Review and Detailed Guide to PrimeXBT Exchange
With the ever-increasing popularity of cryptocurrencies in the past years, many persons seek reputable crypto trading platforms for their investments. As several platforms open up, the competition increases, and so does the risk of getting involved in a fraudulent or underperforming company.
Let us look at a popular cryptocurrency trading platform that continues to stand the test of time with integrity that is PrimeXBT.
This post will cover every aspect of the PrimeXBT exchange, including its trading information, fees, features, trading rules, supported currencies, etc.
Let’s begin our exposition with an overview of PrimeXBT Exchange.
- Overview of PrimeXBT Exchange
- Legal /Registered Name: PrimeXBT Exchange
- Year Founded: 2018
- Company Headquarters: Beau Vallon, Seychelles
- Owner: PrimeXBT Trading Services
- Exchange Type: Centralized
- Available Trading Options: Spot Trading, Margin Trading
- Trading Fee: Maker: 0.05%, Taker: 0.05%
- Deposit Options: Cryptocurrency, Credit cards
- Supported Crypto for Trading: Bitcoin, Ethereum, EOS Token, Ripple, and Litecoin
- Customer Support: Email and Live Chat
- Fiat Option: Not Supported
What is PrimeXBT?
Prime XBT is a cryptocurrency trading and exchange platform that offers Bitcoin-related exchanges on its website.
Established in Seychelles in 2018, Prime XBT is a rapidly growing company that has amassed tons of customers across 150 countries in a few years.
Prime XBT has an efficient website containing valuable trading resources for beginning traders and middle level. The platform also has six language options including Chinese, English, Russian, Portuguese, Spanish, and Korean.
Features of PrimeXBT
- Leverage: Unlike many platforms that offer limited leverage when trading cryptocurrency, PrimeXBT has attractive leverage that advanced traders seek. PrimeXBT offers leverage of 1:100 for trading cryptocurrency.
- Asset Coverage: The most exciting feature of the PrimeXBT trading platform is its asset coverage. Users on this platform can exchange a wide range of markets while leveraging Bitcoin. Forex (FX), index cryptocurrencies, and commodities are available for exchange under this asset coverage.
- PrimeXBT fees and rates: PrimeXBT fees are some of the most competitive in the trading market. They have trade fees and overnight fees as their only two fees, both at a fixed rate of 0.05%.
- Security Setting: A majority of PrimeXBT coins are placed in cold storage, away from internet access. This cold storage reduces the danger of hackers getting into the online environment and tampering with the coins.
- Customer Service/Support: Users can connect with customer support by sending emails. However, the fastest way to reach customer support is through the 24 hours active live chat option.
Available Currencies on PrimeXBT
PrimeXBT supports the following currencies for trading and exchanges.
- EOS Token
It is essential to note that PrimeXBT does not support fiat deposit and withdrawal currencies. But permanent contracts can work with fiat/crypto trading pairs.
PrimeXBT Fees, Charges, and Limits
PrimeXBT charges two kinds of fees; overnight financing and a trade fee.
The overnight finance fee varies for cryptocurrencies based on liquidity, while the trade fee for cryptocurrency assets is 0.05% for market sale or purchase.
Users can make deposits on PrimeXBT without a deposit fee. However, a minimum Bitcoin network fee exists when users withdraw Bitcoin from the exchange. The network fee is calculated by the blockchain load and the regular charge is 0.0005 BTC.
What is the Registration Process for PrimeXBT?
Step 1: Visit the Official website and go to the registration page/portal.
Step 2: Input your email address and password (choose a strong password).
Step 3: Provide your phone number (this step is optional), and then accept the Terms and Conditions after reading through them.
Step 4: Click on Register.
Step 5: You will receive a 4-digit pin sent to your email. Enter the pin to confirm your registration.
How to make deposits on PrimeXBT?
Step 1: Log in to your account using your user details and password, scroll through your account until you reach the page that says ‘Deposit.’
Step 2: Choose between the two deposit options on PrimeXBT. There is the Direct BTC deposit and Alternative Deposit.
Step 3: Copy your personal PrimeXBT wallet address on your pad and paste it in the destination field on the wallet service you are sending funds from.
You can also past the address using the provided QR code.
How to make withdrawals on PrimeXBT?
Step 1: Log in to your account and scroll through until you find the Withdraw page.
Step 2: Select your withdrawal address already registered or add a new withdrawal address.
Step 3: Select the BTC amount you want to withdraw.
Step 4: Click on the ‘Submit to withdraw’ option.
Step 5: Confirm the withdrawal from the message you will get in your email inbox.
How to purchase cryptocurrencies on PrimeXBT?
Step 1: Log in to your user account and click on the Trade tab.
Step 2: Study the chart and select the currency you want to trade, alongside the size.
Step 3: You will find the ‘buy’ option in green color. Click on it, and it will take you to a new order window.
Step 4: You find an open box where you should input an order type, price, and amount.
Step 5: Confirm your details and choose the ‘Send Order’ option.
Step 6: Your positions tab will show the position under the current status chart.
How to sell your cryptocurrencies on PrimeXBT?
Step 1: Log in to your account and visit the trade tab
Step 2: Select the pair you wish to trade in the chart and select the order size.
Step 3: Choose the ‘sell’ option featured in red. When you select it, you will find the window tagged ‘New Order’.
Step 4: An open box will appear before you where you have to select an amount, price, and order type.
Step 5: Click on ‘Send Order’ once you confirm the details.
PrimeXBT Mobile App
PrimeXBT’s mobile trading app is available on Google Play Store and Apple App Store.
The app has advanced features and offers users an effective way to exploit the trading platform PrimeXBT with a high convenience rate. You can download the PrimeXBT app from Google Play Store.
Covesting Module on PrimeXBT
The Covesting module enables successful traders to put out their results in the open and compete with other talented traders. Skilled traders can earn money for their performance by collecting payments from their followers when helping them to trade. That way, every trader can make money by monetizing their skills. The process continues in the sense that the more followers they gain, the more money they earn from trading.
Users on the PrimeXBT app can also copy the trading behavior of successful traders and use the different trading strategies offered they offer. In the end, users will get the same results that leading traders on the platform get.
Password recovery on PrimeXBT
If you forget your password or lose it, you can explore the Password recovery feature to reset your account password. To undertake this process, you need to enter your email address in the necessary area, and you will get a password reset link, alongside instructions to reset your password.
Pros and Cons of PrimeXBT
- Competitive service fees and trading features
- Offers up to 1:100 leverage on crypto assets
- You can make Credit Card deposits
- It has a Referral system
- You can set up Anonymous accounts
- No demo account
- Services are not available to people in the USA and Canada
- It is Not Regulated
Overall Rating 4
Fees and Limits 4
Ease of use 4
This analysis shows that Prime XBT is a leveraged cryptocurrency exchange platform with advanced technology, great security, and straightforward fees.
In a few years, PrimeXBT has built a strong trading platform amongst the crowded world of cryptocurrency trading platforms.
Our verdict is that the platform is easy to navigate, has excellent leverage, offers low commissions, and tight spreads.