PrimeXBT.com Review – Scam or Not
Prime XBT is a relatively new cryptocurrency exchange which provides derivative trading options with leverage up to 100x in five different cryptos. The dynamic and innovative trading interface provides the traders all the necessary tools which would be needed for a successful trading day.
Their client-oriented approach places the client’s interest at the center of their services according to the website, so the company aims to deliver a high level of service in a rapidly changing environment. Prime XBT dreaming big and wants to be the best online trading platform in the crypto industry. Let’s see if they manage to fulfill the expectations.
Prime XBT’s Background
Prime XBT is a Bitcoin-based platform, offering leveraged trading on five different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. The company was founded in 2018 and started to grow exponentially. Currently, they serve clients in more than 150 different countries.
The company behind the trading platform is Prime XBT Trading Services, a registered company in Seychelles with company number is 148707. The exchange opened their books to the market in early 2019.
Prime XBT also has a Medium blog, where they share interesting topics about both how to use the platform and various trading and investment related articles to educate the audience. The materials are high quality and received overall good feedback from the readers, clients and users actually appreciating the content shared over Medium.
The company is also frequently updating its Reddit threads with various news about the platform and the industry itself including trading ideas and competitor feedbacks. The community currently has over 300 active members.
Although Prime XBT is actively present in all major social media channels, their online presence is just started to get established. In time they will surely gain more highlights from the industry.
Getting started: Registration and Verification on PrimeXBT.com
In order to get started trading at Prime XBT platform, you need to create an account. For registration you only need to provide an email address and a password, no personal identification documents are required at sign up. No KYC is required even later on for withdrawals or deposits as you can only trade cryptocurrency on the exchange, but not fiat currencies, like USD or EUR.
Once you have entered your email address and accepted the terms of service, you will receive an email to verify your registration. And that’s it, as soon as your email is confirmed your account has been opened and you can trade right away. Full anonymity is ensured during the whole registration process.
Upon registration, it is highly recommended to set up 2FA security to protect your account. You can easily do this with using Google Authenticator (download from iOS or Android store), then go to System Preferences and click on Enable GA (GA means Google Authenticator). Make sure you backup your secret key in a safe place. Then you can finish the setup with confirming your PIN code. For any reason you need to disable 2FA on your account, you can contact the support in an email to help.
After opening your account you need to fund your account. In order to fund your account, go to your account section and click on Deposit. This will reveal your unique deposit address where you can send your Bitcoins to. Login into your wallet and send over the amount of Bitcoin you want to trade with to this address. Prime XBT requires at least 6 confirmations on the Bitcoin network before they will credit the funds to your account.
As mentioned previously, Prime XBT is a crypto-to-crypto exchange, so you can only deposit Bitcoin on Prime XBT even though you can trade them into other altcoins, funding your account with Ethereum or other cryptos is not available at the moment. Make sure you have some cryptocurrency before you sign up, you can purchase crypto on other fiat-to-crypto exchanges.
In order to ease the process, Prime XBT also integrated direct Bitcoin conversion option on the platform with the help of Changelly. You can even buy Bitcoin with a credit card using Changelly directly on the trading platform – just bear in mind that in order to use Changelly’s service you might need to give out some of your personal information to register there.
If you want to withdraw your funds from Prime XBT, go to your accounts/withdrawal section. Here you can enter the Bitcoin address where you would like to send your Bitcoins. Make sure you whitelist your addresses, this requires 2FA authorization to make sure the coins are sent to the right place. Whitelisting withdrawal address also ensures that the funds are not sent to unauthorized addresses. Prime XBT processes the withdrawals from hot wallets and in case your withdrawal amount is exceeding their reserves, it might take more time your funds to arrive if the offline cold wallets need to be involved too.
Features on Prime XBT
Prime XBT offers a robust trading system for both beginners and professional traders that demand highly reliable market data and performance. The entire infrastructure is designed to facilitate a high number of orders per second and extreme loads while offering ultra-fast order execution and low latency. Traders of all experience levels can easily design and customize layouts and widgets to best fit their trading style. They are proud to offer such innovative products and professional trading conditions to all of the customers.
There are five different cryptocurrencies you can trade at Prime XBT, including Bitcoin, Ethereum, Litecoin, Ripple and recently EOS has been added to the portfolio of available altcoins to trade.
The platform is offering very high leverage, up to 100x on crypto assets, which makes them one of the very few market participants who go down this road and offer this high leverage on bitcoin and altcoin trading. The usual leverage offered on cryptocurrency trading is around 10-20x as due to the high volatility experienced on the cryptocurrency trading markets even a small amount of leverage can result in a very big profit or loss. Use leverage only if you are familiar with trading as your capital is at risk.
You can trade on Prime XBT from 0.01 BTC as this is the minimum order size. The maximum order size of a single trade can go up to 15 BTC with a maximized exposure in 30 BTC so the 100x leverage is limited at a certain amount of order size. Up to 10 BTC exposure you can trade with 100x leverage with 1% margin requirement. Then as the exposure increases the margin requirement increases too: between 10 and 15 BTC the maximum leverage is 50x with 2% margin and above 15 BTC exposure 10% margin is requested with maximum 10x leverage available.
