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PrimeXBT reached out and asked us if we would be interested in reviewing their products and services. Although we’ve never tried their brokerage or Crypto services until now, we had heard great things about PrimeXBT and were interested to explore what they offer. Spoilers, we were very impressed, but keep reading to find out why.
First a bit of housekeeping, they set us up with a virtual account that had been funded with virtual funds - so we had no economic incentives that could affect our review.
About Prime XBT
PrimeXBT has been offering customers a complete trading experience since 2018, through innovative natively developed technology and tools.
According to the company it’s where people go for an investing experience suitable for everyone. They support traders from novice to expert, with all-in-one platforms, Copy trading, analysis tools, and education to help them level up their trading. They offer more for less: more markets, more tools, more ways to profit, and some of the lowest fees in the industry.
PrimeXBT provides a stress-free, all-in-one trading experience with no barriers to entry.
Their services include:
- CFD trading on 100+ assets.
- Integrated wallets to store Crypto assets and funds.
- Low fees.
- Copy trading - allowing people with little to no experience to actively trade using expertly created strategies.
- An all-in-one platform that enables traders to access Cryptos, Commodities, Indices, Forex and even Crypto Futures for an added advantage on the markets.
- Access to significant leverage for experienced traders.
- Advanced margin options and limit orders to control market exposure.
- An integrated and secure solution that allows Crypto purchases on the platform.
Market Position
Judging from the huge list of products and services PrimeXBT offers, it seems to be an appropriate broker for both new and experienced traders. Additionally, unlike their CFD competitors, they offer the ability to buy, sell and store Cryptos in their integrated wallet, a stand-out feature.
Compared to their Crypto exchange counterparts, PrimeXBT allows traders to deposit in Crypto or fiat currencies and trade over 100 assets, including popular Forex currency pairs like the Euro against the US Dollar or the Pound Sterling against the Euro, Cryptocurrencies against fiat or against other Cryptos, Commodities, Indices, and CFD Cryptos.
Finally also catering to both new and experienced traders PrimeXBT offers Copy Trading. This means that customers with little to no experience or traders who do not have the time or ability to trade can do so by copying the trades of expert traders.
As claimed by the company itself, it indeed seems to be an all-in-one trading experience for everyone.
Platform Features
PrimeXBT’s platform offers a long list of features and tools, more than most of its competitors. The platform is separated into multiple sections for ease of use. You can see your accounts and assets, trade CFDs, Buy Crypto, Copy trade and a list of contests (or promotions) that are currently available.
It also offers an exhaustive list of instruments you can trade both as Crypto Futures or CFDs. One of the features we enjoyed when reviewing the platform, was the ability to customise the trading interface - allowing you to add multiple instrument charts, an asset watchlist, “widgets” that show your positions, orders, trades and what PrimeXBT calls a Dashboard.
The Dashboard allows you to create a list of instruments that you are interested in and gives you the ability to make one-click trades.
Here’s a short overview, we will expand on these later on in the article.
Accounts
In this section, you can manage your funds and Crypto assets. You can transfer funds between them, exchange them, request a withdrawal, and deposit funds from multiple sources. PrimeXBT gives you the option to deposit in Cryptos, or fiat currencies through bank transfer, e-wallets, and using online funding methods. Here you can also buy cryptos using your bank cards.
And proving that PrimeXBT cares about the safety of their customers and the security of their funds, only verified accounts can receive funds, lowering the risk of someone using a stolen card or a fake identity to move funds.
CFD Trading
This is where you can open market orders, and PrimeXBT promises extremely low to no latency, ensuring that your trade is executed as close to the rate of your order as possible. Traders can also use both stop loss and take profit orders to limit their market exposure. You can also create your own market analysis with an impressive list of technical indicators, that you can adjust and add to your charts.
Crypto Futures
Crypto Futures is a standout and unique feature of PrimeXBT’s offerings. Futures allow a trader to speculate on the price of an instrument in the future and get rewarded when that instrument reaches or surpasses that price. This is a type of investing and trading used by professionals to manage market exposure and take advantage of future events without the need to constantly monitor the markets.
