PrimeXBT Review 2024: Pros, Cons and How it Compares

When using live chat, I usually received a response within 2 minutes. Depending on your jurisdiction, some products or services might not be available. PrimeXBT does offer free deposits for both fiat and crypto, but the withdrawal fees, especially for fiat, are higher than those on competing platforms. Fiat exchange services are subject to and governed by Baksta’s Terms and Conditions and Policies. However, the platform lacks spot, margin, bot, social, or P2P trading, which may be a dealbreaker. Beginner or professional traders in crypto, forex, commodities, indices, and other markets. Traders also receive market news with a focus on cryptocurrencies. During testing, I noticed that funding fees for crypto futures were significantly higher than those on Binance and Bybit, sometimes being twice as high. Therefore, non English speaking clients are recommended alternative resources for gaining knowledge by Support managers. Instead, there is only one account providing all the broker’s services with no limits based on deposit size and trading volume. Everytime you run out of margin, it cancels all open positions for your safety but immediately opens multiple positions in the opposite directions till margin is used up then closes them again due to margin call. ❌Cons of using KuCoin. The exchange does not currently offer fiat off ramps for withdrawals. I have no negative experience with using this platform because their customer service is excellent, except that they don’t have an API. Open the app, click “Actions,” and select “Send.

About PrimeXBT

It is the job of the CME to mix and match orders to keep an orderly market. The treasury system allows proposals and voting on network upgrades, fostering community engagement and long term sustainability. Learn more in our Cookie Policy. 0 products, Binance offers a more exotic range of products, like Decentralized Finance DeFi staking, liquidity farming, and range bound staking, helping users to earn during a sideways market. PrimeXBT is a popular trading platform that offers a range of financial instruments for trading. The PrimeXBT Deposit Bonus is designed to give traders extra funds to use on the platform. PXBT Trading Ltd, is a licensed Securities Dealer in Seychelles under License No. Here, PrimeXBT has over 100, still more than enough at least for meWhat is cool is that they are crypto oriented, they got crypto futures and allow buying/holding crypto. Telegram Announcements. In order to access Crypto Currency Services, you need to open an account with Baksta through the trading platform and accept Baksta’s Client Agreement. While KYC aids in regulatory compliance, it raises privacy concerns, particularly for those valuing crypto’s promise of decentralization and anonymity. Polygon POL ex MATIC has become extremely popular as one of the leading Layer 2 scaling PrimeXBT Bonusu solutions for Ethereum, addressing key issues. Returns may be subject to tax. Leverage amplifies your trading power, letting you control much larger positions compared to your initial deposit. Polkadot, a protocol that allows data or assets of any type to be transferred between blockchains, making a wide range of blockchains interoperable, with its DOT token serving a utility purpose. Holds a Bitcoin Services Provider BSP license issued by the Banco Central de Reserva BCR of El Salvador, with registration number 66d10393e8a00a3181b8e457. With the right approach, Ethereum has the potential to be a valuable addition to your investment portfolio. In summary, PrimeXBT’s trading fees are very competitive, particularly for futures trading, which boasts some of the industry’s lowest fees. With robust security and smart contract capabilities, we’re seeing the kind of fresh thinking that’s been missing from the space. The website also contains a useful Help Centre for general queries. This is to protect your account in the event of a wrong prediction on price movement. Make purchases at primexbt. So far, I have no complaints about my experience with Prime XBT. No, US citizens cannot use PrimeXBT as the platform restricts its services to users or residents of the United States of America. Funding fees are calculated on an hourly basis and can be viewed directly on the trading platform.

The Bottom Line

You can close your running positions on PrimeXBT using either a market or limit order. Fiat exchange services are subject to and governed by Baksta’s Terms and Conditions and Policies. Google’s two factor authentication. Mimicking this strategy manually will be cumbersome – as you’d need to be glued to pricing charts. At a low transaction cost and near instant manner. COV tokens can be picked up directly on PrimeXBT by exchanging BTC, ETH, USDT or USDC for COV or alternatively be purchased on KuCoin or swapped on Uniswap. 2013/099697/07, having its registered address at 180 Lancaster Road, Gordons Bay, Western Cape, 7140, South Africa. Minimum deposit, USD or USDT. This leads us to assume that some of these may be pushed back to 2025, which could result in positive price action for $SHIB in 2025. Keep an eye peeled for anything that looks off, such as Phishing sites. 80—before undergoing a natural correction. PrimeXBT offers a user friendly trading platform with customizable workspaces, charting tools, and a variety of order types, including market orders, limit orders, stop market orders, and protection orders. However, PrimeXBT lacks an exchange wide order book, making determining buyer sentiment difficult. My observations concerning the PrimeXBT account type are. Selecting the right strategy manager is crucial for a successful Covesting experience. They only have two types of fees, which are the trade fee and the overnight fee. Copy trading is a great tool for a lot of users with any level of experience. We’re here to help ensure that your trading experience is as efficient and rewarding as possible. PrimeXBT also makes use of the liquidity provided by larger exchanges and market makers in the industry. 2024 00343, having its registered office address at PKF Corporate Services Ltd. In the realm of trading, the ability to manage risk and protect investments is paramount. Users can find the app on the Apple App Store, download it, and install it within minutes. Supported CFD Indices include the ASX 200, DJIA, Euro Stoxx 50, CAC 40, DAX, FTSE 100, Hang Seng Index, IBEX 35, Nikkei 225, Nasdaq, and the SandP 500. The margin for trading has a much smaller amount of interest attached to it than something like a credit card, but it is still something that you need to pay attention to if you are hanging on to a position for longer term moves. Read more about PrimeXBT in our PrimeXBT exchange review. Stop losses are perhaps the most effective tool in risk management when trading on leverage.

