Contents
Prime XBT is an online Bitcoin-based exchange platform where you can get CFDs and cryptocurrencies for trading purposes. This platform is not limited to cryptocurrencies as you can also trade commodities like Natural Gas and Crude Oil Financial Instruments like S&P 500, Nasdaq Composite Indices, Forex and much more.
Despite the variety of choices, it is quite easy to use because even a beginner can load his new account with Bitcoins within a few minutes. The best part about this platform is that it offers 1000X leverage for Forex trades and 100X crypto leverage trading.
Prime XBT provides both brokerage and exchange services. It is an open platform and available in more than 150 countries. The best part about Prime XBT is that it offers the lowest trading fees in the market and this feature makes it one of the best exchanges for financial instruments, margin trading and cryptocurrency.
Prime XBT Review: All About it
Prime XBT was registered in 2018 in Seychelles. This company has shown exponential growth over a short period of time and it has expanded its arms to more than 150 countries. The Company’s prime vision is to create an innovative platform that equips users with all the essential tools for trading activities.
Prime XBT has shown an enormous variety of tools that are not only suitable for intermediate-level traders but for beginners also. This company has summarized all the essential tools under one roof for the traders along with a user-friendly interface. In order to protect the investors’ funds from cyber-attacks, they have affected standard security practices. So, all of our trading activities are safe with Prime XBT.
Background
In 2018, Prime XBT was founded under the holding name of Prime XBT Trading Services. This platform launched its services until early 2019. Later in St. Vincent, they have officially opened an office and moved its trading infrastructure to Switzerland which is called the world’s capital of cryptocurrency.
Prime XBT Key Features
Prime XBT is a perfect place for those people who are looking for a way to increase their Bitcoin holdings. It is an ambitious emerging company in margin trading share. With its ever growing line-up of features and customer support, it is likely to continue expanding its trading user base, whether it’s a beginner or experienced.
Now let’s, discuss its features that make it stand out among other platforms:
Privacy
Prime XBT is one of the most secure trading platforms and all your trading actions and funds are completely secured. It is also called a pro-privacy platform which states that you do not need to do the KYC checks for trading.
Margin Trade Traditional Asset and Top Cryptocurrencies
Trade EOS, Litecoin, ether, trade Bitcoin and XRP with FTSE100, S&P 500, NASDAQ, Gold, Forex, natural gas, Silver, JAPAN, Crude oil and much more.
Covesting Integration
The best part about Covesting Integration is that it integrates directly with another crypto social trading platform. With the help of this feature, you can easily copy and view the action of seasoned traders.
Low Fees
Fees transparency is one of the main features of Prime XBT. When it comes to the different charges, you can easily do the math. Here it will guarantee you the lowest fees.
Bitcoin-only Exchange
One of its prime features is that the traders can only deposit Bitcoins which means that they can’t deposit any other kind of cryptocurrency.
Customizable Widgets
Prime XBT is a powerful platform that is designed to provide 12 integrated liquidity providers. These providers are much capable of executing 12,000 orders/second. They also make sure that these orders will be processed in less than 7.12 m/s.
Prime XBT is considered an emerging player in the trading world and with its awesome features and low fees; one can easily do the trading without any hassle. Now it is trying to expand its user base with its remarkable user-friendly interface and features. It can also be considered as a transparent platform where everything is clear and there are no hidden charges.
The customer support is available round the clock and their executive ensures that assistance will be rendered to traders anytime without any hassle. In order to make it more convenient, the developers have provided the website in 8 different languages: –
- Korean
- Portuguese
- Chinese
- English
- Spanish
- Russian
- Japanese
- Turkish
Prime XBT Fee
Prime XBT Fee is pretty lower end of exchanges and the best part is it doesn’t charge any deposit fees. But if you withdraw then it will cost you 0.0005 BTC which is a standard fee. It will cover your Bitcoin transaction cost.
