PrimeXBT Broker Detail:
PrimeXBT Trading Services Ltd
Algeria (DZ), Canada (CA), Cuba (CU), Ecuador (EC), Ethiopia (ET), Iran (IR), North Korea (KP), Sudan (SD), Syria (SY), United States (US)
Straight Through Processing (STP)
Commodities, Cryptocurrencies, Energies, Forex Pairs, Precious Metals, Stock CFDs
Bank Cards, BitCoins
Binary Platform, Mobile Platform, Social Platform, Web Platform
PrimeXBT Review: Multi-Asset Margin Trading Platform
This is the only PrimeXBT review that you ever need.
In the cryptocurrency market, it is utterly crucial to choose the most suitable trading platform to ensure the success of your trading. Some of the determining factors are margin and a list of available cryptocurrencies. Today we want to grab your attention to a new and rising star in cryptocurrency trading.
PrimeXBT has a wide range of available assets that you can trade up to leverage of 1:1000. On top of it, they also offer some proprietary features.
In this comprehensive PrimeXBT guide, we will review the details of this forex broker before you decide to use it as your online trading platform.
PrimeXBT Review: Broker Fees
Broker’s fees are known to impact traders’ profitability in the long run especially if you are trading in a large volume.
In the following sections, you will find the full details of the PrimeXBT broker fees on every trading instruments available on their platform. We will be looking at forex pairs, cryptocurrencies, stock indices, and commodities.
We categorize the broker fees into trading fees and non-trading fees.
PrimeXBT is pretty transparent with their trading fees. They have 4 types of fees that you need to pay attention to. These are:
- Trade Fee (Commission)
- Conversion Fee
Trade Fee (Commission)
Trade fee in PrimeXBT is incurred each time you buy or sell assets on the market (i.e. each time you open and close a position):
0.05% for Cryptocurrencies
0.001% for Forex
0.01% for Indices and Commodities
If you are trading in a big volume, you can request for a more attractive volume-based commission. Please contact their support to customize your individual trading commission.
The screenshot above shows the standard discount on the trade fees if you are trading a lot.
The turnover is updated in real-time for all assets traded on your account in the last 30 days. The value is in BTC.
For turnover between 300 BTC – 599.99 BTC, the discount on the trade fee is 25%. While turnover above 600 BTC will benefit a discount of 50% on the trade fee.
We have made a simple table to illustrate the commission fees based on the trading instruments available on PrimeXBT.
BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, EOS/BTC.
BRENT, CRUDE, NAT.GAS.
DOWJ, EUR50, FRANCE, GER30, SP500, SPAIN, NASDAQ, HK-HSI, AUS200, JAPAN, UK100.
AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/HKD, EUR/JPY, EUR/MXN, EUR/NZD, EUR/SGD, EUR/TRY, EUR/USD, EUR/ZAR, GBP/AUD, GBP/CAD, GBP/CHF, GBP/HKD, GBP/JPY, GBP/MXN, GBP/NZD, GBP/SGD, GBP/TRY, GBP/USD, GBP/ZAR, NZD/CAD, NZD/CHF, NZD/JPY, NZD/SGD, NZD/USD, USD/CAD, USD/CHF, USD/CNH, USD/JPY, USD/MXN, USD/RUB, USD/SGD, USD/THB, USD/TRY, USD/ZAR.
XAG/AUD, XAG/USD, XAU/AUD, XAU/EUR, XAU/USD.
Trade Fee Example (Open a EUR/USD Position)
In order to see the trade fee in action, we have opened a position. EUR/USD is currently the most popular currency pair in the forex industry. Hence, we chose to trade 100,000 units of EUR/USD.
Firstly, we go to our PrimeXBT account and navigate to the “Trade” tab.
On the Trade tab, we open the EUR/USD chart. For illustration purposes, we open a long position.
Once we click on the Buy button, a “New Order” pops up.
Here we see the current price as well as the margin impact in BTC. Our trade fee is calculated based on the margin impact when the trade is confirmed. Once we click on the “Send Order” button, another confirmation box pops up.
