PrimeXBT is an award-winning trading platform. It has many exciting features including social trading! This article is a PrimeXBT review and beginner’s guide. We will show you the most important features of PrimeXBT and tell you our experiences of this exchange.
PrimeXBT company overview
PrimeXBT is a company founded in 2018 and registered in Seychelles. The trading platform was opened in early 2019, which means PrimeXBT has served customers for over two years. The company has grown quickly in both size and popularity. There are over 100 employees located in three offices globally.
See the introduction video below.
PrimeXBT has become a significant exchange in the market. Daily trading volumes have exceeded one billion dollars. PrimeXBT serves customers from 150 different countries and the website is translated into 16 languages.
PrimeXBT is a platform specialized in derivatives trading. You can trade cryptocurrencies, stocks, commodities, and the Forex market.
Do you have PrimeXBT experiences? Help to make this article better by sharing your experiences in the comment box!
Let’s begin this PrimeXBT review by opening a new user account. This is a fast and painless operation. Click the link below and you’ll be forwarded to PrimeXBT.
You should land directly on the registration form. If not, click the Register button from the top right corner of the front page. A simple form opens.
Just input your e-mail address and create a password. Finally, accept the terms & conditions. A phone number is not required at this point. Click the Register button to create an account.
Next, you’ll receive a confirmation e-mail to your inbox. It has a PIN code needed to activate your account. Input the PIN code to complete the registration. Finally, PrimeXBT asks you to choose your home country.
Please note that this review is written from a desktop user’s point of view. If you are using a mobile device, some features and menu items might show differently.
The 50% deposit bonus!
PrimeXBT has a special offer for new users who register through AboutBitcoin.io. It is a 50% deposit bonus! You won’t find such bonuses elsewhere.
This is how you activate the bonus: click Margin from the main menu and select Account from the sub-menu. You’ll see the Promo code text box. Use the following promo code to activate your bonus: BitcoinK50
You’ll get a 50% bonus of up to a 1.0 Bitcoin deposit. For example, if you make a 0.5 BTC deposit, you’ll receive a bonus of 0.25 BTC.
This is a non-withdrawable bonus, which means it functions as leverage on your account. You can take a 50% bigger position and cash in 50% more profits. Remember to activate the bonus before making a deposit.
PrimeXBT crypto deposit
We like the fact that there is no compulsory KYC at PrimeXBT. You can begin trading in a matter of minutes after creating an account. Many traders also appreciate anonymity.
The downside is that PrimeXBT doesn’t support native SEPA bank wire transfers. Deposits and withdrawals are done with cryptocurrencies.
The interface of PrimeXBT is very user-friendly. Your account balances are shown on the front page after logging in.
At the time of writing this article, PrimeXBT supports five different cryptocurrencies: Bitcoin, Ethereum, Tether, USD Coin, and Covesting.
The COV token might be unknown to many. It’s needed in the Covesting module, which we’ll cover later in this article.
Choose the cryptocurrency you like and click the Deposit button. The following popup opens.
Next, make a deposit to the given address from your cryptocurrency wallet. Copy the address by clicking the square blue button. Don’t ever try to write a cryptocurrency addresses letter-by-letter due to a high risk of error!
You can also scan the QR code if you are depositing from a mobile wallet.
Note. When using USDT (Tether) and USDC (USD Coin) stablecoins, make sure you are sending the ERC20 versions.
The processing time of the deposit depends on the cryptocurrency used.
How to buy cryptocurrency with fiat
You can also buy cryptocurrency with fiat from PrimeXBT. Since there is no KYC process, direct SEPA bank transfers are not available. You can purchase crypto with fiat by using one of the third-party providers.
Look again at the Deposit popup window. There is a Buy Bitcoin button in it. Click that and you’ll land on the following page.
PrimeXBT uses CEX.IO and Coinly for credit card and SEPA deposits. As you can see, the fees are quite high. We don’t recommend using credit card deposits on any exchange.
You should buy bitcoin cheaply from one of the popular exchanges with KYC & SEPA transfers supported (Binance, Kraken). Then use the crypto Deposit page and move the purchased coins to PrimeXBT for trading.
How to withdraw crypto from PrimeXBT
Making a withdrawal is as easy as making a deposit. You can withdraw any of the supported cryptocurrencies. Click Withdraw from the main page and the following popup opens.
First, click the Destination Address dropdown. PrimeXBT asks you to input a new address for the withdrawal. Each address needs to be confirmed separately for security reasons.
Next, you can input the desired amount. Click Submit to withdraw button to finalize the process.
PrimeXBT does withdrawals every day between 12:00-14:00 UTC. Any withdrawal request made before 12:00 UTC will be processed on the same day.
