Since being established in Seychelles in 2018, PrimeXBT aspires to be one of the best Forex brokers out there. Despite a rapidly growing following on social media and some obvious successes, the fact that they haven’t been around long may make traders fearful. We dove in deeper to find out if this broker offers anything truly new and different, as well as to see exactly what services they do offer.
PrimeXBT offers only a standard account type, which can be seen both positively and negatively. On the bright side, this saves users from comparing several different account types and trying to figure out which is best. It also takes away pressure to meet any certain conditions to qualify for a better account, like making larger deposits. On the other hand, traders can sometimes find account types that offer more advantages by catering to their certain trading styles, so the option to compare accounts may be missed. When signing up for an account, users will not be asked any personal information. Clients will simply need to enter a name and password in order to get trading.
One thing that makes this broker stand out is the fact that they do not require KYC documents. With others, traders can be delayed by being asked for ID and address documents before being allowed to trade. Otherwise, the account would be limited, for example, the trader would only be allowed to use certain funding methods, or the user wouldn’t be able to trade at all. For many traders, especially those that are just turning 18, or whom are located in certain countries, finding documents that meet those specifications can be difficult or impossible. With this broker, you don’t have to worry about providing who you are, so this can be an amazing opportunity for anyone who has been turned away from another broker due to lack of documentation.
PrimeXBT offers a platform that has been created exclusively for cryptocurrency trading. The platform gives users access to an account section, which details things like the balance in both the wallet and trading account, access to deposit and withdraw funds, details on closed trades, and more. There is also a Trade section which will obviously allow users to place and close trades, monitor market data, view information on current positions, and more. Finally, users will be able to access information about the platform, which should help with getting used to using the platform and all of its features.
The platform is available via browser and is fully customizable, as it allows users to add different widgets and move them around the workspace. While mostly everything about this platform is positive, we do want to take a moment to mention accessibility. Since traders will have to access the platform via browser, there is no way to trade on the go, which is offered with many other brokers. On the bright side, PrimeXBT has alluded that an app for Iphone and Android and been developed, which means that mobile trading may be available in the very near future. In the meantime, however, traders will need to be sure they can access their computer when it is necessary.
The highest leverage option for cryptocurrencies is 100:1. This means that the trader can trade with up to 100 times the funds that are available in the account. This is an excellent option, considering that many other brokerages limit the leverage on crypto trading to 10x or 20x. The highest leverage for Forex majors is listed at 1:1000, so those that do like to operate with higher leverage will have the ability to do so. A word of advice to those that are not very experienced – you may not want to choose such a high leverage initially. Doing so can be rewarding, but it is also risky, so only those that are confident in their abilities should choose the highest leverage offerings. If you’re a novice, you would probably do best to stick to the 1:100 option. If you’d like to view the exact leverage for a certain instrument, you can do so on the website. We found that the leverages offered for both cryptocurrencies and Forex majors definitely stood out from the competition and that these options did establish this broker as worthy of serious consideration.
The minimum and maximum trade sizes differ based on several factors, including liquidity, volume, and market conditions for each instrument. For example, BTC/USD currently has a minimum trade size of 0.01 BTC and a maximum single trade size of 100 BTC. For XRP/USD, the minimum us currently 1 XRP, while the maximum is listed at 150000 XRP. If you’d like to view the minimum and maximum trade sizes for certain assets, you can do so on the Fees page.
PrimeXBT charges both trade fees and overnight financing. Trading fees are listed at 0.05% per trade, which is significantly lower than the average 0.75% charged by most brokers. When it comes to overnight financing, the fees can be avoided, so long as you open and close a leveraged position within the same business day. If you have other plans, you will be subject to this charge, which depends on the liquidity of the underlying asset. We do wish that there were no overnight charges, but brokers have to make money somewhere, and this broker would still be worthy if they charged higher fees. If you choose to open an account with this broker, the limited charges will certainly provide an advantage and help to maximize your potential profits.
PrimeXBT offers more than 30 assets, including Bitcoin, Ethereum, Ripple, and Litecoin. In total, there are 5 cryptocurrencies, 20 Forex options, and ten indices and commodities to choose from. You may find more offered elsewhere, but we found this selection to be reasonable considering that this is a cryptocurrency based exchange. The option to trade Bitcoin isn’t always available elsewhere, so do keep that in mind when deciding whether enough assets are offered.
Since traders must deposit with BTC, the minimum deposit amount is listed at 0.001. After using a Bitcoin to USD converter to calculate the exchange rate, we found the current minimum deposit to be $11.90. Remember that Bitcoin rates are constantly changing, but you can always use Google to see how much this will equal. The fortunate thing here is that the deposit minimum will always be extremely low and reasonable, even with Bitcoin fluctuating. Since most brokers require at least $100 or more for deposits, traders will find that the minimum with this broker will always be considerably lower than their competitors. This offers advantages to those who may not have a lot of funds to trade with, or whom are not quite used to trading, since they will be able to fund with such a small amount. We do think it could be better to deposit a little more than the requirement, since it would allow for more options when trading, but it’s great to see such a small option available.