After clicking the “Confirm” button, our EUR/USD is opened.
In PrimeXBT, the account base currency is Bitcoin. Hence, we will see the constant fluctuation of the used margin in BTC. It is due to the volatile nature of the Bitcoin against USD.
Let’s do some calculations for the trade fees.
The trade fee on the forex pair is 0.001% for opening and closing. In this case, a position of 100,000 EUR/USD would incur a 0.001% for opening and another 0.001% for closing.
It means the cost of one complete EUR/USD trade is 0.002% (0.001% + 0.001%) of trade fee. PrimeXBT is BTC-based and all the operations on the platform are conducted in BTC.
In this example the trade fee would be calculated as 100,000 * 0.001% = 1 EUR. That’s 0.00012470 converted into BTC according to the exchange rates at that time.
So, the cost of opening 100,000 units of EUR/USD in our example is 0.00012470 BTC.
Essentially, to calculate a trade fee in PrimeXBT, you will need to multiply the order size with the fee percentage for the instrument, then convert the amount into BTC at the current rates.
Trade Fee Example (Close a EUR/USD Position)
To see how much is the trade fee for closing the position, we now close the EUR/USD pair.
In order to do so, we go to the Trade tab again. In the position column, we press on the X symbol.
A box pops up. We click on the “Close Position” button and another confirmation box pops up.
We click on the “Confirm” button and finally, the position is closed with some small profit.
As we can see in the screenshot above, the trade fee (commission) charged for closing the trade is 0.00012510 BTC.
Total trade fee for 1 lot EUR/USD trade is:
0.00012510 BTC + 0.00012470 BTC = 0.0002498 BTC = 2.29 USD.
Verdict: The trade fee in PrimeXBT is low and competitive.
Swap (Overnight Rate)
In PrimeXBT, a swap is also known as overnight financing. It happens when a trade is carried over into a new trading day.
A trading day in PrimeXBT refers to a period from 00:00 UTC to 23:59 UTC. It means any position opened and closed within a trading day will not be charged a swap.
However, if a position is opened on a trading day and closed on the next trading day, it will be charged for a swap.
It is important to know that a swap is not charged during the weekends. Instead, any positions carried over to Thursday 00:00 UTC will be charged triple overnight financing.
We have compiled some of the overnight financing rates in the table below.
|Assets||Swap Long||Swap Short|
The overnight financing rates shown in the table above are changing periodically. It is the best practice to visit the PrimeXBT fees section to get the latest financing rates.
To further illustrate the overnight financing rate in action, we have opened a short position for 100,000 units EUR/USD and left it to trade overnight.
The next day, we were ready to close the trade even though it was a loss.
As shown in the image above, we are negative $118.01 in the unrealized profit and loss. We are closing the trade so that we can see the actual swap in play.
A popup box appears for us to close the position. Click on the “Close Position” button.
Another confirmation pop-up box to close the trade. Click on the “Confirm” button and the position is finally closed.
The overnight financing cost for this trade is 3.51 USD.
For a day trader, the swap is not a cost at all because it will only be applied to any trade that is carried over into the next day. If you are a swing trader or even a position trader, then this cost is something you should put into consideration.
There are no positive overnight financing rates in PrimeXBT. This means you will not earn any interest rate by holding the position overnight. It is not suitable for the carry trade strategy.
For Muslim traders, PrimeXBT does not have a swap-free account. If you want something Shariah-compliant, then PrimeXBT is not for you.
Verdict: The overnight financing rate in PrimeXBT is average and still competitive.
Spread is defined as the difference between the buying price and selling price.
In PrimeXBT, spread cost is not mentioned in the fees and conditions page. From our observation in the web platform, there are differences between the ask (buy) price and the bid (sell) price.
From the table above, we will take the EUR/USD as an example. The bidding price is 1.17055 and the asking price is 1.17059. The price difference is 0.4 pip.
Based on the EUR/USD trade that we have taken before, the value of 1 pip is 10 USD.
