Crypto Exchange Review 2021
Making Crypto Simple
Launched in 2018 and located in Seychelles, as well as St. Vincent and The Grenadines, PrimeXBT has established itself as one of the premier crypto trading platforms that offer forex trading and broker services. In a relatively short time, the exchange platform has managed to grow and expand to over 150 countries around the world.
PrimeXBT’s secret recipe is utilizing liquidity pools, instead of creating them. The platform is in partnership with a dozen of the most renowned and well-established platforms in the industry and makes good use of their liquidity pools. PrimeXBT supports stop loss and leverage trading for experienced traders with 100x on high leverage and an unheard-of 1000x maximum leverage on forex and commodities.
By now you’ve probably realized that this is not your run-of-the-mill trading platform. PrimeXBT offers a variety of scarce trading tools such as One-Cancels-the-Other (OCO) that help traders every step of the way and employs both hot wallets and cold storage on user digital assets. The only major downside is that the platform is not operational inside US and Canadian borders.
Bitcoin and Other Supported Cryptocurrencies
PrimeXBT is one of the few trading platforms that offer both cryptocurrency and forex trading options under the same hood. The ease of use and various payment methods, such as direct cryptocurrency deposits from e-wallets, deposits by bank transfers, in-wallet currency transfers, debit/credit card transfers, and instant SEPA transfers, have given the platform a leg up on its competitors.
The crypto exchange supports transactions in Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), EOS, Ethereum (ETH), USDT, USD Coin (USDC), as well as Covesting (COV).
Traders are able to buy cryptocurrency with fiat currencies and continue to the trading block with crypto assets, as it is the only currency that the platform supports for trading. They can make USD deposits via all of the above-mentioned payment methods. However, if they find it more convenient to acquire crypto with EUR or a different fiat currency, not all USD supported methods may be available to them.
The crypto exchange automatically provides new users with a Bitcoin address and a Bitcoin wallet. All user funds are transferred to the preassigned wallet address and are kept in cold storage for safekeeping. PrimeXBT users are welcome to make a withdrawal at any time as long as they have in mind that withdrawals are processed once every 24 hours.
PrimeXBT Trading Features & Supported Countries
The platform offers stop and limit features on One-Cancels-the-Other (OCO) orders, an excess of x1000 on forex commodities and indices, real-time TradingView charts, a copy-trade feature, turbo trading (a feature that predicts price movement), a demo trade feature, and, of course, a mobile app so that all of this can fit in your pocket.
PrimeXBT is available in more than 150 countries in the world but it does come with some limitations in the USA, Canada, Japan, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, Samoa, and Russia. For a full up-to-date list, users can refer to primexbt.com.
The PrimeXBT Covesting Module is a feature that allows users to copy and execute automatic trades. Users need to select a crypto trader to latch on to and connect their wallet, from which they will have to link a minimum deposit of 0.001 BTC.
From there on they can kick back, relax and watch the Covesting Module as it copies the selected trader’s every move.
Safety and Security
Unfortunately, as the crypto industry continues to grow and garners the attention of crypto traders, so, too, it draws in more and more hackers, scammers, and malicious parties to the fold. The more the merrier, huh? Therefore, it should come as no surprise that the first thing traders look for when choosing a crypto platform is its security infrastructure, and rightfully so.
PrimeXBT offers a native wallet, as well as cold storage on user funds. Being that the majority of assets are kept offline most of the time, the platform narrows the window during which a hacker attack can occur. The platform utilizes Cloudflare technology which provides a firewall in Distributed Denial of Service Attacks (DDoS). PrimeXBT’s security also features AWS web hosts that have the reputation of being the salt of the earth.
Users are prompted to activate the two-factor authentication method in order to have full control over their log-ins and get notified every time there’s an unauthorized login attempt on their PrimeXBT account. Apps such as Google Authenticator are also an option for those that wish to bypass the traditional SMS method of 2FA. PrimeXBT also allows users to create a whitelist of trusted BTC addresses.
Even though these measures aren’t mandatory in order for an individual to get started, they provide an extra layer of security for those that want and need it. All in all, the platform’s security infrastructure is among the best in the industry. Investors from all over the globe have kept PrimeXBT on their shortlist for a reason.
PrimeXBT Fees and Limits
The platform’s trading fees and limits are tied to users’ monthly trading volumes. PrimeXBT administers trading fees, as well as overnight fees. Trading fees kick into effect when a trader opens their position, while overnight fees, much like the name suggests, are fees that the traders need to pay in order for their positions to remain open overnight.
Trading fees can range anywhere between 0.01% and 0.05%, which is leaning towards the low side when compared to traditional CFD brokers. Inward payments aren’t subjected to either deposit or withdrawal fees, but network fees are still in place.
The platform offers margin trading, where users are able to trade cryptocurrency pairs much like traditional forex traders. PrimeXBT also has its own social network geared towards its investors, through which users can gain insight into chronological orders on trades and be eligible for lower fees.
The platform’s customer support team is quite attentive. They can be contacted through the crypto platform’s live chat that is online and operational around the clock. Users can also get in touch via email or social media platforms such as Facebook, Twitter and Telegram.
Is PrimeXBT safe?
PrimeXBT stands as one of the safest cryptocurrency exchanges on the market as it provides users with cold storage for their assets, a 2FA authentication, whitelisting, and the latest technological advances through Cloudflare.
Does PrimeXBT accept third party wallets?
Of course. The platform provides users with a free native crypto wallet that holds digital assets in cold storage for safekeeping. Nevertheless, users are able to make withdrawals to any third party wallet in the crypto-verse and everything will still work like a charm.
How long do withdrawals take at PrimeXBT?
The withdrawal process goes up to 24 hours. It mostly depends on the withdrawal method in question and the volume and scope of the trade itself.
Does PrimeXBT have high fees?
PrimeXBT offers its services at some of the lower fees on the crypto market by not compromising a single faucet in regards to their standards.
How do I reach PrimeXBT support?
For direct contact and quick live responses, we suggest that you make use of the platform’s live chat and Telegram offering.
Does PrimeXBT offer a Mobile App?
Yes, the platform provides a free mobile app that’s available on both Android and iOS devices.
A Few Words Before You Go…
Even though the platform was founded in 2018 and doesn’t have a ton of experience under its belt, PrimeXBT pertains to both novice users, as well as experienced professional traders.
The platform features a user-friendly interface with charting graphs, technical analysis, turbo trading services, tutorials, demo accounts, a referral program, limit order, take profit, protection orders, 100x leverage, as well as order types and overnight financing. PrimeXBT operates extra efficiently because it does not administer and compute KYC or AML processes.
They provide a stable and secure space for crypto trading and keep their fees on the affordable side. Their customer support team is one of the best in the business. The only caveat is that the exchange remains off-limits for US and Canadian traders.