Welcome to our review of the PrimeXBT cryptocurrency exchange.
This review is written under the assumption that you are considering PrimeXBT as a possible option for your crypto trading experience, and perhaps, along with other exchanges out there too.
More so, with hundreds of cryptocurrency exchanges out there, finding what suits your trading, security, and privacy preference, as well as your personal functional preference, with regards to aspects like your preferred order type, your matching engine preference and so on, are all factors in deciding what is good or bad for you.
As such, this review holds a rather objective view into the nitty-gritty of what makes an exchange generally great, as well as other custom made features that makes exchange “A” a better preference for Bob over exchange “B”, and exchange B a better preference for Sally over exchange “A”.
In other words, PrimeXBT may be a better exchange than Binance in terms of how much leverage it offers and how many uncorrelated assets it offers in its marketplace. However, that may not be the case in other areas when compared with Binance.
Hence at the end of this reading, you will be left to decide what rating to give… or whether PrimeXBT is a better exchange for you or not. More specifically, in this review you will be having an overview at PrimeXBT’s, general exchange features, various exchange fees, permitted regions by IP, the nitty-gritty of its regulatory climate, as well as how to- sign up, login, deposit, withdrawal and so on.
Registered in the Republic of Seychelles as PrimeXBT Trading Services Ltd in 2018, PrimeXBT launched – initially offering only crypto CFD services. At the time, some of the exchange’s most stand-out features were it’s very attractive leverage sizes, offered over a wide assortment of crypto pairs; a flexible collection of order types, ideal for crypto CFD trades, and several bonuses, referral packages, as well as low trading fees.
In over a year, PrimeXBT’s team is constantly improving its user experience, with several new features coming out almost every quarter. So far, the close of 2019 and the first quarter of 2020 have seen the exchange evolve into a diverse asset market place with other non-crypto asset classes, like instruments from the foreign exchange market, the commodities market, and stock exchange-traded funds (ETF) like S&P 500 funds, FTSE100 funds, and several other Index traded funds.
Also, for those with huge risk appetites or for those who will prefer the simplicity of binary trades, very recently, the PrimeXBT Turbo platform was launched, which offers the opportunity for binary trades. Also, like with several other aspects of the platform, there is the option of demo account trades, for new traders not willing to test the platform with real funds.
Also, other parts of the exchange that are worth noting is its 100X leverage, offered across all its traded instruments; its responsive support; its minimal registration requirement, due to the liberal regional regulatory framework of its registered region, the Republic of Seychelles.
Starting out with just crypto traded instruments, PrimeXBT has quickly evolved into a CFD brokerage platform with over 15 assets across 5 asset classes. While the list of assets may not be so much, the aggregation of its diverse uncorrelated asset classes, gives the opportunity for a wider base portfolio diversification.
More precisely, at the time of writing, PrimeXBT’s trading platform offers the following instruments — BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, XRP/USD, XRP/BTC, EOS/USD, EOS/BTC, AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/SGD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/SGD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/SGD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, XAG/USD, XAU/USD, BRENT, CRUDE, DOWJ, EUR50, FRANCE, NAT.GAS, GER30, SP500, SPAIN, NASDAQ, HK-HSI, AUS200, JAPAN, UK100.
The robustness and diversity of the above list of instruments clearly indicates a listing priority of highly liquid pairs and an opportunity for users to build a portfolio of diverse and uncorrelated assets.
Hence, if you fancy very unpopular and new assets, with very huge ROI potential, or if you like getting your hands dirty with an exotic collection of altcoin pairs, this may not be the trading platform for you. On the contrary, if you are more conventional in your portfolio management or speculation approach and you only play with the big dogs, then PrimeXBT offers you a plethora of such opportunities.
Very recently also, PrimeXBT launched its binary trading platform the PrimeXBT turbo platform. Although designed as a separate platform, it is still accessible from the official exchange homepage. Also, like with every previous new product on the platform, there is the option of a demo funded account for new traders, not willing to test the platform with real cash.
Finally, with its features, PrimeXBT offers a concise mobile version for both Android and iOS devices. What is more, the exchange offers a friendly U.I with a header menu that gives access to all of the sections and trading instruments offered at PrimeXBT. Although the platform in our opinion is considered relatively user friendly; however, the graph size is relatively smaller than those of most exchanges and some users are not comfortable with it.
Most exchange fee systems are mostly maker and taker fees, along with withdrawal fees. The PrimeXBT leverage trades have the margin financing fee along with the maker, taker and withdrawal fees.
