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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 corresponding to shares and commodities. This evaluate will cowl my expertise with the trade and what you should bear in mind about earlier than utilizing it.
Prime XBT Evaluate 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 evaluate 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 aimed toward cryptocurrency merchants. It’s onerous to pin down quite a lot of firm data but it surely has grown exponentially after nearly 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 trade, Prime XBT operates in an nearly borderless international 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 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 affords 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 Cost Strategies
Buyer accounts are fully 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 by way of 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 provide in varied pairs.
Bear in mind that whilst you can margin commerce on these markets, fiat forex 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 attainable relating to charges. With so many various buying and selling markets offered you will need to perceive when and the place you’ll 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 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 should range relying on market situations.
Since charges range from asset to asset make sure to examine 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
Numerous limits apply relying on what property you commerce.
Minimal order dimension 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 sort of excessive so if you happen to simply need to check out the platform I’d 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 solution to $1 million trades do you have to fancy.
You may see the total listing of Prime XBT limits right here.
6. Supported International locations
The platform is marketed as a world trade, 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. Nevertheless, there is no such thing as a in-depth verification course of that permits them to determine such clients.
Working Bitcoin-only accounts does create a borderless buying and selling trade in every single place else although. No fiat assist 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 Assist and Evaluations
Chat assist on the web site responded extraordinarily shortly to a question I had, which is a big enchancment from the assist service I obtained from them a 12 months in the past (which obtained 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 straightforward.
Loads of glowing buyer opinions seem when trying out the corporate’s fame. Many 5-star scores have been left on evaluate websites, nevertheless some folks query the opinions legitimacy.
For instance, discussion board members on BitcoinTalk have accused workers posing as clients together with mentioning some attention-grabbing anomalies.
Nevertheless the corporate itself says they don’t have any official presence on BitcoinTalk and that it might have been a scammer attempting 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 person interface is pleasant and even permits a customizable widget setup. Charges are usually low and there may be 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.
Total a neat product, however remember the fact that whereas unregulated exchanges are extraordinarily versatile, in addition they don’t have any oversight. So bear in mind and don’t depart cash mendacity round in any trade if it’s not in use for buying and selling.
Additionally, extreme leveraging might result in dropping cash sooner than supposed, 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 assume within the remark part under.
Prime XBT
Execs
- Superior buying and selling options
- Extensive number of property
- Customizable interface
Cons
- Non regulated trade
- No Fiat assist
- Excessive limits for minimal order dimension
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