Introduction
Prime XBT is a Bitcoin-based online exchange platform that offers cryptocurrencies and CFD trading in their area. The company was founded in 2018 in Seychelles. Despite being a new company, Prime XBT has seen significant growth in the short term, with customers from 150 different countries. According to the website, the company’s vision revolves around creating a platform that empowers users with the essential tools needed for their daily trading activities.
Prime XBT offers a robust platform loaded with essential trading tools suitable for both beginners and intermediate-level traders. The exchange company has also developed standard security measures for the industry, protecting investors’ money and trading activities from cyber attacks. The customer support desk works day and night to ensure that help is available to traders at any time. The website is available in 6 different languages; English, Chinese, Spanish, Korean, Portuguese, and Russian.
Pros
- 100% anonymous accounts, no KYC authentication, no long-form, and no personal information needed.
- Competitive service fees and trading conditions.
- Ultra-Fast works with exceptional technology trade executions and top tier liquidity sources.
- Up to 1: 100 basis on crypto assets. This is very competitive.
- A modern platform suited to the professional trader and new trader.
Cons
- No demo account provided. This would be perfect for practice, strategy testing, and platform adaptation in a free live trading environment.
- There is no service to customers from the USA, Canada, and other regions where local laws will interfere with PrimeXBT services.
Services and Supported Cryptocurrencies
- Forex: Trading for both large and small currency is available. Commissions known as trade fees are charged.
- Cryptocurrencies: The crypto assets available on Prime XBT are: Bitcoin, Litecoin, Ethereum, Ripple, and EOS.
- Commodities: Retailers can speculate on the prices of products such as oil, gold, etc.
- Indices: The most popular index in the world can be sold on the PrimeXBT platform. Some of them are S&P 500, FTSE 100, etc.
Registration
To open an account, click the “Sign Up” button in the top right corner of each page.
Fill in your email, set up a password, accept terms, and click “Register” to send. Verify your email address by following the emailed instructions and clicking on the link sent to the email address entered. You are automatically logged in to the member’s area. No other forms, details, or confirmations are required.
The membership area is provided through a digital wallet and trading account. The wallet is used to hold Bitcoin trader trading. A trading account allows the trader to use Bitcoin stored in a wallet directly on the trading platform. Deposits are made to and from the wallet. The trading account is funded via transfer from the wallet to the platform interface.Â
You can start as soon as a trading account is funded. Prime XBT doesn’t provide its services to traders from a few countries like the USA, Canada, Seychelles, states, regions, or persons under the sanction of the United Nations or the European Union.
Deposits
Currently, there are two options available:
If you already have Bitcoins in another wallet than Prime XBT, you will need to transfer it to your wallet with Prime XBT. Scan the displayed QR code or copy the Bitcoin deposit address. After that, go to your wallet containing bitcoins and paste the Prime XBT wallet address as the recipient’s address. There should be no mistakes, or coins will be lost forever. Note that Bitcoin is only accepted, while the lowest deposit is 0.001BTC. There is no maximum deposit.
If you don’t have Bitcoin but have other coins or fiat currency that can be accessed by debit/credit card, use ‘Changelly.’ Prime XBT has added a “Changelly” extension that helps consumers access Bitcoins instantly. It is located on the right side of the Bitcoin deposit address, just enter the amount of fiat currency or cryptocurrency you wish to exchange. BTC is showing the same. Click on “EXCHANGE,” and the program takes you to the Changelly website. Changelly is an online exchange site known for buying and selling cryptocurrencies. Follow the instructions on the website to complete the action. Payment details, credit card details, and email and phone verification are required on the Changelly website.
After the deposit is completed, the fund balance is reviewed. Click on the “Fund trading account” under the account summary.
Specify the amount of BTC you want to use for trading. Instantly transfer is free.
Withdrawals
For withdrawals, log into the PrimeXBT members’ area. Click to withdraw under the ‘Account’ tab. First, transfer the money from the trading account into the fund because withdrawals can only be made in the fund. Fill in the address and number, then click ‘submit to withdraw.’
To further protect customers’ money, wallets must be labeled ‘whitelisted’ before a transaction can be issued. The fund can be approved by entering its label and address into the member account area section.
Payment Methods, Fees and Charges
The only acceptable currency is bitcoin, which enables PrimeXBT to interact with / crypto-crypto exchange/brokerage. The system will affect the process of funds deposits and withdrawals and how merchants increase their trading revenue. As with crypto-crypto exchanges, traders at PrimeXBT will have to acquire a secure Bitcoin wallet, obtain a Bitcoin source from the exchange through fiat currency exchanges, or use other cryptos to buy Bitcoin (e.g. using Ethereum to buy Bitcoin). Strict support for wallet security is a necessity if the Bitcoin funds are to be secure.
PrimeXBT charges commissions for trade. PrimeXBT also charges a fee or overdraft overnight. This fee applies to trade accounts that keep positions open overnight.
Here’s the money for a long and short commute overnight.
The average trading cost of Forex, indices, and commodities is 0.01% and 0.05% of crypto assets. Trading fees apply regardless of what type of trade is used to set the order.
Below you can see the standard pricing model.
Leverage
The maximum leverage forex trading ratio, indices, and commodities are 1: 1000, depending on the open position’s size. Cryptocurrencies can be traded at a maximum of 1: 100.
Withdrawal fee
PrimeXBT charges a withdrawal fee of 0.0005BTC. When it comes to the money received from the deposit and the issuance of the issue, sellers should understand that the purchase fee will be paid to receive BTC from a third party exchange. Miner’s fees will be paid upon transfer of BTC to the PrimeXBT trading wallet. A debit fee will be paid on PrimeXBT (0.0005BTC), and the cash will also be available on exchanges for crypto-fiat exchanges when converting BTC into fiat currency.
