Prime XBT is a Bitcoin-based derivatives trading exchange that allows you to trade not only cryptocurrencies but also traditional financial instruments such as Forex, S&P 500 and Nasdaq composite indices, commodities like crude oil and natural gas, and more. Despite the variety of choices, Prime XBT is extremely simple to use, as even a mere beginner can open an account and load it with Bitcoin (BTC) in minutes. The platform allows up to 100x crypto leverage trading and up to 1000x leverage for Forex trades. The platform is available to traders from more than 150 countries worldwide.
NỘI DUNG BÀI VIẾT
1. General info:
- Web address: https://primexbt.com/
- Support contact: Link
- Main location: Seychelles
- Daily volume: ? BTC
- Mobile app available: Yes
- Is decentralized: No
- Parent Company: PrimeXBT Trading Services
- Transfer types: Credit Card, Debit Card, Crypto Transfer
- Supported fiat:
- Supported pairs: 10
- Has token:–
- Fees: Very Low
- Ability to margin trade cryptocurrencies and traditional assets
- Up to 100x leverage for crypto and 1000x leverage for Forex
- Quick sign up process with no KYC required
- Allows to purchase Bitcoin on the platform
- Low fees
- Only 5 tradeable cryptocurrencies
- Bitcoin-only platform
- Unregulated exchange
5. Prime XBT Review: Key Features
Prime XBT is an excellent cryptocurrency margin trading exchange for traders who are looking for a way to increase their bitcoin (BTC) holdings. The core features that make it stand out include:
Bitcoin-only exchange. You won’t be able to deposit any other kind of cryptocurrency to Prime XBT.
Ability to margin trade traditional assets as well as top cryptocurrencies. Trade bitcoin, ether, litecoin, EOS, and XRP along with S&P 500, FTSE100, NASDAQ, JAPAN, Forex, Gold, Natural Gas, Silver, Crude Oil, and much more.
Powerful and well-designed platform with customizable widgets. It comes with more than 12 integrated liquidity providers, which is capable of executing up to 12,000 orders per second and makes sure that the average order is executed in less than 7.12 ms.
Covesting integration. Prime XBT integrates directly with another crypto social trading platform Covesting, which allows you to view and copy the actions of seasoned traders.
Low fees platform. Prime XBT is extremely transparent when it comes to fees and guarantees some of the lowest fees out there.
Privacy. Prime XBT is a pro-privacy platform, which means that there are no KYC (know your customer) checks before you start trading.
All in all, Prime XBT is an ambitious emerging player in the margin trading sphere. It is likely to continue expanding its loyal user base and become a premier destination for both new and experienced margin traders, considering its user-oriented focus, convenience, and an ever-growing lineup of features.
Prime XBT was founded and registered in Seychelles in 2018 under the holding company name Prime XBT trading services (148707). However, the platform didn’t launch it’s trading services until early 2019.
Later in 2019, Prime XBT also opened an office in St. Vincent & The Grenadines and moved its domain and trading infrastructure to the so-called world’s capital of cryptocurrency – Switzerland.
At the moment, the company claims to process approximately USD 375 million per day on average, and it is said to employ over 40 staff members in 3 offices.
Prime XBT operates in a borderless manner, which comes with minimal compliance with local regulations. As of today, the platform is accessible in more than 150 countries but is not available in the United States, Québec (Canada), Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan.
The website is available in eight international languages: English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian, Vietnam, Italia, and Turkish.
7. Prime XBT Fees
In terms of fees, Prime XBT is on the lower end of exchanges. The platform does not charge any deposit fees, but any withdrawal will cost you 0.0005 BTC – a standard fee to cover your Bitcoin transaction cost. In contrast, BitMEX, other popular Bitcoin derivatives exchange also says to charge only a small fee to cover BTC transaction cost, but it has been observed to charge people approx. 0.001 BTC which is not much but as twice as expensive.
Besides, you can make use of Prime XBT’s “Buy Bitcoin” instantly feature, which lets you purchase and deposit bitcoins directly into the platform via Changelly integration. Changelly lets you purchase bitcoins directly with your VISA or MasterCard bank card, which is extremely convenient but mind that the standard bank card transaction comes with a 5% Changelly and a 5% Simplex fees that add up to a higher than 10% of the total transaction amount fee.
Other principal fees at Prime XBT are Trade Fee and Overnight Financing.
