PrimeXBT

PrimeXBT is an international trading platform, which allows to carry out cryptocurrency trading, indices, commodities. The platform appeared on the financial market in 2018.

In our review, we will analyze in more detail the features implemented by the project and find out whether PrimeXBT is a scam or a reliable exchange for the trade.

 

Why PrimeXBT?

PrimeXBT is a young exchange that appeared on the market in 2018. The company is focused on the international market, as evidenced by the multilingual interface. The main office is located in the Seychelles, where the organization is regulated.

 

The platform provides its clients with favorable and comfortable conditions for trading. The service has a high level of liquidity, which ensures fast and efficient trading. Asset hedging is also available, which allows you to profit from the rise or fall of the market. The Prime XBT exchange offers traders the following trading pairs: BTC/USD, XRP/USD, ETH/USD, LTC/USD and EOS/USD. Liquidity on the exchange is provided from 12 providers.

The trading platform has a simple and intuitive interface. An experienced user will need no more than 15-20 minutes to understand the basic functionality of the project. For beginners the project will also be useful, as the site primexbt.com you can find a separate section called “Help Center”, where the basic concepts and trading processes are described in detail. Also for inexperienced traders a demo account is provided, which allows you to explore the functionality of the platform without risk. In addition, you can find a blog on the site, which sets out a lot of useful information. All articles are presented in English.

A distinctive feature is that the user has the ability to customize the interfaces of the platform to himself. So, the client can choose exactly the types of widgets that he needs at the moment. The organization of the workspace allows to improve the trading process. Thus, the following functionality is available on the platform:

• Chart. Allows you to open a trading chart, which allows you to track the market for technical analysis, control created and placement of new orders.
• Market data on cryptocurrency orders.
• Dashboard. Provides access to the order form for selected trading pairs.
• Position. Information about the current open orders with the possibility of editing.
• Orders. Tracking, configuring and canceling active orders.
• Trades. Order History.
• Messages. Message history, as well as system warnings.

Also at the exchange is available margin trading, which gives users the opportunity to work with larger positions than their finances allow. For cryptocurrencies leverage is 1:100, and for forex – 1:1000. In order for clients to have constant access to the functionality of the project, a mobile application was created. Thus, traders can have access to trading at any time and in any place (How to Make Money on Cryptocurrency?). Both iOS and Android versions are available.

 

The advantages of the platform include:

• low trade commissions;
• Russian version of the site;
• four-level referral system;
• site safety;
• simple and intuitive interface;
• 12 liquidity providers;
• large trading volumes;
• adjustable leverage;
• The ability to set take profit and stop loss;
• user anonymity.

 

How to exchange cryptocurrency on the primexbt.com platform?

To make the exchange, the user must first perform a few simple steps:

• choose cryptocurrency or fiat money;
• specify the amount of the selected currency;
• click the “Exchange” button.

Next, the user is redirected to another page where he must specify the data:

• email address;
• enter the captcha;
• press the “Proceed” button.

Next, the client needs to copy the address of the cryptocurrency storage wallet to which the user will make a transfer for the exchange. As soon as the specified amount of funds arrives to the platform’s account, the client’s balance will be replenished. It is worth noting that this procedure may take some time due to the fact that the speed of transactions depends on the network.

 

Verification on the Prime XBT platform

The company respects the anonymity of its clients, so after registration users are offered all the available functionality of the project. Traders do not need to pass verification and provide personal data.

 

Deposit and withdrawal

To make a deposit, the client needs to click on the “Deposit” button in the block on the left. Each time the user is assigned a personal bitcoin address, which can be used to make a deposit. You can deposit the account only in BTC. If there are no bitcoins in the account, you can buy them in the “Alternative deposit” window. Next, the client should copy the address of the cryptocurrency wallet, where the amount will be sent for exchange.

Once funds arrive at your personal bitcoin address, you need to transfer all or part of the amount to your trading account to make trades. The advantage is that incoming funds are stored in “cold” wallets, which provides a high level of security for digital assets.

Withdrawal of funds

To withdraw funds, you need to transfer funds from your trading account to your personal balance using the “Internal transfer” section, and then click on “Withdraw”. Then the client should specify the recipient’s VTC address. It should be noted that on the website primexbt.com There is an additional protection of client funds in the form of “Whitelisting” procedure, so before starting the withdrawal of earnings, it should be added to the list, confirmed by email, as well as two-factor authorization. Once the address is added to “Whitelisting”, the user should select it as the recipient address. After that the user should enter the amount in BTC and click on the “Submit to withdraw” button. One more level of protection at withdrawal is a pin-code which comes to the email address specified during registration. All transactions are confirmed manually by the verification department staff between 12:00 and 13:00 GMT (London).

 

Cryptoexchange Commission

The company charges two types of fees: transaction fees and leverage fees. The cost of using leverage directly depends on the liquidity of the underlying asset. If the user opens and closes a margin position on the same day, no interest is charged for the use of leverage. A fixed commission of 0.05% per transaction is charged for trading operations. There is also a fee for the withdrawal of earnings, which is 0.0005 BTC per transaction.

 

 

PrimeXBT bonuses

There are currently no active bonuses for users.