Margin trading at PrimeXBT
There are three ways to trade assets at PrimeXBT: Margin, Turbo, and Covesting. Links to each feature are clearly shown in the main menu.
Let’s start with the Margin option. PrimeXBT is a typical derivative exchange, where you can trade Bitcoin by using leverage and other margin trading tools.
The advantage of using PrimeXBT is that you can easily trade different asset classes on one platform. There are stock indices, commodities, and the Forex market. You can trade Bitcoin against Ether or gold against the Aussie dollar.
The following picture shows how a limit order position is opened for the BTC/USD trading pair.
PrimeXBT’s margin trading has all the tools and features any professional trader needs. You have the traditional order types (Market & Limit) with Stop-Market Order, Protection Order, and One-Cancels-The-Other (OCO) Order. It’s also possible to use One-Click or Double-Click trading options, which removes certain confirmation prompts.
When looking at cryptocurrency trading, PrimeXBT has unfortunately a thin selection. You can only use the most popular BTC and ETH trading pairs. These offers are for traders, who are interested in different markets – not just cryptocurrencies.
Since this article is a top-level overview, we won’t go into trading details. If you want to learn more about PrimeXBT’s margin trading features, there are plenty of guides on Youtube.
PrimeXBT Turbo is a feature better suited for inexperienced users. It is much simpler than the Margin page. The idea of PrimeXBT Turbo is to make easy & quick predictions of asset price movements.
Click Turbo from the main menu to access this feature. Next, choose the asset you want to trade from the list
The options are more or less the same as on the Margin side. Many crypto traders will use the classic BTC/USD trading pair.
This feature is called Turbo because trading is like turbo-boosted. Meaning, fast. The length of the trades is just 5, 10, or 15 minutes. The shorter the time frame, the bigger the potential profit. The maximum returns are 75% (5 min), 70% (10 min), and 65% (15 min).
PrimeXBT Turbo is an entertaining way to trade. There is also a 1 BTC demo account available, which is a great feature. You can practice Turbo trading and create strategies before using any real money.
Another interesting feature is All Trades. You can see what other Turbo traders are doing. Are they losing money or making profits? The leaderboard shows the most successful traders.
The third trading feature is called Covesting. This is PrimeXBT’s version of social trading, which has become extremely popular in the past few years.
Click Covesting from the main menu and the following list opens. It shows you the most successful traders at PrimeXBT.
Covesting allows you to follow the smartest people on the platform and grab a share of their profits. You can follow the best traders by allocating funds to their strategies.
Covesting lists the best-performing traders and shows their profit figures. The follower’s equity column shows you how much funds have been allocated to this trader. The most popular ones attract hundreds of thousands of dollars.
Click the name of a strategy to view further information.
This info page gives you information about the strategy and has links to social media. It also shows the profit figures over the long term. As you can see from the picture, a follower surrenders part of the profits to the manager and the platform. The more funds you allocate, the more profits you can keep.
The previously mentioned Covesting (COV) token is tied to this feature. Click Covesting from the submenu and select My COV to view details. You’ll get reduced fees and other benefits. If you use the Covesting feature regularly, you’d deposit some COV into the platform.
There are basically two types of cryptocurrency exchanges in the market: newbie-friendly ‘shops’ with SEPA transfers and exchanges built for professional traders.
PrimeXBT is definitely in the latter category. Pro-level exchanges have typically trading fees in the region of 0.1% to 0.5%. The fees usually get lower based on your trading volume.
Open the user menu by clicking the icon in the top corner of the website. Next, choose Help Center.
Type fees to the search box and you’ll find an article titled ‘Fees And Overnight Financing’. If we look at the trading fees of cryptocurrencies, you’ll notice the fees of PrimeXBT are extremely competitive.
Since traders are often using leverage, there is also a funding rate included.
If you like to trade stock indices, commodities, or the Forex market, fees for those markets are even lower. Check the latest rates from PrimeXBT.
Overview and our PrimeXBT experiences
PrimeXBT has become a popular trading platform in just two years. It’s no wonder why there are over a billion dollars traded daily. PrimeXBT provides excellent tools for margin traders and a wide range of assets.
As you can imagine, there is also an excellent and customizable mobile app available. You’ll find it from the Google Play Store and App Store.
PrimeXBT is best suited for traders, who like to make money in multiple asset classes. The cryptocurrency selection does not offer many options. If you want to trade dozens of different altcoins, this is not your exchange.
PrimeXBT is essentially a margin trading platform. It’s not an exchange where newbie users make their first-ever Bitcoin purchases. The target users are experienced and professional traders.
If you like the features presented in this article, you’d try this platform. Registration is 100% free! We have found tons of positive PrimeXBT experiences from social media. It looks like this exchange has built a wide fan base!