Copy Trading
Copy trading has gained popularity in recent years, because it’s an easy way to take advantage of the financial benefits of trading without the steep learning curve of technical and fundamental analysis or the need to have deep knowledge of current market dynamics and events. It is also ideal for more experienced traders that simply don’t have the time to closely monitor the markets, due to other trading activities or obligations.
PrimeXBT’s interface is extremely user-friendly, displaying total and daily ROI. You can also see how long each strategy provider’s been active (in days), along side the strategy provider’s “follower” rating. When you press “copy” you are given a pop-up which allows you to choose how much you would like to invest in each strategy.
When you click on a specific strategy provider, you can see more analytic information including the provider’s equity, their currency, the followers’ equity, initial equity, maximum initial equity and followers. This also shows you a chart, that displays the provider’s profit, equity, followers’ equity, margin and number of followers across twenty four hours, seven days, thirty days or over the entire timeframe of the provider’s activity.
Contests
This section is dedicated to current contests that reward actual funds that you can use to trade with. These are frequently updated when previous contests expire and each one has its own exciting rules and requirements to help you test your abilities risk-free.
Since it’s a competition when you beat out the other contestants, you can earn various rewards, usually in the form of tradable funds that are credited to your account. These contests or competitions seem to be updated very frequently, giving almost anyone the chance to win, which we thought was very generous of PrimeXBT.
CFD
Diving a bit deeper into PrimeXBT’s CFD offerings, they seem to have a huge list of available instruments to choose from, giving you the opportunity to both seize opportunities across multiple markets and manage your exposure by diversifying your portfolio.
If you are unfamiliar with CFDs they are a type of investment or trading product that allows traders and investors to trade the price of an asset without the need to actually own said asset. The benefit of this type of product is the fact that it allows you to trade both uptrends and downtrends, something that isn’t possible if you physically own the asset. The only way to profit from owning an asset is to purchase it at a lower price and sell it when its value increases.
Another benefit of CFDs is that you can margin trade them, which means you can use leverage to control a bigger position with less capital. On select Forex pairs for example, you can get leverage up to 1000x, which means you can open a $1000 position with just $1. But keep in mind that leverage is a multiplier, and it can amplify both beneficial and non-beneficial market moves.
In this section of the platform, you can also access a huge list of indicators. These are graphic overlays that represent certain statistical or mathematical calculations that traders use to forecast future price movements.
PrimeXBT’s CFD trading platform is very customisable, allowing you to set up a “workspace” that best fits your trading needs, strategy, and goals. We really enjoyed playing around with this feature and had a few people around the office with different trading styles try it. They were all very pleased with how easy it was to set up their own customised interface to trade and do market research and analysis with.
Of course, as expected of any legitimate broker, PrimeXBT offers limit orders that you can add when you are opening your trade or modify an already open position to add them. If you are new to trading, limit orders like stop loss close a trade when your maximum predefined market exposure is reached, and take profit closes a profitable trade again at a predefined price level to protect your profits against a price or trend reversal.
Crypto Futures
Crypto Futures is a standout product offered by PrimeXBT. Futures are often used by professional and institutional traders, to take advantage of future price movements or to protect their open positions against possible price reversals.
When the Futures contract expires the difference between the current market price and the target price (the price the trader thought that the asset would reach by the time the Futures Contract expires) is the profit or loss amount.
This is exactly why it's a great tool for “hedging” (protecting an open trade by opening the opposite trade within the period the trader thinks a price reversal might happen). This essentially offsets the potential losses the open trade may accrue because of this negative price movement.
Since you only pay the difference between the speculated price and the current price, the losses could be much lower than if you bought or sold at a different price and the market reversed.
PrimeXBT also offers up to 200x leverage on these products again allowing you to control bigger positions with less capital.
Copy Trading
Copy trading is a popular service across the industry and, we predict, will become an industry standard soon.
Much like the other products and services PrimeXBT offers, their Copy Trading goes above and beyond. From the sheer amount of information available about the strategies to a very impressive list of strategy providers customers can choose from.
Their user interface is also one of the easiest we’ve seen, no more complicated submenus or difficult-to-navigate platforms. If a copy trader needs more information, all you have to do is click on the strategy and see its performance, how long it has been active, its equity, its followers' equity and amount of people following the strategy.
