PrimeXBT Review [year]

Editor’s Verdict

Overview

PrimeXBT is a relatively new broker; they have been in operation only since 2018 as an unregulated broker out of St. Vincent and the Grenadines. It provides a limited asset selection of just 72 instruments across four categories from its proprietary trading platform. It features the Covesting copy-trading service, and also offers a binary options trading platform. Traders get maximum leverage of 1:1000 for a minimum deposit of 0.001 BTC. PrimeXBT only accepts Bitcoin and does not require account verification. Per its own statement, it respects the privacy of its clients and does not ask for KYC documents. The technology infrastructure remains excellent per data provided, but it remains unconfirmed. PrimeXBT carved out a unique position for cryptocurrency trading. It states that it is the number one platform for active Bitcoin traders with the potential to expand its business model.

Regulation and Security

PrimeXBT operates out of St. Vincent and the Grenadines as an international business company (IBC); it is registered with the financial regulator, the Financial Services Authority (FSA). While the FSA maintains responsibility for IBC registrations, it does not regulate brokers. Therefore, PrimeXBT is, for all intents and purposes, an unregulated broker but it operates transparently, as it states on the website. The broker also has a technology subsidiary, Prime Technology LTD, located in Seychelles, but all traders will manage their portfolios with PrimeXBT Trading Services LLC. PrimeXBT does not specify the segregation of client deposits, which are available only in Bitcoin. Per its account, it deploys an extensive cyber-security framework, two-factor authentication, Bitcoin address whitelisting, and cold storage of assets. Regrettably, it does not address how PrimeXBT uses deposits. It does cater to pure cryptocurrency supporters who value their privacy, which has allowed PrimeXBT to carve out a unique market niche that continues to grow. Negative balance protection exists.

An external auditor or membership with the Hong Kong-based Financial Commission would expand the trustworthiness of this broker. It would also offer clients an external dispute resolution body and protection of up to €20,000 per case. Alternatively, PrimeXBT could opt for a third-party insurance policy. Doing so would demonstrate a security commitment for client deposits since PrimeXBT exclusivity operates with Bitcoin. Taking an additional step can significantly increase its standing, and an external auditor remains a necessity given the business model of PrimeXBT.

PrimeXBT operates as an unregulated but duly registered company out of St. Vincent and the Grenadines.

It also maintains an office in Seychelles and an additional unspecified one.

The broker offers an extensive cyber-security framework to protect client assets but fails to specify how it treats deposits.

PrimeXBT implements two-factor authentication.

An additional security feature is withdrawal address whitelisting, which prevents hackers from stealing Bitcoin from client wallets.

Fees

Traders have access to raw spreads with a minimum commission of 0.0001%, which translates to $10 per $100,000 in nominal trading value. Dependent upon the asset, that commission represents an above or below average cost structure. Clients who wish to use the Covesting copy-trading feature will pay a 1% entry fee when they start following signal providers. It is unclear how PrimeXBT handles corporate actions such as dividends, splits, and mergers that would impact index CFDs. Swap rates on leveraged overnight positions apply, and PrimeXBT lists the rates transparently on its website. Bitcoin deposits and withdrawals also incur a network fee, which may add significant transaction costs. Traders must consider that fee when they plan financial actions. There is no inactivity fee listed in the terms and conditions, and the overall pricing environment remains acceptable.

PrimeXBT offers raw spreads for a minimum commission of $10 per $100,000 in nominal trading value.

Swap rates remain transparently listed on the website, together with complete contract specifications.

What Can I Trade?

PrimeXBT offers traders 46 currency pairs, nine cryptocurrency pairs, six commodities, and 11 index CFDs. With 72 total assets in four categories, this broker ranks among the bottom compared to global competitors. The goods news is that PrimeXBT continues to expand its asset selection. It also remains the best broker for leveraged cryptocurrency trading, offering clients 1:100 with negative balance protection. PrimeXBT will likely add to its currency and cryptocurrency offerings moving forward, that makes PrimeXBT an exciting broker to monitor, especially given its unique business approach. The current trading instruments remain sufficient for new traders to get started; they also serve advanced traders with a focused trading strategy not requiring broad diversification.

PrimeXBT offers only 72 assets across four sectors but is slowly adding to its total asset selection.

Account Types

All clients at PrimeXBT get equal treatment from the same trading accounts and conditions. The only distinction is for clients who wish to use the Covesting copy-trading feature, where a different leverage and fee structure will apply. The minimum deposit is 0.001 BTC or 100,000 Satoshis. With Bitcoin at 50,000, 0.001 BTC equals $50, making PrimeXBT accessible to all types of traders. The maximum leverage for Forex trading is 1:1000, and for cryptocurrency, it is 1:100. PrimeXBT respects the privacy of clients and does not comply with KYC requirements. Therefore, traders do not need to send identifying documents. PrimeXBT reserves the right to request them if its internal risk management team suspects suspicious trading activity. It does have a legal PDF that covers AML procedures.

PrimeXBT treats all clients to the same trading account and conditions.

Account verification in compliance with KYC stipulations is not required, as PrimeXBT caters to the core of cryptocurrency and privacy advocates.

Should PrimeXBT suspect suspicious trading activity, it reserves the right to conduct and implement KYC/AML protocols.

