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 evaluate will cowl my expertise with the alternate and what you must remember 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 costs 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 giant 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 Providers
- Currencies and Cost Strategies
- Charges
- Limits
- Supported Nations
- Buyer Help and Opinions
- 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 laborious to pin down numerous 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 business leaders in margin buying and selling like Bitmex.
As a totally Bitcoin-based alternate, Prime XBT operates in an virtually borderless world method with minimal compliance to regulation.
2. PrimeXBT Providers
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 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 immediately with the buying and selling platform permitting customers to view and mirror the techniques of different confirmed merchants.
3. Currencies and Cost Strategies
Buyer accounts are utterly Bitcoin-based. This implies deposits, withdrawals and account balances are all stored in Bitcoin.
For various deposit choices, there’s a neat API linked to Cex.io which permits customers to purchase Bitcoin with USD, EUR or GBP by way of 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 a good 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 provide in numerous pairs.
Remember 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 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. It is a comparable worth 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 fluctuate relying on market circumstances.
Since charges fluctuate from asset to asset make sure you verify 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 experiences of different customers not realizing this and buying shock charges.
5. Limits
Varied limits apply relying on what belongings 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 should you simply need to check out the platform I might suggest doing this on the altcoin buying and selling pairs as a substitute. Many different exchanges 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’ll be able to leverage your strategy to $1 million trades must you fancy.
You possibly can see the complete record of Prime XBT limits right here.
6. Supported Nations
The platform is marketed as a worldwide alternate, however Prime XBT 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. Nonetheless, there is no such thing as a in-depth verification course of that enables them to determine such clients.
Working Bitcoin-only accounts does create a borderless buying and selling alternate all over the 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 a good language choice too, together with English, Chinese language, Spanish, Korean, Portuguese, Russian and Turkish.
7. Buyer Help and Opinions
Chat help on the web site responded extraordinarily shortly to a question I had, which is a large enchancment from the help service I obtained from them a yr in the past (which bought 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 evaluations seem when testing the corporate’s status. Many 5-star scores have been left on evaluate websites, nonetheless some folks query the evaluations legitimacy.
For instance, discussion board members on BitcoinTalk have accused workers posing as clients together with declaring some attention-grabbing anomalies.
Nonetheless the corporate itself says they don’t have any official presence on BitcoinTalk and that it could 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 alternate 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 may be freedom for purchasers to commerce with loads of leverage.
Chat help seems to be good and fast nowadays, answering my inquiry inside only one minute or much less.
Total a neat product, however understand that whereas unregulated exchanges are extraordinarily versatile, in addition they haven’t any oversight. So remember and don’t go away cash mendacity round in any alternate if it’s not in use for buying and selling.
Additionally, extreme leveraging might result in shedding cash quicker than meant, so solely use leverage should you’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
- Broad number of belongings
- Customizable interface
Cons
- Non regulated alternate
- No Fiat help
- Excessive limits for minimal order dimension
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