Is PrimeXBT Safe: Key Things You Need to Know

It’s normal that when you are looking for earning opportunities online, you don’t want to put your private data and funds at risk. That’s the reason why diligent research on trading platforms will never lose its relevance to the community of traders and investors.

Reading reviews of fellow traders is the most straightforward way to learn more about a forex broker, cryptocurrency exchange, or multi-asset trading platform. These short pieces of information can provide you with a lot of relevant and important data on any company you are willing to learn more about. That’s why the individual experiences of traders from all over the world were chosen to be the basis of this PrimeXBT review.

Is PrimeXBT scam? What are the trading opportunities offered by the multi-asset trading platform? Can you make passive income with PrimeXBT? These and a few more are the key questions we’ve tried to cover in these several abstracts.

Ratings of PrimeXBT Among the Community

Concerns on whether PrimeXBT is legit will always appear because this is how media from the world of online trading and investments work. It’s impossible to satisfy 100% of customers but still, the majority is what can set a global trend.

If you take a look at actual figures (e.g. ratings of PrimeXBT on review platforms and specialized trading forums), you will notice that, in this case, the majority defined PrimeXBT safe.

Here are just a couple of prosaic examples:

Christel B. on Capterra:

“The support service of PrimeXBT is on the top level. Recently, I had a problem with withdrawal. I thought it was delayed but they explained to me that every request is processed within the timeframe of 12:00-14:00, which is why I would receive my money the next day. It really worked.”

David R. K. on G2:

“One thing I’d like to highlight about this trading platform is its highly intuitive interface. The ability to access numerous markets and leverage the tools provided by PrimeXBT makes trading a hassle-free experience.”

Trading Conditions

If the platform passes the first stage of your research (security and reputation among other traders), you should get down to trading conditions. In this abstract, we will reveal trading instruments on PrimeXBT, the platform’s trading fees, and its leverage.

Trading Instruments

1. Cryptocurrencies: PrimeXBT promotes itself as the No1 Bitcoin trading platform. Except for Bitcoin, you can trade other digital coins, which form a total of 41 trading pairs together with other assets — both fiat and virtual ones.
2. Commodities: It’s a rare option to be offered by cryptocurrency trading platforms. But that’s not the issue for PrimeXBT. Although the selection of tradable products is quite limited so far — GOLD, SILVER, BRENT, CRUDE, NAT. GAS — this selection is totally enough to diversify one’s trading portfolio.
3. Indices: Many trading platforms offer the possibility to speculate on shares of international companies. PrimeXBT chose a more stable asset class to offer to its customers. Stock indices react to changes in market trends not as extremely as shares because they are formed from a selection of specific securities, which helps to diversify the risks and mitigate the impact of the volatile market.
4. Forex: With PrimeXBT, you can also benefit from changing exchange rates, speculating on 51 currency pairs, including major, minor, and exotic ones.

Trading Fees

Minimum Order Size and Maximum Leverage

PrimeXBT Going Beyond Ordinary Price Speculation

In 2023, it’s quite common for trading platforms to offer more services than just ordinary cryptocurrency trading. Some create social platforms for social trading, others develop algorithms and bots, while PrimeXBT enables copy trading. To learn more about how PrimeXBT copy trading works, you need to familiarize yourself with Covesting.io. Here are the key points:

Covesting.io review

• Covesting.io is an independent project that cooperates not only with PrimeXBT but also with other safe and well-established trading platforms. You can find more legal information about this Distributed-Ledger Technology Service Provider from Gibraltars’ FSC.
• As a distributed-ledger technology platform, Covesting has its own utility token with the ticker symbol COV. You can utilize it for staking through the yield accounts on Covesting.
• Covesting is free to use. The commission is paid only for profitable trades. It’s charged automatically while profits are being distributed between the trade parties: 70% to a copier, 20% to a signal provider, and 10% to the platform.
• Covesting wasn’t designed for social trading. Copiers cannot interact with signal providers or make any adjustments to their trading strategies. Once you decide to follow a certain signal provider, all their trades that were chosen to be shared will be duplicated to your account automatically.

Security Infrastructure

Every platform claims that it’s safe to use. Obviously, PrimeXBT is not an exception in these regards. The task for newly coming traders here is to study actual security measures offered by the platform and make a conclusion about whether they can actually ensure a safe environment for online trading.

What about PrimeXBT?

We’ve found three security measures that are likely to enhance the safety of the trading environment:

1. Two-Factor Authentication (2FA): This is the basic measure enabled not only by trading platforms. However, in online trading, this measure is especially relevant since it protects the accounts of traders from unauthorized access by linking those accounts to personal contact sources of users themselves.
2. IP Whitelisting: Similar to the previous one, this measure is intended to protect your trading account from being accessed from an unauthorized IP address. To make a certain IP address eligible, add it to a special white list.
3. Cold Wallet Storage: Most crypto trading platforms utilize online storage solutions known as hot wallets. PrimeXBT is so far, one of the few leading crypto exchanges where 90% of funds are stored on cold wallets. These are special solutions that can be accessed only with special seed phrases.

Banking Options

To start trading on PrimeXBT, you need to make a deposit. If you are completely new to the realm of cryptocurrencies, this might appear to be a challenge. The reason for this is that on PrimeXBT, deposits can be processed only from crypto wallets on such networks as BTC, ETH, and ERC20. If you can deposit only fiat money, you need to use a special converter. The minimum deposit required to activate your trading account should be equivalent to 0.0001BTC.

Withdrawals can be processed to the same addresses from which deposits were made. But you should keep in mind that all withdrawal requests are processed by specialists between 12 UTC and 14 UTC, which is why they are not instant.

Pros & Cons

Pros

• Exposure to different markets: PrimeXBT is one of the few cryptocurrency exchanges offering its customers the possibility to diversify their investments. It enables not only speculation on cryptocurrencies, but operations with commodities, stock indices, and foreign exchange.
• Diverse trading features: Although PrimeXBT offers only one type of account — cross-margin — its trading conditions suit users of different levels and expertise.  You can trade with high leverage or duplicate deals of more advanced users.
• Cold wallet: cold storage is currently the best way to store digital coins. Such solutions are designed to provide sophisticated protection of funds and only authorized access that can be obtained through unique seed phrases.
• Customizable dashboard: PrimeXBT is often praised for its customer-oriented design of the main trading platform and its pages. Moreover, it can be adjusted in accordance with the needs and preferences of users.
• Good for beginners: PrimeXBT has launched its trading academy for users who are just exploring the world of cryptocurrency trading. The platform also offers a lot of educational and analytical materials on its official website.

Cons of PrimeXBT:

• Limited banking options: Many users in their reviews suggest that they would feel more convenient if they had the possibility to use other banking methods beyond blockchain networks.
• Lack of account type diversity: PrimeXBT prioritizes margin trading opportunities. That’s why it has only a cross-margin account type available. PrimeXBT doesn’t offer a free demo account or other options that would suit traders with different strategies.
• PrimeXBT does not operate under US jurisdiction: Other prohibited jurisdictions can also be found on the official website of the company.

The Bottom Line

To conclude, from what we’ve managed to find out during our open-source investigation based on traders’ reviews and coverage in media, we can judge that PrimeXBT is legit. Although its trading conditions might not be suitable for everyone, mainly because of high unmanageable leverage, it’s still an option to consider for many other traders with alternative opinions and higher risk tolerance.