PrimeXBT Review: The Best Platform for Leverage Traders

by | May 24, 2024 | Crypto Trading, Exchange, Forex, Reviews | 0 comments

Choosing the best trading platform is paramount for crypto traders.

In today’s post, we will dive into a detailed review of PrimeXBT.

PrimeXBT is a crypto exchange for all types of traders, from beginners to pros.

The exchange provides a world-class platform for trading crypto futures and CFD (Contract for Difference).

Impressively, CoinGecko ranks it 11th largest among derivatives exchanges.

With that said, let’s get into the full details of PrimeXBT.


PrimeXBT Review Summary

To help you navigate this review easier, I organized it using these subheadings:

Let’s begin!


PrimeXBT Overview

Founded in 2018, PrimeXBT has grown into a top derivative exchange by trading volume, surpassing $265 million daily.

The exchange is headquartered in Seychelles and serves users from around 150 countries.

PrimeXBT aims to be a global leader in online trading with a focus on crypto futures and CFD.

It boasts a robust trading platform with access to an extensive asset selection (crypto, commodity, forex), making it a top choice for traders seeking to explore diverse markets.

In addition to this, it lets its users explore a wide range of advanced trading features, including customizable charts and technical analysis tools.

PrimeXBT stands out for its intuitive user interface, making it accessible to both newbies and experienced traders.

It is also popular for its competitive fees which makes it attractive for regular traders looking to save on fees.

The features of PrimeXBT are detailed below. Read along!

Visit PrimeXBT


Features Of PrimeXBT

The following features that appeal to crypto traders can be found on PrimeXBT.

  • Deep liquidity
  • Advanced trading tools
  • User-friendly interface
  • Diverse markets
  • 100+ tradeable assets
  • Margin trading up to 200x leverage
  • Low fees
  • Trading calendar
  • Mobile App
  • 24/7 customer support
  • Trading Contest
  • Referral program

Let’s dive into the products and services!


Products And Services on PrimeXBT

PrimeXBT offers the following products and service:

  • Crypto Futures
  • CFD
  • Copy Trading
  • Buy Crypto

(a) Crypto Futures

PrimeXBT offers futures contracts for popular cryptocurrencies like BTC, ETH, LTC, BNB, DOT, ALGO and more.

With this offering you can speculate on the price movement of any of the listed crypto by going long if bullish or short if bearish to potentially profit from them.

PrimeXBT offers Perpetual Swaps, which allows trades to remain open without expiration date, unlike traditional futures trading.

It also offers leverage of up to 200x on Cross Margin and 100x on Isolated Margin

(b) CFD

Primexbt

PrimeXBT offers CFD on a variety of asset class, including cryptocurrencies, stock indices, commodities, and forex.

Similar to Perpetual Swaps, CFD lets you profit from the price movement of an asset.

However, CFD has an expiration date. You will need to close your position before the contract expires to avoid automatic settlement.

(c) Copy Trading

PrimeXBT

PrimeXBT copy trading makes things easier for beginners.

You can automatically copy the trades of expert traders in two steps:

  • Find an expert trader: You can browse through a selection of expert traders, review their metrics, and select the one to copy.
  • Copy their strategy: Click on “Copy” and allocate funds to the chosen trader. Their trades will then be automatically mirrored in your account.

{Suggested Read} PrimeXBT’s Covesting Explained: How Does This Copy Trading Module Work?

3. Buy Crypto

PrimeXBT’s “Buy Crypto” feature lets you conveniently purchase BTC using credit/debit cards.

You can pay with over 15 fiat currencies, including USD, EUR, and AUD, all directly on the platform.

Intrigued by these offerings? Continue below to find out more about PrimeXBT!


Supported Countries, Listed Currencies And Supported Payment Methods

Supported Countries

PrimeXBT boasts global availability in over 150 countries.

However, due to regulatory policies, users from the following countries are restricted:

  • United States of America
  • Canada
  •  American Samoa
  • Cuba
  • Japan
  • Myanmar
  • North Korea
  • Saint Vincent and The Grenadines
  • New Zealand
  • United States Minor Outlying Islands
  • Algeria
  • Ecuador
  • Iran
  • Israel
  • Russian Federation
  • Sudan
  • Syria

Listed Currencies

Supported cryptocurrencies

PrimeXBT supports over 35 crypto futures contracts, all priced in USDT.

Popular options include:

  • BTC/USDT
  • ETH/USDT
  • BNB/USDT
  • ADA/USDT
  • ATOM/USDT
  • SOL/USDT
  • FTM/USDT
  • AXS/USDT
  • FIL/USDT
  • LINK/USDT
  • KLAY/USDT
  • ALGO/USDT
  • AVAS/USDT
  • DOT/USDT
  • DOGE/USDT
  • MATIC/USDT
  • NEAR/USDT
  • LTC/USDT
  • ICP/USDT
  • SAND/USDT
  • EOS/USDT
  • EGLD/USDT, etc
Supported assets for CFD

PrimeXBT supports over 100 CFDs across cryptocurrencies, forex, and commodities.

