PrimeXBT Review [2024] | Trade Crypto Futures and CFDs

In this review, we’re taking a look at PrimeXBT, a margin trading platform that gives users access to crypto CFDs, commodities, indices, and Forex. More specifically, we’ll see how PrimeXBT works, what kind of services it offers, how safe it is, and who can enjoy it and why. In addition, we’ll provide some tips on how to sign up on the platform and share some of its pros and cons to give you a clear overview of its strengths and weaknesses.

About PrimeXBT

PrimeXBT won the “Most Trusted Crypto-Asset Trading Platform” at the Crypto Expo Dubai in 2022. The platform has also received numerous other awards, including ADVFN’s Best Bitcoin Margin Trading Platform, Best Crypto Trading App, Best Cryptocurrency and Forex Broker, and Best Crypto Trading Platform.

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How Does PrimeXBT Work?

PrimeXBT specializes in CFD trading, enabling traders to speculate on asset price movements without owning the asset directly. This allows traders to hedge positions, diversify, and leverage market fluctuations. The platform is particularly suited for those seeking high leverage, as it offers up to 200x leverage on Bitcoin (BTC) and Ethereum (ETH) CFDs.

Among its standout features, PrimeXBT provides proprietary copy trading, allowing beginners to follow and replicate the strategies of successful traders. The module further enhances the trading experience by showcasing top traders’ portfolios and returns.

Since the platform specializes in CFDs and futures trading, the onboarding process is straightforward: users set up their accounts, deposit funds via their preferred payment method, and begin trading. That is, there’s no need to create separate accounts for Forex, crypto, and commodities, as all options are readily accessible from the start with the regular PrimeXBT account. 

As of June 2024, PrimeXBT is available in over 150 countries and boasts a user base of over one million traders trading over 100 assets.

Those who can benefit from the PrimeXBT platform include:

• Traders looking to speculate on both crypto CFDs and traditional assets with high leverage on a single platform without the distraction of other crypto-related services;
• Novice traders who want to learn from experienced investors through copy trading.

Supported Assets

As mentioned, PrimeXBT offers a diverse range of trading products, including crypto, Forex, commodities, and indices.

The platform supports trading both crypto-fiat and crypto-BTC pairings. Some popular Crypto-Fiat pairs include BTC/USD, DOGE/USD, EOS/USD, ETH/USD, LINK/USD, SHIB/USD, SOL/USD, and XRP/USD. For Crypto-BTC pairings, the platform offers ADA/BTC, DOT/BTC, EOS/BTC, ETH/BTC, LTC/BTC, and XRP/BTC.

As for Forex, major pairs include AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD, and USD/JPY. Cross pairs available are AUD/JPY, EUR/GBP, and GBP/JPY, while exotic pairs include USD/THB and USD/MXN.

Further, PrimeXBT supports a variety of CFD Commodities, such as Aluminium, Brent, Copper, Crude, Gold, Lead, Natural Gas, Nickel, Silver, and Zinc.

For CFD Indices, PrimeXBT offers trading on the ASX 200, DJIA, Euro Stoxx 50, CAC 40, DAX, FTSE 100, Hang Seng Index, IBEX 35, Nikkei 225, NASDAQ, and the S&P 500.

PrimeXBT Services

PrimeXBT offers several trading tools and services:

1. CFD trading;
2. Crypto futures trading;
3. Demo account;
4. Crypto buying;
5. Copy trading;
6. Price charts;
7. Mobile app.

Let’s explore each of them in more detail.

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CFD Trading

CFD trading, or contract for difference trading, involves buying and selling CFDs. These derivatives allow you to speculate on financial markets like stocks, currencies, indices, and commodities without owning the underlying assets.

When trading a CFD, you agree to exchange the difference in an asset’s price between the contract’s opening and closing times. A key advantage of CFD trading is the ability to profit from price movements in either direction, with your profit or loss depending on the accuracy of your predictions.

PrimeXBT offers a comprehensive CFD trading experience with low-latency execution, customizable technical indicators, and advanced charting tools. It supports trading in Forex, indices, commodities, and cryptocurrencies, enabling traders to profit in any market direction.

