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What do you Need to Know about the Platform. Is PrimeXBT Scam or Rather Safe?

PrimeXBT

The project is a product of the merger of two offshore companies – Prime Technology Ltd and PrimeXBT Trading Services. The headquarters of the international cryptocurrency exchange is located in the Seychelles.

Release of the PrimeXBT project – 2018. More than 250,000 users registered on the resource in the first few weeks alone. Despite its relatively young age, the crypto exchange broke into the top four dozen trading platforms in terms of the daily trading volume. It provides services to traders and investors from 150 countries.

The highlight of PrimeXBT is access to cryptocurrencies, indices, commodities, and Forex from one account. More than the 12 largest trading platforms act as liquidity providers. The service does not require verification and has a number of other advantages.

PrimeXBT Cryptocurrency Exchange Review

The statistics and main characteristics of the crypto exchange are as follows:

  • average daily trading volume – $ 545 million;
  • instruments – cryptocurrencies, indices, commodities, currency pairs, trading on long/short positions;
  • in the listing of the crypto-exchange popular digital assets – BTC, LTC, ETH, XRP, EOS, other altcoins;
  • the platform supports fiat – Canadian, North American, Australian dollar, euro, Swiss franc, pound sterling, and yen;
  • margin trading is available with leverage for cryptocurrency 1:100 and fiat 1:1000;
  • order types – market, limit, stop, and it is also possible to set take profit, stop loss;
  • the trading terminal has all the functionality necessary for comfortable trading, as well as 90 integrated indicators, tools for studying online charts, the ability to create your own advisors or import software from third-party sources;
  • deposit/withdrawal of funds is carried out in Bitcoin, the minimum deposit is 0.001 BTC (there is an alternative to replenish and withdraw funds through credit, debit cards in fiat – USD or EUR, through the Changelly exchanger integrated into the service);
  • the trading commission is fixed – 0.05% for cryptocurrencies and 0.01% for trading on fiat pairs, 0.0005 BTC is charged when withdrawing a token;
  • a high level of security is guaranteed by 2F authentication, cold storage of digital assets, SSL protocol and the Cloud fare protection system, leveling DDos attacks, and other attempts of differentiated attacks;
  • the service supports a mobile application for iOS and Android.

New customers are credited with a welcome bonus of 50% of the total deposit amount, provided that the account needs to be replenished with at least 0.01 BTC. There is an attractive 4-level affiliate program. From referrals of the 1st level, the partner earns 20%. English-speaking support is functioning 24/7.

Registration procedure for PrimeXBT and service interface

Entering the official website of the PrimeXBT crypto exchange, you need to fill out the registration form – specify the current email, enter the password twice, check the box, accept the terms of service and privacy policy, and click on the “Register” button.

Almost instantly, an email will be sent to the mail with a link that you need to follow to confirm your email.

The last step is to indicate the country of residence in the tab that appears. The service interface will please the user with its simplicity. The resource is multilingual. Site navigation is intuitive and does not raise any questions.

Start trading on PrimeXBT without verification

Actually, a personal account is a trading terminal window. By authorizing an account, a trader can immediately start speculating with financial instruments of interest.

It is advisable for beginners to go to the “Turbo” section, where they can get a short lesson on the operation of the trading platform. For experienced speculators, the way to the “Trading” section. An online graph is displayed in the central part. On the left is the register of instruments, where you can select the required asset. Transactions can be made in several ways:

  1. The traditional option is through orders.
  2. One click – buy/sell.
  3. In two clicks – resembles the previous method but with the addition of the option to confirm the action.

To compare financial instruments and plan transactions on correlating assets, you can use the “Analysis” section.

Trading services and supported cryptocurrencies

On its platform, PrimeXBT provides about 51 currency pairs, 41 crypto assets, 5 commodities, and several indices for trading. All you need to open an account is an email address and a password. Bitcoin is the only currency accepted for payments (see photo below).

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. Fees are charged, known as trading fees.
  • Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ripple, and EOS are the most popular crypto assets available.
  • Commodity Markets: Traders have the opportunity to speculate on the prices of commodities such as oil, gold, etc.
  • Indices: On the PrimeXBT platform, you can trade the most popular indices in the world. Among them are FTSE 100, S&P 500, etc.

Payment Methods

Bitcoin, which essentially makes PrimeXBT a crypto-crypto exchange/brokerage company, is the only suitable currency for payment. This system will affect the process of depositing and withdrawing funds, as well as how traders receive their trading resources. Traders on PrimeXBT will need to purchase a stable Bitcoin wallet as a crypto-to-crypto exchange, receive bitcoins from exchanges by buying with fiat currencies or using other cryptocurrencies to buy bitcoins (for example, using Ethereum to buy bitcoins). Strict wallet security management is a must to keep Bitcoin funds safe.

Why do traders like PrimeXBT?