This means, if we open a position of 1 lot, we will have a spread cost of 0.4 pip which is about 4 USD.
Verdict: The spread cost in PrimeXBT is average and still competitive.
In PrimeXBT, currency conversion is constantly happening. The account base currency is in BTC. It means, for every transaction that is not in BTC, there will be a conversion. The conversion rate is based on the BTC market price for PrimeXBT.
As the conversion rates are dynamic, we cannot do any conclusion whether it is beneficial or not to the traders. The price movement of Bitcoin itself is volatile. It can be a new experience for a fiat trader.
Non-trading fees are the account-related fees. In PrimeXBT, the only non-trading fee that is applicable is the withdrawal fee. They do not charge for the deposit fee, account maintenance fee, and inactivity fee.
There is a flat cost when you make a withdrawal from your PrimeXBT wallet. It is 0.0005 BTC which is equivalent to 5 USD if the Bitcoin price is $10,000 per Bitcoin.
Unless you are making a withdrawal of 0.05 BTC and above, this withdrawal fee can be quite significant for a small withdrawal request.
PrimeXBT Review: Account Opening
Registration with PrimeXBT is simple. All it takes is a few clicks and a few minutes of your time. In fact, PrimeXBT brags that registration will only take 40 seconds. The only verification is email verification. There is no “know your customer” (KYC) process.
As soon as the account is open, you can start trading right away.
Let us go through with you on the account opening process.
There is a register button on the top right-hand side of every page. Click on it and this will bring you to the registration form.
Note: Password must contain: 8 symbols, 1 upper-case, 1 lower-case, and 1 digit.
Once you click on the Register button, you will receive a confirmation email.
Check your email inbox. If it is not in the inbox, it is possible that it might end up in your Spam folder.
Once you get the confirmation email, please click on the link to complete the registration. Congratulations, it is only a few clicks and a few minutes of your time!
As we mentioned in the beginning, PrimeXBT does not require you to provide your identity documents, residential proof, or even a phone number. They operate anonymously and this can be an advantage to the traders who appreciate their privacy. It also cuts down unnecessary processing time. Traders can trade right away after the completion of the account registration.
PrimeXBT Review: Deposit And Withdrawal
To begin the trading, a minimum deposit of 0.001 Bitcoin (BTC) is required. If you do not have Bitcoin, you can buy it directly using your credit card or debit card. PrimeXBT is able to accept the deposits in major fiat currencies such as EUR, USD, and GBP.
All accounts are denominated in BTC, which is used as collateral on CFDs for each trading instrument.
Withdrawing from your trading account can be done easily. First of all, you need to whitelist your external wallet. Once the whitelist has been set up, you can send BTC to your whitelisted wallet with a nominal fee of 0.0005 BTC.
To deposit, go to the “Account” tab and click the “Deposit” section.
You have two options to fund your account with Bitcoins.
Sending Bitcoins Directly
This means sending the Bitcoins to your personal Bitcoin deposit address. Every account has its unique deposit address. Please note that this address is only for the Bitcoin deposit. If you send any other coin or token to this address, you might lose your money.
Buying Bitcoin directly via your credit card or debit card via an external provider, CEX.IO Ltd (UK).
You can do it by simply clicking on the Buy Bitcoin button as shown above.
There are 3 major fiat currencies that we can use to buy Bitcoin in PrimeXBT. They are USD, EUR, and GBP. Please note that you can only spend up to 1000 units of your chosen currency. If you want to buy more, you will need to repeat the same process multiple times. Once you have decided how much you want to spend, click the Buy button.
Fill in your email address and country. Then click NEXT.
In this section, you need to upload your identity document. It can be a national ID card, government-issued driving license, or international passport. Once you have uploaded your identity document, fill in the credit card/debit card details. Your BTC wallet address is already prefilled for you to prevent any typo that results in the loss of the deposit.
