Security, usability, look & feel - Great mobile app used in this PrimeXBT review
The actual PrimeXBT trading platform is easy to use and packed full of enough features to help you make an assured trade. You’ll have simple ways to focus on the crypto trading options among the forex and commodities markets. Plus it’s nicely customizable so that you can manipulate the trading tools and charts however you see fit.
We should note that we carried out much of this review on the PrimeXBT app. You can get this for iOS and Android devices, and it offers you an equally convenient way to enjoy margin trading and use all of the technical indicators effectively.
One of our favorite things about the PrimeXBT platform is the cool Covesting Copy-trading Module. This simply lets you see what expert traders are doing so that you can copy their moves. It’s a great way for those new to online trading to learn how to invest without making some dumb rookie mistakes. Plus we should note that this copy-trading scheme works both ways so that experienced traders could get a 20% boost on their profits by letting newbies follow their trades.
How to trade at PrimeXBT
The great news is that it’s fast and easy to open a free account at PrimeXBT. This means that you can simply sign up and start trading in a matter of minutes. PrimeXBT says that you can get your account set up in 40 seconds, and while it took us a little longer than this, we understand where they’re coming from!
The signing-up process will require you to prove that you are over the age of 18 years old, and from here you just have to provide your email address, create a password and then you’re good to go.
Next it’s just a matter of making a deposit via a crypto or a regular payment method. Once the money hits your account, you can simply browse and purchase one of the many CFDs on offer. This means that you can benefit from the price movements of anything from Bitcoin to Ethereum without even having to own the underlying asset. Simple!
Payments - Fair variety of payment methods found in our PrimeXBT review
We found that PrimeXBT lets you buy cryptocurrencies and trade assets with deposits made via bank transfer or cards like Visa and Mastercard. Just remember that you’ll probably have to use a third-party payment service if you want to deposit with these traditional payment methods.
The permitted cryptocurrency deposit options are Bitcoin, Ethereum, Tether, USD Coin and Covesting. Here you’ll find that your crypto deposits will take around one minute for Ethereum payments, and up to 40 minutes for Bitcoin deposits. There is no minimum deposit amount for margin trading at PrimeXBT.
Similarly, there is no maximum or minimum amount for making a withdrawal from this crypto trading platform. Plus we should note that PrimeXBT will strive to approve your withdrawals on the same day that you make them. This means that it should rarely take longer than 24 hours for your withdrawal to be back in your own crypto wallet. Just remember that you cannot make a withdrawal from PrimeXBT back to your standard bank account.
Customer service - 24/7 support discovered in our PrimeXBT review
One of the best things about using PrimeXBT is the fact that it offers customer support 24 hours a day, seven days a week. It’s pretty hard to find a crypto leverage trading site with the same level of commitment to its customers.
You can simply get in touch with the PrimeXBT customer service team by using one of the email addresses in the website footer and there is also a live chat feature in the top right of your account section. We should also mention the fact that you can contact PrimeXBT on Twitter and Facebook, and there is also a very nicely detailed FAQ section.
License & security - A key part of our PrimeXBT review
Your online security is one of the main reasons why we carry out reviews like this. Part of the reason why we ask questions like, ‘Is ByBit legit?’ is that there are a handful of scam sites out there, so we’ll do all we can to help you avoid these rogue operators. So is PrimeXBT Scam or Legit?
In short PrimeXBT is not a scam but a legit platform. The first thing to understand is that PrimeXBT is not some small-scale online trading platform. It has a daily average trading volume of $545 million which should give you some idea of scale. Plus the fact that PrimeXBT has over a dozen integrated liquidity providers should ensure that you can execute safe and profitable trades here.
You may be wondering what kinds of licensing and regulation PrimeXBT has. Well, the simple answer is that it doesn’t have any and isn’t required to as it is based in St. Vincent and the Grenadines.
You’ll see that you have to complete a KYC document identification procedure to make a purchase via a card or bank transfer at PrimeXBT. Plus all of your assets will be kept in your own personal secure wallet on the PrimeXBT site. Just so you know, these assets are kept in a cold offline storage facility to ensure that they don’t fall into the wrong hands.
Other security features include a useful two-factor authentication procedure, encrypted SSL technologies across all traffic on the PrimeXBT site, and your passwords will be cryptographically hashed. Plus with the use of Cloudflare to cancel out any DDoS attacks, you should feel secure in how your data and assets are being handled.
Reputation and customer feedback – What do other kinds of PrimeXBT review have to say?
We should note that PrimeXBT has earned an excellent reputation among the crypto trading community. Recent years have seen PrimeXBT pick up awards for things like Best Crypto and Forex Broker, as well as Best Platform for Margin Trading, and it’s easy to see why.
However, we should note that some Reddit users have found that the leverage model offered by PrimeXBT was a factor in them losing their investment. This could easily be due to user error, rather than anything that PrimeXBT was doing. All of which is a timely reminder to be careful when margin trading.
Overall conclusion - Positive findings in our PrimeXBT review
PrimeXBT is clearly a heavyweight online trading platform. Any site that lets you trade everything from Bitcoin and gold to currency pairings and indices should give you plenty of investment options. While the CFD model of trading isn’t for everyone, we felt that it offered us a fast and easy way to speculate on the price movements of our favorite cryptos.
Some people may find the lack of regulation of PrimeXBT is a bit disconcerting. However, we found that it enjoyed an excellent reputation and had clearly invested a lot of time and money into ensuring that your crypto assets stay as safe as possible.
Plus it’s important to remember that PrimeXBT is still a relatively new crypto trading platform and so it could upgrade how it is regulated soon. All of which means that you should probably sign up to PrimeXBT and see how you can take advantage of this hugely promising crypto site.