Trading Platforms

PrimeXBT does not provide traders with the MT4 trading platform and its advanced infrastructure. In its place, an award-winning proprietary webtrader awaits. It features a clean user-interface with a fully customizable workspace, professional charts, comprehensive technical analysis tools, multiple order types, and secure wallets. While automated trading solutions are not supported, the Covesting copy-trading feature is an alternative for social trading. PrimeXBT maintains details on all signal providers, providing followers with the necessary information to make a decision. PrimeXBT Turbo is the binary options trading platform at this broker, but dedicated traders should stay away from it. Binary options resembles gambling, with the odds stacked in favor of the broker.

PrimeXBT deploys its award-winning proprietary trading platform.

It presents a competitive alternative for manual traders.

A free evaluation of the trading platform is available.

Copy-trading exists via the Covesting module.

PrimeXBT maintains in-depth details of all signal providers.

PrimeXBT Turbo is the binary options trading platform.

Unique Features

PrimeXBT maintains excellent order execution statistics and access to deep liquidity pools. For 2020, PrimeXBT executed 74.1% of orders at the requested price, 20.8% received positive slippage, and 5.1% negative slippage. PrimeXBT is also the best broker for leveraged cryptocurrency trading. It tries to carve out a niche for privacy-concerned traders and invests heavily in technology to deliver an edge for its clients.

Traders have access to deep liquidity pools and fast order execution.

Slippage statistics also remains among the best in the industry.

PrimeXBT established itself as a leader in leveraged cryptocurrency trading.

Research and Education

PrimeXBT offers research and education on its blog. Traders will get high-quality content with in-depth market analysis, expanding its competitive core trading environment with value-added services. The blog features six categories, of which Price Prediction, Market Research, and Education present the most valuable information for traders. Technical Analysis occupies a dedicated section and presents new traders with introductions and examples on dozens of indicators. The PrimeXBT blog offers a well-thought-through service and provides clients with an excellent introduction to trading, market commentary, and trading ideas.

PrimeXBT maintains a high-quality blog with valuable content.

Unfortunately, the Price Prediction section appears on pause.

Market commentary is available under Market Research.

PrimeXBT publishes plenty of excellent educational content.

Technical Analysis has its distinct section.

Customer Support

Customer Support Methods
Support Hours	Unspecified
Website Languages	EN ES IT FR TR DE JP ZH RU PT MS TH ID Other

A dedicated contact section is missing, and PrimeXBT merely notes two e-mail addresses at the bottom of its homepage. It does maintain a help center with an FAQ section and a live chat feature is available, with a promise to respond in less than five minutes. PrimeXBT does explain all its products and services well, and the FAQ section covers all relevant topics. As such, most clients may require assistance in emergencies only. A phone number is not available.

PrimeXBT provides two e-mail addresses at the bottom of its homepage, while a phone number is missing.

The help center caters to support requests with an FAQ section and live chat support.

Bonuses and Promotions

PrimeXBT offers a welcome bonus of $200 for a minimum deposit of 0.0170 BTC, but it remains time-limited to 30 days. Promo codes are equally available. Terms and conditions apply, and traders must read and understand them before participating.

Traders may qualify for a time-limited bonus offer.

PrimeXBT also uses promo codes.

Opening an Account

A swift online application handles new accounts; traders must submit their e-mail, password, and phone number. PrimeXBT does not require account verification but does reserve the right to request additional documents if it suspects malicious trading behavior.

The Account Opening Process is simple and straightforward; account verification is not required.

Deposits and Withdrawals

PrimeXBT only accepts Bitcoin deposits, which allows it to offer its privacy-focused business model. The minimum deposit is 0.001 BTC, but traders must consider the high network fees to process Bitcoin transactions.

Bitcoin is the only option available for deposits; high network fees will apply.

Summary

PrimeXBT remains a young and exciting broker, entirely based on Bitcoin and with a focus on client privacy. It operates as a registered but unregulated IBC out of St. Vincent and Grenadines with an extensive cyber-security framework. Despite the absence of regulatory oversight, this broker presents itself in a transparent-enough manner, with the only missing aspect being the commission of an external regulator. PrimeXBT is the best-leveraged cryptocurrency broker, granting 1:100 leverage, but has an overall sub-standard asset selection. Traders get an award-winning proprietary webtrader, the Covesting copy-trading module, and a binary options trading platform. High-quality research and educational offerings on its blog complement the excellent core trading environment at this STP broker. PrimeXBT represents one of the most exciting brokers to monitor for progress in 2021 and beyond.

FAQs

Is PrimeXBT legit?

PrimeXBT operates as a duly-registered IBC out of St. Vincent and Grenadines.

Is PrimeXBT regulated?

PrimeXBT remains an unregulated Bitcoin-based broker.

Can US citizens use PrimeXBT?

PrimeXBT does not accept US-based traders.

What is PrimeXBT?

PrimeXBT is an online broker entirely based on Bitcoin; it established itself as the best-leveraged cryptocurrency broker in operation today.

How do I withdraw money from PrimeXBT?

All financial transactions at PrimeXBT are solely conducted using Bitcoin.

About DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

Read more articles by DailyForex.com Team