The top picks include:

  • ADA/BTC
  • ADA/USD
  • ALGO/USD
  • ALUMINIUM
  • AUD/CAD
  • AUD/CHF
  • DOWJ
  • CRUDE
  • COPPER
  • AUS200
  • JAPAN
  • ZINC
  • EUR/USD
  • GOLD
  • NASDAQ
  • UK100
  • NICKEL
  • SP500
  • XAU/AUD
  • GBP/USD
  • EUR/CHF, etc
Supported Payment Methods
  • Crypto futures and CFD trades are settled in USDT
  • Credit/Debit card is supported for the “Buy Crypto” feature.

Fees are crucial consideration for crypto traders, so let’s explore PrimeXBT’s fees.

Visit PrimeXBT


Transaction Fees And Verification Requirements

Transaction Fees

Four types of fees apply on this exchange. They include:

  • Trading fees
  • Buy Crypto fees
  • Copy Trading fees
  • Deposit/Withdrawal fee
Trading fees

This is the fee charged for conducting crypto futures and CFD trades.

  • Crypto Futures: 0.01% for Makers and 0.02% for Takers.

Note: Makers are traders that set their own prices while takers are traders that buy at the market price.

  • CFDs: 0% (this means that the exchange does not charge a commission for CFD trades).

However, Overnight fees apply, ranging between 0.005% and 0.01% depending on the specific contract traded. See here.

Buy Crypto fees

PrimeXBT does not charge any fees for directly buying crypto with fiat currency using its platform.

However, third-party payment processors might charge fees for processing the transaction.

Copy Trading fees

PrimeXBT does not directly charge fees for copy trading.

Instead, it share profits between you (the follower), the expert trader, and Its platform.

In addition, the follower gets the biggest cut!

There are tiers to this profit sharing though, based on your membership status. See below!

PrimeXBT copy trading revenue sharing
Deposit/Withdrawal fee

Deposits are free, but withdrawals incur a $0.5 fee.

Verification Requirements

To verify your account on PrimeXBT, you need:

  • Selfie
  • Identity Document (ID card/Passport/Residence permit/Driver`s license)

PrimeXBT lets you trade, deposit and withdraw without verification, unlike most exchanges.

This makes this exchange ideal for traders who find verification difficult. But be aware they can still request KYC later.

Now, let’s dive into PrimeXBT customer support and users feedback. See below!

Visit PrimeXBT


Customer Support And Public Opinion

PrimeXBT takes customer support seriously.

It offers 24/7 a live chat bot on its website, ready to handle any user issues.

Plus, their comprehensive Help Center and video tutorials address most questions users may have

Here’s how to contact support:

  • Livechat (under 2 mins)
  • Support@help.primexbt.com
  • Prime XBT Telegram Support Bot

PrimeXBT boasts impressive user reviews on Trustpilot and Capterra.

Users praised it for its user-friendly interface, compelling features, and excellent customer support.

Continue below for some of the most frequent questions you may have about PrimeXBT.


FAQs

1. How do I start trading with PrimeXBT?

To get started, do the following;
– Visit PrimeXBT and click on ‘Register’ to sign up for an account
– Deposit funds and start trading. Click on “Deposit” to send funds to your account.
You can also deposit funds by purchasing BTC directly from the exchange through the ‘Buy Bitcoin’ feature.
Note: PrimeXBT offers a $100 deposit bonus if you fund your account within 48 hours of registration.

2. Can I buy BTC with my local currency on this exchange?

Currently, the exchange lets you buy crypto with 15 fiats, including:
USD, EUR, CHF, AED, AUD, BGN, CZK, DKK, HKD, HUF, JPY, NZD, PHP, PLN, and RON

3. Are there deposit or withdrawal limits?

There are no deposit and withdrawal limit for verified accounts.
However, unverified accounts have a daily withdrawal limit of $20,000.

4. Is PrimeXBT safe?

While PrimeXBT isn’t directly regulated by major financial authorities, some of its services are supervised.
It states on its website that Baksta UAB, the company handling cryptocurrency services on its platform, is registered with Lithuania’s Financial Crime Investigation Service (FCIS).
This adds a layer of reassurance for traders using the platform.
Moreover, the exchange has been around for over 5 years, and their track record shows no major security breaches reported publicly.


Conclusion

PrimeXBT offers a user-friendly platform with competitive fees and a strong focus on customer support.

Whether you’re a seasoned trader or just starting out, the exchange is definitely worth considering.

So, tell me… Have you used PrimeXBT before?

If not, would you open an account today, and would you recommend it to others?

Share your thoughts in the comments below!

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ABOUT ME

Paschaline Anagor
I am a passionate crypto enthusiast with over three years of experience in the crypto world. Sharing insights on crypto trading, Web3, DeFi, NFTs, and the latest crypto news. Subscribe to the blog to explore the world of digital currencies!