Launched in 2018, PrimeXBT is a relatively well-established exchange platform that gives users the ability to trade over 50 assets including crypto-currencies, Forex, commodities (metals, oil, gas) and several indices (FTSE 100, the S&P 500).
PrimeXBT uses liquidity provided by the largest exchanges and market makers in the industry. They aggregate their liquidity from over 12 different exchanges. The platform claims over $500 million in daily volume.
PrimeXBT has users in over 150 different countries. However, due to certain regulations, a handful of countries are excluded from this list, including the United States and Canada.
From registration to money deposit
PrimeXBT is available in French and 15 other languages, which is quite rare. However, the trading interface remains mostly in English. To open an account, simply click on the "Register" button located in the upper right corner of each page of the site.
The platform then asks you to enter an email address and password, accept the terms and conditions and click "Register" to confirm. No other data is required to register, and in particular the platform does not propose a KYC protocol ("Know Your Customer", identity control), which is an obligatory step on many other services. This has the merit of simplifying registration: it takes no more than
Before using Prime XBT and depositing your funds, it is imperative to ensure the security of your account. The best way to do this is to activate double authentication (2FA). Enabling
of two-factor authentication on your phone is not mandatory, but it is strongly encouraged. This is easily done via your account management options in the security settings: PrimeXBT then presents a QR code and a backup key to keep.
Prime XBT is entirely cryptocurrency based, so only cryptocurrencies can be used for trading. Deposits can be made via a Bitcoin (BTC) address, an Ether (ETH) address or token addresses from the Ethereum blockchain (ERC-20). In other words, Prime XBT is a crypto only exchange: you will not be able to make any funding in Euros or Dollars, and withdrawals can only be made in cryptocurrencies.
From deposit to trading
For a user who has crypto to invest, funding the account is relatively simple. On the deposit page, you can access the PrimeXBT address to which you can send your bitcoins. The deposit may take a little while to appear in your account, as it takes a total of 3 confirmations on the network, or about 30 minutes.
The system is just as simple to withdraw your cryptos from Prime XBT, with clear and visible buttons. One drawback to note though: the platform processes all pending withdrawals once a day, between 2pm and 4pm. Therefore, any withdrawal requested after 2pm will not be processed until the next day. So don't be in too much of a hurry to get your funds back.
The site has also tried to facilitate the purchase of bitcoins with euros by integrating a third-party service that allows you to buy BTC using a credit or debit card.
The platform
Let's move on to the heart of PrimeXBT, its trading interface. The exchange has developed its own trading interface and offers many features that can satisfy advanced traders.
On the PrimeXBT platform, there are three main sections accessible in the header toolbar: an account administration section, an information section and the trading platform itself. The first thing we notice about the platform is its wide degree of customization: the user can create his own workspaces, which he can access at the top of the platform. This feature will mainly be aimed at advanced users.
The platform has also been designed around "widgets", meaning that you can insert a new panel in any workspace. These widgets can contain a chart, an order form, trades, messages, etc. The list of widgets offered is clear, and their integration is intuitive. Finally, the trading charting features are complete and well provided.
Leverage on Prime XBT
The platform is very easy to use to open a position on the BTC/USD pair, as you just have to click on "Buy" or "Sell" and then fill in the fields in the window that appears.
Now choose the type of your order and the size of your position, in BTC. Note that Prime XBT uses a x100 leverage: if you want to open a position of 1 BTC, you need to fill in 0.01
Other aspects of the platform
Trading fees
PrimeXBT is quite transparent about its fees, and applies two types: trading fees and day-to-day financing fees. The former is charged for entering the position of the order of 0.05%, and the latter for funding the position overnight (about +0.08% or -0.08% depending on whether you are against or with the market trend). You can find all the trading fees on this page.
These trading fees are average or even lower than a broker like eToro.
Mobile application
PrimeXBT also has a mobile app that is compatible with iOS and Android devices. This app has most of the features offered in the desktop platform, with access to charts, easy order execution and account management.
On the Google Play Store, several users complain about the slowness and reaction time of the app. For our part, we did not see any specific slowdown during our test.
Support
The fastest and most efficient way to contact customer support is probably the live chat, accessible directly from the trading platform. This service is active and works 24 hours a day, 7 days a week. After testing, the support team responded quickly and fairly. The team can also be contacted on Telegram if you have any questions regarding security, account management or products.
Unfortunately, they don't have a dedicated phone line that can be called in case of an emergency.
Source: Website
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