FAQ

In a volatile market this is really useful as even big drops can still mean profit for a trader if they get their shorts and longs right. To activate a promo code on PrimeXBT, log into your account and either go to the ‘Hub’ section and enter the code under ‘Promo code’, or use the ‘Margin’ page. Staking COV tokens unlocks the following benefits. Keep in mind that margin can magnify losses as well as gains, so this is something that should be thought of ahead of time. However, it is important to keep in mind the temporary nature of the bonus and any potential limitations when using it. Finally, a Fiat offramp would also be a hugely beneficial feature so traders could withdraw their winnings to a bank account. Here are a few risks that you’re exposed to when copy trading. A Position can be either Long or Short. Prime XBT vs Bybit – Which is Better for Trading. Specifically, if you’re financing a leveraged position for more than 24 hours, you will then be charged with the overnight finance fee. Futures contracts are similar to options as they, too, facilitate price speculation without necessitating asset ownership. No, only one bonus can be applied per transaction on PrimeXBT. 1, as well as 0 fees. Next, we will discuss the spread costs involved in forex trading on PrimeXBT. The content on this website is not intended as investment advice or recommendation or an invitation to participate in any investment activity. 👔 LinkedIn: Network and stay connected with PrimeXBT on LinkedIn. PrimeXBT is available on both web and mobile platforms. 95831358 and a floor value of $0. Additionally, the PrimeXBT compliance department reserves the right to ask for additional documentation at any time while using PrimeXBT services, such as proof of address, ID forms, and more, depending on a variety of factors such as client activity or the total amount transacted. The strategy with the best win ratio in December was commoditytrade, with a 32.

Does copy trading really work?

Use of this site constitutes acceptance of our Terms of Service. For more readily understandable and concise price prediction data, please refer to the following table of Stellar Lumens’ long term price projections. PrimeXBT was founded in 2018 with the goal of providing traders with easy and immediate access to a wide range of global markets from a single platform as well as all the education and tools they need to succeed, regardless of their financial experience. Each instrument trades differently, and if a trader is experienced with Bitcoin trading, why not leverage the experience from someone who is an experienced forex trader. In my experience, PrimeXBT’s desktop platform delivered a smooth and reliable trading experience. However, it lacks depth and diversity. However, PrimeXBT reserves the right at any time to conduct a verification of a client’s identity or source of funds, known as Customer Due Diligence CDD, to ensure that PrimeXBT services are not abused and the user does not violate AML requirements. Some products and/or services might not be covered by the Compensation Fund. Continuous learning is important for trading on PrimeXBT Instant because the financial markets are constantly evolving. $20,000 or equivalent for unverified users. Prime XBT Blog Has Moved To — primexbt. To start trading on the go with the PrimeXBT Android App, follow these steps. PrimeXBT felt more like a traditional forex exchange. Additionally, users can trade Crypto perpetual contracts via the Crypto Futures interface. Some products and/or services might not be covered by the Compensation Fund. Top Tip 💯: Enable two factor authentication when logged in it is not set as default. 2013/099697/07, having its registered address at 180 Lancaster Road, Gordons Bay, Western Cape, 7140, South Africa. However, the platform does have higher fees compared to competitors like Binance and Bybit, which can cut into your profits. Seek independent advice if you have questions or do not fully understand the risks. We encourage you to explore these resources and the various XRP investment options available through our services. This method effectively measures the capability of customer support to assist both active traders and casual investors. Learn more about Baksta’s Legal Terms. I’ve done that, and it sucks. The content on this website is not intended as investment advice or recommendation or an invitation to participate in any investment activity. It provides 31 Crypto Futures trading pairs and 37 CFDs, focusing on large cap cryptocurrencies like BTC and ETH. This is because both futures and stock markets are centrally controlled, via an exchange. 📈 PrimeXBT now features TradingView price charts across all assets, empowering traders with advanced technical indicators and comprehensive market analysis tools.

