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Reviews

PrimeXBT Review: All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

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Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

[reading_time]

Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

[reading_time]

Last update

PrimeXBT

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There are so many trading platforms that you can potentially use to make money in the crypto markets.

In this article, we will discuss PrimeXBT, which is one of the leading platforms today. We will explain why we like PrimeXBT and why it is one of the preferred trading platforms for not just crypto but also forex and indices as well. 

What Is PrimeXBT?

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PrimeXBT is a trading platform for numerous financial products and services combined into a single account. Launched in 2018, the company is headquartered in Seychelles and caters to users interested in trading cryptocurrencies, forex (foreign exchange), commodities, and indices. The platform has gained global acclaim, with over a million users across 150 countries.

PrimeXBT Features

PrimeXBT offers a range of features designed to cater to various trading styles and risk tolerances:

  • Multi-Asset Trading – The platform allows you to trade various assets, including cryptocurrencies, forex, commodities, and indices.
  • High Leverage Trading – This feature lets you control a larger position size than your initial investment. Please note that leverage trading is considered high-risk and requires careful strategy and risk management.
  • Copy Trading – This feature lets you replicate the trades of successful traders on the platform.
  • Advanced Order Types PrimeXBT offers a variety of order types beyond simple buy-and-sell options. These include stop-loss and take-profit orders, which help automate risk management and secure profits when certain price points are reached.
  • Customizable Workspace – The platform allows you to personalize your trading environment. This includes arranging charts, setting up technical indicators to analyze price trends, and utilizing various drawing tools to visualize your trading ideas.
  • Ultra-Fast Order Execution – PrimeXBT boasts a high-performance trading engine designed to execute orders swiftly, potentially minimizing slippage (the difference between the expected price and the actual execution price).
  • Real-Time Risk Management Tools – The platform provides features to monitor your account’s overall health and margin levels. This helps you stay informed about potential risks and make informed trading decisions.

PrimeXBT Platform

In crypto, where it’s the Wild West out there, PrimeXBT has a proven track record of being one of the most secure leverage trading platforms for crypto traders.

Moreover, the platform is fully regulated, registered, and compliant, so you know that when you do business with them, you are dealing with a legitimate company that will support its customers.

But what has changed for PrimeXBT since then? To answer that, everything differs from the original on the outside and in.

Dashboard

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Here’s a screenshot of the new user interface, which is cleaner than before. When you first sign in, you will be greeted with this screen as your new dashboard.

On the left-hand side of the screen, you will see Dashboard, Referrals, Reports, and Settings. On the new Dashboard tab, you will see all the accepted cryptocurrencies and stablecoins for PrimeXBT and their wallets, allowing you to deposit them into any of these wallets easily.

The platform also supports cryptocurrencies, including BTC, USDT, USDC, ETH, XRP, and COV. Additionally, PrimeXBT supports multiple trading accounts, advanced reports, and more. Users can now open multiple trading accounts and use additional currencies for trading and P&L statements.

Reports

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The detailed Reports section shows all of your transactions and trading activity concisely and clearly.

Covesting Module

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The Covesting module will allow users to follow more trading strategies and profit more than just Bitcoin. Users can create a strategy or follow their favorite traders using USDC, USDT, and more.

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This offers users greater diversification. Furthermore, as you can see from the updated Rating section, all available strategies will be categorized by their respective base currency. However, it’s important to note that not all strategies can be used for different currencies. For example, users who deposit USDC can only follow their USDC-denominated strategies.

Referrals

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Lastly, even the Referral section of PrimeXBT received an overhaul and an upgrade. Users can now earn referral revenue in BTC, ETH, USDT, and USDC, depending on which account currency each referred trader uses.

User Experience

PrimeXBT caters to all levels of traders through a customizable interface, easy registration, and a range of technical analysis tools they can use to chart on the platform.

Is PrimeXBT Safe?