Deposit Methods & Costs
PrimeXBT only allows clients to fund their account with Bitcoin. While this isn’t a bad method, some clients may prefer to use different methods, so this could be a drawback. However, by using a service such as Changelly, traders will be able to buy Bitcoin with their credit card. If you aren’t too sure about using Bitcoin, keep in mind that this option is becoming more and more popular and has become a widely successful option. Bitcoin has become an acceptable form of payment at various locations as of lately, so giving this funding method a chance may be well worth it. If you have tried this method and you absolutely want to avoid it, this broker may not be for you. Regardless of how you feel about Bitcoin, you’ll be happy to know that there are no deposit fees for using this method if you choose to sign up.
Withdrawal Methods & Costs
The only withdrawal method is Bitcoin, which means there are no other comparison options. The average withdrawal fee for Bitcoin is 0.000812 BTC. However, charges for withdrawing Bitcoin through this broker are much better, listed at only 0.0005 BTC, which is currently equivalent to $6 USD. This means that the withdrawal fees for Bitcoin are 40% less than the global charge, which is a plus. With other brokers, you may be able to find a couple of options that do not charge any fees, so there could be an advantage with others there. However, most methods at other brokers will charge some type of fees, some of which can be ridiculous. When it comes down to it, it would be nice to see fee free options, but the fees for withdrawing Bitcoin are very competitive and reasonable when compared to other brokers.
Withdrawal Processing & Wait Time
Once a Bitcoin withdrawal has been processed, it will need to pass through the blockchain and receive at least six confirmations in order to become available. The amount of time that this takes can vary. Of you are making a considerably large withdrawal, you may find yourself waiting a bit longer for the process to go through. If you request a withdrawal and feel that it is taking longer than usual, consider emailing support to check on your withdrawal status.
Bonuses & Promotions
PrimeXBT does offer an affiliate program. All one has to do is have someone sign up with their personal affiliate link, and they will then earn 50% back on all the fees that person pays. This could be a great way to earn extra money, but you won’t make much if you only have one or two people sign up. If you have a large following on social media, we suggest you share your link there. If you’ve had a good experience with this broker, you could also speak about that. This may help to get a larger number of sign ups, which could turn into a big payday.
Educational & Trading Tools
Prime XBT offers a Help Center directly on their website. By navigating to the Help Center, users will find helpful explanations on things like bid and ask price, setting up your workspace, leverage, and more. Traders will also be able to view helpful video tutorials that have been compiled. On the platform, traders will be able to fully customize their workspace by adding widgets and arranging them any way that they wish. Traders will be able to view items like charts, a watchlist which will allow market data to be monitored, system messages, and more. Traders will be able to change things like colors, grids, and spacing on charts, which provides the user with the ability to customize the appearance of their charts to their heart’s content.
To get in touch with this broker, clients are instructed to email email@example.com for answers to any and all questions. This broker is dedicated to providing 24/7 customer support, which we like, but we wish there were more contact methods. It seems that the ability to talk over LiveChat or on the phone can make it easier to explain and understand issues, which is why we always hope to find these methods of contact available. However, with 24/7 support, traders should receive responses via email rather quickly and will have the advantage of getting in touch with support on the weekend, which is not offered with many other brokers. PrimeXBT also have an active following on social media, with 14K followers on Facebook and 7K on Twitter, so be sure to follow them if you choose to sign up.
While the United States is listed as country option on the sign up page’s drop down list, users will be informed that services are not available at this time. We weren’t surprised to find the US excluded, since regulation laws have been causing this issue with a lot of brokers lately. If you’re in the US, you’ll have to trade elsewhere for now, but keep in mind that this broker may offer accounts to the US in the future. The fact that this broker did list the US on the sign up page is enough to give one hope, so be sure to check back from time to time.
PrimeXBT is a cryptocurrency based exchange that offers users the advantage of signing up anonymously with no required documentation. Some of the things that stand out about this broker are the higher than average leverage options and lower than average fees for making trades and withdrawing Bitcoin. When it comes to funding, options are a bit limited, but users should be happy with the low deposit requirements and small withdrawal fees. We found the trading platform to be convenient and customizable, but we really hope the app for mobile trading will be released ASAP. Customer service is available 24/7, which gives traders the ability to get in touch with an agent over the weekend and at all hours of the night, but we missed the options to use LiveChat and the lack of a direct phone number.
Another drawback would be the non acceptance of US clients, but of course this would only affect those located in the US. When considering this broker, one should keep in mind that the negative qualities may improve with time, since this broker is brand new. For example, with apps for mobile trading already having been developed, it should not be long before the accessibility drawback has been solved. It’s also possible that this broker could decide to start accepting US clients, offer demo accounts, and introduce more customer service options in the near future. If you didn’t feel that this broker offered enough, do keep this in mind and check back in the future to see if anything has changed. On the other hand, if the high leverage options, low funding fees, small minimum deposit amount, amazing platform, and easy sign up process has your attention, consider opening an account to take advantage of what this broker has to offer.