FCA Obliges Crypto Firms to Share Financial Crime Information

We work with top providers like Fireblocks for cold storage, as well as insuring your funds. When using live chat, I usually received a response within 2 minutes. There are also exclusive promotion periods and additional rewards for some of the top traders. In turn, this risk management approach may lead to a more consistent and stable return on investment. The platform’s robust infrastructure and compliance with international regulations enable it to offer reliable and secure trading services across these regions. Once you’ve selected a platform, the setup process usually involves creating an account, verifying your identity, and linking a payment method. It is of my opinion, and the 10 million users on Bybit, that Bybit is a great exchange. Good platform with various tools offered for me as an intermediate traders using the standard account. To become a member, an online broker applies voluntarily. If a withdrawal request is submitted before 12:00 UTC, it will be processed the same day. As you can see, there are several reasons that make PrimeXBT a more advantageous and safer choice. These fees apply for positions held open overnight. The platform also allows you to quickly switch from not only Forex pair to Forex pair, but other CFD markets as well, as PrimeXBT offers so many other markets such as crypto, energy, and indices. Holds a Bitcoin Services Provider BSP license issued by the Banco Central de Reserva BCR of El Salvador, with registration number 66d10393e8a00a3181b8e457. This website is owned by PrimeXBT PTY LTD. PrimeXBT declutters the user interface as much as possible and makes it easier for traders to concentrate. The key dates in the XRP vs SEC case are. PrimeXBT is a CFD exchange that offers a suite of trading markets, including some cryptocurrencies. 05% for trades and 0. There is an extensive range of assets that you can trade there. Cryptocurrency related services in Prime XBT are offered by Lithuanian based company Baksta UAB, registered by the Financial Crime Investigation Service FCIS as a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator. The educational materials cover basic topics, but I’d like to see more examples of advanced strategies. Register and join our community with millions of traders from all around the world. Alternative deposits: TC. These symbols will be available throughout the site during your session. While some investors look to significant price movement. 3 PrimeXBT fees: PrimeXBT offers some of the competitive fees. Date of experience: December 6, 2024. Aside from user friendliness, both platforms have incredibly high quality and high performing matching and trading engines with the order functionality and execution of a professional grade exchange.

Orders

For those interested in investing in XRP, there are several avenues available. Additionally, the PrimeXBT compliance department reserves the right to ask for additional documentation at any time while using PrimeXBT services, such as proof of address, ID forms, and more, depending on a variety of factors such as client activity or the total amount transacted. Want to buy Bitcoin outright or trade CFDs on Gold or EUR/USD. Let’s explore both sides of the coin. As you can see, using margin can be a helpful tool, but it also can be very destructive if not used properly, and with a stringent money management plan. The capacity to handle a higher volume of transactions without compromising security becomes increasingly important as blockchain technology grows more in demand. PrimeXBT stands out with its no minimum deposit policy, perfect for newbies and small scale traders. Via the Trade page, PrimeXBT provides details on.

Scalping: Not Recommended

Well, it’s tough to catch these values, becuse they are usually wider, nevertheless it doesn’t mean that you will be ripped off by the broker and its liquidity providers. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. Bonuses are real funds that can be used in trading cryptocurrency instruments in the PrimeXBT platform, but without the possibility of withdrawal from the account. Unlike its larger competitors, PrimeXBT does not offer P2P trading. Diversification can reduce your risk exposure and increase the profit potential of the portfolio. The reason is that Bybit supports over 500 crypto assets and crypto derivatives, compared to the approximate 40 found on PrimeXBT. Most traders will have a set amount that they are willing to risk on any particular trade when they buy and sell, respectively. Don’t worry, we don’t spam. Interest rates can vary from broker to broker, and generally do not add up too much if you are looking at short term trades. This includes technical analysis, market sentiment indicators, and economic news updates that could affect the index. Best for keyless software to make quick purchases. For more information, please see our Cookie Notice and our Privacy Policy.

