclusively in BTC but third-party services allow users to convert to other currencies, such as GBP.

Demo Account

PrimeXBT does not currently offer a demo account, unlike standard cryptocurrency trading brokers. Trading accounts can be set up with a small deposit such as 0.001 BTC to test the platform. This is a drawback and may deter prospective traders.

PrimeXBT Welcome Bonus

Upon account sign-up, users may receive a PrimeXBT welcome bonus offer on deposits of 0.017 BTC or more. PrimeXBT promotion codes are also available. These giveaways can be issued individually or found across relevant trading community blogs and social media platforms. Promo codes may allow discounts on trade fees, overnight financing, or a deposit bonus.

Regulation Review

PrimeXBT is not regulated by the UK’s Financial Conduct Authority (FCA). We are reluctant to recommend unregulated online brokers as we cannot guarantee that they are safe to trade with. However, customer reviews are mostly positive with limited accusations of it being unsafe.

Additional Features

Covesting Module

PrimeXBT’s covesting module was launched in August 2020. It allows users to browse other traders’ strategies and copy their activity, achieving the same returns as leading investors on the platform. Followers earn 70% from any profitable trades. Leading traders can monetize their skills by earning success fees from their covesting followers. The module allows users to follow multiple traders at once.

PrimeXBT copy trading

Covesting traders

Education

Outside of its trading platform, PrimeXBT provides helpful information through various means. Throughout its website, the broker exhibits useful guides and tutorial videos, and various extensive FAQ sections in its Help Center.

The PrimeXBT blog features market research reports, education guides, plus technical summaries and strategies. The broker also makes Bitcoin (BTC) and Ripple (XRP) price predictions, among other cryptocurrencies.

Trading Accounts

PrimeXBT simplifies matters by only offering one account. This single account gains access to all the broker’s services with no limitations. The minimum deposit required to open an account is 0.001 BTC. Follow the sign-up instructions on the company’s website to get started.

Benefits

PrimeXBT has several features to attract potential traders, including:

  • Secure login
  • VPN accessible
  • Bitcoin rewards
  • Covesting module
  • High leverage rates
  • Minimum deposit of 0.001 BTC
  • No personal data required for sign up
  • Trade decent range of assets outside of cryptos

Drawbacks

Disadvantages of trading with PrimeXBT include:

  • No demo account
  • No futures trading
  • Unregulated status
  • Only online customer support
  • No automated trading through APIs
  • Limited deposit and withdrawal options

Trading Hours

Cryptocurrencies can be traded with PrimeXBT 24/7 as markets do not close. However, an overnight financing fee is applicable for any positions carried into a new trading day (past 23:59).

All forex pairs traded at PrimeXBT are open weekdays 21:05 – 21:00, including USD/RUB which changed in May 2020. Precious metals, including gold, can be traded 23 hours a day, weekdays 22:00 – 21:00. The broker’s trading hours for commodities and indices markets vary due to local trading hours.

Note, sessions may change owing to public holidays and daylight saving time.

Customer Support

PrimeXBT provides 24/7 customer support via its email address at support@help.primexbt.com or its live chat which is available via the Account menu at the top right of its website. PrimeXBT’s Telegram bot can also be used to contact the broker’s support team by connecting your live account to the Telegram app. However, there is no offline support, such as a telephone number, which may make complex issues more difficult to resolve.

The customer support team can help with a range of queries, from how to change leverage, liquidation prices, funding rates, orders rejected, platform maintenance and more.

Client Safety

Clients are not required to undergo KYC procedures, meaning zero personal information is needed for you to begin trading with PrimeXBT, only the minimum deposit. The broker protects its customers’ assets using an extensive cyber-security framework.
The majority of the broker’s assets are held in a safe offline storage system with limited amounts of BTC held in online wallets.

PrimeXBT provides users with a two-factor verification to secure their account, requiring both a password and access to the Google Authenticator app which is safer than using text messages.

PrimeXBT’s website traffic is encrypted with secure sockets layer (SSL) and passwords are cryptographically hashed, making them unreadable should the website be compromised. Security is regularly tested and checked by the broker’s technical team.

PrimeXBT Verdict

PrimeXBT is a good broker which has plenty to offer: intuitive and innovative trading platforms, competitive leverage rates, and a new covesting module that is attractive to inexperienced traders and experts alike.

While the PrimeXBT brokerage is not regulated in the UK, it offers reassurance to clients by protecting their identities and assets. Its speedy order execution, integrated charting, and customisable workspace which is available in browser and app format are also an advantage.

FAQ

Is PrimeXBT Regulated?

No, PrimeXBT is not regulated. This may deter some UK traders who will want to see regulatory oversight from the FCA. With that said, the forex broker receives positive reviews and utilises multiple security protocols.

Does PrimeXBT Offer A Demo Account?

PrimeXBT does not offer a demo account. A free practice account would be a welcome addition, however, traders are only required to deposit a 0.001 BTC to use the broker.

Does PrimeXBT Require ID Verification?

No personal information is required for you to begin trading with PrimeXBT, only the minimum deposit, and a valid email address and password. This makes it a quick and easy forex and crypto broker to get started with.

How Do I Withdraw Money From PrimeXBT?

Withdrawing is quite easy, requiring only a quantity and a whitelisted Bitcoin wallet address. Head to the payments section in the account area and follow the on-screen instructions to process your request.

Does PrimeXBT Offer Copy Trading?

PrimeXBT does offer a user-friendly copy trading service. Clients can follow experienced traders and copy their market positions in their own accounts. The broker ranks providers so clients can find a trader that matches their risk tolerance and trading style.

PrimeXBT vs Other Brokers

If you want to compare PrimeXBT with other brokers, use the detailed comparisons below.

PrimeXBT vs
PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.