After everything is filled, click NEXT to confirm all your data. Once the order is completed, CEX.IO will initiate the transaction right away. The deposit will reach into the account wallet in a few hours. Generally, a deposit to the blockchain takes several hours. After a Bitcoin deposit, it requires 3 block confirmations which usually take around 40 minutes. Please note that this timeframe might differ during the times of blockchain congestion.
Verdict: The deposit process is carefully designed for Bitcoin holders as well as for those without Bitcoins. It is an excellent first step before a client can start trading.
Funding Trading Account
After depositing, there is one more step to do before you can start trading. You need to transfer the BTC in your wallet to your trading account. By having a segregated wallet, you can determine how much you want to put in your trading account. In case of an unforeseen huge drawdown in the market, you will only lose whatever you have in the trading account. This is a good precautional step for any event such as this.
To fund your trading account, you need to go to the account page.
Make sure you have sufficient wallet balance. On the right of the screen, you will see the following box.
Click on the “Fund trading account” button.
In the form above, you can fill in the desired amount of Bitcoin you want to transfer to your trading account. In this example, we will transfer 0.1 BTC. Only one simple click at the Transfer button, and you will have your trading account funded in the next second.
Congratulations, your account is successfully funded and ready for trading.
Verdict: The funding process is simple and easy. The segregation between account wallet and trading account is a security feature that can benefit the account holder.
To withdraw the fund, go to the “Account” page and click on the “Withdraw” section.
At PrimeXBT, all pending withdrawals are processed only once a day, between 12:00 and 14:00 UTC. If you request a withdrawal before 12:00 UTC, PrimeXBT will process it on the same day. However, if the withdrawal request is made after 12:00 UTC, it will have to wait for the next day.
If you are requesting a big amount of withdrawal, it could take a longer time due to the fact that PrimeXBT usually processes the withdrawal from the hot wallet. If it is not enough, then they will have to transfer the BTC from offline cold storage to the hot wallet.
In order to make a withdrawal, you need first to whitelist a new withdrawal address to protect your funds by allowing withdrawals to such a confirmed address only.
By clicking on the destination address, you will see a button to add a new address. Click on it.
Enter your BTC address and comment. Once you click on the Add button, you will see another pop-up box.
In order to complete the withdrawal address whitelisting, you will receive a confirmation email. Please click on the confirmation link in that email.
Once you click to confirm the new address, it will be available to be selected during the withdrawal process.
Now you can make a withdrawal to your whitelisted BTC address.
Please note that the withdrawal fee is 0.0005 BTC for every withdrawal.
Verdict: The withdrawal process is a quite straight forward process with a thoughtful security measure in place. PrimeXBT has made it easier for its clients to make a withdrawal request.
The trading platform is another important element due to the fact that a forex trader might spend most of his time on the platform doing chart analysis, opening and closing positions, observing various currencies, reading news, checking trading history, and many more.
PrimeXBT offers 4 types of trading platforms to its clients.
- Web Platform
- Mobile Platform
- Turbo Platform
- Covesting Platform
PrimeXBT Review: Web Platform
PrimeXBT has developed its own proprietary trading platform that is highly customizable and easy to use. We want to discuss the following areas:
- Workspace and widgets
- Login and security
- Orders placing
- Analytical tools
Workspace And Widgets
The PrimeXBT web platform offers a sleek look and user-friendly interface. It is dummy-proof and easy to understand. Apart from simplicity, it also provides unlimited customizable workspaces for the widgets. These widgets include charts, watchlist, dashboard, positions, orders, trades, and messages.
Essentially we can create a new workspace to put any of the widgets of our desire. Every widget in PrimeXBT has its own functionality to make the trading more informative to the traders.
The main page of the PrimeXBT web platform looks like the image above. To see the same screen you need to go to the “Trade” view. It is marked with the red rectangle. The list of the workspaces is marked with the yellow rectangle. The area of the main canvas of every workspace is marked with the green rectangle. We can add or remove the widgets in the main canvas. To add the widget, you can click on the “Add Widget” button marked by the blue rectangle.
To illustrate how the workspace and widget work, let us do a workspace-customization.
Step 1: Add a new workspace.
