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 belongings similar to shares and commodities. This assessment will cowl my expertise with the trade and what you want to remember about earlier than utilizing it.
Prime XBT Evaluation Abstract
Prime XBT is a buying and selling platform offering cryptocurrency, Foreign exchange and commodity markets mixed with leverage choices. The options and charges offered by the trade are extraordinarily aggressive and promising. The trade is unregulated and works with cryptocurrencies solely.
Whereas the trade 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 assessment carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Companies
- Currencies and Cost Strategies
- Charges
- Limits
- Supported International locations
- Buyer Help and Critiques
- Conclusion
1. Firm Overview
The corporate was launched in 2018 from Seychelles, working a worldwide dynamic buying and selling platform aimed toward cryptocurrency merchants. It’s exhausting to pin down quite a lot of firm data however it has grown exponentially after virtually a yr in enterprise.
A customer-centric increasing platform, massive market choice and excessive leverage choices seem so as to add competitors to business leaders in margin buying and selling like Bitmex.
As a very Bitcoin-based trade, Prime XBT operates in an virtually borderless world method with minimal compliance to regulation.
2. PrimeXBT Companies
The buying and selling platform affords 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 totally different belongings 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 affords excessive profile indices to commerce towards 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 immediately 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 out there to commerce in Bitcoin or USD pairs. It makes up an honest number 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 income in Bitcoin).
4. PrimeXBT Charges
Prime XBT tries to be as clear as potential on the subject 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 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 value to opponents.
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 circumstances.
Since charges range from asset to asset remember to test rigorously right here earlier than beginning to commerce. Watch out as in a single day/days are calculated in UTC time so make certain to not provoke trades round midnight UTC! There are stories of different customers not realizing this and buying shock charges.
5. Limits
Varied limits apply relying on what belongings you commerce.
Minimal order measurement is 0.01BTC for the BTC/USD buying and selling pair, nevertheless, minimal buying and selling sizes are decrease for altcoin markets. The 0.01BTC minimal is kind of excessive so when you simply need to check out the platform I’d suggest 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 possibly can leverage your solution to $1 million trades do you have to fancy.
You may see the complete record of Prime XBT limits right here.
6. Supported International locations
The platform is marketed as a worldwide trade, however Prime XBT just isn’t out there for merchants from the US. That is because of the firm’s aversion to regulation which is rising, particularly within the States. Nonetheless, there is no such thing as a in-depth verification course of that enables them to establish such clients.
Working Bitcoin-only accounts does create a borderless buying and selling trade all over the 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 yr in the past (which received no reply to my chat field inquiry, nor my follow-up electronic mail).
The corporate additionally provides a data base and video tutorials that assist customers perceive the platform quick and straightforward.
Loads of glowing buyer evaluations seem when testing the corporate’s repute. Many 5-star rankings have been left on assessment websites, nevertheless some folks query the evaluations legitimacy.
For instance, discussion board members on BitcoinTalk have accused employees posing as clients together with stating some attention-grabbing anomalies.
Nonetheless 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 folks out of their funds.
8. Conclusion
Prime XBT is a nearly-worldwide superior buying and selling trade with a plethora of markets and options. The consumer interface is pleasant and even permits a customizable widget setup. Charges are usually low and there’s freedom for patrons 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 understand that whereas unregulated exchanges are extraordinarily versatile, in addition they don’t have any oversight. So remember and don’t go away cash mendacity round in any trade if it’s not in use for buying and selling.
Additionally, extreme leveraging could result in shedding cash quicker than meant, so solely use leverage when you’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
Execs
- Superior buying and selling options
- Large number of belongings
- Customizable interface
Cons
- Non regulated trade
- No Fiat help
- Excessive limits for minimal order measurement
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