Traders can effectively manage their market exposure using stop-loss and take-profit orders. The ability to earn in multiple currencies such as BTC, ETH, USDT, USDC, COV, and USD provides flexibility and diversification in both trading and earnings.

Crypto Futures Trading

Crypto futures are contracts to buy or sell a specific cryptocurrency at a predetermined price at a future date. This allows traders to speculate on the future price movements of cryptocurrencies without needing to own them.

The Crypto Futures platform on PrimeXBT allows traders to speculate on future price movements of various crypto assets with up to 200x leverage. The interface is fully customizable with adjustable widgets, integrated TradingView charts, and competitive fees.

The flexibility that comes with futures trading is significant because it means you aren’t solely dependent on rising prices to make a profit. Futures trading offers more opportunities to succeed in the crypto market, even when prices are falling, making it a solid strategy for those looking to maximize their returns.

Demo account

PrimeXBT offers demo trading for extended practice, allowing traders to test strategies, learn platform functionalities, and build confidence without risking real funds. Traders can also participate in weekly trading contests using virtual funds and potentially win rewards of up to $10,000.

Crypto Buying

PrimeXBt users can buy cryptocurrencies on the platform using their MasterCard and Visa cards, as well as some third-party payment methods. The purchases are usually conducted on the PrimeXBT website, although in some cases, users might be redirected to PrimeXBT partner websites to finalize their orders. Purchased tokens are redirected to the user’s personal wallet.

Copy Trading

PrimeXBT’s copy trading feature enables users to follow and replicate the trades of expert traders. The interface provides detailed return on investment (ROI) statistics, strategy insights, performance analytics, and more, making replicating successful strategies and maximizing profits easy.

Social and community tools within the copy trading platform encourage collaboration and strategy sharing among users. Followers can earn up to 75% of the profits, while strategy providers receive a cut of up to 20%, creating a mutually beneficial system that promotes the development of high-performing strategies among users of all experience levels.

Copy trading with PrimeXBT requires only a regular live account, and a copy trading filter option displays each trader’s total profit, assets under management (AUM), and number of followers, helping you identify the most successful traders on the platform. PrimeXBT’s mobile app also allows you to access copy trading on the go.

Price Charts

PrimeXBT has integrated TradingView price charts for all its assets, offering traders access to advanced technical indicators and a wide range of resources for comprehensive market analysis. This allows traders to make informed decisions, identify potential opportunities, and develop more advanced trading strategies on a single platform.

Mobile App

PrimeXBT offers access to over 100 markets through its trading app, which allows you to trade on the go with as little as $5. The app also has copy trading features as well as analytical tools, news, investment forecasts, trading signals, and live price quotes.

The main interface provides a quick overview of all trading accounts and total account funds. In the trade tab, you can access instruments, manage your positions, and view watchlists and price charts.

The app offers a variety of order options, high leverage, high liquidity, advanced tools, powerful charting, customization options, and 24/7 support service. It is also secure, and you can set up a PIN or opt for face or fingerprint biometric authentication. 

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PrimeXBT Fees and Deposits

PrimeXBT exchange has a no minimum deposit policy, making it an attractive choice for beginners and traders with smaller capital. Additionally, PrimeXBT charges no fees on deposits and CFD trades. For withdrawals, fees start at $0.5.

Spread fees on the platform go from 0.1%, and the overnight swap fees will depend on the asset. For crypto futures, PrimeXBT offers fees of 0.1% for makers and 0.2% for takers.

Deposit Methods on PrimeXBT

PrimeXBT offers a variety of deposit methods to accommodate the diverse needs of its users.

Users can transfer cryptocurrencies directly from their personal crypto wallets to their PrimeXBT wallets. The supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Covesting (COV).

PrimeXBT also supports various fiat-to-crypto exchange services (e.g., Coinify, Paxful, and Xanpoo), allowing users to purchase cryptocurrencies using bank cards. The purchased crypto is then directly transferred to their PrimeXBT wallet.