The fact that they used to trade with different assets is one of the key selling points. These include 41 pairs of cryptocurrencies with a maximum leverage of 100x and a range of FX/Commodities with up to 1,000x leverage.

PrimeXBT also taps into the liquidity provided by the industry’s major exchanges and market makers. They collect or “pool” their liquidity on over 12 separate exchanges.

PrimeXBT Leverage

Leveraged trading is a way for a person to access more of an asset than they have invested in funds for those who don’t know. This gives the trader a profit from making money on “borrowed funds”.

If you are trading with leverage, a certain aspect will theoretically increase your profits. It also inevitably works on the downside as losses also increase. An example of how leverage will work on the PrimeXBT platform is shown below.

In general, another advantage of leveraged trading is that it allows you to reduce an asset. This means that if the price of a product falls, you will make money. You borrow this coin in case of a short position in order to sell it in the future.

Advantages and disadvantages of PrimeXBT

Let’s start with the advantages of the trading platform:

  • satisfactory liquidity;
  • one of the lowest tariff plans in the industry;
  • the ability to open long/short positions even for one asset;
  • margin trading with high leverage;
  • setting take profit, stop loss is available;
  • despite a clear cryptocurrency orientation, there is an offer to deposit/withdraw funds in fiat through a built-in online exchanger;
  • attractive affiliate program;
  • lack of verification, coupled with a high level of security.

Of the minuses, the clients of the service note the following: the training videos are not translated into English and there is a lack of information about the project management. The lack of an API also causes inconvenience.

PrimeXBT Tariffs

Trading fees are a very important factor because they will directly affect your profitability in the long run. These commissions accumulate if you trade large volumes on the exchange.

PrimeXBT, with its payments, is very simple. They only have two forms of commissions, namely the trading commission and the overnight commission. The first is the fee for joining the position, and the second is for overnight funding of the position.

Please be aware that these financial fees are dynamic and may change on a daily basis. Visit the fees section on the PrimeXBT official website to confirm the exact fee on the day you trade.

This puts PrimeXBT more in line than a futures exchange with the CFD broker’s commission model. Under contracts, they do not charge a termination fee, but they do charge an overnight rate for holding a position. If you enter and leave the place during the day, the latter does not apply.

The 0.01-0.05% trading fee is much less than comparable CFD brokers like IQ Option etc. For those traders who make high volumes on the platform, the exchange has recently released its tiered fee structure. Below are the discounts you can get based on your current trading volume within 30 days.

  • 300-600 BTC: Get 25% off the above rates on PrimeXBT.
  • 600+BTC: Traders with volumes above this amount will receive a 50% discount on the existing commission rate.

There are no fees that are added to incoming payments in terms of funding your account. However, you will have to pay an arbitrary miner fee if you have to withdraw funds from the exchange in order to propagate your transaction (this is common throughout the industry).

Is PrimeXBT safe?

One of the most important considerations for a trader is security, given the ever-increasing news of cryptocurrency exchange hacks. When it comes to exchange valuation, this is also one of our main valuation requirements. There is an entire section on the information tab that describes the security protocols that PrimeXBT uses.

Exchange Security

Most of the coins stored on PrimeXBT are kept in cold storage. This means they are protected from Internet connections and the dangers of potential hackers in a secure offline environment.

They will also need to use a “hot wallet” to service current payments and withdrawals, but only a small amount of coins are stored in this state. They use multi-signature access to allow some transfers from cold wallet to hot wallet.

This means that they will need the permission of many different individuals who hold certain keys in order for any transactions to take place in PrimeXBT wallets. This reduces the likelihood of a single point of failure.

They also use Cloudflare technologies in terms of other security mechanisms they have in place to minimize the risks associated with distributed denial of service (DDoS) attacks.

Lastly, they also have sophisticated hardware modules where they use their technology to trade. They are hosted on AWS web servers that are considered some of the best in the industry.

Communication security

PrimeXBT is fully SSL encrypted, like most exchanges and financial sites these days. This ensures that it will encrypt all correspondence you send in exchange and make it impossible for attackers to intercept it.

User security

Of course, PrimeXBT provides two-factor authentication even if a hacker can get your password. This means that through the Google Authenticator, you will need to confirm the login on your computer.

While it is highly recommended, you are not required to enable two-factor authentication on your devices. You can do this very easily in “security settings” by selecting account management. The QR code and backup key will be provided to you by PrimeXBT.

Conclusion

PrimeXBT has wide functionality and an impressive range of financial instruments. At the same time, the service is not at all confusing – it is extremely clear and simple.

The infrastructure of the trading platform is focused on extreme loads, so you can be sure that the platform will not freeze with a huge number of transactions per second. The accuracy of the signals is another indisputable advantage of the cryptocurrency exchange.

Summarizing the above, we can say with a high degree of probability that PrimeXBT will a priori be of interest to professional players, as well as neophytes in the field of digital investment!