PrimeXBT Review 2020: Great, But Not Perfect
The cryptocurrency trading industry is growing at an incredible rate, with new exchanges launching regularly, each doing what they can to scoop up market share and onboard and retain customers. But only a handful actually go on to achieve success.
Two years ago, PrimeXBT launched with the goal of making cryptocurrency trading more accessible, efficient, and safer than the limited options available at the time. Since then, the exchange has grown exponentially and can now be considered one of the most innovative derivative trading platforms around.
Find out why below.
What Is PrimeXBT?
PrimeXBT is a derivatives trading platform that first launched in 2018, becoming one of the first exchanges to combine cryptocurrency and traditional financial derivatives markets in a single place.
PrimeXBT sets itself apart from the competition with its privacy-sparing approach to derivatives trading and allows users to register on the platform and trade dozens of markets without needing to fork over their personal details for the privilege. As such, PrimeXBT now counts among just a handful of Bitcoin (BTC) derivatives exchanges to eschew KYC requirements.
The platform features an extensive array of derivatives markets, all of which are traded and settled with Bitcoin. Customers benefit from up to 100x leverage for cryptocurrency markets, low trading fees, and solid liquidity—with all features available to both desktop and mobile users.
|Mobile Options||Yes/Native mobile app|
|Number of markets||59 (9+ cryptocurrency markets)|
|Blocked Countries||The United States of America, the province of Québec in Canada, Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan|
|Standout Features||Covesting module, PrimeXBT Turbo|
Like many modern cryptocurrency exchanges, PrimeXBT is regularly updated with new features, trading options, and tools, helping the platform stay competitive in a rapidly changing industry while giving traders the features they need to trade safely.
The exchange features an intuitive user interface that is simple by default, but heavily customizable to suit more advanced traders. The platform provides its users with advanced charting software with a wide range of free-to-use technical indicators, drawing tools and customization options, and allows users to view up to four markets simultaneously.
Among its numerous differentiating features, PrimeXBT Turbo stands out as one of the most prominent. PrimeXBT Turbo is a unique trading product that allows users to quickly speculate whether the market will go up or down, to earn as much as a 90% profit in 30 seconds if predicted correctly.
PrimeXBT also plans to implement a ‘covesting’ feature, which will essentially allow prominent traders on the exchange to manage a fund, which other traders can invest in. The covesting feature has been in development since the exchange launched in 2018 and recently opened for beta access.
Like all cryptocurrency trading platforms, PrimeXBT charges customers a fee for opening positions on the exchange. These are relatively straightforward as far as cryptocurrency exchanges go, making it a simple task to calculate how much commission a particular trade is likely to cost you.
For its cryptocurrency markets, PrimeXBT charges a flat 0.05% trading fee, in addition to a 0.04166% daily funding rate for long positions, or 0.0555% daily funding rate for short positions.
Commodities and indices have a 0.01% trading fee with a daily funding rate of between 0.02740% and 0.02778% for long or short positions, whereas forex markets have a 0.001% trading fee, with a daily funding rate of between 0.00411% and 0.08333% for longs and 0.00411% and 0.00417% for shorts.
The full fee schedule for PrimeXBT is summarized below:
|Trading Fee||Daily Funding Rate (Long)||Daily Funding Rate (Short)|
|Commodities and Indices||0.01%||0.02740% – 0.02778%||0.02740% – 0.02778%|
|Forex||0.001%||0.00411% – 0.08333%||0.00411% – 0.00417%|
The platform does not have any hidden or surprise fees and does not charge a fee on deposits.
Nonetheless, it’s always important to consider trading fees in the context of the other features offered by the exchange. Platforms with an extremely low spread and a large variety of trading tools and options might be worth paying slightly higher fees for—depending on your individual requirements.
With that said, PrimeXBT’s fees are roughly in line with the industry standard, despite offering far more features, tools, and markets than most of its competitors.
PrimeXBT Transfer Limits
In order to ensure a safe, manipulation free trading experience for its users, PrimeXBT places some restrictions on the minimum and maximum order size, and exposure traders are allowed on the platform.
Since its BTC/USD trading pair is the most liquid market on PrimeXBT, this has by far the most flexible transfer limits, allowing traders to open positions of up to 100 BTC at once, with a maximum allowed exposure of 150 BTC. However, it also has a minimum order size of 0.01 BTC, which means it can be less accessible to smaller traders.
The other cryptocurrency markets have a much lower minimum order size, maximum trade size, and maximum exposure. A full table of the trading limits for each cryptocurrency market is provided below:
|Symbol||Min. order size||Min. order size change||Max. single trade size||Max. exposure|
|BTC/USD||0.01 BTC||0.01 BTC||100 BTC||150 BTC|
|ETH/USD||0.01 ETH||0.01 ETH||1000 ETH||1000 ETH|
|ETH/BTC||0.01 ETH||0.01 ETH||1000 ETH||1000 ETH|
|LTC/USD||0.01 LTC||0.01 LTC||1000 LTC||1000 LTC|
|LTC/BTC||0.01 LTC||0.01 LTC||1000 LTC||1000 LTC|
|XRP/USD||1 XRP||0.01 XRP||150000 XRP||150000 XRP|
|XRP/BTC||1 XRP||0.01 XRP||150000 XRP||150000 XRP|
|EOS/USD||1 EOS||0.01 EOS||15000 EOS||15000 EOS|
|EOS/BTC||1 EOS||0.01 EOS||15000 EOS||15000 EOS|
Customers trading on leverage will also need to ensure they meet the margin requirements set out by the platform. The margin requirement varies by position size and market but is set at 1% for BTC/USD positions of 25 BTC or less, increasing to 2% for those between 25 and 100 BTC, to 10% for positions of 100+ BTC.
PrimeXBT also sets similar limits for its commodities, indices, and forex. A full breakdown of these limits can be found here.
PrimeXBT Asset Selection
Unlike many cryptocurrency trading platforms, PrimeXBT also allows users to trade a wide variety of other financial instruments, including a range of popular stock indices, forex, and commodities.
As of writing, customers can choose from a total of 59 different markets, 9 of which are cryptocurrency markets, whereas more than half are forex markets. Overall, PrimeXBT is one of just a handful of platforms to support traditional asset trading using Bitcoin, allowing customers to trade anything from crude oil CFDs to Japanese Yen, and Ethereum (ETH) on a single account.
PrimeXBT customers also have the option to trade on leverage if they wish. This means they can open trades several times larger than their account balance size, multiplying the speed at which they turn a profit (or make a loss). Currently, cryptocurrencies, indices, and commodities can be traded with up to 100x leverage, whereas this is upped to 500x leverage for gold and silver spot, and 1000x leverage for forex.