PrimeXBT prioritizes user security by consistently employing advanced measures to protect against hacking attempts and intrusions. Additionally, they maintain full compliance with anti-money laundering (AML) regulations. Here’s a breakdown of their practices:

User Account Security

PrimeXBT utilizes several measures to protect user accounts. These include mandatory address whitelisting and two-factor authentication (2FA).

They also protect user data and communication on the platform with SSL encryption and secure password storage using cryptographic hashing. The platform has a near-perfect uptime record (99.9%) and utilizes DDoS protection from Cloudflare to minimize downtime from cyberattacks.

User Asset Security

PrimeXBT prioritizes the safety of user funds by storing most digital assets offline in cold storage, making them inaccessible to online hackers. They also conduct regular security audits to proactively identify and address system vulnerabilities.

User Safety Measures

PrimeXBT restricts access to users from certain countries to comply with local regulations. They verify user residency during registration and use IP address checks to prevent users from bypassing restrictions.

AML Regulations

To deter money laundering and terrorist financing, PrimeXBT follows AML compliance guidelines set forth by the Financial Action Task Force (FATF), a global financial watchdog organization. They use Bitfury’s Crystal AML compliance software to analyze transactions and identify suspicious activity.

The company also reserves the right to request additional documentation from users to ensure compliance with AML regulations. They emphasize transparency and cooperate with authorities regarding suspicious activity, but user data is only shared with legal or regulatory authorities following proper procedures.

Payment Methods

Users can use direct crypto deposits, credit or debit cards, and even fiat currencies through an online wallet or bank card.

However, it is important to note that crypto withdrawals happen once a day between 12:00 and 14:00 UTC.

Whether you have questions, need assistance, or want to report any issues, the platform offers 24/7 customer support via live chat, email, and a comprehensive Help Center.

Affiliate Program

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PrimeXBT might not be one of the best-known exchanges, but it offers one of the most lucrative affiliate programs in the industry.

The PrimeXBT affiliate program offers two different options for promoters and influencers. Up to 50% lifetime profit share on trading fees or $2,500 per client who signs up for your affiliate program.

Here is why we like the PrimeXBT affiliate program:

  • Live and transparent statistics
  • High payouts per funded client
  • Payouts once a week
  • Welcome bonuses and discounts for new clients

If you’re an experienced trader, you can use this referral link to open an account and receive a $100 welcome gift on your first deposit with PrimeXBT.

Awards And Achievements

PrimeXBT has established itself as a respected player in the crypto industry. The company recently received the “Best Cryptocurrency Broker 2024” award from the ADVFN International Financial Awards. This recognition adds to their collection of past achievements, including “Most Trusted Crypto-Asset Trading Platform” and “Best Bitcoin Margin Trading Platform.”

Additionally, they have been recognized for their customer service, boasting the fastest response time among major crypto exchanges.

PrimeXBT Pros And Cons

Pros

  • High Leverage PrimeXBT offers high leverage up to 200 times for some cryptocurrencies. This allows traders to control larger positions with a small initial Capital, potentially amplifying profits.
  • Low Funding Fees The platform’s funding fees are relatively low compared to other exchanges. All assets have a 0.1% maker fee and a 0.2% taker fee.
  • Friendly User Interface The trading interface is intuitive and user-friendly. Advanced charting tools and Technical indicators are available for in-depth analysis.

Cons

  • Limited Availability – PrimeXBT offers fewer trading pairs than other platforms.
  • No Demo Account – Unlike other platforms, PrimeXBT does not offer a practice account where you can try out the platform with simulated funds before risking real money.

Final Thoughts

To conclude, PrimeXBT is a feature-packed platform with pros and cons but is committed to safety. Additionally, transparent fees, diverse assets, and a user-friendly interface might make it the trading platform companion you have been looking for.

Whether you are buying spot, leverage, or trading in crypto or the global markets in general, PrimeXBT allows you to open one account and have access to all these products and services.