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Prime XBT Broker Review

A multi asset broker for short selling and buying
Click for larger screenshots

PrimeXBT is an online trading platform where you can trade with CFDs and cryptocurrencies. You can go either long or short with the press of a button. Although it’s a new platform in the industry, PrimeXBT is one of the best platforms where you can go long, go short, buy shares or even sell shares. Within the short period it has been in the business, it has increased its existence to more than 150 countries across the world. According to the management, this trading platform intends to offer a state-of-the-art trading platform that offers the users the best and most efficient daily trading tools and guidance. The company offers a powerful trading platform for shorting fx or even shorting the currencies, stocks, and CFDs. In fact, it comes with essential tools that are ideal for both novices and skilled traders. Also, in order to protect your trading activities and invested funds against cyber attacks and any intruder, the platform utilises nothing but the best network security practices in the industry. So, how does PrimeXBT work and what features does it incorporate? In this honest and unbiased PrimeXBT review, you will get answers to these questions and other inquiries that you may be having regarding the trading platform. Read on to find out much about the platform or give Prime XTB a try now!

Prime XBT Review

Prime XBT logo

Overall Rating

9/10

Rating Details

10
10
9
10
5
10
9
  • Min. deposit

    0.001 BTC

  • Platforms

    2

  • Founded

    2018

  • Regulators

    1

  • Country

    Seychelles

  • Commodities/Crypto

    Yes, Yes

  • Stock trading

    Yes

  • Multi language

    Yes

  • Support

    Yes

  • Account currencies

    EUR USD GBP CAD

 

Background

 Prime XTB is a relatively new truly global trading platform started in 2018. They enables the traders from all around the world to take advantage of trading with BTC and other primary cryptocurrencies. Generally, the platform has quickly become one of the leading players in the margin-trading industry, overtaking some of the titans in the process. PrimeXBT aims to offer solutions to the prevalent issues common on other platforms, including unforeseen downtime, prolonged KYC approval processes, limited order types, low liquidity, issues trading on failing markets, high trading fees, and poor user experience. The website is available in English and 15 other languages - making it a global player in the short selling market and for those looking to buy equity, crypto and commodities with CFDs.

As mentioned earlier, this crypto exchange platform is registered in the Republic of Seychelles. Out of the numerous exchanges available on the internet, only a handful of them has their registration in this country. Nonetheless, the crypto industry is genuinely universal in its nature. As such, most traders do not worry much about the locality of the exchanges.

Basically, the experts categorise this trading platform as a cryptocurrency derivatives exchange. In simple terms, it means that you can fundamentally select between two options: go short or go long. Going short means that you are expecting the price of a specific cryptocurrency to decline. Going long, on the other hand, means that you anticipate the price of a specific cryptocurrency to rise.

There are several reasons why you may need to create a trading account with PrimeXBT. First, there is an option of creating an anonymous account on the platform, and you will not be required to enter your personal data. Secondly, this bitcoin exchange platform incorporates a modern and reliable multilevel security system. In addition, you can perform leverage trading of up to 100X.

What is Unique about Trading at PrimeXBT?
Besides the capability to go short and go long and enjoy the leverage of up to 1:100, this trading platform stands out against its competitors in innumerable ways. First, Prime XBT boasts a friendly and fully customisable user interface. Second, it comes with support for various monitors. Also, Prime XBT is fast, reliable and safe. Another thing is that it is incredibly easy for learners to understand. Still, it offers advanced tools desired by the experts.

Moreover, the charting tools are incredibly helpful with multiple ranges of indicators and drawing tools, multiple chart types, as well as the option of trading right away from the chart. Also, it provides incredibly low trading fees. Furthermore, trading provides tight spreads. What it there to not like? Give Prime XTB a try today!
 

Leverage

 When it comes to choosing a trading platform, leverage is one of the key features that traders desire. Generally, when it comes to cryptocurrency trading, most of the platforms offer limited leverage. However, PrimeXBT is an excellent platform that offers a leverage of up to 1:100. What this means is, whenever you invest €1, you’ll get €100 worth of selling or buying power. With this, you’ll have access to a better market position to enable you to get more profits or losses.

Basically, leverage is one of the crucial features offered by this trading platform. Also, you will find conclusive info about how leverage works on PrimeXBT’s website to assist the users that do not know how the feature works. Basically, the explanation has a BTC and USD example. Here is a perfect example of how leverage works.

