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.
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.
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.
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.
On their website, PrimeXTB claim that anyone can start trading in just three easy steps:
As PrimeXTB don’t require ID verification or a KYC process, you’re account can be verified literally within minutes or even seconds
You can make your bitcoin deposit using one of the payment methods explained above in the Payments section.
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.