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 similar to shares and commodities. This overview will cowl my expertise with the change and what it is advisable remember about earlier than utilizing it.
Prime XBT Assessment Abstract
Prime XBT is a buying and selling platform offering cryptocurrency, Foreign exchange and commodity markets mixed with leverage choices. The options and costs offered by the change are extraordinarily aggressive and promising. The change is unregulated and works with cryptocurrencies solely.
Whereas the change opens up nice alternatives for revenue, utilizing extreme leverage mixed with an unregulated platform can result in giant losses, so commerce responsibly.
That’s Prime XBT in a nutshell. For a extra detailed overview carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Companies
- Currencies and Cost Strategies
- Charges
- Limits
- Supported International locations
- Buyer Assist and Evaluations
- Conclusion
1. Firm Overview
The corporate was launched in 2018 from Seychelles, working a world dynamic buying and selling platform geared toward cryptocurrency merchants. It’s exhausting to pin down plenty of firm info but it surely has grown exponentially after virtually a yr in enterprise.
A customer-centric increasing platform, giant 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 change, 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 typically 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 Gasoline, 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 instantly with the buying and selling platform permitting customers to view and mirror the ways of different confirmed merchants.
3. Currencies and Cost 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 accessible 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 numerous pairs.
Bear in mind that when you can margin commerce on these markets, fiat foreign money help is minimal with no deposit/withdraw choices (i.e. you’ll have to withdraw your earnings in Bitcoin).
4. PrimeXBT Charges
Prime XBT tries to be as clear as potential in the case of charges. With so many alternative buying and selling markets offered you will need to perceive when and the place you may be charged.
For instance, day buying and selling with out margin creates a distinct price construction to longer-term leverage.
The cryptocurrency price is 0.05% for all trades, no distinction for the maker or taker. It is a comparable value to rivals.
Margin buying and selling provides an in a single day financing price which is about $6.00 per day per 1BTC for lengthy trades and will differ relying on market situations.
Since charges differ from asset to asset make sure to verify fastidiously right here earlier than beginning to commerce. Watch out as in a single day/days are calculated in UTC time so make sure 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 measurement 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 if you happen to simply wish to check out the platform I might advocate doing this on the altcoin buying and selling pairs as a substitute. Many different exchanges mean you can 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’ll be able to leverage your technique to $1 million trades must you fancy.
You may see the complete record of Prime XBT limits right here.
6. Supported International locations
The platform is marketed as a world change, however Prime XBT just isn’t accessible for merchants from the US. That is because of the firm’s aversion to regulation which is rising, particularly within the States. Nonetheless, there isn’t any in-depth verification course of that enables them to establish such clients.
Working Bitcoin-only accounts does create a borderless buying and selling change in every single place else although. No fiat help means no have to 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 Assist and Evaluations
Chat help on the web site responded extraordinarily shortly to a question I had, which is a large enchancment from the help service I acquired from them a yr in the past (which acquired 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 opinions seem when testing the corporate’s repute. Many 5-star rankings have been left on overview websites, nonetheless some folks query the opinions legitimacy.
For instance, discussion board members on BitcoinTalk have accused workers posing as clients together with stating some fascinating anomalies.
Nonetheless the corporate itself says they don’t have any official presence on BitcoinTalk and that it could have been a scammer attempting to cheat folks out of their funds.
8. Conclusion
Prime XBT is a nearly-worldwide superior buying and selling change with a plethora of markets and options. The person interface is pleasant and even permits a customizable widget setup. Charges are typically low and there’s freedom for patrons to commerce with loads of leverage.
Chat help seems to be good and fast lately, answering my inquiry inside only one minute or much less.
Total a neat product, however remember that whereas unregulated exchanges are extraordinarily versatile, in addition they don’t have any oversight. So remember and don’t depart cash mendacity round in any change if it’s not in use for buying and selling.
Additionally, extreme leveraging could result in shedding cash sooner than meant, so solely use leverage if you happen to’re an skilled dealer.
Have you ever used Prime XBT Your self? Let me know what you suppose within the remark part beneath.
Prime XBT
Professionals
- Superior buying and selling options
- Broad number of property
- Customizable interface
Cons
- Non regulated change
- No Fiat help
- Excessive limits for minimal order measurement
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