Here, assume that one BTC costs €10,000, and the currency’s price rose by 5% throughout your investment. So, you could get 10 Bitcoin for €100,000 (10X€10,000) by using the standard exchange without the leverage. When the price rises by 5%, each Bitcoin will be worth €10,500. Thus, if you sell the Bitcoin, you will make a profit of €5,000 from your initial €100,000.

Contrary, if you decide to make a similar trade on Prime XBT using the 1:100 leverage, you’ll need to pay 1% of the €100,000 position. Therefore, it means that you need to pay €1,000 as an up-front investment. Similarly, it means that besides investing only €1,000, you will still comfortably make €5,000. In simple terms, you can easily multiply your profits using the initial invested capital.

The company offers some benefits of using leverage to trade on their platform. Some of these benefits include the capability to profit during a market fall, the ability to magnify your profits, as well as the capability to free up invested capital and utilise it on another investment. Furthermore, you can easily identify your purchasing power depending on the available capital thanks to the effective PrimeXBT leverage calculator.

Correspondingly, while the leverage for crypto assets is set at 1:100, it would be essential to realise that the maximum leverage for commodities, indices, and forex is set at 1:1000.
 

Costs

 The trading platform charges rollover fees or overnight financing and trading fees. Besides, deposit and withdrawal transactions attract mining fees as there is a fee charged when authorising the transaction on the Bitcoin network. Usually, the rollover fee is only charged to the leveraged trading accounts that keep open positions overnight.

All in all, the standard trading fee when it comes to indices, forex, and commodities is set at 0.01%. The crypto assets, on the other hand, attracts a trading fee of 0.05%. It would be wise to note that the trading fees generally apply regardless of the type of trade that you place. When it comes to withdrawing your earnings, PrimeXBT charges you a withdrawal fee of around 0.0005 BTC. Also, when it comes to charges charged when making deposits and withdraws, it is essential to note that you must pay transaction charges in order to get Bitcoin from a third-party exchange.

Commonly, Prime XBT charges you a mining fee when transferring Bitcoin to your trading wallet. The withdrawal charges are sent to PrimeXBT account. Additionally, when converting your Bitcoin to fiat money, you will encounter transaction fees on the crypto-fiat exchanges.
 

Benefits

 Competitive trading conditions and service fees.
The ability to create anonymous accounts.
Ultra-fast execution thanks to the modern and superior technology.
A competitive crypto assets leverage of up to 1:100.
A modern and sophisticated platform ideal for both beginners and proficient traders.
Very high leverage is possible.
 

Drawback

 It lacks a demo account.
It is not regulated from any reputable country. Not EU-regulated yet.
 

Platforms

 Currently, Prime XBT has two trading platforms, a web-based platform and mobile app.

Web-based Application
Usually, this platform contains innovative trader tools and advanced features. The fact that the application is web-based, you will not have to download or install anything. Here are the features that you will find on this platform:

Complete technical analysis tools
Inbuilt help
Tutorial videos
Customisable layouts
Risk management
Professional charts
Prime XBT Mobile Application


If you are the type of trader who is constantly going to be away from a desk, you will be more than happy to realise that the platform offers a mobile app. Besides, the app makes it easy for you to trade while on the go. Generally, you can use the application on both iOS and Android devices.

Basically, the mobile application seems to have similar features as the web-based application. So, expect to find account management, easy order execution and charting. One incredible thing about this app is that you can personalise it to suit your needs.
 

Support

 As a trader, there is nothing as devastating as a broker or trading platform that takes ages to reply to questions. It is for this reason that most traders examine the availability and dependability of customer support before joining a trading site. Generally, the most effective and quickest way to get support on this platform is via live chat which is available 24/7. Alternatively, you can call the support or even send an email. Explore Prime XTB and their great support now!
 

Screenshots

  Please find the screenshots of Prime XBT below.
A multi asset broker for short selling and buying
A multi asset broker for short selling and buying
Trading with Prime XBT: A pleasure
Trading with Prime XBT: A pleasure
Bitcoin trading at Prime XTB
Bitcoin trading at Prime XTB
Enjoy Prime XTB at mobile phones
Enjoy Prime XTB at mobile phones
 

FAQ

 

Is PrimeXBT a reliable broker for shorting?

Yes. You can comfortably initiate shorting for crypto assets on this trading platform.

Can I short commodities with CFDs here?

Yes. Prime XBT gives you the ability to short on CFDs, stocks, forex, and crypto-assets.

What is the minimum deposit?

The smallest amount to deposit to your account is 0.001 Bitcoin.

What instruments can I trade here?

Crypto assets, commodities, indices, forex, metals, and energies

What is the best feature with PrimeXBT?

Leverage feature.No news about Prime XBT available.