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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 change and what you must bear in mind 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 supplied 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 evaluate carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Providers
- Currencies and Cost Strategies
- Charges
- Limits
- Supported Nations
- Buyer Assist and Evaluations
- 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 onerous to pin down plenty of firm info however it has grown exponentially after virtually a 12 months 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 very Bitcoin-based change, Prime XBT operates in an virtually borderless world method with minimal compliance to regulation.
2. PrimeXBT Providers
The buying and selling platform presents 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 presents excessive profile indices to commerce towards 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 fully Bitcoin-based. This implies deposits, withdrawals and account balances are all stored 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 obtainable 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 numerous pairs.
Remember that when you can margin commerce on these markets, fiat forex assist is minimal with no deposit/withdraw choices (i.e. you’ll must withdraw your earnings in Bitcoin).
4. PrimeXBT Charges
Prime XBT tries to be as clear as attainable in terms of charges. With so many various 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 special 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 worth 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 range relying on market circumstances.
Since charges range from asset to asset you’ll want to examine 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 sort of excessive so should you simply wish to check out the platform I’d advocate 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 option to $1 million trades must you fancy.
You’ll be able to see the complete checklist of Prime XBT limits right here.
6. Supported Nations
The platform is marketed as a worldwide change, however Prime XBT is just not obtainable for merchants from the US. That is as a result of 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 determine such clients.
Operating Bitcoin-only accounts does create a borderless buying and selling change in all places 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 rapidly to a question I had, which is a large enchancment from the assist service I acquired from them a 12 months 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 popularity. 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 employees posing as clients together with declaring some fascinating 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 change 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’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 needless to say 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 change if it’s not in use for buying and selling.
Additionally, extreme leveraging could result in shedding cash sooner than supposed, so solely use leverage should 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
- Broad number of property
- Customizable interface
Cons
- Non regulated change
- No Fiat assist
- Excessive limits for minimal order measurement
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