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Prime XBT Review – Is it a Safe Exchange? What We Know



► Read our long form review here:

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► Overview 📝

Prime XBT is a Crypto futures exchange that was launched in early 2019 and is based in Seychelles.

They offer leveraged trading on cryptocurrency assets of up to 100x. This means that they will be competing with the likes of BitMEX, Deribit and a few other exchanges.

However, unlike these exchanges, they offer leveraged trading on up to 6 different cryptocurrencies.

Prime XBT is open to users from around the world although they do restrict users from countries such as the United States.

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► Security 🔑

They follow the best practices when it comes to coin storage. They operate secure cold storage protocols that are accessed through multisignature wallets.

They also have DDoS mitigation technology in place in order to reduce service interruptions that have harmed other exchanges.

On the user exchange, they have the standard security procedures in place like two factor authentications as well as mandatory address whitelabelling

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► Fees & Spreads 💸

They have a trade fee and an overnight fee. The former is the fee charged for each executed position whereas the latter is a financing fee charged for the leveraged positions.

The trading fee is flat at 0.05% which is about in line with the other exchanges. Their financing fee differs for each of the coins but, as an indication of what it is, the fee on Bitcoin is $3.9 per Bitcoin.

There are no deposit / withdrawal fees.

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► Funding / Withdrawals 💳

You can fund your account the moment that you have registered. Withdrawals are also processed once a day and the requested funds will go to your white labeled address.

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► Registration 🕵

Prime XBT does not require any identification or verification on their traders. This means that you do not have to send them your identity documents.

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► Trading Technology 🖥

There is a great deal of functionality and charting tools.

For those technical analysts among you, the there are a plethora of indicators and technical studies that you can overlay these charts with.

I also like the fact that the platform is “widgetised”. This means that you can move panels around and adjust the trading interface layout to your preferences

Prime XBT has a reasonable selection of order types that you can place on the platform. This could help augment those technical studies with more specific entry / exit points.

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► Customer Support ☎️

Customer support is only offered through a support email. There are no phone numbers or live chats.

However, given that they do not deal with KYC on clients, they have a pretty fast turnaround on these emails.

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► What We Think 💁🏻‍♂️

They are an attractive alternative crypto futures exchange that can challenge the status quo.

I also found their trading platform to be quite advanced with numerous features.

Of course, it is sometimes hard to form an opinion on the track record of a brand-new exchange.

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► Warning!! ⚡️

If you are going to use them, make sure that you have adequate risk management in place. Futures are risky instruments and can be a double-edged sword.

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► Disclaimer 📜

This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

#Crypto #trading #bitcoin #futures #exchange #review #btc #eth

Source: Coin Bureau

30 Responses

  1. Great vid thx! I just joined a few weeks ago but haven’t traded on there yet. Can’t find the order book in widgets yet but it’s awesome they offer Forex pairs now too!👍🏽👍🏽👍🏽

  2. How about you put some funds at risk and see if they are actually a good platform by being a good trader and trying to withdraw your profits.

  3. I am not expert on trading platform like this..but I have tried to learn primexbt since feb2019 each detail from their platform..reading their guide seems technical to visualized what they are explaining..but I did join to practice it trading in a small amount even I might loose a money. To my experience the platform how it works how I able to loose or gain. But what I noticed when I "BUY" using Limits upon reaching what I have set and gained I have noticed it doubled. I only executed "BUY" but it closed automatic "SELL". The problem it deducted to pay their commission TWICE. In short:
    I only made on "BUY" but when after trading reached the LIMITS I set then it automatic SELL in my history. Instead I will only pay their commission upon "BUYING" the automatic SELL paid its commission which I did not made. Thus, it WORKS like this in any TRADING PLATFORM paid commission. Is it right or I may not really understand it the platform.

  4. I am so happy Mr Max Neil Li Lung has stated making me achieve goals i never thought i would have achieved. Keep it up. His 20% commission seems little though. Good work……check up on him and google are management services.

  5. Prime XBT is a scam.

    HOW?

    1/100 leverage means margin is 1%, simple words price needs to change for 1% against your position for them to liquidate your money.

    In 3 occasions on 13th and 15th of April 2020 they have closed my positions on 6$ and on 20$ difference while price was above 6k, hence 1% is over 60$, meaning their system is liquidating on almost 1/1000 since margin was over 1 when they liquidated it, 10 times more on 13th and 3 times more on 15th.

  6. One wouldn't really think much of this, all I really wanted to do was invest and be part of it but the way I was misled by this brokers was terrible, to easily take money from all in the name of investment and when I wanted to make withdrawals every single attempt was fruitless with constant hassle to invest more I really can't say more than I have already said. I would really consider myself to be one of the very few lucky ones as I was able to have my funds recovered from this scam Binary option brokers, although it was through unethical means as far I am concerned but what can I care after how my hard-earned funds where taken from me, these guys are the best in less than 7days all my funds including bonuses had been recovered, If your broker lost your funds trading Binary options. Assetrefundteam DOT com are more than able to get your funds back without any traces. Best of luck people. They also recover funds for any other online investment loss.

  7. The exchange works, but theyve set it up to make it as difficult as possible to win. They wont show you how much leverage your trade is costing, and force you to do your own calculations on your buy, sell, stop loss, etc…
    Why use a broker that forces me to check an excel spreadsheet and waste valuable seconds on a trade! It sucks

  8. avoid primeXTB at all cost, scammers, cheaters. placed a position on bitcoin and it was going up all the way. didn't even use the margin. once I was over $5000 profit they closed the position due you ( insufficient funds)!!!

    are you kidding me?

    I was in profit all the way, chat help is helpless. they just copy and paste paragraphs that was typed previously to contact customer support. finally he said it was overnight charge and the positions have to close by 00:00 with everything confiscated, just like that leaving the account on minus

  9. This primeBTX is sooo scam: look at the PrimeBTX videos posted moths ago -> look at the top leaders -> where are they now??? Like MR COIN? They all dumped on the people like you and me

  10. Overall it's the content that matters on trading channels. But if you're looking to improve your videos a little more, I recomend you try to make the videos slightly more natural hahaha. Maybe don't be obviously reading a premade text ;). Still enjoyed the video, congrats

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