By: Eliot Prince | Final up to date: 12/4/22
Prime XBT is a buying and selling platform for buying and selling cryptocurrencies and different property reminiscent of shares and commodities. This evaluate will cowl my expertise with the alternate and what it is advisable bear in mind about earlier than utilizing it.
Prime XBT Overview Abstract
Prime XBT is a buying and selling platform offering cryptocurrency, Foreign exchange and commodity markets mixed with leverage choices. The options and charges supplied by the alternate are extraordinarily aggressive and promising. The alternate is unregulated and works with cryptocurrencies solely.
Whereas the alternate opens up nice alternatives for revenue, utilizing extreme leverage mixed with an unregulated platform can result in massive losses, so commerce responsibly.
That’s Prime XBT in a nutshell. For a extra detailed evaluate carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Companies
- Currencies and Fee Strategies
- Charges
- Limits
- Supported Nations
- Buyer Help and Critiques
- Conclusion
1. Firm Overview
The corporate was launched in 2018 from Seychelles, working a worldwide dynamic buying and selling platform geared toward cryptocurrency merchants. It’s laborious to pin down plenty of firm data nevertheless it has grown exponentially after virtually a 12 months in enterprise.
A customer-centric increasing platform, massive market choice and excessive leverage choices seem so as to add competitors to trade leaders in margin buying and selling like Bitmex.
As a very Bitcoin-based alternate, Prime XBT operates in an virtually borderless world method with minimal compliance to regulation.
2. PrimeXBT Companies
The buying and selling platform provides a wealth of choices not seen on many Bitcoin-based exchanges. I say Bitcoin-based as all accounts are funded solely by Bitcoin.
100x leverage cryptocurrency markets are the flagship service with 5 completely different property to select from.
Foreign currency trading markets add to this choice with leverage up 1000x. An extremely excessive margin and one thing usually solely discovered on unregulated Foreign exchange platforms.
Prime XBT additionally provides excessive profile indices to commerce in opposition to together with S&P500, FTSE100 and JAPAN, in addition to such commodities as Gold, Pure Fuel, Crude Oil, Silver and extra.
All buying and selling is carried out in a single slick buying and selling platform that boasts customizable widgets for customers to design their buying and selling view.
Covesting integrates straight with the buying and selling platform permitting customers to view and mirror the ways of different confirmed merchants.
3. Currencies and Fee Strategies
Buyer accounts are utterly Bitcoin-based. This implies deposits, withdrawals and account balances are all saved in Bitcoin.
For different deposit choices, there’s a neat API linked to Cex.io which permits customers to purchase Bitcoin with USD, EUR or GBP through credit score/debit card for buying and selling functions.
Bitcoin, Ethereum, EOS, Litecoin and XRP are all obtainable to commerce in Bitcoin or USD pairs. It makes up an honest collection of cash for a margin buying and selling platform though fewer choices than Bitmex.
Foreign currency trading provides the large fiat currencies to the buying and selling roster with Australian Greenback, Euro, British Pound, US Greenback, Canadian Greenback, Swiss Franc and Japanese Yen on supply in varied pairs.
Bear in mind that whilst you can margin commerce on these markets, fiat foreign money help is minimal with no deposit/withdraw choices (i.e. you’ll must withdraw your earnings in Bitcoin).
4. PrimeXBT Charges
Prime XBT tries to be as clear as attainable in terms of charges. With so many alternative buying and selling markets supplied it is very important perceive when and the place you may be charged.
For instance, day buying and selling with out margin creates a unique payment construction to longer-term leverage.
The cryptocurrency payment is 0.05% for all trades, no distinction for the maker or taker. This can be a comparable worth to rivals.
Margin buying and selling provides an in a single day financing payment which is about $6.00 per day per 1BTC for lengthy trades and will range relying on market situations.
Since charges range from asset to asset remember to examine rigorously right here earlier than beginning to commerce. Watch out as in a single day/days are calculated in UTC time so ensure to not provoke trades round midnight UTC! There are studies of different customers not realizing this and buying shock charges.
5. Limits
Numerous limits apply relying on what property you commerce.
Minimal order dimension is 0.01BTC for the BTC/USD buying and selling pair, nonetheless, minimal buying and selling sizes are decrease for altcoin markets. The 0.01BTC minimal is kind of excessive so for those who simply wish to check out the platform I might advocate doing this on the altcoin buying and selling pairs as an alternative. Many different exchanges will let you commerce their BTC/USD pair with simply $1 or a few satoshis.
Most single trades are set at 100BTC and most publicity are is 150BTC – so you possibly can leverage your approach to $1 million trades do you have to fancy.
You possibly can see the complete listing of Prime XBT limits right here.
6. Supported Nations
The platform is marketed as a worldwide alternate, however Prime XBT just isn’t obtainable for merchants from the US. That is as a result of firm’s aversion to regulation which is rising, particularly within the States. Nevertheless, there isn’t a in-depth verification course of that permits them to establish such prospects.
Working Bitcoin-only accounts does create a borderless buying and selling alternate in every single place else although. No fiat help means no must adjust to native banking restrictions – a trait of many cryptocurrency solely exchanges.
The service has an honest language choice too, together with English, Chinese language, Spanish, Korean, Portuguese, Russian and Turkish.
7. Buyer Help and Critiques
Chat help on the web site responded extraordinarily rapidly to a question I had, which is a big enchancment from the help service I obtained from them a 12 months in the past (which received no reply to my chat field inquiry, nor my follow-up e mail).
The corporate additionally provides a data base and video tutorials that assist customers perceive the platform quick and straightforward.
Loads of glowing buyer critiques seem when trying out the corporate’s repute. Many 5-star rankings have been left on evaluate websites, nonetheless some individuals query the critiques legitimacy.
For instance, discussion board members on BitcoinTalk have accused employees posing as prospects together with declaring some fascinating anomalies.
Nevertheless the corporate itself says they don’t have any official presence on BitcoinTalk and that it might have been a scammer making an attempt to cheat individuals out of their funds.
8. Conclusion
Prime XBT is a nearly-worldwide superior buying and selling alternate with a plethora of markets and options. The person interface is pleasant and even permits a customizable widget setup. Charges are usually low and there may be freedom for purchasers to commerce with loads of leverage.
Chat help seems to be good and fast today, answering my inquiry inside only one minute or much less.
General a neat product, however remember that whereas unregulated exchanges are extraordinarily versatile, in addition they don’t have any oversight. So bear in mind and don’t go away cash mendacity round in any alternate if it’s not in use for buying and selling.
Additionally, extreme leveraging could result in dropping cash quicker than meant, so solely use leverage for those who’re an skilled dealer.
Have you ever used Prime XBT Your self? Let me know what you assume within the remark part beneath.
Prime XBT
Execs
- Superior buying and selling options
- Vast number of property
- Customizable interface
Cons
- Non regulated alternate
- No Fiat help
- Excessive limits for minimal order dimension
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