In addition, users can deposit cash directly into their Cash Wallets on PrimeXBT through AdvCash accounts and Perfect Money. Likewise, there are options for cash/fiat deposits via local payment systems in Thailand, Vietnam, and Brazil.

Minimum Deposits

PrimeXBT offers flexible funding options to suit traders of all levels. Users can deposit any amount as long as it is sufficient to cover the required margin for their trades, ensuring that both beginners and seasoned professionals can trade according to their capacity and strategies.

Thus, there is no strict minimum deposit amount for cryptocurrencies. Users can start with any amount that feels comfortable, considering transaction fees and margin requirements. For instance, the minimum order size for Bitcoin trading is 0.001 BTC. With leverage, the minimum margin required could be as low as 0.000005 BTC, depending on the leverage used.

For fiat currency deposits, PrimeXBT facilitates transactions through third-party providers, with a minimum deposit requirement of $10 USD. 

How to Sign Up on PrimeXBT

To trade on PrimeXBT, you need to open an account on the platform. Creating an account is straightforward: Provide an email address and create a password. A KYC verification is not mandatory on PrimeXBT when registering, but you will have to confirm your identity later when you start trading certain assets.

To register on PrimeXBT, follow these simple steps:

First, head over to the PrimeXBT homepage and click on the Register button in the upper right corner (as shown below):

Next, you will be redirected to a new page where you can provide your email and come up with a password. Alternatively, you can use your Apple or Google accounts to sign in:

Once you’ve entered your email address and created a password, click on the Sign up button. Then, you will be redirected to a new page where you will have to enter a code that you are going to receive in your email inbox:

Once you’ve pasted the code, you’ll be able to explore the platform.

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Why Do Users Choose PrimeXBT?

PrimeXBT stands out in several key areas. 

For one, traders of all experience levels will appreciate the ability to trade a diverse range of assets, from crypto CFDs to stock indices, as the platform emphasizes innovation to ensure a seamless and intuitive user experience. PrimeXBT also boasts fast execution times and higher leverage, which are available not only for crypto trading but also for forex and commodities.

Moreover, the platform offers a proprietary copy trading solution, allowing novice traders to emulate the trades of experienced investors and maximize their chances of profit without spending a lot of time learning the ropes of trading and analyzing the market. 

Further, the Covesting module showcases top traders, their funds, and returns, enabling users to invest in these traders and start their own funds. Each fund is rated by total capital and ROI, with fund managers often receiving additional capital from investors and earning a percentage of the profits.

To cater to a global audience, PrimeXBT supports various languages, including English, Spanish, Portuguese, Chinese, and Japanese, making it accessible to users worldwide. This kind of multilingual support enhances the user experience by allowing traders from various backgrounds to navigate, understand, and utilize the platform to foster a more comfortable and efficient trading environment. 

The main interface is simple to use but comprehensive, and users can customize their trading experience to meet their individual needs. Its user-friendly design simplifies trading and funding processes while prominently displaying essential information. Moreover, users can take advantage of a wide variety of technical analysis indicators.

PrimeXBT Affiliate Program

The PrimeXBT affiliate program offers marketing tools and affiliate links to potential partners, allowing them to earn a small percentage as commission through referrals. The pogram also provides a wide range of deposit and withdrawal options with fast and frequent payments, requiring zero investment to start.

Is PrimeXBT Safe?

Transparency is crucial in the cryptocurrency community, so PrimeXBT takes user security, fund safety, and data integrity seriously. 

Traders at PrimeXBT benefit from compulsory address whitelisting, two-factor authentication (2FA), cryptographic hashing for passwords, SSL encryption, and Cloudflare DDoS protection, which ensures a secure and reliable trading environment with solid uptime and no hacks.

Since PrimeXBT restricts services to residents of specific countries, including the United States and Canada, users must confirm their residency during registration and before using any of the platform’s services. IP checks and email confirmations ensure compliance, and PrimeXBT may request additional documentation as needed. Providing false residency information results in account restrictions, adding more credibility to the platform.

Over its six years of operation, the platform has maintained an impeccable security record, never having been compromised or hacked. The team attributes this to rigorous security protocols and industry-leading safety standards.

