PrimeXBT Review 2024: Is It Worth The Hype?

PrimeXBT is an online Bitcoin-based exchange that provides its platform with cryptocurrencies and CFDs for trading.

This business was founded in Seychelles in 2018. Although a new business, PrimeXBT experienced exponential growth within a short period, as it has customers from 150 different countries.

According to the website, the company’s vision revolves around creating an innovative platform that provides users with the essential tools necessary for their daily trading activities.

PrimeXBT Review 2024: Is It Worth The Hype?

PrimeXBT provides a powerful platform loaded with important trading tools suitable for both beginners and intermediate traders.

The exchange firm has also implemented industry-standard security practices to protect investor funds and trading activities from cyber-attacks.

The customer support desk is open 24/7 to ensure that traders can receive assistance at any time. The website is available in six languages: English, Chinese, Spanish, Korean, Portuguese, and Russian.

Brokerage Services and Supported Cryptocurrencies

On its platform, PrimeXBT provides about 20 currency pairs, 5 crypto assets, 3 commodities, and 7 indices for trading.

Open an account with only an email and a password. Bitcoin is the only accepted currency for payments.

On its platform, PrimeXBT offers cryptocurrency assets, forex, indices, and CFDs for trading. The brand provides both exchange and brokerage services. Availability of the following asset classes:

• Forex: Trading is available for major and minor currency pairs. Commissions, or fees, are charged.
• Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ripple, and EOS are the crypto assets available.
• Commodities: Traders have the opportunity to speculate on commodity prices such as oil, gold, etc.
• Indices: The PrimeXBT platform allows you to trade the world’s most popular indices, such as the FTSE 100 and S&P 500.

Payment Methods

Bitcoin, which essentially makes PrimeXBT a crypto-crypto exchange/brokerage, is the only suitable payment currency.

This system would impact the deposit and withdrawal process of funds, as well as how traders source their trading resources.

Traders on PrimeXBT would have to acquire a stable Bitcoin wallet as a crypto-crypto exchange and source Bitcoin from exchanges either by buying with fiat currencies or using other cryptos to buy Bitcoin (e.g., using Ethereum to buy Bitcoin).

Strict wallet protection management is a must if Bitcoin funds are to be secure.

Why Do Traders Like PrimeXBT?

One of PrimeXBT’s key selling points is its leveraged trading with various assets.

These include six pairs of crypto-currency with a maximum of 100x leverage and a range of forex/commodity assets with up to 1,000x leverage!

PrimeXBT also uses liquidity supplied by the industry’s larger exchanges and market makers. It aggregates or’ pools’ liquidity from over 12 separate exchanges.

PrimeXBT has traders from more than 150 different nations. However, given such rules, some countries do not accept traders.

This includes the United States, Canada’s province of Québec, and a few others.

PrimeXBT Leverage

Trading on leverage allows individuals to gain more exposure to an asset than they have invested.

For those who do not know, this provides the trader with the profit of making money on “borrowed funds.” If you trade on leverage, a certain aspect will theoretically increase your returns.

This also works on the way down, inevitably, as losses are magnified. Below is an example of how leverage will operate on the PrimeXBT platform.

In general, another benefit of leveraged trading is that it enables you to shorten an asset. This implies that if the price of the commodity falls, you will make money.

You are borrowing the coin in question in the event of a short position in order to sell it forward in the future.

PrimeXBT Fees

Trading fees are an important factor because, in the long run, they will directly influence profitability.

These fees add up on a cumulative basis if you trade a great deal of volume on an exchange.

PrimeXBT’s payments are very straightforward. They have only two forms of fees: the trade fee and the overnight fee.

The former is a fee paid for joining the position, and the latter is for overnight funding of the position. The table below shows the fee breakdown for a choice of assets.

Please keep in mind that these financing fees are dynamic and subject to fluctuation daily. Visit the fees section on the PrimeXBT official website to confirm the exact fees on the day you are trading.

This puts PrimeXBT more in line than a Futures exchange with a CFD broker’s fee model. On the contracts, they do not charge termination fees but charge an overnight rate to keep the position.

If you enter and leave the place within the day, the latter won’t apply. The 0.01 percent-0.05 percent trading fee is much less than comparable CFD brokers such as IQ Option, etc.

For traders who make a large volume on the platform, the exchange recently released its tiered fee structure.

The discounts that you can gain depending on the amount of rolling trading for 30 days are below.

• 300–600 BTC: Get a 25% discount on the rates mentioned above at PrimeXBT.
• 600 + BTC: Traders with volumes greater than this amount will obtain a 50 % discount on the existing fee bid.

Inward payments do not incur fees to finance your account. However, you will have to pay an arbitrary miner fee if you withdraw funds from the exchange to propagate your transaction (these are common across the industry).

Is PrimeXBT Safe?

Given the ever-growing news of cryptocurrency exchange hacks, security is one of the most significant considerations for the trader. Grading an exchange is also one of our main evaluation requirements.

On the information tab, there is an entire section that outlines the security protocols that PrimeXBT uses.

Exchange Security

The bulk of the coins kept at PrimeXBT are held in cold storage. This implies that they are kept away from internet connections and the danger of possible hackers in a safe offline environment.

They will also need to operate a “hot wallet” to service their current payments and withdrawals, but only a small number of coins are kept in this state.

They use multi-signature access to allow some transfers from the cold wallet to the hot wallet.

This means that transactions in the PrimeXBT wallets would need the permission of various individuals who hold certain keys, decreasing the probability of a single failure point.

They also use Cloudflare’s technologies in other security mechanisms to minimize the risks raised by Distributed Denial of Service Attacks (DDoS).

Finally, they also have sophisticated hardware modules where they operate their technology for trading. These are hosted on AWS web servers and are considered to be among the best in the industry.

Communication Security

PrimeXBT has full SSL encryption, like most exchanges and financial sites these days.

This ensures that it will encrypt all correspondence that you send the exchange and make it impossible for any malicious actors to intercept it.

User Security

Of course, PrimeXBT provides two-factor authentication, even though a hacker can access your password. This means that you will have to approve the login on your computer through Google Authenticator.

While strongly recommended, enabling 2FA on your devices is not mandatory. You can do this very easily in your “security settings” through your account management choices.

PrimeXBT will present you with a QR code and a backup key.

FAQs

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Conclusion: PrimeXBT Review 2024 

PrimeXBT is a relatively well-established exchange for cryptocurrencies that enables customers to trade a variety of assets, including cryptocurrencies, Forex, commodities, and more.

This will provide traders with another fascinating alternative to the crypto-margin trading status quo.

PrimeXBT is attempting to take on some of the more proven space-operating futures and CFD brokers.