The Trade Fee is charged every time you open or closed a position:
- 05% for cryptocurrency trades
- 01% for indices and commodities
- 001% for Forex
Overnight Financing is incurred only when an open position is carried into a new day. A trading day at Prime XBT closes at 00:00 UTC. If you open and close position during the same trading day, no Overnight Financing fees are charged at all.
|Prime XBT market||Trading Fee||Daily Financing Fee Long||Daily Financing Fee Short|
|BTC/USD||0.05%||-$16.0 per 1 BTC||-$16.0 per 1 BTC|
|ETH/USD||0.05%||-$0.60 per 1 ETH||-$0.15 per 1 ETH|
|ETH/BTC||0.05%||-₿0.000060 per 1 ETH||-₿0.000015 per 1 ETH|
|LTC/USD||0.05%||-$0.20 per 1 LTC||-$0.05 per 1 LTC|
|LTC/BTC||0.05%||-₿0.000020 per 1 LTC||-₿0.000005 per 1 LTC|
|XRP/USD||0.05%||-$0.00054 per 1 XRP||-$0.00003 per 1 XRP|
|XRP/BTC||0.05%||-₿0.00000054 per 1 XRP||-₿0.00000003 per 1 XRP|
|EOS/USD||0.05%||-$0.012 per 1 EOS||-$0.003 per 1 EOS|
|EOS/BTC||0.05%||-₿0.0000012 per 1 EOS||-₿0.0000003 per 1 EOS|
8. But how do Prime XBT’s fees rank compared with other margin trading exchanges? Let’s have a quick look:
|Prime XBT||100x||5||0.05%||Trade Now|
|BitMEX||100x||8||-0.025% – 0.075%||Trade Now|
|eToro||2x||15||0.75% – 2.9%||Trade Now|
|Bitfinex||3.3x||25||0.1% – 0.2%||Trade Now|
As you can see, Prime XBT offers by far the lowest trading fees on the market, which makes it an excellent exchange for cryptocurrency or other financial instruments margin trading.
The platform is extremely transparent when it comes to various charges and makes it easy for you to do the math – there are no hidden charges.
9. Trading on Prime XBT
All trading on Prime XBT revolves around either shorting or longing the market.
If you anticipate a market decline, you can buy a short position and profit from it if it does come true. In case you anticipate an increase in price, you can long the market and earn from the appreciation.
Prime XBT allows you to add leverage to your trades, too. Although leverage trading is a risky activity, it lets you enhance your position size by borrowing funds from the platform.
For example, if you’re trading BTC/USD market with a 1:100 leverage using USD 1000 of your funds, your position size reaches USD 100,000. Such a position means higher potential profits but also a higher risk of liquidation – the higher the leverage, the less price fluctuation it takes to close your positions and liquidate your funds.
Prime XBT lets you place four types of orders:
- Market (default):an order which is executed immediately at the current offer/buy price.
- Limit:an order which lets you place an offer at a wanted price. It will execute when the market price reaches it.
- Stop:an order that lets you close position if the market reaches a certain level.
- OCO:an order used by experienced traders to combine a stop order with a limit order to mitigate position risks.
In addition, you can set up a stop loss or take profit levels for every trade. This feature comes extremely handy if you have specific targets in mind before entering the position
10. Deposit and Withdrawal methods
- The minimum deposit on Prime XBT exchange is 0.001 BTC. If you decide to use leverage, it will allow you to open up to 0.1 BTC worth of positions.
- Alternatively, you can top up your bitcoin wallet using Changelly integration. It allows you to buy bitcoins directly using your credit or debit card. The entire operation costs approximately 10% of your purchase amount.
- Concerning withdrawals, there are no limits, but the amount should be higher than the pre-set bitcoin network transaction fee of 0.0005 BTC.
- Prime XBT processes withdrawals only once a day, somewhere between 12:00 and 14:00 UTC. As per the company’s website, any withdrawal requested before 12:00 UTC will be processed on the same day, but withdrawals requested after 12:00 UTC will be processed the next day only
- Prime XBT is a rising star in the derivatives trading niche. The platform stands out by taking a clear stance against forced anti-privacy regulations, which is a massive plus for the privacy enthusiasts.
- Prime XBT’s trading platform is tailored for both experienced users as well as beginners and provides a clutter-free experience despite its many advanced features.
- Making use of smart integrations such as Changelly or Covesting is a smart and open approach to enhance the platform’s functionality outside of its default domain and makes up a wholesome trading experience.
- All in all, a relatively new Prime XBT is already proving to be a serious player in the crypto trading industry.
- Disclaimer: Margin trading is considered to be a risky activity, so do your own diligence and never trade more than you can afford to lose.