It even has some cool social and community tools that allow you to share the strategy across social media and on messaging platforms like WhatsApp. This is not only great for people looking to share a strategy with family and friends but also an extremely useful tool for strategy providers who want to highlight their strategy’s performance and attract more followers.
The payouts are very impressive as well. Followers receive up to 60% of the profits, while providers receive up to 20% of followers' profits. This means that they are incentivized to create high-performing strategies and everyone benefits!
Trading Fees
Probably the first thing traders look for when choosing a broker is their fees. PrimeXBT claims to have some of the lowest fees in the industry, and luckily (for us), they actually deliver on that claim.
Their CFDs have spreads as low as 0.1 pip and charge zero commissions. Their Crypto Futures fees are also impressively low—starting from 0.02% for takers and 0.01% for makers.
Again both offer generous leverage with 200x on Futures and a very useful 1000x on select CFDs.
Deposit and Withdrawal Fees
Although not an industry standard, even though we believe it should be, PrimeXBT charges zero deposit fees on both CFDs and Crypto Futures.
Further proving their claim of having the lowest fees in the industry - they only charge a mere $0.50 USD on withdrawals depending on the blockchain or the payment processing vendor.
User Experience
PrimeXBT’s user experience aligns perfectly with their vision to:
“Provide people with easy and immediate access to the markets, as well as all the education and tools they need to succeed, regardless of their experience. We want to give the world control over their finances, once and for all.”
PrimeXBT also seeks to provide its customers with the greatest trading technology innovations, so they fully take advantage of market opportunities while limiting their market exposure.
Customer Support
PrimeXBT is unique in this sense because as more brokers and service providers are moving toward bots and faceless query forms, PrimeXBT knows clients prefer to speak with real people, especially when it comes to trading.
PrimeXBT offers native language support in all the languages it provides, so clients get help in the language they understand best and are most comfortable with. Support can be reached by live chat on the website and app, through popular messaging apps depending on the location, through email, and, of course, by telephone.
Account Security
PrimeXBT goes to great lengths to ensure the security of its customers’ data and funds. With their secure integrated wallets and accounts their traders can store and use both fiat and Crypto assets to trade or invest.
Comparison with Competitors
As PrimeXBT is in its own segment offering both Crypto exchange services and CFD broker services it’s difficult to find a direct competitor.
If we were to look at those two offerings separately, then the CFD broker services it offers are significantly cheaper compared to its competitors, its interface is more user-friendly, and its customer support is much more effective.
On the Crypto exchange side, PrimeXBT also offers much more to its customers, including its stand-out feature of allowing customers to use their Cryptos to trade over 100+ CFD assets. This is in addition to secure integrated wallets, rock-bottom fees, and multiple ways to deposit, including using bank transfers in local currencies, depending on the location.
Pros and Cons
As we mentioned previously, we’ve only seen good things from PrimeXBT. Here’s a list of the things we love:
- Very low fees
- Multiple assets to trade
- The availability of Crypto, Forex, Indices and Commodity CFDs
- Being able to buy Crypto or use it to trade is an amazing and innovative feature
- Integrated wallets make funding much easier and more effective
- Real customer support agents are available 24/7 and can be reached easily multiple ways
Although this might seem unbelievable we didn’t really find anything we would consider a con per se, here are a few things we would improve (and we are sure PrimeXBT will listen to the feedback we sent them):
- More CFD assets—We would love to see even more instruments to trade. 100+ are great, but more are even better!
- The ability to toggle between a “full” trading mode with all the features visible and a “simplified” one that only shows the most necessary features when we are only trading one or two assets instead of the entire list (I know we asked for more above, but sometimes you just need something a bit more straightforward).
- A list of the day’s, week’s or month’s biggest movers would be nice.
Conclusion
We are seriously impressed by PrimeXBT and its offerings. Its fees are extremely low for what they offer. Their Copy Trading is definitely a benefit for both new and experienced traders. Their platform is one of the easiest but also the most feature-rich we’ve ever had the opportunity to use. Of course, we like the fact that we can also buy Cryptos and use them to trade other markets.
We wouldn’t hesitate at all to recommend PrimeXBT for anyone looking to trade, use their Crypto assets to yield even higher returns or someone experienced looking to switch to a broker with much lower fees.
Disclaimer: This is sponsored content
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.