PrimeXBT is an award winning platform that offers its users the best future, spot, and also swap trading on more than 300 trading pairs that include digital currencies, forex, indices, and commodities. Below, we offer a detailed PrimeXBT review that will help you to develop an idea about this crypto exchange.
What Is PrimeXBT?
PrimeXBT is a platform used for Bitcoin trading that enables you to exchange a broad array of assets using the top digital currencies. Launched in 2018, this crypto exchange has developed to become one of the best derivative exchanges across the globe.
Prime Technologies Limited, this is a Seychelles-based company, supervises the business of the exchange, which is inserted under the regulations and laws of St. Vincent and the Grenadines with a license number 222 LLC 2019 – PrimeXBT Trading Service LLC.
- Safe platform with cold wallets that have multisig-enabled.
- A broad range of asset markets.
- A user friendly and interactive platform.
- A regulated digital currency exchange in Seychelles.
- Highly low trading fees of 0.05%
- The trading amount is as low as 0.01BTC
- A limited choice list of digital currencies.
- Moderately high spreads and fees.
PrimeXBT Review: Security And Safety
In this PrimeXBT review, it is crucial to talk about security. One big concern across asset traders is its safety and security. However, with the keen focus of PrimeXBT on compliance and security, traders on the platform are not required to worry about the possibility of a loss of funds or assets. Moreover, as a registered entity in Seychelles, users can trade easily knowing the company is not at all a scam project. The PrimeXBT restricted countries include Canada, United States Minor Outlying Islands, United States of America, American Samoa, Japan, Algeria, Ecuador, Iran, Israel, North Korea, Sudan, Syria, and such areas as Crimea (disputable territory between RU and UA).
As far as safety is concerned, this platform provides a three-layer security protocol: Customer Asset Protection, Trading Infrastructure, and Wallet Security.
Customer Asset Protection:
PrimeXBT utilizes a range of user asset protection techniques adding to the “periodical stress tests and security audits” to make sure compliance with higher standards of security. Some of the characteristics added to the exchange include 2FA (two-factor authentication), cold storage of digital assets, BTC address whitelisting, multi-signature tech, cryptographic hashing of passwords, and encryption.
Secure trading infrastructure:
The trading engine of the exchange is uniquely formulated to develop the complete execution speed on orders and reduce latency to safeguard the users from slippage. Along with that, the platform arranges for a complete risk check after order execution to make sure trading risks are eliminated. The website reads,
“PrimeXBT prides itself on having one of the most advanced and reliable trading software on the market.”
Top-notch wallet security:
A huge quantity of digital assets of the customers of PrimeXBT is kept and held in cold storage wallets safeguarded with multisig to stop hackers from stealing cryptocurrencies. Only the funds required to make the market are discharged to software wallets – an action that needs the interconnected actions of a few employees.
Market Instruments Of PrimeXBT
Even though they now boast of a broad arsenal of digital currency commodities, PrimeXBT exchange began off its trading platform with the most famous digital currencies that include Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), EOS, and XRP were all trading against the dollar.
Over time, the exchange introduced a number of Bitcoin futures and choices products to help users broaden into new instruments. PrimeXBT has declared multiple markets on its exchange that includes commodities, forex, and indices. The noteworthy traded assets on the exchange include:
- Forex: USD/JPY, CAD/USD, AUD/USD, EUR/USD, and GBP/USD.
- Cryptocurrencies: BTC, ETH, EOS, LTC, XRP, and XMR
- Indices: the NASDAQ 100, NIKKEI 225, S&P 500, and ASX 200, DAX 30, FTSE 100, and also Hang Seng.
- Commodities: Crude Oil, Natural Gas, Gold, and Silver.
PrimeXBT Review: Fees, Deposits, and Withdrawals
Now in this primeXBT review, let us talk about the PrimeXBT fees. In case of withdrawals, initially, the users will have to shift the funds from the trading account into the user’s personal wallets then account holders will be needed to verify the legitimacy of the withdrawal by whitelisting the BTC address of the recipient. They will also be responsible for paying a 0.0005 BTC standard withdrawal charge.
Operations on their exchange draw two types of fees namely: overnight financing and trade fee. The advantaged nature of the products will commonly attract an overnight financing charge relying on the underlying asset however, in case a benefited position is opened and closed prior to the close of the business day it is not susceptible to the overnight fee.
Copy Trading At PrimeXBT Exchange
Now coming to the PrimeXBT copy trading. Copy-trading enables the user to be a passive market participant rather than allowing professional traders to implement their strategies for your sake. This requires some of the supposition and early losses new traders can experience out of the equation. It enables the trader to handle their trading risks better than manual trading as the risk is divided out across a range of successful traders’ strategies.
After this PrimeXBT review, it can be concluded that all in all, this crypto exchange provides one of the best avenues to trade digital currency derivatives and a host of assets that includes indices, forex, and commodities. With market competitive fees, a user friendly platform, and high leverage, PrimeXBT caters to its award-winning title, mainly in the BTC leveraged trading space.