The PrimeXBT digital asset exchange is a one-stop-shop trading platform that supports trading several virtual currencies, a number of key stock indices, commodities, and foreign currencies.
Apart from offering margin trading up to hundred times your initial investment amount, it also has a fresh feature, dubbed “covesting”, that lets you watch and copy the trading moves of top-traders and investors on the website.
Besides, its “turbo” trading option permits you to make short-term price predictions. If your guess is correct, you make a fast profit. Regrettably, PrimeXBT is not available in fourteen nations including the United States and Canada.
Presently, PrimeXBT is not available in the United States and only has 7 digital currency trading pairs available which is not impressive . Except if you are an accomplished trader outside the United States, it is perhaps best to refrain from.
PrimeXBT Review
PrimeXBT exchange is a good fit for experienced users looking for newfangled features and opportunities designed to build up profitability. New users have the option to enjoy the ability to copy the trades of experienced crypto traders. All users will take advantage of being able to trade various sorts of assets including cryptocurrencies and key stock indices.
Positives
Trade digital currencies, foreign currencies, key stock indices, and commodities
Novel covesting feature
Turbo trade
Strong technical analysis tools and charting
Referral system
Negatives
Very less digital currency trading pairs
Not available in fourteen nations including the United States, Canada, and Japan
No lending or staking services
Limited direct virtual asset transfers
Good perks
Strong Referral System
The PrimeXBT referral system has a 4 legged payout system. You receive rewards not only for direct referrals you bring to the exchange but for their referrals as well. The exchange’s setup can multiply the passive income you collect from the trading fees paid by the referral network you build. For inviting people, you have to use your custom referral link. To receive maximum rewards, encourage your referrals to invite more people.
Leveraged Trading Up To 100x
PrimeXBT offers leveraged trading up to hundred times the amount you give. Leverage trading (Margin trading) is a method involving borrowed funds from the exchange. The reason to trade using leverage is to increase the profit potential. Leveraged trading permits you to trade and profit using much larger asset amounts than with personal funds.
Leverage Trading Disclaimer
Be advised, leverage trading has very high risk and only accomplished traders should give it a try. One more advantage of PrimeXBT is that you can practice leveraged trading on the PrimeXBT demo platform using fake funds.
State Of The Art Technical Analysis Tools
The PrimeXBT technical analysis platform makes use of Tradingview. It is loaded with numerous popular indicators (RSI, Moving Averages, etc.), over fifty intelligent drawing tools for in-depth market analysis, and several educational resources on the most sought-after trading concepts. The charts are helpful in assisting traders recognize bobbing price trends for various assets on the platform they are looking at. This helps users make more gains and refrain from losses.
Scopes Of Improvement
Very Limited Number Of Trading Pairs
PrimeXBT has a very limited number of trading pairs. It offers only 17 trading pairs, presently. This is among the fewest offered by an active global cryptocurrency exchange. Presently, the exchange does not accept any reserve currency deposits from bank accounts or credit cards. It only accepts digital asset transfers from other exchanges or virtual asset wallets.
The exchange accepts cryptocurrency transfers. However, it offers very limited crypto trading choices. Most crypto exchanges offer a good number of digital asset trading options for users to choose from. It is not clear why PrimeXBT has chosen to offer so few options.
No Access To US Residents, Prohibited Jurisdictions
The exchange lists fourteen nations on its “prohibited jurisdictions” list. These include Canada, U.S., Japan, etc. There was no further explanation for the blocked access in these areas.
No Lending Or Borrowing Feature
Nowadays, several digital currency exchanges are offering lending services. This is particularly true with the explosive growth of DeFi within the digital asset space. At the time of writing this review, PrimeXBT doesn’t offer interest-bearing accounts.
However, under its Covesting module, the exchange offers a “staking” option but it isn’t interest earning. It’s simply a 3-tiered membership program you buy into that offers more perks the more you spend beforehand.
PrimeXBT Covesting
Covesting permits the exchange users to copy the trades taken by top traders on PrimeXBT. Covesting is a unique way to make passive profit for anyone who doesn’t have proper knowledge of trading or does not have enough time during the day to trade due to some other work. The Covesting feature permits you to replicate the trades taken by experienced and successful traders.
Additionally, if you’re an experienced trader, you can make your portfolio and trading strategy available for others to follow.
Fee Structure
PrimeXBT has one of the most uncomplicated fee structures among crypto trading platforms. The fees are divided into two components. These are:
- Trading Fees: A trading fee is incurred any time a position is opened or closed as a percentage of the transaction amount as shown below:
- Overnight Financing Fees: This is incurred any time a leveraged position is carried into a new trading day. Positions closed before the start of a new trading day (00:00 UTC) are not charged.
Notably, there are no fees for account deposits. The withdrawal fee is a flat fee notwithstanding of the amount of the asset being pulled out as shown below:
PrimeXBT offers seventeen digital currency trading pairs. This is one of the lowest among active crypto exchanges. The main crypto assets included in these pairs are below:
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Ripple (XRP)
EOS (EOS)
Cardano (ADA)
Polkadot (DOT)
Solana (SOL)
Uniswap (UNI)
Chainlink (LINK)
Dogecoin (DOGE)
USD
Safety Of Users Funds
PrimeXBT aims to provide the highest level of security to its platform users. It claims an extensive, multi-layered cyber security structure. This structure makes sure strict measures and practices are in place to safeguard user assets against any threat or cyber attack. The exchange allegedly carries out random stress tests and security audits to make sure its network stays safe.
The exchange uses several security measures. These include:
2FA (Google Authenticator) to stave off unauthorized access to one’s account
Encrypted SSL to encode and safeguard website traffic
Password encryption using the bcrypt hashing function
Using Cloudflare to avert potential distributed DDoS attacks
Ongoing IT security assessments to keep potential vulnerabilities in check
The PrimeXBT environment is hosted on AWS, which has a demonstrated track record of industry-leading security
iOS App
The exchange has recently introduced the all-new PrimeXBT iOS application that will complement the existing web browser version of the platform by allowing access to the platform’s full suite of features. It is also designed to cater to the growing demand of users who are regularly on the go.
As per the exchange, the iOS app will bring parity across the entire PrimeXBT experience no matter the device, allowing access to global markets and more from a single, secure account protected by bank-grade security. The advanced trading platform also offers unrivaled personalized service with a dedicated account manager along with the Covesting copy trading module.
The application is available immediately via an Apple App Store download link, and a walkthrough has been published on the official PrimeXBT company blog offering a demonstration of features and more information. PrimeXBT is welcoming all users to leave feedback and rate the app. Download the new iOS application today.
PrimeXBT Is Suitable For You If:
You Don’t Live In The United States, Canada, or 12 other Excluded Nations
You Don’t Require A Wide Selection Of Virtual Currencies To Trade
You’re Not Interested In Lending Or Borrowing Features
You Like The Idea Of Multiple Passive Revenue Streams
You Consider Cybersecurity As An Important Aspect
Risk Warning: PrimeXBT products are complex instruments and come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Seek independent advice if necessary.
Disclaimer: This Review is for informational purposes only. The information does not constitute investment advice or an offer to invest. Many or all of the products here are from our partners. We may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
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