83/100
Rating
PrimeXBT Crypto
-
*****
Go to PrimeXBT Crypto
Highlights
  • Quick account verification
  • Offers anonymity and a focus on privacy
  • No download required

PrimeXBT Review 2020

PrimeXBT is a fairly new trading company, having been founded in 2018 in the Seychelles. PrimeXBT is a  bitcoin based exchange that offers cryptocurrency and CFD trading on its impressive platform. Despite being a relatively new company, PrimeXBT has grown rapidly and has gained a strong and well trusted reputation among both industry professionals and its customers, who come from a range of over 150 countries. For an overview of the general competitors, take a look at our brokers overview.

We wanted to check out this well lauded new kid on the block for ourselves, with the purpose of passing on the results to you, which is why we compromised this PrimeXBT review for 2020.

PrimeXBT: Pros & Cons
  • Quick & easy account opening
  • 100% anonymous accounts - good privacy
  • Easy-to-use and cleverly designed platform
  • Crypto specialists
  • Fast trade executions
  • Competitive rates
  • 24/7 live chat support
  • Unregulated broker
  • No telephone support
  • No demo account and limited educational materials
  • Not available in the USA, Canada or other countries where laws prevent unregulated brokers

Usability, Look & Feel

We mentioned earlier in this PrimeXTB 2020 review that they are completely unregulated, however, this doesn’t mean they aren’t secure. Through the use of cutting edge technology customers’ assets are kept secure and their accounts are protected from hacking, with the added advantage of being private. The majority of their clients’ bitcoin is kept in a cold (offline) storage, which keeps it safe from hackers.

PrimeXTB review of online platform

PrimeXBT’s trading platform works on the web and therefore doesn’t require a download to be used on a desktop. The mobile app can only be downloaded on GooglePlay at the time of writing this PrimeXTB review in 2020.

Similar to other trading platforms, PrimeXTB have gone for a dark background with coloured charts and fonts. The interface is slick, easy-to-use and is fully customisable, meaning that traders of all levels can tweek the platform to suit them. The help, 24 hour live chat and video tutorials all helpt to make this an ideal platform for beginners and intermediate traders who are looking to improve.

Payments

Earlier on in this PrimeXBT review we spoke about how cryptocurrencies, primarily bitcoin, are the only accepted forms of payment currencies. We’ll now go into a little more detail about PrimeXBT’s deposit and withdrawal options.

PrimeXBT operates their own ewallet that they provide to all of their account holders free of charge. When it comes to depositing bitcoin into your PrimeXBT wallet, you have two choices. If you already have crypto in another third party wallet, you can transfer bitcoin into your PrimeXTB wallet using the QR code or copying and pasting the Bitcoin deposit address. The other option, for those without a crypto wallet, is to buy bitcoin instantly using Changley, a well rated online third party exchange for which PrimeXBT has an extension on their website. The minimum deposit is 0.001 BTC and the deposit and withdrawal fee charge is 0.0005 BTC.

Customer Service

Customer support from PrimeXBT is provided 24/7 via email and their live chat, which isn’t available on the homepage but isn’t too hard to find. The obvious absence is their lack of phone support or even a customer contact number, which is why they have been marked down in this section of our PrimeXBT review.

When testing the live chat ourselves, we found the response times to be very quick and helpful. PrimeXBT promised a response within 5 minutes, however they got back to us within two minutes with clear and concise answers. Another nice touch is that the names of the team members who are working at that moment in time are displayed in the chat before you send a message, which is a nice transparent and personal touch. Although their website is available in 15 languages, we only had success in getting the support team to speak in English, Russian and Spanish.

License & Security

PrimeXBT are completely unregulated, however, as we mentioned earlier in this PrimeXTB review 2020, that’s actually aids in their privacy and security. The lack of regulation means that they can offer anonymous accounts to protect user privacy, however it does leave questions of legitimacy and security to be answered.

As customers’ funds aren’t insured or protected through law or regulation, PrimeXTB relies on technology to do this. Their platform is protected from DDOS attacks through the use of Cloudflare, a reputable American based website security company. During periods of high activity, PrimeXBT uses Amazon’s AWS server to scale the platform’s capacity, thus preventing order submission errors and reducing downtime.

A two factor authentication is used to protect the customer accounts from hackers, making them secure as well as private, while funds are protected from hackers by being stored offline in a cold storage system.

PrimeXBT Crypto

Trade Offer

With PrimeXBT, crypto is very much at the forefront of the operation, as payments are only accepted in the form of cryptocurrency, making PrimeXBT a crypto-crypto broker. In this PrimeXBT review, we’ve highlighted some of the pros and cons of them being a crypto-crypto broker.

One of the drawbacks of only accepting cryptocurrencies as payment, that we’ve felt the need to highlight in this PrimeXBT review 2020, is that it requires users to find a secure bitcoin wallet and source bitcoin from other exchanges. This provides two extra obstacles for potential new traders that need to be sorted out before they can start trading, whereas with a traditional broker new clients can make a deposit and start trading as soon as their account is open. An advantage of only accepting bitcoin is that the issue of restricting or surcharging payments from certain global currencies is no longer a problem.

In terms of the selection of cryptocurrencies available to trade, Bitcoin, Litecoin, Ethereum, Ripple and EOS. are the currencies that PrimeXBT has available. The highlight of this PrimeXBT review section is that they offer 100x leverage on crypto trading, a tool which has the potential to make a traders capital grow faster.

