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 overview will cowl my expertise with the alternate and what it’s good to 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 costs offered 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 overview carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Providers
- Currencies and Cost Strategies
- Charges
- Limits
- Supported International locations
- Buyer Assist and Opinions
- 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 loads of firm data 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 international method with minimal compliance to regulation.
2. PrimeXBT Providers
The buying and selling platform gives 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 gives 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 techniques of different confirmed merchants.
3. Currencies and Cost Strategies
Buyer accounts are fully 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 choice 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 varied pairs.
Bear in mind that whilst you can margin commerce on these markets, fiat foreign money assist 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 doable relating to charges. With so many various buying and selling markets offered it is very important perceive when and the place you’ll be charged.
For instance, day buying and selling with out margin creates a unique charge construction to longer-term leverage.
The cryptocurrency charge 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 charge 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 remember 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 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 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 sort of excessive so if you happen to simply need to check out the platform I might advocate doing this on the altcoin buying and selling pairs as a substitute. Many different exchanges can help 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 approach to $1 million trades do you have to fancy.
You’ll be able to see the total checklist of Prime XBT limits right here.
6. Supported International locations
The platform is marketed as a worldwide alternate, however Prime XBT is just not obtainable for merchants from the US. That is because of the firm’s aversion to regulation which is rising, particularly within the States. Nevertheless, there isn’t any in-depth verification course of that permits them to establish such prospects.
Operating Bitcoin-only accounts does create a borderless buying and selling alternate all over the place else although. No fiat assist means no must 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 Assist and Opinions
Chat assist on the web site responded extraordinarily rapidly to a question I had, which is a large enchancment from the assist service I obtained from them a yr in the past (which bought no reply to my chat field inquiry, nor my follow-up electronic mail).
The corporate additionally provides a information base and video tutorials that assist customers perceive the platform quick and simple.
Loads of glowing buyer evaluations seem when trying out the corporate’s status. Many 5-star scores have been left on overview websites, nonetheless some folks query the evaluations legitimacy.
For instance, discussion board members on BitcoinTalk have accused employees posing as prospects together with mentioning some attention-grabbing anomalies.
Nevertheless 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 typically low and there’s freedom for patrons to commerce with loads of leverage.
Chat assist seems to be good and fast lately, answering my inquiry inside only one minute or much less.
General a neat product, however remember the fact that whereas unregulated exchanges are extraordinarily versatile, additionally 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 shedding cash quicker 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
Execs
- Superior buying and selling options
- Extensive number of property
- Customizable interface
Cons
- Non regulated alternate
- No Fiat assist
- Excessive limits for minimal order measurement
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