Trading platforms Comparison with competitors

Almost every Litecoin prediction we found suggests that there are good things ahead. They employ a long trade strategy with leverage, essentially placing a magnified bet on Bitcoin’s price increase. Because traditional markets are less volatile than what we see with Crypto, PrimeXBT offers up to 1000:1 leverage on assets like Forex. Crypto Futures and CFD Services on our inhouse platform are offered by PrimeXBT Trading Services Ltd PrimeXBT, a company incorporated and existing under the laws of Saint Lucia, with Registration No. Additionally, users can deposit and withdraw US dollars. You can learn more about Covesting Copy Trading and managing trading strategies at the PrimeXBT Copy Trading FAQ section on their site. It is a great diversification hedge. Date of experience: June 23, 2024. Despite operating in a highly competitive and rapidly evolving industry, PrimeXBT has managed to establish itself as a reliable and innovative trading platform, attracting a global user base. This allows traders to carefully analyse and choose the right strategies to copy based on their investment goals and risk profile. PrimeXBT does not offer any real stocks for value investing. Easily buy Crypto with Visa or Mastercard. Similar to other investments, margin accounts might carry fees and costs, which investors need to account for when calculating returns. That is, if you’re following a trader who has a long term track record of good trades, you’ll probably do well. Trade Crypto Futures Contracts incl. Full Accessibility: Secure access even if you lose app functionality. Conversely, when a sell order is placed, the investor is matched with a buyer willing to purchase shares at the agreed upon price. Before engaging with this website and the services made available through it, you should read all relevant Terms and Conditions, policies, and accompanying documentation which govern the Terms of Use of all PrimeXBT products and services. 01% and taker fees at 0. PrimeXBT offers various bonuses and promotions designed to enhance your trading experience, whether through additional trading capital, fee reductions, or deposit rewards. I tested both versions and found that they offered a smooth trading experience without any significant compromises. It faces a monthly loss of 26. Bybit utilizes the same Maker/Taker fee model as most crypto exchanges and is towards the low fee end of the spectrum. Of course, even if a hacker is able to get hold of a user’s password, PrimeXBT offers two factor authentication, meaning a hacker won’t be able to access a user’s account without also having a user’s 2FA code.

Select a Country

Scan the QR code with your device’s camera and get APK file. We’ve got you covered with access to 100+ global markets on one platform. Founded in 2018, PrimeXBT is a futures and CFD trading platform serving over a million users in more than 150 countries. Both platforms offer robust features, but their interface designs cater to different user needs. Comments: Perfect and fantastic. Spot trading involves buying and selling tokens you own, whereas crypto futures involves speculating on the future price of a cryptocurrency without owning the underlying asset, and often using leverage. However, it is active on most social media platforms, such as Twitter X, LinkedIn, and Telegram, posting regular platform updates and educational content from its PrimeXBT Academy account. The network allows one type of currency to be sent from one peer and arrive as a different currency to the receiver. Moreover, Shiba Inu’s burning mechanism plays a crucial role in adding long term value. 12 milliseconds on average. The technical specifications of this network will include security, performance and consensus. These services are governed by the legal terms and conditions of PXBT. Best regards,The PrimeXBT Team.

Uphold Review

Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. We do cover each of these more in depth in our dedicated PrimeXBT review linked at the beginning of this article if you want a more thorough look. Other essential features include. I saw that PrimeXBT had a 50 percent deposit bonus the first time you deposit, so i thought why not, but my dad was a little bit skeptical of it. PrimeXBT Trading Services, S. While withdrawing to a bank card is the fastest and most convenient option, the extremely high fees are a major drawback. You set the stop loss order ahead of time, and the platform will do the rest. The average price will also be affected by these factors. Always check the terms and conditions of each coupon before use. KHAIRUNAIM HASSAN Says. The lack of transparency regarding the founders, leadership, and Proof of Reserves is concerning and may deter some traders. This is PrimeXBT’s biggest weakness. Additionally, withdrawals to a bank card come with a hefty 5% fee. I have no negative experience with using this platform because their customer service is excellent. PrimeXBT calculates these fees based on the difference in interest rates between the two currencies in a pair.

Worse

Leverage can amplify both profits and losses, potentially leading to significant financial risk. By reviewing this information, traders can make informed decisions about the best way to withdraw their funds. PrimeXBT does not accept clients from the following restricted jurisdictions: The United States of America, Japan, Saint Vincent and the Grenadines, Canada, Cuba, Algeria, Israel, Ecuador, Iran, New Zealand, Syria, North Korea or Sudan, United States of Minor Outlying Islands, America Samoa, Russian Federation and Myanmar. The bulk of its instruments offering is comprised of highly volatile assets such as cryptocurrencies, which are primarily used for short term price speculation. PrimeXBT is mainly for the TradFi traders who have a passing interest in crypto. We’ve got you covered with access to 100+ global markets on one platform. When you place a simultaneous limit order, and the first limit price is reached, the second limit order is automatically canceled. The exchange is anonymous and does not require KYC or AML checks, although it reserves the right to conduct verification in certain cases. Actual Crypto Currency Services are provided by Baksta UAB Baksta, a company incorporated in Lithuania with Registration No.