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PrimeXBT – Trading Platform Review & User Feedback 2020

4.2 / 5

Read this full review on the PrimeXBT trading platform to learn about the tools, assets, and everything else it has to offer, and discover if it’s worth registering for a new account and trading on PrimeXBT.

General Information

PrimeXBT is a Bitcoin-based multi-asset trading platform, offering up to 1000x leverage on forex, commodities, stock indices, and cryptocurrencies.

The platform was built on the back of decades of traditional market experience, and although the platform started out with cryptocurrencies, a natural progression toward traditional assets has resulted in the trading platform having a diverse and well-rounded instrument offering, providing unparalleled portfolio diversification under one roof.

The Victoria, Seychelles-based platform is no stranger to innovation, regularly releasing cutting edge new trading tools to ensure they maintain unique competitive advantages in the market.

Advantages and Disadvantages

Advantages:

  • User friendly functionality: The platform’s biggest advantages lie within its coexisting simplicity and intricacies. PrimeXBT caters equally to both novice traders looking to comfortably get started day trading and professional traders who demand only the most advanced trading tools.
  • Intuitive interface: The customisable user interface is easy to understand and navigate. Getting started is simple, with registration taking less than 60 seconds, including no KYC, and requiring only a small minimal deposit of 0.001 BTC to begin.
  • Referral system: In addition to advanced trading tools ideal for professionals and newbies alike, the platform offers a lucrative 4-level referral system ideal for growing an extensive and profitable referral network for ongoing alternative income streams.
  • Generous CPA offers and ambassador programs: that are also available to professional affiliate marketers, who will receive personalised assistance from a PrimeXBT affiliate marketing account manager.
  • Live 24/7 customer service: available via online chat, but PrimeXBT also regularly communicates with traders and clients via email, social media, Telegram, and official channels such as a company blog.

 

Disadvantages:

  • Bitcoin as base currency: because all contracts are Bitcoin-based, the main disadvantage of the platform is due to the base currency and deposits being restricted to Bitcoin. Bitcoin is a highly volatile asset that’s value can rise and fall wildly. By having to keep a base currency of BTC, users of the platform are exposed to the asset’s notorious volatility and price fluctuations. However, users may also utilize the tools offered by the platform to profit from such volatility.

Trading Conditions

Trading conditions are ideal for capital growth. PrimeXBT offers among the most competitive trading fees found anywhere in the market, with trading fees as low as 0.001%.

In addition to trading fees, PrimeXBT also includes an overnight financing fee for longer-term positions to maintain open margin collateral.

To put even more profits back into the pockets of the platform’s most active traders, PrimeXBT offers a multi-tiered, progressive discount system on trading fees.

The higher the trading turnover rate, the more significant the discount offered. Traders with 300 BTC to 600 BTC turnover will receive a 25% discount off all trading fees, while trading turnover at a rate of over 600 BTC will receive a full 50% discount off trading fees on the platform.

Discounts are active for 30 days after meeting the turnover threshold, and users of the platform can track their progress toward each level and can increase the size and/or frequency of trades in order to reach the next discount tier.

Cryptocurrencies trade 24/7, while forex currencies trade Sunday through Friday at 21:00. Conditions vary across indices and commodities, so its recommended traders check each individual instrument for unique trading conditions by asset. All trading conditions are transparent and listed clearly on the PrimeXBT website.

Underlying Assets

PrimeXBT started out offering cryptocurrencies, including Bitcoin, Ethereum, EOS, Ripple, and Litecoin – all trading against USD.

Eventually, PrimeXBT added altcoin/BTC trading pairs and introduced some of the world’s most popular forex currencies, stock indices, commodities, and more.

The wide range of assets now include commodities like Natural Gas and Brent and Crude Oil, precious metals like Gold and Silver, stock indices such as the Dow Jones, NASDAQ, NIKKEI, and many more, as well as the world’s most popularly traded forex currencies.