Step 2: Rename the workspace.
In this example, we will name it as PrimeXBT Review.
We have created a new workspace with an empty canvas. It is time for us to add some useful widgets to it. To do so, we stay on the PrimeXBT Review workspace and then click on “Add Widgets” as shown in the image below.
After clicking on the “Add Widgets” button, you will see 7 widget options.
The options are the following:
- Chart: Real-time charts for all available trading instruments in PrimeXBT. Every chart has analytical components such as drawing tools, indicators (studies), timeframes options, and types of charts.
- Watchlist: It is a real-time list for all available trading instruments. You can even customize the column according to your preference. The available columns are Bid, Ask, % of Change, Spread, Change, Open, High, Low, Close, and Amount Size.
- Dashboard: This is a small workspace that you can add individual trading instrument that you like. Once the instrument is added, you can execute the buy order or sell order from the dashboard.
- Positions: This widget shows current open positions at a glance.
- Orders: You will see all your pending orders in this widget.
- Trades: All your trades history will be here. You can customize the date range to show the trades in a particular period.
- Messages: It will show the system generated messages regarding your trades.
In this example, we have put all 7 widgets into the PrimeXBT Review workspace. We have arranged all the widgets accordingly. You can arrange the widgets based on how you like them to be.
This is the sample of the workspace. You are free to experiment with your own workspace.
Login and security
In order to enhance login security, PrimeXBT offers two-factor authentication (2FA) via Google Authenticator (GA). Even if the hacker gets hold of your account password, he is not able to login to the account without getting the Google Authenticator code from your smartphone. Bear in mind that Google Authenticator generates a new code every 30 seconds. This is a very safe way to access your account.
We encourage you to enable the 2FA.
Go to the profile setting. In order to navigate to the profile setting, click on the avatar icon on the top right side of the page. Once you click on it, you will see the profile setting as shown in the image below.
When you are in the profile settings, under the security settings you will see 2 blue buttons: Change Password and Enable GA. Click on Enable GA.
A pop up box with simple instructions will appear.
If your smartphone does not have the Google Authenticator, you can download it from Google Play Store or App Store. Remember to back up the 16-digit secret code because it is required to reset your 2FA setting in the event that you lost your smartphone. If you have lost it, you can always contact the PrimeXBT support to reset it for you. However, this process might take up to 7 days as they need to do it manually.
Once you have installed the Google Authenticator and backed up the secret code, you can scan the QR code using the Google Authenticator. This will add the PrimeXBT account to your GA. Click on the Continue button to proceed.
A new box will pop up. Just enter the code you see in the GA. This code will change every 30 seconds. Click on the Enable button. Congratulations, now your account is secured by 2FA.
PrimeXBT offers a wide range of order types as well as functionality. Traders can enter or exit the trade at a predetermined price which makes the trading more handsfree.
In PrimeXBT, there are several ways to open a trade. First of all, go to the trading terminal by clicking on the Trade section on the menu.
In this Trade section, you will see the default workspaces created for you. As we have discussed above, we can add custom widgets to any of the workspaces. There are 3 widgets on the workspace (dashboard, watchlist, and chart) that allow us to open a trade.
Regardless of which widget you use to open a trade, a new order box will pop up.
There are 4 standard order types and 1 protection order. PrimeXBT has made the opening of the orders seamless and easy.
Type of Orders
- Market Order: This order will be executed immediately at the first available market price. Traders use this execution type when they have urgent execution needs. A market order is the default order choice after you click buy or sell from the widget.
- Limit Order: This order is used to specify a maximum or minimum price that traders are willing to buy or sell at. Traders use this order type to improve their entry price. However, this does not guarantee execution because there is a chance that the market may not reach the order limit level. To place a buy limit order, the price must be lower than the current market price, otherwise, the order will be executed immediately at the market price. Vice versa, to place a sell limit order, the price must be higher than the current market price.
- Stop Order: It is an order to buy or sell an asset once a price reaches a specific price. A sell stop order must be placed below the market price and a buy stop order must be placed above the market price.
