PrimeXBT Review: Is It Safe & Legit To Trade In 2021

In cryptocurrency trading and especially in crypto margin trading, the exchange platform plays a very crucial role. Your odds of placing a winning trade depend a lot on it. Therefore, selecting the right exchange platform is the key as it helps you take maximum advantage from price movements.

As we are speaking of exchanges, many would prefer to go with established players with a proven track record. But there are many new exchange platforms that are fast emerging as suitable alternatives and have the potential to grow big.

One such exchange is PrimeXBT, which has grown exponentially in a very short time and is now one of the leading crypto margin trading platforms in the market. 

But, there is one big question, is this exchange safe and legit? if yes, what we should expect from this platform?

Let’s have a detailed review.

[Updated]PrimeXBT Promo Code 2021

PrimeXBT is a crypto margin trading platform founded in 2018 and launched its exchange platform in early 2019. It is registered in Seychelles but operates from Switzerland.

The exchange offers leveraged trading on several crypto assets and also gives the ability to trade several assets other than crypto including forex, stock indices, and commodities.

The exchange gets an average daily trading volume of over $545 million and has a partnership with 12 liquidity providers that enables instant trade execution. Apart from this, the exchange boasts an innovative platform providing a wide range of trading tools and a safe trading environment for its clients.

Leverage offerings, Supported Coins, & Contracts

PrimeXBT supports five different digital assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and EOS.

And offers futures contracts on nine different trading pairs including, BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, and EOS/BTC.

It offers floating leverage of up to 100X on all crypto futures contracts and for other traditional financial assets, it offers up to 1000X leverage.

Order Types

PrimeXBT offers several order types for trading and hedging purposes. It has four main order types viz marker order, limit order, stop-market, and OCO (one-cancels-the-other).

The other two protection orders offered are stop-loss order and take profit order.

Platform Trading Fees

PrimeXBT has a very competitive trading fee and follows the flat fee per trade pricing strategy. For all crypto futures contracts, it charges a flat trading fee of 0.05% per trade.

The overnight financing fee for the long and short position is updated according to the liquidity condition of the underlying asset.

It supports only BTC as a funding option and requires a minimum deposit amount of 0.001 BTC for trading on the platform. The withdrawal fee is 0.0005 BTC per withdrawal.

Don’t want to or Can’t use PrimeXBT due to any reason? You can always check out our picks for PrimeXBT alternatives

Trading Platform

This is the most important part of any exchange as one spends most of his time here while trading, analyzing market cues, and price movements.

Honestly, PrimeXBT has the most intuitive and easy to handle trading platform in the segment. It is packed with innovative tools and advanced features that allow traders of all types (beginners to professionals) to manage and execute orders efficiently.

It has a web-based proprietary platform that requires no downloads and installations to start trading. The platform strikes the perfect balance of different features and functionalities to satisfy the needs of different traders. Let’s have a look at different features of the platform:

  • Customizable layouts

You can fully customize your trading screen by rearranging the position of the market window, widgets, charts, etc as per your preference.

  • Advanced API

Its advanced API helps to provide a superior trading experience and offers a clean UI. The platform has an average order execution speed of less than 7.12 millisecond and can execute more than 12,000 orders per second.

  • TA Tools and Charts

PrimeXBT features a powerful charting engine, through which you can study multiple chart types, indicators and use the comprehensive suite of drawing tools. 

It has over 50 widely used and advanced inbuilt technical indicators to analyze price trends. At once, you can study five different indicators on the chart to get a better understanding of the market.

There are two ways of placing trade orders, either click on a pair on the left side of the screen and place the trade order. Or, you can go to the top left corner of the chart below the pair name and then click on buy or sell. The ability to place trade orders directly from the integrated chart gives an edge over the other trading platforms.

  • Order Books

The order book is simple and clean, displaying graphs in green and red in the background to provide a high-frequency trading experience. 

