PrimeXBT

Our Opinion On PrimeXBT

PrimeXBT is a forex and crypto broker that caters to both beginners and experienced traders. Highlights for me are the user-friendly platform with sophisticated charting and technical analysis tools. The fully digital and fast account opening also makes it easy to sign up and start trading.

On the negative side, PrimeXBT trails the best forex brokers when it comes to regulatory oversight. I also think the educational materials are below average. Overall though, PrimeXBT offers a good margin trading experience on dozens of currency pairs.

Summary

• Instruments: 100+ including 45+ forex pairs, indices, commodities, crypto
• Live Accounts: Margin, Crypto, Futures, Copy Trading
• Platforms & Apps: Proprietary
• Deposit Options: Crypto
• Demo Account: No

Pros & Cons

Is PrimeXBT Regulated?

PrimeXBT is not regulated by a trusted financial body.

We usually warn against trading forex with unregulated brokers as it can leave you at greater risk of scams. However, many traders turn to such platforms to access higher leverage or unregulated products, such as cryptocurrency.

Fortunately, PrimeXBT is a well-known brand, and it does employ some reassuring security measures including Google Authenticator-powered 2FA, mandatory Bitcoin address whitelisting, multi-signature technology for cold storage of digital assets, and SSL encryption.

While these do not provide the same level of legal protection as you would find with a top-tier-regulated broker, they have been enough to attract over 1 million clients from more than 150 countries. Also, our experts did not find reports of any serious security breaches in their research.

Forex Accounts

PrimeXBT offers just one live trading account. With no minimum deposit amount and multiple base currencies, including USD, EUR and GBP, this is an accessible account with fair terms that give traders good opportunities to speculate on market movements with straight-through processing (STP).

With that said, many brokers that we review offer multiple accounts with fee discounts and perks for high-volume traders. You don’t get that option with PrimeXBT, which is a minor drawback.

How To Open An Account

PrimeXBT’s straightforward account setup process is among the easiest of any broker we have tested, with just a few steps needed to begin trading.

1. In the sign-up form enter your account credentials (email and password), optionally provide your phone number, and agree to the terms and conditions
2. Select ‘Register’
3. Activate your account by entering the 4-digit PIN code sent to your email
4. Verify your identity to receive a joining bonus

Trading Fees

We evaluated the margin trading fees at PrimeXBT to see whether or not they are competitive.

Overall, the pricing structure is transparent and easy to navigate. There is no commission on forex pairs. Instead, there is a competitive, variable spread and an overnight financing rate that came in at 0.0694% during testing.

The 0.05% fee on cryptocurrencies is also decent and stands up well to rivals. Our team also rate the 25% discount on fees applied to COV-denominated margin accounts, which can help lower pricing significantly.

Non-Trading Fees

PrimeXBT charges flat withdrawal fees that vary according to the crypto token being withdrawn, with a fee of 0.0005 BTC (around $13) for Bitcoin withdrawals.

This is a high fee compared to many traditional brokers, but it compares favorably to similar crypto brokers and exchanges which charge a percentage on digital currency transactions.

There is also no inactivity fee, which is good news for casual investors.

Payment Methods

The lack of e-wallet, bank card and wire transfer deposit options is a drawback of PrimeXBT.

There are just two deposit options – you can either send direct crypto deposits from your wallet or buy crypto from a third party. You can make direct crypto deposits into your PrimeXBT account using BTC, ETH, USDT, USDC and COV.

We also deposit to our PrimeXBT account by buying cryptocurrencies from platforms such as Coinify, Paxful, or Xanpool using a bank card.

As all transfers take place on crypto networks, the speed will depend on network traffic, but in our experience, will usually be completed within an hour.

Withdrawals are processed once a day between 12:00 and 14:00 UTC and withdrawals requested before 12:00 will be completed on the same day. This is very fast compared to the five day wait time we see at many forex brokers.

How To Make A Deposit

I find PrimeXBT’s deposit process relatively quick and easy. It can be completed by anyone with a crypto wallet in a few steps:

1. Decide which deposit method to use
2. Choose your deposit currency
3. Copy your personal PrimeXBT wallet address
4. Paste it into the destination field on the site/wallet service from which you are sending funds or use the provided QR code
5. Select ‘confirm’ to complete the deposit

Forex Assets

We are impressed with the selection of forex assets available on PrimeXBT – there are 58 currency pairs.

It is some way below the 80+ offered by rivals like IG and Forex.com, but we think the majors, minors and exotics on offer are enough to satisfy most currency traders.

Non-Forex Assets

PrimeXBT falls short when it comes to market coverage beyond forex.

As you would expect, the broker offers a decent selection of cryptocurrencies, but with just 11 indices and 10 commodities, it doesn’t match the thousands of products available at the likes of CMC Markets. While not a dealbreaker for most traders, it does limit your ability to build a diverse portfolio.

