What is Prime XBT？
Prime XBT, founded in 2018 and registered in Seychelles, is a broker that provides services in trading over 110 assets across various classes, such as Cryptocurrencies, Forex, Indices, and Commodities. It requires no minimum deposit. While Prime XBT claims to have over 1 million users, 152 countries served, and an average daily volume of over 1 billion, it operates without any regulation. Additionally, it doesn't accept users from some regions, including the USA, Canada, Cuba, Iran, and so on.
Pros & Cons
Pros:
Popular Tradable Instruments: Prime XBT has over 110 market instruments, including Cryptocurrencies, Forex, Indices, and Commodities, providing traders with various options for diversification.
Free Minimum Deposit: Prime XBT requires no minimum deposit to open an account. You can deposit any amount that would be sufficient to provide the required margin for your trades.
Demo accounts offered: Demo accounts are surprisingly available for beginners to test the trading environment without risking their own money.
Cons:
No Regulation: Operating without regulation heightens risks, exposing the platform to potential security vulnerabilities and diminishing transparency. And it will pose significant risks to your funds and trading experience.
Regional Restrictions: Prime XBT doesn't provide services to users from a wide range of regions, including the USA, Canada, Cuba, Iran, and so on.
Single accounts only: The lack of account options means you're stuck with a single live account, limiting customization.
No MetaTrader platforms offered: Scratch MetaTrader off your list, this broker doesn't support the industry-standard platform.
Is Prime XBT Safe ？
Prime XBT is currently an unregulated broker, which means it does not operate in a legal way. Please be aware of the risk.
Market Instruments
Prime XBT supports over 110 trading instruments, across various types, including Cryptocurrencies, Forex, Indices, and Commodities.
Cryptocurrencies: You can access the global cryptocurrency marketplace, and trade long and short positions on Bitcoin, Ethereum, EOS, Litecoin, and more. Additionally, you can also trade cryptocurrency futures with Prime XBT.
Forex: You can explore the worlds foreign exchange markets and trade some of the strongest and most recognizable currencies from countries like the US, UK, Australia, and Canada. The supported currency pairs include EUR/USD, GBP/USD, AUD/CHF, AUD/CAD, and more.
Indices: You can open long and short positions to profit from both rising and falling markets, and trade indices like the S&P 500, the NASDAQ 100, NIKKEI 225, ASX 200, and many more.
Commodities: You can trade the most popular commodities, such as Natural Gas, Crude Oil, Gold, and Silver, and access some of the Worlds most important and well-established markets. You can also benefit from the digital nature of commodity CFD trades.
Account Types
Prime XBT only offers one account to serve users. There is no deposit requirement to open an account, which allows users to take a closer look at Prime XBT before deciding whether to trade on it.
Additionally, Prime XBT doesn't provide demo accounts directly. If youd like to try Prime XBT with a demo account, consider joining one of their trading Contests. Upon joining a contest, you will be provided with a free pre-funded contest account. You can use it as a demo account.
Leverage
The highest possible leverage is provided automatically upon opening a position, and you control it by choosing the position size.
For example: you have 0.01 BTC as a Trading account's Equity and you wish to trade BTC/USD. You can open a max position of 2 BTC. This will result in maximum margin utilization at 1:200 leverage and 0% of Available Margin will remain. But you are not required to open such a large position. You can, for example, open a 0.1 BTC position instead. In this case, you will be using only 10x leverage against your 0.01 BTC Equity, with more Available Margin left and less risk of position liquidation should the market move unfavorably. Similarly, if you opened a 0.5 BTC position it would amount to 50x leverage against your Equity, and so on.
Trading Platforms
Prime XBT provides its proprietary platform that is used by traders from around the world. To access it, you can download the iOS App or Android App. The web version of the platform is available on all browsers and does not require downloading any software.
Prime XBT platform interface consists of 6 main sections:
Hub - participate in Contests, manage your Rewards and Promo codes sections, track your Referral network and partner in the Affiliate program, learn about the Academy, review the Market research blog, and connect with the Community;Main - make deposits, and withdrawals, keep track of your accounts activity and statistics. Quick access to Global Markets (margin) and Crypto Futures trading accounts, Covesting sections and Contests;Trade - access Global Markets (Margin trading) and Crypto Futures trading platforms, manage your accounts, monitor the market, place trades, and control your orders and positions;Buy Crypto - purchase cryptocurrencies using a Bank Card / SEPA transfers / Gift cards / Alternative Cryptocurrencies via third-party exchange services;Copy-trading - Covesting Strategy Management and Followings;Contests - the risk-free environment that allows traders to test their skills and compete with other participants to win real prizes.