Referral program

An affiliate program has been developed for active traders who want to earn passive income. Thus, clients can use a unique referral link to attract new users to the project and receive compensation for this. A total of 4 levels of referral program are provided:

• Level 1 – 20% of referral commission;
• Level 2 – 15% from the commission of referrals;
• Level 3 – 10% of referral commission;
• Level 4 – 5% from the commission of referrals.

 

Complaints about Prime XBT

Since the project has appeared relatively recently, few reviews from clients can be found on the Internet. In general, the company has a positive reputation, but there are also negative opinions from users. Of the positive aspects traders note the presence of a Russian-speaking interface, low commissions, available margin trading. From the negative side is the lack of information about the organization’s management, as well as the fact that training materials are not translated into Russian. In addition, at the moment the exchange does not serve traders from Russia.

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Crypto exchange regulation

The financial sphere is one of the most attractive for fraudsters, so a large number of bona fide projects, as well as scams, can be found in the network. To protect yourself from a negative experience of cooperation, you should carefully check the documentation, as well as the license on the official website of the project. Consider in more detail how the regulation of the company. Although the company occupies the top positions in the world rankings of cryptocurrency exchanges, the organization does not have licenses and permits to work with cryptocurrency. Documentation, as well as contact information of the company is publicly available for users on the website primexbt.com.

Documents from primexbt.com:

• “Read the “Privacy Policy” on the Exchange website” (See);
• “Read the “User Agreement” on the PrimeXBT exchange website” (See).

Primexbt.com User Agreement

“User Agreement” is the main document of the project, which contains the terms of cooperation with the company, as well as the responsibilities of both organizers and customers. The disadvantage is that the document is presented in English, which may create problems for Russian-speaking users. Let’s consider some points of the agreement in more detail.

According to the agreement, the client undertakes to periodically check the terms of the document for changes and that further use of the site and services offered by the operator or service provider after publication of any changes in the terms of this agreement means the consent of the user to such changes. If the client doesn’t accept the terms of this agreement, he is recommended not to enter the site and not to use the services of the company.

Although verification is not a mandatory process, the organizer has the right to verify a customer’s identity at any time in order to comply with any KYC/AML requirements. The company also reserves the right to impose trading restrictions and withdrawal limits prior to clients being required to perform a Client Due Diligence (CDD). The user agrees to cooperate fully with the organization throughout this process and to provide all documentation/information that may be required to verify the identity and assess the purpose of the business relationship.

The service provider makes no guarantees, explicit or implicit, that Bid and Ask prices represent prevailing prices and Ask prices. If the client loses his funds due to the difference in rates, the service provider is not responsible for it. The Company reserves the right to limit the number of open positions that the user can open or maintain on the account. The service provider reserves the right at its discretion to refuse to accept any order that opens a new position or increases an open position.

Also the organizer can change commissions, margin financing and other expenses from time to time and must inform the clients about it. All changes in commissions, margin financing and other expenses are displayed on the website.

The service provider or any party to the service provider will not in any circumstance be liable for any indirect, special, incidental or direct damages of any kind arising out of or in any way connected with the form of action, whether based on contract, tort (including but not limited to simple negligence, active, passive or imputed) or any other legal or equitable theory (even if the customer has been advised of the possibility of such damages and regardless of whether such damages were foreseeable), and the arranger

All parties shall be released from liability if the failure to perform their obligations was caused by force majeure circumstances arising after the performance of the conditions as a result of extraordinary events, such as natural disasters, epidemics, fires, floods, explosions, acts of war.

Customer Service

You can contact support by emailing [email protected]. There is also a separate section on primexbt.com with answers to the most popular user questions.

 

Is PrimeXBT a scam?

PrimeXBT is a fairly young project, which appeared on the Internet in 2018. The organization is focused on the international market, as evidenced by the multilingual interface. Thus, traders from 150 countries can become clients. The company is headquartered in the Seychelles Islands. The company focuses on the international market, as evidenced by the multi-lingual interface. The head office is located in the Seychelles, where the regulation of the organization. The company offers its customers comfortable and favorable conditions for cooperation. The organization has a high level of liquidity, which allows effective and fast trading. More than 50 assets are available for traders. The liquidity is provided by 12 suppliers. The trading itself is carried out through a simple and clear platform.

Traders also have the opportunity to earn additional income by participating in the affiliate program. Thus, users have the opportunity to receive up to 20% from the commission of referrals. In order for clients to have constant access to the trading platform, a mobile application was developed. With the help of their smartphone, traders can use the functionality of the site 24/7. There is a version for Android as well as for the iOS system. Since the project appeared less than two years ago, you can find a small number of reviews from customers on the Internet. In general, the company has a good reputation, but there are also negative comments. After studying the features implemented by the company, can we conclude that PrimeXBT is a scam and fraud? No, because the service is reliable and provides clients with favorable conditions for cooperation.

 

Conclusion

PrimeXBT – is an organization that appeared on the financial market less than two years ago. During this period, the project has attracted the attention of a large number of users from around the world. The multilingual interface indicates the orientation towards the international market. Comfortable and favorable conditions of cooperation are provided for users.

However, many novice traders do not soberly assess the risks of trading, as well as their own abilities. That’s why you should read the relevant documentation and try your hand at a demo account before registering. At the moment, the platform looks good among competitors, but there are disadvantages. If you have been or are a client of the service – leave your opinion about the project on our site.