It is interesting to highlight that Prime XBT is one of the few derivative cryptocurrency trading platforms which offers high leverage not just in Bitcoin but in other altcoins too. You can trade with Ethereum, Litecoin, Ripple and EOS as well at 100x leverage which is not really available at many exchanges at the moment. Be aware that Prime XBT reserves the right to increase margin requirements for those client portfolios which are considered to be high risk.
At last, but not the least, Prime XBT offers a lucrative referral system which allows you to earn 20% commissions from referring new users to the platform. They have a tier based program which lets you earn commissions based on the indirectly referred users as well up to 3 additional tiers.
Fees on Prime XBT
In pricing, Prime XBT follows a clear and easy to understand approach. They want to be both competitive and transparent at the same time. They offer volume-based benefits to clients, and can also be contacted for individual trading fees for special conditions.
It is only possible to deposit in Bitcoin at Prime XBT, the minimum deposit is 0.001 BTC.
The commissions are charged on every trade at a flat trading fee of 0.05%. This trading fee is applicable to all crypto assets, so no need to think about which altcoin you are trading with, you only pay this trading fee no matter which coin you are dealing with. The execution happens at market prices.
Beyond the trading fee, Prime XBT also charges an overnight financing fee in case there is an open leveraged position at the end of the day. The financing long and short fees are the same size, varies based on the assets and charged in fiat (USD). For example, in case of Bitcoin there is currently a $5.74 financing fee for overnight trades, which is the highest among the coins traded, Ethereum is $0.21, while Ripple is only $0.00049. Make sure you are familiar with the trading fees before engaging into a deal. In case you open and close a leveraged position within the same trading day, no overnight financing fee is charged.
Trading on Prime XBT
Click on Trade in the header menu to get to the trading interface. The Prime XBT trading platform provides information about the current market rates on a candle chart in the middle, on the right-hand side on the dashboard you can place your orders and on the left, you can administer your trades: monitor existing portfolio and check trading history.
There are a number of widgets you can set up on the trading interface to create a layout which suits you the best and provides all the information you need for your trading activity. In the chart, you can also add a couple of trading tools to help your work to draw important levels and trend lines. The list of trading tools is quite comprehensive which lets you stay within the platform to work on your trading ideas, no need to use an external third party software.
Prime XBT offers the most common order types, just like any other serious exchanges. You can place market, limit and stop loss orders in order to enhance risk management and maximize your profit. The platform also offers an order type called protection order which gives an additional layer of protection for any order to be executed.
Support on Prime XBT
Registration on Prime XBT is very easy and happens quite quickly. Then getting familiar with the trading interface is also relatively intuitive and since you can customize the platform it makes is very user-friendly at the end as you will see what you need for trading.
Prime XBT offers 24/7 support through their dedicated support email. Unfortunately, there is no other support method listed on the site like phone support or a chat, but you can surely content them through one of the social media channels as well.
Since the exchange has been operating only for a couple of months time, there is not too much online reviews or user complaints on the internet at the moment. This could either be a good sign that users do not have issues with the trading platform or there is not enough data to see the impacts. As of now, there are no scam reports about Prime XBT available which were posted by unsatisfied users.
Security on Prime XBT
Security of a trading platform is one of the most crucial features an exchange must have in place. As you store money on these portals, you have to be sure your funds are in a safe place. Prime XBT aimed to develop an extensive cyber-security framework to ensure that meticulous measures are in place to protect customer assets against any threat. The platform conduct periodical stress tests and runs security audits to ensure compliance with the strictest security standards.
The two-factor authentication helps to protect your account from any unauthorized access. You can set it up using Google Authenticator right after signing up with an account.
The Prime XBT platform makes it mandatory to whitelist Bitcoin addresses where you can withdraw your funds to. This ensures that even if someone manages to get into your account, they do not have the option to withdraw funds to a new, unauthorized address.
The platform stores the coins in reserved in cold storage wallets. Only a small fraction of crypto assets are held in online hot wallets to minimize the loss in the case of an unexpected threat incident. The fund transfers from cold to hot wallets are manually handled and the process requires the coordinated efforts of multiple employees from Prime XBT.
The website is using an encrypted SSL connection to secure the traffic flowing through the site. Cloudflare is used to avoid DDoS attacks. The passwords of the account are cryptographically hashed to hide all sensitive data even in the case of a data breach.
The Prime XBT system automatically monitors all risks associated with the account, including buying power, buying power factor, maximum order size, maximum position size, P/L loss thresholds, odd lot allowance, and executes full risk check after every order is placed into the order book before the execution is completed.
Pros and Cons of Prime XBT
- 2FA ensures security
- 100x leverage available in 5 cryptocurrency
- no KYC required
- no fiat deposits available
- no trading API, mobile app or PC program to do trading outside of the site
- not widely known yet
Prime XBT is a new crypto trading platform which offers very high, up to 100x leverage in five different cryptocurrency trading. The platform has a lot of security measures in place and requires no identification to sign up. They offer a wide range of educational materials about cryptocurrencies and trading which helps new joiners in the industry to get around more quickly. Their fees are reasonable and transparent and they also offer a referral program. Once their online presence is more established they will surely gain more traction in the industry soon.