AML Compliance

PrimeXBT’s AML compliance follows FATF guidelines, utilizing Bitfury’s Crystal software for real-time blockchain monitoring. This assigns risk scores to deposits, helping the platform identify and quarantine illicit funds. 

Moreover, PrimeXBT does not support anonymous cryptocurrencies or fiat-to-crypto gateways. This further reduces the risk of money laundering and illicit financing. 

In addition, PrimeXBT uses cold storage for all customer assets, processes withdrawals manually once a day, and conducts thorough risk assessments. This prioritizes security over speed, protecting user funds.

PrimeXBT Pros and Cons

PrimeXBT Customer Support and Community Platforms

All information regarding PrimeXBT, its features, and future updates is readily available on the platform’s official website, blog, and social media. 

Here are the main PrimeXBT community and support channels: 

• Website: For the most important information, visit the official PrimeXBT website;
• Medium: Check out the PrimeXBT Medium page for important updates;
• Blog: On the PrimeXBT blog, targeted specifically at trailers, you’ll find regular educational posts and important news.

PrimeXBT social media platforms:

• Telegram and Discord: Join the growing PrimeXBT community on Telegram and Discord and receive updates on all important developments while discussing the platform with other users;
• Instagram: Check out the PrimeXBT Instagram page for the latest news, updates, and announcements. If you wish you can also follow PrimeXBT on Facebook;
• X (Twitter):  Follow PrimeXBT on X for additional notifications and updates;
• YouTube: Subscribe to the PrimeXBT channel for video updates;
• Reddit: PrimeXBT also has a Reddit page where you can post questions and discuss the platform;
• LinkedIn: If you like networking, be sure to follow PrimeXBT on LinkedIn as well.

Conclusion

PrimeXBT distinguishes itself in the crypto space with its simplicity and versatility. As a CFD exchange, it allows users to trade across multiple markets, including cryptocurrencies, stocks, commodities, and Forex, all from a single platform.

Serving over a million users in 150 countries, PrimeXBT offers low fees, advanced trading tools, copy-trading options, and robust security measures, making it an excellent choice for both beginners and seasoned traders.

While potential users should be mindful of the risks associated with high-leverage trading and the need for initial cryptocurrency holdings, PrimeXBT is still a solid choice for those looking to engage in diverse trading activities with a single platform.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about PrimeXBT

What is PrimeXBT?

PrimeXBT is an online trading platform specializing in cryptocurrencies, commodities, Forex, and stock indices via contracts for differences (CFDs). 

Does PrimeXBT require KYC?

No, KYC is not required when registering on PrimeXBT.

How to buy Bitcoin on PrimeXBT?

To buy Bitcoin on PrimeXBT, register a trading account and head over to the crypto buying dashboard on the website.

Is PrimeXBT exchange safe?

Yes, PrimeXBT is considered a secure exchange. It employs security measures such as two-factor authentication (2FA), encrypted SSL,  Cloudflare DDoS protection, cryptographically hashed passwords, and cryptocurrency address whitelisting, among others, to ensure user funds are protected.

Is PrimeXBT regulated?

No, PrimeXBT is not currently regulated by any financial authority.

Is PrimeXBT available in the US?

No, PrimeXBT is not available in the US and some other countries, including Canada, Japan, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, United States Minor Outlying Islands, American Samoa, Russian Federation, Israel, and Saint Vincent and The Grenadines.

Can you try PrimeXBT for free?

Yes, PrimeXBT has a demo account feature that lets you try trading with virtual funds before investing any real money.

Can you use PrimeXBT on mobile?

Yes, PrimeXBT has mobile trading apps on iOS and Android.

Are there trading fees on PrimeXBT?

There are no CFD trading fees on PrimeXBT. Other fees, however, usually include fees on spreads, commissions, and overnight swaps, depending on the asset.

Can I deposit fiat currency on PrimeXBT?

There are 3 different fiat currency options available: USD, EUR, and GBP. For more details on how to fund your account, check out the dedicated guide on the PrimeXBT website.