On the other hand, BitMEX which is another popular Bitcoin exchange platform also charges you a small fee which can cover BTC transaction costs. But it charges people around 0.001 BTC. This cost is not much but if we compare it with Prime XBT, then it is clearly a double price or can be considered as expensive.
With the help of Prime XBT Buy Bitcoin option, you can easily purchase and deposit Bitcoins via Changelly. You can use your Visa card or MasterCard to buy Bitcoins directly through Changelly. But there is one thing that we need to keep in our mind, the bank transaction charge is 5% Changelly and Simplex fees of 5% will add up to higher than 10%.
There are some other principal Prime XBT Fees – Overnight Financing and Trade Fee.
Trade Fee
This fee will be charged every time you closed or open a position which is as follows:
- Commodities and Indices – 0.01%
- Forex – 0.001%
- Cryptocurrency Trades – 0.05%
Overnight Financing
When an open position is carried into a new day, Overnight Financing is incurred. The trading day is closed at 00:00 UTC. In a condition, if you open and close the position on the same day then it will not be charged at all.
Prime XBT Withdrawals & Deposits
If you are a registered Client, then you can use Prime XBT wallet for free. The deposits and withdrawal process is pretty much easy.
In order to deposit, you need to login or register for a new account. Then click on the Deposit to Wallet option lying under account summary.
Deposits
If you want to transfer your Bitcoins which are lying in another external wallet, you have to copy the Bitcoin deposit address or scan the QR code displayed. Now we need to go to the wallet in which we have Bitcoins and paste the address as a receiver address. The whole process should be done very carefully because a little mistake might cost you a lot. The minimum deposit amount is 0.001 BTC and there is no maximum amount limit.
In case, if we do not have any Bitcoin but a flat currency or crypto coin then we need to use Changelly. It is quite easy to use as we just need to enter the amount of flat currency that we need to exchange. Then, click on the exchange button and it will automatically redirect you to Changelly website. Here, we need to verify the billing information, card details, email and phone number to proceed.
After the deposit is complete and your wallet balance will automatically update. Now we need to click on the Fund Trading account and enter the trading amount and the free transfer is completed.
Withdrawals
In order to start withdrawal, we need to login into a Prime XBT member. Now, click on ‘Withdraw’ located under the accounts tab. Kindly note that the withdrawals can only be done from the wallet, so we need to transfer the funds from the trading account. Then fill the destination address and amount. After filling the address, click on the ‘Submit to Withdraw’ option.
Prime XBT – Mobile App
Prime XBT can be accessed from its official app. We just need to install the Prime XBT mobile app from the Google Play store. Prime XBT app got the best review, ratings and 10,000+ downloads. With the help of Prime XBT app you can trade anywhere as you just need to register on it.
You can trade over 30+ assets across Forex, Crypto, Stock indices and Commodities. With its intuitive interface and easy navigation, you can access your official account completely with this app. The deposit and withdrawal process can also be done with the app as it offers 3 different chart types and 6 timeframes.
Final Words
Prime XBT is an exchange operating from Seychelles which has its clients from over 150 nations. The brand claims to focus on customer satisfaction by providing them excellent features and services. On the other hand, it is completely secure as it follows standard security procedures.
Currently, the Company claims that it can process approximate USD 375 Million per day with the support of 40 staff members in 3 offices. Its trading services are available in more than 150 countries and the Company is still trying to expand in Quebec (Canada), Algeria, United States, Ecuador, Ethiopia, Cuba and many more countries. Its user friendly website gives you its services in eight different languages.
I have something to say about Prime XBT. This broker helped me get a stable additional income. I’ve come a long way from a demo account and social trade to independent trading.
Pros: quick start (registration without the need for KYC), margin trading with cryptocurrency/traditional assets, and low commissions.
Cons: not all cryptocurrencies are represented; the app works slowly (maybe it’s because I have an outdated smartphone model).