PrimeXBT Exchange Review 2021

What is PrimeXBT?

PrimeXBT is a crypto exchange based out of the Seychelles, it’s one of the few exchanges out there which has their company registration there along with other prominent names such as Huobi and BitMEX. We’d also like to mention at this point that PrimeXBT is regulated by the Australian Securities and Investments Commission and you can find them in the registry here.

As a powerful derivatives exchange you have a fairly straightforward choice to make: are you going to long or short? Experienced traders will know the difference between these two choices. ‘Going long’ implies a gamble that the price of an asset will rise whereas ‘going short’ implies that you bet the price will go down. If you don’t feel comfortable with these terms but want to use PrimeXBT - it’s worth doing some research into ‘leveraged’ trading before.

PrimeXBT touts a lot of benefits for its users such as a multi-layer security system and anonymous registrations \(no KYC\) which is something extremely desirable for many cryptocurrency users who place high regard on their privacy.

Background

PrimeXBT was founded in 2018 and as of yet, the team behind it is yet to be revealed which goes hand-in-hand with their anonymity efforts. The PrimeXBT team says they are striving to find their place amongst the top online trading platforms in the cryptocurrency industry and to hold their reputation as a reliable partner in the digital asset space.

How to buy cryptocurrency on PrimeXBT

PrimeXBT is a crypto-to-crypto exchange which essentially means that you can only pay with Bitcoin. This naturally means that ‘loading your account’ with funds might be different to what a normal, retail trader might be used to.

If you plan to use PrimeXBT, you should be familiar with setting up a secure Bitcoin wallet. Then, you will need to source your $BTC from other exchanges or through FIAT currencies at Bitcoin ATMs and shops.

Signup

If you want to open an account, you just have to click ‘Register’ at the top of every page or click here to be brought there directly.

You’ll be asked to enter your email and come up with a password before accepting the terms and conditions. Click ‘Register’ to submit before continuing to verify your email through the link provided in your inbox.

Once you’ve clicked that link, you are brought straight to the members’ area and are logged in. There will be no need to provide any more details or verify your identity.

In the members area, you’ll find your own personal digital wallet and trading account. You will hold your Bitcoin in this wallet if you want to use it to trade and with the trading account, you can use this Bitcoin on PrimeXBT. Please note that you will have to move the Bitcoin from the wallet to the trading account in order to trade.

Depositing Bitcoin on PrimeXBT

As PrimeXBT provides its own digital wallet service, depositing Bitcoin is very straightforward if you are familiar with how to make a Bitcoin transaction.

All you need to do is log in to the members’ area and click ‘Deposit’ where you will be brought to a screen which gives you the information you need to transfer Bitcoin from your personal external wallet to your PrimeXBT wallet. Simply use the QR code or Bitcoin wallet address and send over the desired amount. If, however, you do not have any Bitcoin or just want to get some more to trade on PrimeXBT - you can do so via credit card as seen below on the right.

Once your deposit is finished, your wallet balance will be updated and you are ready to trade and you must now fund your ‘Trading account’ by clicking the button in your account section. Enter how much you would like on your trading account and voilá.

Withdrawing Bitcoin from PrimeXBT

Making a withdrawal is just as easy as making a deposit. In the accounts tab, just click withdraw and transfer your BTC from the trading account to your wallet \(this is necessary as withdrawals can only be made from the wallet\). Enter the destination address that you want to send the Bitcoin to and click submit - then it’s done. There is a cool security feature which allows you to ‘whitelist’ your personal Bitcoin wallet address in order to prevent any unauthorised transactions. We recommend any actions that help secure your funds when trading online.

Trading on PrimeXBT

Trading on PrimeXBT is a powerful and feature-rich experience. This is really where the platform begins to shine.

The platform is packed full of optimised features and tools which seasoned traders will love.

The interface itself is intuitive to people who’ve been trading for some time but it’s also pretty self-explanatory for beginners who are just starting out. It has a full suite of tools so you will be left wanting nothing, an inbuilt help section and even plenty of tutorial videos if you need them

If you don’t like the look of the platform you can simply customise it - you can move each and every module in the workspace to suit you, it’s fully customisable. That’s something which many exchanges have yet to offer their users.

Orders: PrimeXBT offers market, limit, stop and OCO orders to its users along with protection orders. Something which is even more unique to the industry, however, is the ability to make stop-loss and take-profit orders at the same time. OCO orders are available as soon as you log in. Awesome!

When it comes to charts, PrimeXBT can handle all of them, even cooler is that you can place trades directly on the charts. They too are fully customisable with whichever colours you like and there are a range of drawing tools if you’re into technical analysis.

Fees on PrimeXBT

PrimeXBT will take commission on trades. They also charge rollover costs for overnight financing. This is relevant for leveraged trader accounts that hold open positions throughout the night.

The average trading fee for cryptocurrencies is 0.05% and below you can see the model.

Withdrawal fees

There will be a withdrawal fee of 0.005 BTC when a user wishes to take out their funds. This is because PrimeXBT will often source their BTC from a third-party exchange which almost indefinitely charges fees. Miner fees are also paid when making transactions and withdrawal fees will be incurred when converting from crypto - FIAT.

PrimeXBT app

These days, every service has an app and PrimeXBT is no different. Download the app of the Google Play Store or Apple App Store to enjoy advanced trading on the go. Although some features are missing, the app is rich with everything you need and the company is constantly updating it to achieve parity between the web and mobile versions.

Is PrimeXBT safe?

PrimeXBT is doing everything in its power to make us know that they are sound. With Cloudflare protecting them for DDoS attacks and Amazon Web Services to scale capacity during times when there might be heavier influxes of users - it’s unlikely that the service will ever be down.

The majority of BTC which is held on PrimeXBT is kept in cold storage meaning that it is locked away and safe ‘offline.’ PrimeXBT only keeps a small quantity of BTC in the online wallet because exchanges often experience attacks from hackers who are able to steal the coins from the ‘hot’ wallets. All transfers from cold to hot wallets are taken care of manually by people at PrimeXBT so there is little room for error.

Summary

PrimeXBT is great for both advanced traders and those who want to move into more advanced trading. It’s definitely designed with anonymity in mind which will appeal strongly to those who value their privacy.

It’s rich and intuitive user interface will be familiar to anyone who has used an online exchange before and its host of features, powerful tools and customisation options will satisfy even the most picky of us.

The registration process takes so little time that if you’re looking to try something new - there really is no excuse not to try out PrimeXBT.