Trading Tools
The two main trading tools available on Prime XBT are live price charts and copy trading.
The live price charts display live data on the price and changes of all the trading instruments, which helps users to have an overall grasp of the market conditiona conveniently.
Copy trading is a form of investment that involves copying the trades of other traders. It allows you to automatically copy the traits that more experienced traders make, without having to analyze the market yourself.
Deposits & Withdrawals
For deposits, there are three methods supported. And Prime XBT does not charge any deposit fees.
Cryptocurrency: Prime XBT supports BTC, ETH, USDT, USDC, and COV deposits. The timeframes will vary for different currencies as well as blockchain congestion. BTC deposits require 3 block confirmations, which usually takes around 40 minutes on average. USDT and USDC TRC-20 tokens require 20 block confirmations, which usually takes around 1 minute.
Cash/Fiat: You can deposit USD directly to your Cash Wallets on Prime XBT from your personal AdvCash account or via Perfect Money. Cash/Fiat deposits from your AdvCash and Perfect Money account to your Prime XBT Wallets are instant. And the minimum deposit in this method is 10 USD.
Third-party service: you can use third-party service, such as Coinify (https://primexbt.com/my/home/buy/BTC), which allows you to buy BTC, ETH, USDT, and USDC using your bank card, SEPA bank transfer and have it transferred to your Prime XBT wallet.
For withdrawals, there is no minimum or maximum required withdrawal amount.
The withdrawal fee is a flat fee (i.e. the fee will remain the same regardless of the amount being withdrawn).
Crypto withdrawals: For BTC, the withdrawal fee is 0.0005 BTC. For ETH, USDT, USDC, and COV withdrawals, the fees vary depending on the network used.
For Advcash and Perfect Money withdrawals from the platform, the withdrawal fee is 5 USD.
It is not possible to withdraw to your bank account. You can however use third-party services that allow you to convert Crypto to other currencies.
Fees
For crypto, the fees are based on the maker-taker structure. Both the maker fee and taker fee are 0.05%. The fees for crypto futures are also based on the maker-taker structure. The maker fee is 0.01%, and the taker fee is 0.02%. Additionally, the trading fees for forex, commodities, and indices are generally 0%.
Customer Service
The Prime XBT team is committed to providing 24/7 customer service. For all questions, security issues, product-related inquiries, and business proposals, you can reach it at support@help.primexbt.com. You can also send an email with the subject ‘Job application’ to info@primexbt.com with your CV if you're interested in joining the Prime XBT team. Additionally, you can learn about it through social media, such as Telegram, Facebook, Instagram, Twitter, YouTube, Reddit, Wellfound, and Discord. And there is also a live chat on their website.
Conclusion
In conclusion, Prime XBT has a lot of advantages, such as various trading instruments, free minimum deposits, a powerful trading platform, and multiple security measures. However, in consideration of the lack of regulation, we advise you to avoid trading with it and choose a well-regulated broker. Additionally, you need to check the regional restrictions if you decide to use this platform based the professional knowledge and experience.
Frequently Asked Questions (FAQs)
Is Prime XBT legit ？
No, Prime XBT operates without any regulation.
At Prime XBT, are there any regional restrictions for traders？
Yes, it is not available for residents from the following restricted jurisdictions: the United States of America, United States Minor Outlying Islands, Canada, Algeria, American Samoa, Cuba, Ecuador, Iran, Japan, Myanmar, North Korea, Russian Federation, Sudan, Syria, Saint Vincent, and The Grenadines.
What financial instruments can I trade with Prime XBT？
Prime XBT offers over 110 trading instruments, including Cryptocurrencies, Forex, Indices, and Commodities
What is the minimum deposit to open an account on Prime XBT？
There is no minimum deposit requirement to open an account.
Does Prime XBT offer demo accounts？
Upon joining a trading contest on Prime XBT, you will be provided with a free pre-funded contest account. You can use it as a demo account.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-11-09 17:01
2024-11-03 23:03