Other trading

We mentioned in the above section of this PrimeXBT review 2020 that they are a new and modern platform with cryptocurrency very much at the front and center of their operation. While this is true, it doesn’t mean that PrimeXBT doesn’t support a number of other trading options for its clients, as they themselves claim to have “More than just bitcoin trading’.

PrimeXBT also offers Forex currency pairs, CFDs, commodities and popular indices, which we’ve taken a look at and tested when creating this PrimeXBT review.  More than 25 major currency pairs are offered on PrimeXBT’s platform, with the ability to take both long and short positions with competitively low trading fees.

Those who like the supply-in-demand influence of trading on the commodities market won’t be too disappointed with PrimeXBT’s offerings here, which includes Brent and crude oil as well as natural gas. The commodities market is probably one of the oldest in the world and can be influenced by a number of different factors, making it exciting, but very risky.

Lastly in this section of our PrimeXBT review 2020, we turn our attention to indices trading. PrimeXBT offers a range of popular indices including SP500 and NASDAQ.

Trading Costs

To kick off this section of our PrimeBXT review 2020, we’ll focus on their trading fees, which are charged in the form of commission on trades. The trading fees on all 5 cryptocurrencies are 0.05%, which isn’t incredibly high compared to other brokers. Indices, commodities and forex major fees all sit at 0.01%. Trade fees occur every time a position is opened or closed.

Leveraged trades whose positions are left open overnight are subjected to rollover fees or overnight financing, the rates of which vary depending on the cryptocurrency being traded. A full list of these rates can be found on PrimeXBT’s website.

PrimeXBT charges a 0.0005 withdrawal fee, which equates to $4.81USD, £3.82GBP or €4.30EUR. As cryptocurrencies are the only accepted payment currencies, deposits and withdrawals will be subjected to fees that are not directly from PrimeXBT, such as fees paid to third party wallets for the acquisition of bitcoin.

Trading Conditions

Now comes the time for one of the biggest negatives of this PrimeXBT review 2020. As a fairly new company, PrimeXBT is not currently authorised by any regulatory body in the world. While there are some other PrimeXTB review articles that seem positive the platform will get regulated at some point in the near future, we don’t think the chances of this happening are very high. This is because one of their key features is a quick-to-make anonymous account with no ID nor KYC requirements. Joining a top tier regulatory body from any country would oblige PrimeXTB to implement a KYC process, thus losing the anonymity and high level of user privacy that is one of their core USPs.

Due to the fact that PrimeXBT is completely unregulated, it is not available to customers in Canada and the USA, however they do have a client base spread across 150 countries worldwide, so their jurisdiction certainly isn’t restricted.

Product Conclusion

On their website, PrimeXTB claim that anyone can start trading in just three easy steps:

1. Register

As PrimeXTB don’t require ID verification or a KYC process, you’re account can be verified literally within minutes or even seconds

2. Deposit

You can make your bitcoin deposit using one of the payment methods explained above in the Payments section.

3. Trade

Mere minutes down the line, and you’re already able to start trading, at least in theory!

Do your homework beforehand!

While the above three step guide is true, it’s a basic oversimplification of the process. If you’re already an experienced trader, you can be up and running within minutes, but beginners and even intermediate traders should study and plan beforehand.

That’s why we’re providing three extra trading tips with our PrimeXTB review:

Decide how you want to trade

It’s important to clue yourself up on Forex and CFD trading to decide if you want to get into it. If you feel that you’d rather play the longer, more stable game and actually own the underlying asset, you might want to consider buying on an exchange instead.

Learn the market

Crypto markets are notorious for being extremely volatile and risky, with often unpredictable behavior patterns. While this volatility is part of the reason so many people are attracted to crypto trading, it requires careful study and constant attention to avoid losses and make profits.

Make a plan

Planning ahead is helpful in almost all aspects of life, but with crypto trading it’s absolutely essential! Sort out your investment strategy, risk management and market analysis plans well in advance.

Overall Conclusion

Even though their lack of regulation has quite understandably made some customers and industry professionals quite sceptical, the average PrimeXTB review you’re likely to read will be a positive one. Their Trustpilot score of 4.2 is higher than that of some of their older, regulated and stock exchange listed competitors, such as IG and Forex.com, who only have a 3.6 and 2.5 Trustpilot score respectively.

What PrimeXTB appears to be most praised for is their platform’s ease of use and their customer care, which could easily be brought to the next level with the addition of a phone service.

To summarise our PrimeXTB review, we found this platform to be modern, easy to use and secure, however we do remain a little sceptical due to its lack of regulation. However we do take reassurance in the fact that the company is very transparent and well trusted despite its young age and lack of regulation.

Do we think PrimeXTB should register with a regulatory body?

That’s a tough one to answer, as it would give us, and no doubt many other clients, peace of mind and a sense of security. However it would mean big changes for the platform, and not necessary for the better.

The main change would undoubtedly be that they would be forced to verify their customers using ID and KYC. This would completely change their current model and put off a large portion of their current client base who have enjoyed the quick account set up and continue to enjoy trading with anonymity and total privacy.

On balance, we’d say it’s best for PrimeXTB to keep on doing what they’re doing, and if you’re looking for the comfort of an FCA regulated broker, we’d advise you to look elsewhere.

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PrimeXBT
83/100
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