The list of assets is always expanding, with PrimeXBT most recently adding stock indexes for France, Spain, and introducing the Russian Ruble, Turkish Lira, and Singapore Dollar to its already extensive list of currencies.

Trading Platform

The trading platform is simple to use, endlessly customizable thanks to a variety of widgets and offers plenty of tools for both new and experienced traders to take advantage of.

The advanced trading platform offers tools like up to 1000x leverage, long and short positions – even simultaneously, built-in charting software, technical analysis indicators, and much more. Stop loss and take profit orders can further reduce risk or maximize profit, providing a deep level of control for traders.

Orders execute with lighting speed, thanks to the reliable trading engine and deep, aggregated liquidity. The platform performs with as much as 99.9% uptime according to the website’s system status page.

Mobile Trading

PrimeXBT’s desktop experience is filled with powerful tools designed for profit generation, which makes it challenging to fully utilize the platform on mobile devices.

To alleviate this challenge and provide a more streamlined and simple user experience, PrimeXBT offers clients a free mobile app for Android and iOS smartphones and devices.

The mobile app offers a near perfect comparative experience next to the full platform, available anywhere at the trader’s fingertips.

To further cater to on-the-go traders, PrimeXBT has launched a first of its kind Telegram bot that users can ping to request position and market data in real-time. This is especially helpful in mobile situations where internet access is subpar.

Demo Account

Users who register for PrimeXBT will be provided with a free demo account to get comfortable trading with. PrimeXBT also offers demo accounts for unique products, such as a free demo account valued at 1 BTC to trade with using the platform’s new PrimeXBT Turbo product.

Users can try the platform and its tool completely risk-free and decide if they want to make their first deposit and start trading with real capital.

Account Types

Account types are by default standard, however, there are unique circumstances where accounts gain additional benefits. For example, PrimeXBT ambassadors will receive personalized support from an affiliate marketing account manager.

Using the new Covesting Fund Management Module beta, standard accounts can be made into Fund Manager accounts, which are then made public and added to an online global Rating system. Investors can then make investments into each of these funds, profiting from the trades the Fund Manager makes.

Furthermore, demo accounts are available for traders to test out the platform risk-free.

Opening an Account

Opening an account is easy, fast, and takes under one minute. No KYC is ever required, ensuring that all personal information stays private and is never put as risk of exposure or theft.

Users can register for a free account, then make a deposit using Bitcoin or several other altcoins, fiat currencies, and more through a third-party service called Changelly. After the first deposit is made, and the Bitcoin transaction confirmed, traders must fund their trading account to get started.

Funds Withdrawal

Withdrawing funds is just as simple as making a deposit and getting started. Simply visit the withdrawal section of the platform, enter a BTC address, and click withdraw.

If address whitelisting is enabled, users will need to follow a step-by-step process to add the BTC address to the approved whitelist for security reasons.

Withdrawals are made once per day at a specified time. Prior to this timeframe, users can cancel any pending withdrawals.

Trader Training

PrimeXBT has an extensive database of platform training materials to educate new users on how to take advantage of the tools offered by the platform.

The platform’s help section is filled with reference materials. In addition, the company regularly releases helpful information via social media, train videos via YouTube, and much more.

PrimeXBT’s website also features a company blog, which includes updates on new assets, as well as trading tips, training materials, and a wealth of knowledge traders will have at their disposal.

Should I Trade With PrimeXBT?

With no-risk demo accounts, fast, easy sign up taking less than 60 seconds, and low minimum deposits, there’s no reason not to give PrimeXBT a try.

The platform offers a perfect balance between extensive trading tools and ease of use. Users of all experience levels will find themselves right at home.

Powerful tools and innovative features such as up to 1000x leverage and much more keep profits flowing, and a wide range of instruments to trade with means that traders can build a low-risk, well-diversified portfolio of assets.

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PrimeXBT – Trading Platform Review & User Feedback 2020

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