Trading Instruments and Tools
PrimeXBT has a single trading platform. The platform has advanced features and new trading tools. Because it’s web-based, it doesn’t need to be downloaded and installed. The PrimeXBT platform has the following features:
It has a simple and easy-to-use interface suitable for beginners and professionals. It has complete tools for technical analysis, structured help, and instructional videos.
Editable Layout: The workspace is customizable to suit vendor style. Market window, charts, widgets, etc. It can be repurposed or repositioned as required by the seller.
Risk Management: Be aware that you can use the stop loss and take profit orders simultaneously, which is a unique feature of the crypto trading market. OCO orders are usually available as third-party solutions using the API bridge, but Prime XBT takes it out of the box.
Technical Charts: The Prime XBT platform has bars, candles, and line charts. The tracks can be placed directly from the tables. Charts can be viewed up to 10 times from one minute to one month. It is fully utilized in different colors as desired by the trader.
Multiple Order Types: The platform has the following order types: Market, Stop, Limit, and OCO. The protection orders available are Stop Loss and Take Profit.
Account Management: From a platform standpoint, a trading account and a Bitcoin wallet can be funded. Equity, account history and account balances can be viewed in real-time.
Indicators: The platform has approximately 90 built-in indicators. These are essential tools for technical analysis. Other popular indicators available are MACD, moving average, Ichimoku, Bollinger bands, etc.
Intermediate-level traders will have no problems using the platform. However, beginners will need to study how to use the platform a week or two before introducing familiarity and ease of use.
Mobile
You can trade on the go using the Prime XBT app, which you can install from Google Play. The app received 3.5 stars in total, and 300+ reviews, and has seen over 10k+ downloads. Note that you can open a new account on mobile.
You can sell over 30+ assets across Crypto, Forex, Commodities, and Stock Indices using the mobile app. The app’s interface is intuitive and easy to use, and you can access the charts chart and manage your account with the app by depositing and withdrawing. You have a choice of 6 timeframes and 3 different types of charts.
Security and support
The platform is protected from DDOS attacks by Cloudflare. Firms that use the Amazon AWS server to help quickly increase the platform capacity during peak work hours, meaning that there are no order submission errors and no downtime as on other platforms.
Wallet Security: Maximum number of customers Bitcoins managed in the offline storage system (Cold Storage). Only a small amount is stored in the online wallet (hot wallet). Multiple signature technologies are used to provide security in cold storage. This is because cyberattacks often dictate trades on exchanges. The PrimXBT team manually handles transmission from cold to hot wallets.
Double-Factor Authenticator (2FA): Authentication provides an additional security layer to prevent unauthorized access to customer accounts. To enable 2FA, download and install the Google Authenticator app. Prime XBT does not use the SMS authentication system, as the Google Authenticator app has proven over time that it is safe and reliable. After installation, go to the system preferences menu and click on “Enable GA” in the Google Authenticator section. Keep the secret key and confirm. Finally, verify setup by entering the generated code. A code from Google Authenticator will be requested the next time you try to sign in or withdraw any fund.
Bitcoin address whitelisting: This is done to provide an extra layer of protection for customers’ assets. Withdrawal can only be made on white wallet addresses. Since any error will result in a complete loss of revenue, it is essential to verify the foreign wallet bitcoin addresses by authorization. To white the wallet address, go to the withdrawal tab and add a new address. The image below shows complements and clicks “add.”
Secured Socket Layer (SSL): The trading platform and website is protected by SSL provided by Amazon’s web services. This encrypts all data transmitted over the Internet so that hackers cannot steal essential user data.
Support
Prime XBT customer desk works on a 24/7 basis. The support team is knowledgeable, kind, and willing to help. The support team speaks Russian and English at the moment. Existing support channels are the following:
Email: [email protected] and [email protected]. Emails sent to a support group are answered within hours. Email sent last night was responded to in the morning.
Instant Web Chat: This is available on the website and the trading platform. Communication assistants are quick to respond. It took a few minutes to find the answer when the interview session started. Sometimes, you don’t have to start a conversation, and the chat assistants just begin the conversation by looking for ways to help.
Referral Program
PrimeXBT offers its partners a unique system with generous rewards. The brand provides marketing tools and links to help a partner. When the referral trades make a trade and pay a trade fee, the affiliate partner receives a commission as a reward. For example, if a new customer is attracted by a partner and makes a trade, it costs $ 1000 worth of BTC. Trading fee is 0.05% or $ 50, partner earns 20% equal to $ 10.
PrimeXBT partners have also received trading profits that reach level 4 in the depth of the transfer program. You receive 20% of the direct transfer transaction fee, 15% for your Level 2 transfer, 10% for your Level 3 transfer transaction, and 5% Level 4 transfer payment.
Conclusion
Prime XBT is a block-based exchange firm operating in the Republic of Seychelles but with clients from more than 150 countries around the world. The company has used standard security procedures to protect investors from cyberattacks, which are rampant in the crypto world.
The registration process takes less than a minute because no personal information or verification is required. Since PrimeXBT only accepts bitcoins, a partnership was formed with Changelly to help traders convert some crypto assets or fiat money they hold onto Bitcoin.
The PrimeXBT trading platform provided. It is full of tools for analyzing technology, risk management, and other tools needed for a trader to carry out his daily trading needs. Commercial releases are very fast, and various types of orders are placed. Customers can sell crypto assets at a rate of 1: 100. Bitcoin trading is a unique trading proposition for Prime XBT, and there is likely not even a single reason to not give PrimeXBT a try and start earning higher Profit immediately.