You can trade:

• Dozens of cryptocurrencies including BTC/USD, ETH/USD and LTC/USD
• 11 indices including the NASDAQ, S&P 500 and EUR 50 and FTSE 100
• 10 commodities including gold, silver, aluminium and copper

Execution

PrimeXBT uses a Straight-Through Processing (STP) model that sends orders directly to the market without any dealing-desk involvement. We rate the STP model for its fast execution speeds and fair pricing.

You can execute market orders, limit orders, stop orders and OCO orders while trading on the broker’s platform.

With market orders, our trades are executed immediately at the first available market price. We also find the limit orders, stop and one-cancels-the-other execution to be easy to use and we like the added flexibility these order types provide while we are trading.

Leverage

As an unregulated broker, PrimeXBT is able to offer high leverage up to 1:1000 on forex, crypto, indices, and commodities.

This is a high level of leverage that will appeal to some traders, however, it is also risky for inexperienced traders, so we recommend caution and the adoption of risk management strategies.

Platforms & Apps

PrimeXBT runs on its own proprietary trading platform which I tested thoroughly.

I enjoy trading on this broker’s platform for its highly customizable interface, good charting features with multiple drawing tools and more than 50 technical indicators to analyze trends.

I do think the interface and automated trading capabilities trail alternatives like MetaTrader 4, but it is still a good, reliable terminal.

There is also a trading app that you can download on iOS and Android. However, compared to the web platform I find the app far rougher and less functional, making the desktop software my preferred solution.

How To Make A Forex Trade

The steps to place a forex trade are straightforward:

1. Log in to the PrimeXBT platform
2. Select ‘Forex’ from the ‘Trade’ menu at the top
3. Choose a forex pair, such as the EUR/USD
4. Press ‘Buy’ or ‘Sell’
5. Choose the order type (Market, Limit, Stop, OCO)
6. Enter the trade size and stop-loss or take-profit
7. Press ‘Send Order’ to confirm the trade

Forex Tools

While there are some useful features, PrimeXBT trails industry leaders when it comes to extra tools.

I find the live charts useful, as they allow me to track the movements of forex pairs easily.

The copy trading module will also appeal to beginners, as it connects new users with some of the best traders on the platform. However, there are fewer strategy providers and instruments available to copy than alternatives like eToro, so it isn’t my first choice for copy trading. And most importantly, you can’t copy trade forex on the solution.

Forex Research

PrimeXBT offers very little in terms of market research and analyst insights. I have evaluated dozens of forex brokers and most firms offer some useful research, so this is a notable drawback.

With that said, it is not particularly surprising given the brand focuses much of its efforts on cryptocurrencies.

Forex Education

PrimeXBT offers a blog that goes over basic trading strategies and market movements. We find the articles informative and are happy with the range of topics covered.

However, many of the other forex brokers we use offer a wealth of educational materials such as webinars and video tutorials, with brands like Plus500 even offering dedicated academies that provide a comprehensive rundown of online trading.

In comparison the education base on PrimeXBT is sparse, and I think this limits the brand’s usefulness for beginner traders.

Demo Account

PrimeXBT does not offer a demo account, which in our view, hinders traders’ ability to practice and develop skills and limits their opportunity to understand platform features.

The lack of a demo account is ultimately a significant drawback, especially given that the broker offers its own in-house trading platform.

On the positive side, PrimeXBT does run free trading competitions which provide an avenue for traders to test out the platform and place trades without risking any capital.

The $0 minimum deposit also means you can access the software before depositing funds. This is the route I went down to start with.

Bonus Offers

PrimeXBT routinely offers welcome bonuses and trading promotions.

These often take the form of a bonus when you make an initial deposit. There are also regular trading competitions with cash prizes. These are good fun if you want to test your strategies and skills amongst other traders.

But while these will appeal to some traders – we don’t choose brokers based on their bonuses. Promotions are often restricted by regulators because they can encourage bad trading habits.

Trading Restrictions

PrimeXBT does not have any restrictions in terms of the forex strategies you can use. This means scalping and hedging are supported.

Customer Service

We have been impressed with PrimeXBT’s customer service, which is available 24/7 via live chat.

During testing, assistants were highly responsive and gave accurate and useful information to each of the three separate queries we sent over the course of several weeks.

Customer service agents are also available via email at support@help.primexbt.com.

Company Details

PrimeXBT was established in 2018 and is registered in St Vincent and Grenadines and Seychelles.

It is now available in more than 150 countries and offers hundreds of assets, with an average daily trading volume of over $1 billion and 3 offices worldwide.

The brokerage has also picked up multiple awards including the Best Platform for Margin Trading and Best Crypto Trading App.

Trading Hours

The trading hours for PrimeXBT depend on the asset you’re trading.

You can speculate on forex 24/5 while cryptocurrencies can be traded 24/7. Trading hours for indices depend on the underlying stock exchange.

Who Is PrimeXBT Best For?

PrimeXBT is best for forex traders who also have an interest in cryptocurrencies, both in terms of trading and account funding.

The sophisticated trading platform with excellent charting tools will also appeal to active technical traders.

FAQ

Article Sources

PrimeXBT Website