- One-Cancels-the-Other-Order (OCO): These are two orders opened simultaneously for one position. In the case of the triggering of one order, the other order will be closed.
- Protection Order: This is the order to automatically close your position once it reaches a specific price. This protection order is available at Market, Limit, and Stop orders by clicking on the “Place Stop Loss/Take Profit” box. PrimeXBT makes it easy to set up a stop loss or take profit by adding the min step option. You will only need to specify the pips number in the min step option. The system will calculate for you the stop loss and take profit price according to the order price.
PrimeXBT has built-in charting software that lets traders build an effective plan and trading strategy using trend lines, chart patterns, and many top trading indicators, such as Ichimoku, RSI, Parabolic SAR, etc.
Let us take a closer look at what PrimeXBT has to offer when it comes to the analytical tools.
For this matter, we will add the chart widget to the new workspace.
By default, the chart will look like the below.
The colors and options of the chart are highly customizable. To change what is being shown on the chart, you can navigate to the setting button (gear icon) on the top right side of the chart.
As shown in the image above, you can choose what to be shown on the chart as well as the color of the chart.
In general settings, you can activate or deactivate the following options:
- Candle Border
- Auto-scale Price Axis
The following chart is an example of what we have just customized.
There are several time frames we can choose for the chart.
- 1 minute
- 5 minutes
- 15 minutes
- 30 minutes
- 1 hour
- 2 hours
- 4 hours
- 1 day
- one week
- 1 month
By default, the candlestick chart is the default for the chart type. However, you can also change it to the line chart or bar chart.
In the forex analysis, the option to draw on the chart is crucial. PrimeXBT offers many ways to do so.
The following are the options of what you can put into the chart.
- Trend Line
- Price Line
- Time Line
- Trend Channel
- Up Arrow
- Down Arrow
- Fibonacci Retracements
- Fibonacci Arcs
- Text Note
- Fibonacci Rays
Besides the drawing tools, another function that is widely used for the trading strategy planning is the indicator. In PrimeXBT, it is called “Study”.
There are a lot of available studies. A full list of the studies are as the following:
- Accumulation Swing Index
- Aroon Indicator
- Aroon Oscillator
- Average True Range
- Awesome Oscillator
- Bollinger Bands
- Center Of Gravity Oscillator
- Chaikin Oscillator
- Chaikin Volatility
- Chande Momentum Oscillator
- Detrended Price Osc
- Dynamic Momentum Index
- EMA Envelope
- Elder Ray
- Fast Stochastic
- Force Index
- Forecast Oscillator
- Full Stochastic
- Gator Oscillator
- H-L Volatility
- Implied Volatility
- Intraday Momentum Index
- Kairi Relative Index
- Keltner Channels
- Linear Regression Channel
- Linear Regression Curve
- Linear Regression Slope
- Market Facilitation Index
- Mass Index
- Median Price
- Money Flow Index
- Negative Volume Index
- On Balance Volume
- Parabolic SAR
- Percent Change
- Percent of Resistance
- Price Channel
- Percentage Price Oscillator
- Price Oscillator
- Price and Volume Trend
- Relative Strength Index
- Relative Vigor Index
- Relative Vigor Index SMA
- SMA Envelope
- Relative Volatility Index
- SMMA Envelope
- STARC Bands
- Schaff Trend Cycle
- Slow Stochastic
- Smoothed Rate Of Change
- Standard Deviation
- Std Dev Volatility
- Standard Deviation Channel
- Swing Index
- Standard Error Bands
- Time Series Forecast
- True Strength Index
- Typical Price
- Ultimate Oscillator
- Vertical Horizontal Filter
- Volume Weighted Average Price
- Weighted Close
- WMA Envelope
- Wilders Smoothing
- Williams AD
- Williams Alligator
- Williams Percent Range
You are allowed to add up to 5 studies per chart. We added the EMA 20 into the chart. Here is the step-by-step process.
First of all, choose the studies that you want. In this example, we will choose EMA.
