PrimeXBT Review: Do they live up to their promise?

PrimeXBT review
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There are a lot of places where you can buy and sell cryptocurrencies today and PrimXBT is among those places. With PrimeXBT, getting into cryptocurrency trading and investment is easy. But don’t take our words for it. Read this unbiased guide to learn more about this cryptocurrency exchange that is gaining a lot of traction.

PrimeXBT’s cryptocurrency exchange allows users to trade cryptocurrencies and stocks, commodities, and foreign exchange all in one place.

The site allows you to trade with margins up to 100 times your initial investment, but it also has a feature called “covesting,” which lets you observe and learn from top investors’ trading moves.

You can also make short-term price predictions with its “turbo” trading option. If your guess is correct, it’s a quick way to earn a double-digit income.

Unfortunately, PrimeXBT isn’t available in 14 countries, including the U.S. and Canada, negatively impacting our rating.

Learn more about PrimeXBT in our complete review.

Top Recommended Platforms

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.8

4.9/5

73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.7

4.8/5

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 78% of retail investor accounts lose money when trading CFDs from this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.3

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 65.3% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Full PrimeXBT review

Those looking for advanced features and opportunities to increase profitability will find this cryptocurrency exchange appealing. For beginners, access to experienced traders’ trades will be a benefit. All users will benefit from the ability to trade various kinds of assets, including crypto assets and major stock indices.

Pros

  • Invest in cryptos, foreign currencies, and significant stock indices
  • Using a referral system
  • Unique covesting feature
  • Turbo trading
  • Tools and charting for thorough technical analysis

Cons

  • A few crypto pairs
  • Fourteen countries where the product is unavailable include the U.S., Canada, and Japan.
  • There is no lending or staking.
  • Direct crypto transfers are limited.
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Top benefits

Referral program with a solid multi-level structure

There are four tiers of payouts for PrimeXBT referrals. In addition to receiving rewards for direct referrals to PrimeXBT, you are also rewarded for their referrals. Think of it as multi-level marketing. A referral network that you build will also pay you trading fees, which can multiply the passive income you earn. To get referrals, you must send out your referral link. Make sure your referrals invite more friends to maximize your rewards.

Leveraged trading is available up to 100x with PrimeXBT

PrimeXBT offers leverage of 100 times your investment. Trading on margin (also known as leverage) involves borrowing money from the exchange. This is done to increase profit potential. When trading leveraged assets, you can invest much more significant amounts of your own money and profit from it instead of personal funds.

Online tools for advanced technical analysis

The technical analysis platform that PrimeXBT uses is Tradingview. Besides offering a wide range of popular indicators (for example, strength indexes, moving averages, etc.), it also offers intuitive drawing tools for market analysis and educational resources for traders. Traders can use charts to monitor price trends on their watching assets. It allows users to maximize their profits and minimize their losses.

Improvements that could be made

There are very few trading pairs available.

PrimeXBT has a limited selection of trading pairs. With only seven, it offers a smaller selection than most global exchanges. This is unusual since the exchange does not currently accept credit or debit card payments to deposit reserve currency. The exchange only accepts crypto and digital wallet transfers from:

The platform only accepts cryptocurrency transfers, but it doesn’t offer many crypto trading options. Users can choose from hundreds of crypto trading options available on most digital exchanges. PrimeXBT’s policy of offering so few options is unusual and unclear.

Several countries, including the U.S., do not have access.

Canada, the U.S., and Japan are among the 14 countries listed on the site as prohibited jurisdictions. 

There was no additional information provided by PrimeXBT to explain the restrictions.

Cannot lend or borrow against stored funds at the moment

Lending services are increasingly available on crypto exchanges. In particular, decentralized finance (DeFi) has experienced explosive growth in recent years. According to PrimeXBT, interest-bearing accounts are not available at this time. Its blog says it plans to launch a way to earn interest, but it’s not clear what kind of coins or tokens will qualify. In addition, you will need to join a waitlist for the service when it launches in late 2021 at the earliest.

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Likewise, PrimeXBT offers an interest-free staking option under its covesting module. The program features a three-tiered membership scheme, where the more you spend upfront, the more perks are available. Other exchanges define staking differently than membership buy-in. It is confusing and misleading how PrimeXBT defines the term.