It can handle a high-pressure trading situation pretty well which is common in crypto margin trading. PrimeXBT has the lowest order slippage percent in the industry at 5.1%. In 2019, 74.1% of the orders were executed at the requested quote, which is significantly higher than the industry. 

PrimeXBT Turbo

Recently, it added the Turbo trading platform after successful beta testing. One-of-a-kind platform provides access to bitcoin-settled synthetic contracts, which gives an opportunity of earning extremely high profits in a very short duration.

A beginner-friendly platform, where you just need to determine the direction of price movement and place the trade. The specified trade duration is either 30 seconds, 1 minute, or 5 minutes.

It offers the potential to profit up to 90% in just 30 seconds from a trade. 

How To Start Trading On PrimeXBT?

PrimeXBT doesn’t require KYC verification for its users, which means all the user’s profile and trades are anonymous. 

The account opening process is quite simple and can be completed in just a few steps. PrimeXBT claims that you can start trading in just 40 seconds flat. 

To start trading in PrineXBT, you just need an e-mail id to register yourself with the platform. After successful registration, you can directly access the trading platform.

Now, go straight to the deposit section present on the left side-bar of the platform and get your bitcoin address. Transfer BTC from your wallet to your PrimeXBT wallet (the minimum deposit is 0.001BTC) to start your trading journey. 

Assets Security

Wallet security: The majority of the customer’s digital asset is stored in the multi-sig cold storage wallet to eliminate risks against cyber attack. It stores only a small portion of the user’s fund into the hot wallet.

And, transfer of funds from cold storage to hot wallets of manually supervised under coordinated actions of multiple employees. 

Platform security: It uses 2 FA or dual-factor authentication to eliminate the risk of unauthorized access to the platform. You need to enable the 2FA setup process immediately after the registration process by downloading the Google Authenticator app.

Trading infrastructure security: All the trades are executed at Amazon AWS, known for its impeccable safety and internal control. The system is uniquely coded to minimize latency, automatic monitoring of all risks associated with the trading process, and pre-programmed full risk check after every order placed.

Other security features: The website traffic is encrypted using SSL to secure traffic data, all passwords on the platform are cryptographically hashed, Cloudflare to prevent DDoS attacks, and hardware security modules of FIPS PUB 140-2 Level 3 rating or higher.

Not sure between Bitmex and PrimeXBT? Our detailed analysis of Bitmex vs Primexbt can help you.

Customer Support

Now, speaking of customer support, PrimeXBT operates a 24/7 customer support desk and supports the English and Russian language. You can reach them via live chat, email, and social media.

Of all the three options, the live chat is the most preferred one as you get an instant response and is very helpful. The email option is also good, but the response time usually ranges a few hours.

The email support ids are support@primexbt.com and info@primexbt.com. You can also reach them on Twitter, Reddit, Facebook, and Telegram.

There is also a knowledge base (PrimeXBT Help Center), where you can get answers to some of the frequently asked questions and also helps you to understand different platform features.

Conclusion

After going through this comprehensive review article, there should be no question about the legitimacy and safety of the platform because it is a safe & legit platform.

PrimeXBT is a technology-driven next-generation crypto margin trading platform that allows users to get the maximum benefit from the price movements. The platform stands way ahead of some of the well-established crypto exchange platforms in the market. 

Let’s have a look at some of the benefits of the platform in a gist:

  • No KYC verification/ Anonymous account
  • Up to 100X leverage on all crypto trading pairs 
  • Offers deep liquidity
  • Offers bitcoin- settled synthetic contracts
  • Trading platform suitable for all types of traders
  • Ultra-fast trading platform with the lowest order slippage rate in the market
  • Competitive trading fee
  • Customer support 
  • Impeccable safety record
  • Offers to trade in traditional financial assets

In short, a serious trading platform for committed traders to efficiently perform his/her trading. If you have any questions or want to share your experience, do write it in the comment box below 🙂

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Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.