Double click on the EMA and you will see the setting as the following:
We set the EMA for the close price, 20 candlesticks, red color, and boldness of 1 point.
The result is as the following:
Verdict: PrimeXBT has a lot of indicators that are important for the trading strategy application. The indicators are also easy to add to the chart which is an advantage to the traders.
PrimeXBT Review: Mobile Platform
PrimeXBT offers its traders to trade anywhere, anytime with its mobile platform. It is available in the Apple App Store as well as in the Android Play Store. We have downloaded the app to take a look at the functionality of the mobile platform.
From first glance, it has almost all the functionalities that a web platform can offer. It does not offer custom workspace and widgets. In return, it has all the widgets we need such as watchlist, orders, positions, account, deposit, statement, and setting.
We also look at its charting options. You can go to the watchlist tab > charts. From there, you can choose the asset you would like to view.
In this case, we chose to view the chart of EUR/USD.
As you can see, you can add the studies you want to see on the chart. Opening and closing a position is also a breeze. From what we see, the PrimeXBT mobile platform is good for positions monitoring but it is not friendly enough for trading. The users cannot see the price data on the chart for every candlestick. Lacking this feature means that the traders are unable to determine where should they open a position and where are the take-profit and stop-loss levels.
The problem resonates with the rating score of this app in the Play Store and App Store.
On the Play Store, the PrimeXBT app scores 3.1/5.0 with a high 5-star and 1-star ratings.
Looking at the ratings on the App Store, the PrimeXBT app does not do well either. It scores merely 2.9 out of 5 with a like-wise high 1-star rating.
This app needs immediate improvement to make sure it is trading friendly. For now, this app is best to be the monitor of positions and orders.
PrimeXBT Review: Turbo Platform
PrimeXBT recently launched a separate platform for a short duration, synthetic Bitcoin contracts. The ultra-fast, simplistic trading experience lets traders choose from a UP or DOWN contract at either one minute, five minutes, or ten minutes.
This tool is especially interesting for when markets are lacking a defined trend, and are tightly ranging, and can bring traders profits of up to 85% in one minute.
Although it is a Bitcoin-based contract, forex, gold, crypto, and more trading pairs are offered by Turbo. However, it is advised to try the free demo account before using one’s own capital, as there is a high risk of capital loss.
By default, each trader is given 1 Bitcoin in the demo balance.
On the right-hand side of the screen, we see the setting on the trade. You can choose the duration of the trade. Usually, the potential profit for 1-minute trade is higher than the one for 5 minutes or 10 minutes.
The amount of the bet can be increased in the step of 0.0001 BTC (around $1.07 at the time of writing). We have decided to place an “UP” trade to see what is going on. The invested amount is 0.0001 BTC for a duration of 1 minute.
After 1 minute, the trade is fulfilled. We have just predicted the wrong direction hence we have lost 0.0001 BTC in the demo account.
We advise you to try out the demo account first before you go into the real account. You can make the money fast through “Turbo” and likewise, you can lose it fast too. If you have decided to give it a try for the real account, you can do it so by clicking on the “Go to real” button.
Activate The PrimeXBT Turbo Platform
A risk disclaimer box pops up. You need to check both checkboxes to activate the real account.
Please note that PrimeXBT Turbo is not available for the citizens and residents of USA, Canada, Bangladesh, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Vanuatu, Yemen, Russian Federation, Japan, Sudan, and all European Economic Area countries.
Upon clicking the “Activate Turbo” button, you will see another pop-up box for you to transfer the fund from your wallet to the turbo account. For this testing purpose, we have transferred 0.1 BTC.
A word of caution
The turbo platform is similar to the binary options platform you can find in other brokers. It is very addictive and the potential of losing money is higher due to the winning odds. For every bet you place, you are risking 100% of the bet to only gain a maximum of 85% of the bet if you win. In the long run, most of the binary options traders lose their money, although a small percentage of traders do gain positive returns.