Here are some alternatives to consider

If you are looking for a complete-service crypto exchange with a U.S. presence: 

Gemini offers many trading options and rewards for its users based in the United States. In addition to offering dozens of cryptocurrencies, the Gemini exchange allows investors to compare options and make their choice. In addition to this unique feature, Gemini Earn gives users the chance to earn interest on idle cryptocurrency balances, which is another thing that sets it apart from PrimeXBT.

For a wide range of cryptocurrencies: 

Binance US users can choose from more than 70 coins, surpassing PrimeXBT in selection.

PrimeXBT: How it works

There is no separate wallet for PrimeXBT. The exchange has five embedded wallets. The exchange has one wallet for each cryptocurrency:

  • BTC
  • ETH
  • USDT
  • USDC
  • COV

Trading on the platform is only possible with these cryptocurrencies. You can do this in two ways:

  • Depositing crypto directly to your PrimeXBT wallet from your crypto wallet
  • Paying using a bank card using third-party services such as Paxful, Coinify, Xanpool, and CEX.io

Direct crypto transfers are currently the only available method on PrimeXBT. It does not support credit cards or bank deposits.

Account management is available from the platform’s central section. You can create, track, deposit, or withdraw funds from your multi-currency wallets there. The page also includes margin trading, turbo predictions, and covesting strategies.

PrimeXBT Covesting

PrimeXBT users can copy the top traders on the platform by using Covesting. Anyone who doesn’t know how to trade can profit passively by covesting. The covesting feature allows you to mimic successful traders’ trading decisions.

Traders with experience can create portfolios and trading strategies that others can follow. Depending on the currency, a covesting leader needs the following personal funds:

  • 0.05 BTC
  • 1.2500 ETH
  • 2,500 USDT
  • 2,500 USDC

PrimeXBT Turbo

PrimeXBT turbo provides a remarkable feature to earn over 70% from your investment within minutes. To do this, you must be able to anticipate quick price movements of a wide range of assets, such as:

  • Bitcoin
  • Gold
  • S&P 500
  • Oil
  • EUR/USD
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An incorrect prediction will make you lose the pledged amount you made during the prediction. The turbo feature determines the possible return for a correct guess.

There are different prediction durations for different assets, including:

  • Crypto: 5 min, 10 min, and 15 min
  • Forex: 1min and 5 min
  • EUR/USD: also available in 30-second contracts

Fees overview for PrimeXBT

PrimeXBT has one of the most straightforward fee structures among trading platforms. There are two different expenses — trading fees and overnight financing fees.

A trading fee is incurred whenever a position is opened or closed as a percentage of the transaction amount. Overnight financing is incurred whenever a leveraged position is carried into new trading. The overnight fee is a percentage of the open trade based on the type of trade. Positions closed before starting a new trading day (00:00 UTC) are not charged.

There are no fees for account deposits. The withdrawal fee is a flat fee.

PrimeXBT cryptocurrency selection

PrimeXBT has seven cryptocurrency pairs, one of the smallest among active exchanges. Among them are:

PrimeXBT: is the platform safe to keep your cryptocurrency?

Security is a top priority for PrimeXBT’s platform. There is a multi-layered approach to cybersecurity. 

This framework outlines strict measures and practices to protect customers’ assets from threats and cyber-attacks.

  • PrimeXBT’s network is regularly audited and tested for security.
  • The specific security measures it employs are:
  • To prevent unauthorized access to accounts, users must use two-factor authentication (provided by Google)
  • Website traffic is encrypted and protected with SSL (secure sockets layer) website traffic.
  • A continuous assessment of IT security is carried out to keep abreast of new potential threats
  • To prevent potentially damaging distributed denial-of-service attacks, PrimeXBT uses Cloudflare.
  • The bcrypt hashing function is used to encrypt passwords.
  • AWS hosts the PrimeXBT environment. Digital and physical security are core strengths of Amazon Web Services.

You should try PrimeXBT if:

  • You’re a beginner or an experienced trader
  • If you live outside the restricted countries. 
  • You do not need a wide variety of cryptos to trade
  • Borrowing and lending aren’t in your interests.
  • Having multiple passive income streams appeals to you
  • It’s essential to protect yourself online

Conclusion

PrimXBT may not be as great as popular platforms like Binance, Coinbase and Crypto.com, but when it comes to brilliant features and supported digital assets, the platform isn’t performing badly. For those looking to get started with cryptocurrency, you can explore PrimeXBT and see if they are the perfect fit for you.

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