PrimeXBT Review 2022 : Is It Safe & Legit Platform?

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 of 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.

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PrimeXBT Exchange Review 2022

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.

Supported Coins

The coin offering on PrimeXBT is not as broad as what you get with other top exchanges like Binance or Coinbase. However, the exchange still supports most of the primary coins and plans to add more assets soon.

Currently, the exchange supports at least 11 digital assets: BTC, ETH, XRP, LTC, EOS, SOL, ADA, DOT, UNI, LINK, and DOGE. That said, the trading pairs you can form will depend on the market you are trading in and the contract you want to buy or sell.

For the futures market, PrimeXBT supports nine different trading pairs: BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, and EOS/BTC.

Product Offering

1. Margin Trading: PrimeXBT is a margin trading crypt exchange. You can open large positions without investing a lot of money, and any slight price movement in the right direction will lead to amplified gains. 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. However, margin trading is one of the riskiest trading strategies as a slight price movement in the wrong direction is enough to trigger liquidation.

2. Earn-Interest: Traders on PrimeXBT do not need to trade to earn money as the exchange allows them to earn interest on their idle assets. Traders can deposit crypto on the platform and earn up to 14% APY. The exchange invests the crypto by lending it out to institutional traders and sharing the interest earned with the traders.

3: Copy Trading: With PrimeXBT, you do not have to be an expert trader to make winning trades as the exchange support copy trading. Traders can copy the trading strategies of other successful traders on the platform, increasing their likelihood of making a profit. Additionally, experienced traders that allow other traders to copy their trading strategies will earn up to 20% commission. Therefore there are multiple ways of earning from PrimeXBT besides trading.

 

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. A Stop-loss order allows you to set a price for your order to close if the market is not moving your way to minimize the loss you make.

Take-profit orders guarantee a minimum profit when the price moves in your predicted direction. With this order, your position will close once the price reaches a certain level to guarantee you make some gains on your position.

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 positions 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 milliseconds 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.

  • Mobile App

Like most other top crypto exchanges, PrimeXBT has a mobile app to allow both beginner and experienced traders to trade on the go. The app is available for download on both iOS and Android devices.

PrimeXBT mobile app has most of the functions you get on the web-based platform to allow traders to deposit/withdraw, place orders and monitor the market trends. Additionally, the app has an intuitive and easy to navigate interface for smooth operation

With the detailed charts and indicators on the app, you will not miss out on anything, even if you opt to use it exclusively.

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 profiles 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 sidebar 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 languages. 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.

FAQs

  • Where is PrimeXBT located?

PrimeXBT’s parent company, PrimeXBT Trading Services LLC, was incorporated in 2018 in St. Vincent and the Grenadines as a subsidiary of the PrimeXBT Group. However, its headquarters are in Seychelles, where the company is registered under Prime Technology Ltd.

PrimeXBT also has offices in a few other locations. For example, its trading infrastructure is now located in Switzerland. Thanks to the more crypto-friendly laws and less stringent financial regulations, many top-tier cryptocurrency exchanges also have their trading infrastructure located within Swiss borders.

That said, the PrimeXBT trading platform has a global presence as it accepts traders from around the world. According to information on their “About Us” page, PrimeXBT is available in more than 150 countries.

  • Is PrimeXBT legit?

PrimeXBT is a legit crypto trading platform that will not scam you. The fact that it is allowed to operate in more than 150 countries is a good indication that it is a legit exchange.

Additionally, there have been no complaints about traders getting scammed on the platform for the few years the exchange has been in operation.

The fact that the exchange has never been hacked is another good indication that it is a safe and legit platform.

Moreover, it complies with all the industry security standards and has clear trading policies and disclaimers to ensure all traders joining the platform understand the risks involved in crypto trading. PrimeXBT uses an extensive cyber-security framework to ensure maximum safety for user assets.

Another element that should give traders confidence that the crypto exchange is genuine is that it also has other markets heavily regulated besides crypto. The exchange also allows for trade indices and commodities like crude oil and brent and also supports forex trading.

 

  • Is PrimeXBT regulated?

Like many other centralized cryptocurrency exchanges, PrimeXBT is not regulated. However, it is operated by registered companies that are subject to company laws and regulations in their respective registration jurisdiction.

The two companies are Prime Technology Ltd, registered in Seychelles, and PrimeXBT Trading Services Ltd, registered in St. Vincent and the Grenadines.

It is also worth noting that PrimeXBT has already started the process of getting regulated. SFSA, SVGFSA, and ASIC regulations are already in process.

  • Can US traders use PrimeXBT?

Currently, PrimeXBT is not available for US traders. The exchange is not registered to operate in the country and so does not allow US residents to register on the platform.

However, this should not be a big concern given that very few crypto exchanges can operate in the US market, given the stringent laws and regulations on digital assets trading and speculation.

While it might be possible to access the site and open a trading account using VPN and other tools that mask your location, this is not a good idea. Despite being an illegal practice, you will still not be able to use the site smoothly.

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 🙂

Our #1 Recommendation

  • Upto 200x Leverage on BTC & ETH

  • Upto 1000x Leverage on Forex

  • Upto 35% Bonus on your BTC Deposit amount using Below Link

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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.