PrimeXBT Review: Covesting Platform
In August 2020, PrimeXBT has finally released the Covesting Fund Management Module, which lets top traders create funds for investors to invest in. These investors can sit back, relax, and let their profits stack up at the hands of other top traders across the globe.
Interest has already exploded in the new tool since the beta phase. This is social trading or copy trading offered by PrimeXBT.
To start, simply go to the Covesting tab. If you are a first-timer, you need to agree with the risk disclaimer.
The covesting module is not available to citizens and residents of the United States of America, Canada, Japan, Saint Vincent, and the Grenadines, Algeria, Ecuador, Iran, Syria, North Korea or Sudan, United States Minor Outlying Islands, American Samoa, Russian Federation; any state, country or other jurisdiction that is embargoed by the United States of America.
Once the covesting module is activated, you can see a long list of traders that are available to follow.
You can choose the traders to follow based on their total profit, today’s profit, active days, followers, performance, followers’ equity, or rating. After you have determined your desired traders, you can follow them by clicking on the “Follow” button.
The minimum fund you need to have in order to follow is 0.001 BTC.
If you have a good strategy and would like to be the strategy manager, you can create your own strategy and let other investors follow your trade.
Creating a strategy is easy. Go to Create Strategy menu and fill in the necessary details such as Strategy Name, Strategy Description, and Initial Amount.
As a strategy manager, you are eligible to earn 20% of the profit generated from the followers. The following is the table of fees:
As the follower, you can get up to 75% of the profit based on the amount you are investing in.
A word of caution
The social trading is an innovative trading solution for investors and traders to diversify their earning possibility. As a rule of thumb, investors must proceed with caution because some of the strategy managers might trade with high risk which can give you a high return, and at the same time, you might lose a lot as well.
Additional Revenue Sources
PrimeXBT showcases one of the finance industry’s finest affiliate programs. It goes four levels deep, allowing traders to earn profit from any referred traders, and from any traders that their referrals refer as well.
Direct referrals offer a full 20% on fees, while each level thereafter nets 15%, 10%, and 5% at levels 2, 3, and 4.
CPA offers can be attained by affiliate marketers, webmasters, and more, while influencers and traders with bigger followings can find out about PrimeXBT’s one-of-a-kind ambassador program.
PrimeXBT Review For Customer Service
PrimeXBT also offers a 24/7 live customer support chat, a help center, and a company blog filled with helpful information, regular updates, and guides.
We have tried out the live chat support on a Sunday. The response was fast and the support personnel is knowledgeable.
The platform was also recognized for its good customer support when compared to other platforms in a third-party peer review. PrimeXBT was noted for its extensive footprint on Telegram, social media, and quick, friendly responses.
Frequently Asked Questions About PrimeXBT
✅ Is there an option to trade right from the charts at PrimeXBT?
Yes, you can trade directly from the charts with PrimeXBT. This is what makes PrimeXBT stand out from the crowd.
✅ Can I make a deposit via my credit card?
All PrimeXBT accounts are in BTC only. However, if you are new to cryptocurrencies or if you don't have bitcoins at the moment, you can buy BTC using a Credit Card (fiat currencies) via this PrimeXBT's partner and have it transferred to your PrimeXBT wallet.
✅ What are the trading fees at PrimeXBT?
It depends on the products you trade. As for digital assets, it's 0.05%.
✅ Can I trade from my mobile gadgets?
You surely can as PrimeXBT provides its traders the option to download the official application from the Apple AppStore and Google Playstore and use its services via the app.
✅ Why is it safe to hold bitcoins at PrimeXBT?
The majority of customer digital assets (Bitcoin) are held in the offline storage system (“Cold Storage”) at PrimeXBT. Only a small portion of digital assets are held in the online wallet (“Hot Wallet”).
PrimeXBT Review Summary
PrimeXBT took home several awards recently, including the ADVFN award for Best Bitcoin Margin Trading Platform. It has increased the platform from a value perspective, honoring the great and advanced features outlined in the review above.
With so many profitable tools and over 50+ assets to choose from along with fast registration and low initial deposits, PrimeXBT is highly recommended.