To be clear, taker and maker fees are fees charged to the buyer and seller in a completed trade. Like most exchanges, who charge a flat rate for each trade, PrimeXBT charges 0.05% per trade.
Also, at PrimeXBT, margin trades come with a margin financing fee, which is charged at the end of each trading day, for the next trading day. Hence, if the leverage for each margin does not extend to the next trade day, margin fees are not accrued.
By the way, margin financing fees are the cost or interest rate that the leverage in a margin trade accrues. Also, due to the varying liquidity of different assets, the margin financing fees vary depending on the liquidity; however a 0.914% fee of the collateral size.
Also, if you are considering trading on margins, the margin requirement depends on the size of leverage or loan that you are expecting. More specifically, a 100 times leverage (that is a 1:100 leverage) requires a 1% collateral. However, this comes with higher chances of getting a margin call since the risk of the 100 X leverage leans on the 1% collateral, making the chances of asset liquidation or a margin call high. Also, a 50 X (1:50) leverage requires more collateral to earn as high as a 100 X leverage and less risk of a margin call. With regards to deposit and withdrawal fees; deposit fees are free, with a minimum deposit of 0.001BTC; withdrawal fees are a flat BTC rate of 0.0005 BTC.
The crypto culture of transaction anonymity and transaction privacy, as well as the inconvenience of waiting for KYC and AML processing, are the reasons why most traders are less motivated to trade with well “regulated exchanges.”
As such it is believed that most exchanges, like PrimeXBT, tend to take the less legal high ground of being fully licensed and regulated and even go as far as being registered in less stringent regions, as it helps them stay competitive in the market. Also, the requirements on the end of government regulators are often very difficult and slow to meet and are often detrimental to the growth of most exchanges.
More specifically, the statement on PrimeXBT’s terms and condition reads:
“PLEASE NOTE THAT WE ARE IN THE PROCESS OF UNDERTAKING A LEGAL AND REGULATORY ANALYSIS OF BITCOIN TRADING WITH MARGIN. FOLLOWING THE CONCLUSION OF THIS ANALYSIS, WE MAY DECIDE TO AMEND THE INTENDED FUNCTIONALITY IN ORDER TO ENSURE COMPLIANCE WITH ANY LEGAL OR REGULATORY REQUIREMENTS TO WHICH WE AS A COMPANY IS SUBJECT.”
At the moment, PrimeXBT is registered in Seychelles, where the regulatory framework is less stringent to CFD brokerage services like PrimeXBT. This is also one of the go-to areas for most western exchange services, offering similar services as PrimeXBT. Hence, it is understandable why some exchanges, like PrimeXBT shy away from being licensed, with traditional asset regulation agencies.
With the varying, and fastly evolving regulatory landscape in the cryptocurrency space, as well as the varying and unique exchange solutions offered by each exchange, regulations are often good for one and not so good for another exchange, due to the peculiarity of their individual services.
This peculiarity has resulted in many exchanges like PrimeXBT, being less motivated to get a special license, which will mean less freedom in their operations. For instance, to start trading in PrimeXBT KYC regulations are not needed, which is very encouraging to many traders.
Across the globe, exchange locations depend also on the services they offer, this also contributes to defining where an exchange can or can not operate. In other words, exchange A may not be accepted in the United States and exchange B may be accepted in the states. More precisely, the PrimeXBT disclaimer clearly states:
“PrimeXBT DOES NOT ACCEPT ANY USERS FROM THE COUNTRIES OR TERRITORIES WHERE ITS ACTIVITY SHALL BE ESPECIALLY LICENSED, ACCREDITED OR REGULATED BY OTHER WAYS. YOU SHALL CHECK YOUR APPLICABLE LAW AND BE FULLY RESPONSIBLE FOR ANY NEGATIVE IMPACT ARISEN FROM YOUR RESIDENCE COUNTRY REGULATIONS. IF YOU ARE TRAVELLING TO ANY OF THESE COUNTRIES, YOU ACKNOWLEDGE THAT OUR SERVICES MAY BE UNAVAILABLE AND/OR BLOCKED IN SUCH COUNTRIES. ”
With such regulatory caveat, here is a specific list of countries that PrimeXBT’s services isn’t allowed, at the moment: the United States of America, the province of Québec in Canada, Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; any state, country or other jurisdiction that is embargoed by the United States of America.
If you find yourself anywhere, but these regions listed above, then your IP shouldn’t face any restrictions with use in PrimeXBT. What is more, according to a publication on the PrimeXBT official website, their services are stretched to over 170 countries in the world. It is therefore rational to assume that the above mentioned restricted regions are not a part of this stats.
