PrimeXBT Review 2022 – Pros, Cons, and Unique Features

PrimeXBT is an online exchange platform specifically designed to support the trading of stock indices, crypto, stocks, and commodities, giving investors market access to over 70 asset pairings. It was founded in 2018 and is headquartered in Seychelles. The exchange platform supports the trading of major cryptocurrencies like Ethereum, Bitcoin, Litecoin, and Ripple’s XRP. A review of PrimeXBT shows that the platform also allows crypto and BTC pairings trading. The platform gives investors access to fiat currencies like the Australian dollar, Japanese Yen, and the Pound in the forex markets. Commodities traded on PrieXBT include crude oil, gold, silver, and natural gas. This PrimeXBT review will teach you everything you need to know about if this exchange is a good choice for you.

• Also learn about: Best cryptocurrencies to invest in

PrimeXBT Key Features

PrimeXBT Review: General Overview

PrimeXBT offers margin trading up to a hundred times greater than the amount of your initial investment. It gives traders the option to trade both long and short with leverage and has a feature that enables traders to view and mimic the moves of seasoned investors on the website.

It also has a “turbo” feature for traders to make short-term price predictions; if your forecast is accurate, you can make a double-digit profit. However, PrimeXBT restricted countries include the United States, Canada, and twelve other countries. 

PrimeXBT Review: Where PrimeXBT Excels

• The exchange’s security uses two-factor authentication and other cyber security provisions to ensure customers’ assets are protected. 
• Customer support for PrimeXBT offers responsive customer support for users through a live chat on the website.
• Fiat purchases – Investors can purchase cryptocurrencies supported on the exchange using their credit or debit cards or SEPA transfers.
• Simple registration – The registration process of PrimeXBT is straightforward and user-friendly.
• Low fees – PrimeXBT has a 0.05 percent fee on crypto and a minimum account balance depending on account type. The fees are low when compared to other exchange platforms.
• Great liquidity – PrimeXBT has excellent liquidity; with a 24-hour trading volume above 2 billion, users can be confident of minor or no liquidity issues. 
• Leveraged trading – The leverage offered by this exchange enables its users to have wider exposure to crypto price increase or decrease without the necessary assets.

PrimeXBT Review: Where PrimeXBT Can Improve

• Absence of demo account – Customers do not have access to a demo account to test or familiarize themselves with the platform.
• Low crypto versatility – Currently, the exchange supports around 35 cryptocurrencies, although these 35 are the top by marketcap.
• Users can only deposit using crypto – Despite the exchange allowing crypto purchases using different mediums, deposits can only be made using cryptocurrency. 
• Absence of lending or staking services – Staking is a good way for investors to profit from their assets. However, PrimeXBT does not provide either service.
• PrimeXBT is not available in some countries – The exchange is not present in 14 countries, including the United States and Canada.

PrimeXBT Review: Unique Features

This PrimeXBT review reveals its major perks range from its leveraged trading to its technical analysis tools and advanced referral program. 

Robust Referral Program

PrimeXBT uses a four-level payout system. Rewards are not only paid for direct referrals but also for referrals brought by other people you referred to the exchange platform. This is a good source of passive income as you constantly receive commissions from trading fees from referrals and sub referrals. 

Leveraged Trading

PrimeXBT offers leverage up to a hundred times the amount you contribute. This gives customers a broader profit potential.

Advanced Technical Analysis Tools

The technical analysis tool for PrimeXBT runs on Tradingview. It has moving average and strength index indicators and other educational and intelligent drawing tools for in-depth analysis. 

PrimeXBT Review: Security Overview

• The exchange platform has an extensive cybersecurity apparatus to minimize customers’ losses. It also conducts regular tests and audits on the platform to ensure that its security is not compromised.
• The exchange’s system is coded uniquely to minimize latency and improve execution speed. It measures risks involved with particular order sizes and buying power factors. Profit (or loss) automatically executes the associated risk management when an order is placed.
• PrimeXBT has wallet security to store customers’ details in offline cold storage. Only a portion of a customer’s digital asset is stored online using a ‘hot wallet.’
• The platform utilizes a multi-signature medium to protect assets from unauthorized access and tolerance for losing access to keys by removing the specific point of failure.
• Customers can ‘whitelist’ specific withdrawal addresses – thus preventing access by unauthorized wallets. 
• The platform’s website is protected through a secure socket layer technology that encrypts transmitted data. This prevents hackers from having access to sensitive data.
• Two-factor authentication is put in place to offer higher levels of protection for customers’ assets.

Conclusion

PrimeXBT is a trading platform suitable for both beginners and seasoned traders. The platform’s referrals and high-security system stand out from other similar platforms. Although there are areas where services can be improved, PrimeXBT remains simple, user-friendly, and a good option for trading across multiple asset classes.

However, suppose you are based in the United States or any of the other 13 countries where PrimeXBT is not available. You can consider a U.S based crypto exchange like Gemini (unlike PrimeXBT, it has an earn feature that allows you to make a profit on your investment), or if you prefer an exchange with a more extensive selection of cryptocurrency, you can consider Binance.US which has over 70 different cryptocurrencies. 

Frequently Asked Questions