PrimeXBT Deposit & Withdrawal
While there are over 30 instruments traded on PrimeXBT’s trade platform, deposits are only made in Bitcoin, more precisely deposit size is a minimum of 0.01 BTC.
Also in view of making deposits in BTC, users can use a third-party Bitcoin merchant that accepts credit or debit card payment for Bitcoin or other altcoins; and funds will be sent to the buyers submitted receiving PrimeXBT wallet address.
What is more, Changely.com, a cryptocurrency purchase third-party service provider, offers PrimeXBT users the option of funding their exchange account directly from their card. However, some users may have their credit score affected if they attempt using such third-party Bitcoin merchant service providers.
Also, like with deposits, withdrawals are made in BTC. However, while deposits incur no fee, withdrawal incurs a fee of 0.0001 BTC per withdrawals. Quickly let’s have a practical step-by-step outlook on how deposit and withdrawals work at PrimeXBT.
Step 1: Once you login into your personal PrimeXBT account, click on the deposit icon, at the top left menu section.
Step 2: Copy the receiving wallet address from your account deposit dashboard or scan the Q.R code to send in funds.
Also, on the right side of the deposit page, there is the option for credit or debit card fund deposit using Changelly, previously mentioned above.
To use this, enter in the USD figure you intend to spend. The present exchange rate in BTC will be automatically reflected below. Also, choose the intended currency wallet you want to fund.
Finally, you will be redirected to the Changelly website to complete the transaction. More precisely, you will enter in the receiving PrimeXBT wallet address, select the receiving cryptocurrency, and finally send.
Please note that you are expected to carry out all due diligence with regards to exchange rate terms and conditions before using this third-party service.
All withdrawals are valued and paid in BTC. More precisely here are the steps to withdrawal:
Step 1: Once you login into your personal PrimeXBT account, click on the “Withdrawal icon,” on the top left menu.
Step 2: enter in your receiving wallet address, that is the address you intend to withdraw funds to and submit for withdrawal.
Do note that PrimeXBT processes all pending withdrawals once a day, between 12:00 and 14:00 UTC. Hence all withdrawal requested before 12:00 UTC will be processed on the same day. However, all withdrawals requested after 12:00 UTC, will be processed the following day.
In a bid to abide by international AML standard, certain withdrawal volumes deemed suspicious by the management of PrimeXBT may be withheld for proper checks. The word “certain” is used since no specific figure was stated on the terms and conditions page of PrimeXBT.
PrimeXBT Account: Register & Login
Signing up on PrimeXBT is pretty simple once you are in jurisdictions, where their services are allowed.
Step 1: On the right top header menu of the official primeXBT homepage is the registration and login icons.
Step 2: To register, click on the login icon, you will be redirected to a page where you will enter in your email address and enter in your intended password twice for confirmation. Please note that your password must contain at least 8 characters in all, 1 upper-case, 1 lower-case, and 1 digit at least.
Once the password criteria is met, an email with a confirmation prompt will be sent to your address. Once email registration confirmation is made you will be asked to log in.
To login, click on the login icon in the top-right header menu and you will be redirected to the login page.
Once on that page enter in the requested login details, which are your email address and password.
Upon login you will be taken to the trade page, however, you can always choose what page you intend to explore from the header menu containing: “Account”, “Turbo”, “Trade”, and “Convesting”.
For extra layer of account security, there is the option of 2FA using the google authenticator app. More details on this will be discussed in the security section of this piece. However, note that if you activate 2FA upon login, an extra passcode will be sent across to your google authenticator app or a prompt for fingerprint authentication via your mobile device will be sent across.
PrimeXBT Mobile App
The PrimeXBT mobile App is as simple as it gets. Upon opening the application, there is a signup and login icon at the base of the U.I. Once you are logged in, you will be taken to the price watchlist page, with the real-time, Bid/Ask prices popping up continuously in a chronological order, for all the listed currency pairs.
Also the top drop-down menu at the top left part of the mobile UI, gives a doorway to other functions like Orders, Positions, Account, Deposit, Statement, Settings and Log out.
Please note that ,while every icon on the menu list leads to respective pages on the app, the deposit icon redirects users to the web version of the PrimeXBT website, through the default mobile web browser of the mobile device.
One drawback with the mobile app is that the charts are smaller than normal; hence it doesnt give most of its users a robust representation of market price action history.
PrimeXBT Safety & Security
From its end, PrimeXBT adheres to cold wallet fund storage protocol, which means a bulk of the exchange’s funds are stored locally and will need a manual web procedure for fund transfer. Also, the website uses the standard SSL certificate, verified by Cloudflare, for preventing MITM attacks and securing customers’ data.
Additionally, beyond using a sophisticated and secure password, 2 Factor Authentication is one security layer that virtually all Bitcoin brokers provide for their users, of which PrimeXBT is not an exception. users can also use Bitcoin address whitelisting, which means fund withdrawals out of users account can only be to pre-approved wallet addresses. By implication, if your account security is compromised the funds can not be stolen to an alien, un-whitelisted wallet.
Also, so far, there has not been any reported fund lost by any PrimeXBT user. So while they may be a new bitcoin brokerage service provider, so far their fund security reputation has not been tainted. However, with new brokerages services like this, without a license, we advise users to only use funds that they can afford to lose.
Finally, to set up 2FA security, a google authenticator app is needed on your mobile device. After installing, go over to your account profile setting, at the top-right profile icon on your PrimeXBT dashboard to set up your 2FA security layer. Once this is set up, upon login and withdrawal a google authenticator prompt will appear in your mobile device always.
Its leverage service is what this exchange has been known for since its launch in 2018. PrimeXBT Offers up to a 10 X leverage on margins for trades across all its 30 traded instruments. While there are several other exchanges that offer as much as 100 X leverage, PrimeXBT is one of those few crypto brokers that claim to offer leverages on all its traded instruments.
Leverages are simply loans that a brokerage offers to its customers to help them boost their earning potentials in a trade. In other words, with a 100 X leverage on a 10$ collateral, you will be able to trade with (10 X 100)$ worth of trade volume, which is 1000$. So, if you order brought in a 10% profit, then that will be a profit of 10% from 1000$, which is 100$ or 100% of your initial 10$ collateral.
In summary, with PrimeXBT’s Leverage, there are several leverage opportunities. Here you can take some leverage and either go long in favour of rising prices or going short in favour of falling prices. In other words, whatever your speculations are on the future price of say, Bitcoin, you can take whatever amount of leverage that your risk appetite can handle and trade long if you think prices will rise or go short if you are less optimistic of price rising.
PrimeXBT Customer Support
The PrimeXBT customer support desk operates round the clock, all seven days of the week. Also, the primary support language of communication is English and Russian, which is understandable, considering the Bitcoin trade volume that English speaking regions and Russia commands.
Unlike most top tier exchanges, primeXBT’s support is very supportive with an average response rate of 1-2 minutes, by our observation and test. Additionally, the support is very courteous and supportive in answering questions as well as providing support to users.
Their primary points of communication with customers are:
- Email (which are: email@example.com and firstname.lastname@example.org,) Also, from our observation email sent here had a response just after approximately two hours.
- Instant web chat, which recorded the 1-2 minutes average responsiveness, mentioned above. Also, the other sources of interacting with the PrimeXBT support are through their social media channels which are: www.twitter.com/primexbt for twitter, www.reddit.com/primexbt, for Reddit and https://t.me/primexbt for Telegram.
Enticing bonus packages, referral programs, and general usage incentive is usually the strategy used by new exchange service providers; of which PrimeXBT is not an exception. So far there is a 35% extra deposit bonus in Bitcoin, for new users, with a minimum deposit of 0.01 BTC.
Also, their referral or affiliate program allows users to earn up to 50% of what their referrals pay in trading fees. In other words, if your referral executes a trade of $10,000 and pays a fee of 3$ worth of BTC, you stand to earn 1.5$ which is 50% of that fee. This can have a very huge exponential effect for users, with a large crypto followership, who plan on exploiting their network.
Also, primeXBT offers an affiliate program that copies traditional multi-level-marketing scheme strategies with an affiliate referral program that allows you to earn from your referal’s referral, up to the 4th generation. More clearly, you get to earn 20% from your direct referrals and if those direct referrals bring in new traders, you get to earn 15% from that second generation of your referral network and 10% from the 3rd generation and 5% from the 4th generation.
PrimeXBT Review: Conclusion
Finally, for a new exchange that is just a year old, the level of developmental growth seen in just a short time shows how serious the management of PrimeXBT is with their service delivery. Also, while it is understandable to hold some scepticism regarding fund security, with regards to their infancy in business and their lack of sufficient licensing, one can not help but notice their seriousness and give them some credit for that.
Finally, if you are not confident with such service providers and are contemplating using their services then you may want to try it out with little funds.