PrimeXBT

PrimeXBT Review

What is PrimeXBT?

PrimeXBT is a crypto exchange operated by PrimeXBT Trading Services LLC, incorporated in Saint Vincent and the Grenadines. It was first launched in 2018. 

To be more specific, PrimeXBT is a cryptocurrency futures exchange. That means that you can essentially choose between two things: going long or going short. Going long means that you bet that a particular cryptocurrency will go up in price, and going short means that you bet that a particular cryptocurrency will go down in price. See more about the nature of this type of trading below under Leveraged Trading.

PrimeXBT Video Review

Tired of reading? No problem, check out our video review of PrimeXBT here: 

Trading Volume

On the date of last updating this review (21 January 2023), Coinmarketcap.com has listed the trading volume of the PrimeXBT-platform as "untracked". This is normally a bad sign. Coingecko.com on the other hand, stated that PrimeXBT's 24 hour trading volume was USD 464.9 million. If we would just insert that figure in Coinmarketcap's list of the biggest exchanges based on 24 hour contract trading volume, PrimeXBT would be on place no. 34. This is good, but not great.

Affiliate Program

PrimeXBT - like most other platforms focused on contracts trading - also has an affiliate program. PrimeXBT offers up to 40 (you read that right, seventy) per cent profit share deals with payouts once a week. This is a very generous affiliate program, if not even the most generous out there.

You can sign up to the PrimeXBT affiliate program by creating an account here.

PrimeXBT Slippage

Something more experienced traders are surely quite keen on knowing, are the statistics on slippage at this platform. Slippage is the difference between what price you think that you will pay in an order, and the price you actually pay. Differences between expectation and reality can for instance occur when you utilize market orders in an instrument with high volatility. These are the slippage statistics compiled by PrimeXBT for 2020:

While 74.1% of market orders being executed at quote is a great number, it is a bit worrying that the above picture was obtained from the PrimeXBT website on 12 May 2023 and that no numbers for 2021 or 2022 had then been presented.

Advantages

The exchange emphasizes a number of advantages with its platform on its website. For one, you can create an account here anonymously and the exchange requires no personal information. Also, the exchange has a multilevel security system which they argue is industry-leading. You can also do leveraged trading with up to 200x (more on that below).

Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that PrimeXBT’s trading platform is also mobile compatible. You can download it from both AppStore and Google Play.

The PrimeXBT mobile app offers traders a seamless and convenient way to access their accounts and trade on-the-go. It provides a user-friendly interface and incorporates all the essential features found in the desktop platform. Traders can enjoy advanced charting tools, a variety of order types, real-time market data, and the ability to manage their positions from anywhere, ensuring they never miss out on trading opportunities. With the PrimeXBT mobile app, traders can stay connected to the markets and execute their strategies with ease, enhancing their overall trading experience.

Leveraged Trading

PrimeXBT offers leveraged trading on its trading platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more.

For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…

This picture from PrimeXBT’s website has another useful way of showing the benefits of leveraged trading in a bull market:

PrimeXBT offers a sliding leverage system for crypto futures trading, giving traders flexibility and control over their positions. With this system, traders can adjust their leverage for each trade, allowing them to tailor their risk exposure based on market conditions. The sliding leverage system is particularly valuable in the volatile cryptocurrency market, where price fluctuations can occur rapidly. Traders can choose between isolated margin and cross margin.

When using isolated margin, traders can allocate a specific amount of their account balance to a particular trade, limiting their risk to that specific position. This approach enables traders to manage their risk more effectively by isolating potential losses within individual trades. It provides an additional layer of protection by preventing losses in one position from affecting the overall account balance.

On the other hand, cross margin allows traders to utilize the entire account balance to support their positions. This margin type provides a more comprehensive approach to risk management, as any potential losses are spread across all positions. While cross margin offers greater flexibility in leveraging the full account balance, it also carries higher risk, as losses in one position can impact the overall account balance more significantly.

For CFDs on traditional assets, PrimeXBT offers a static margin system with leverage of up to 1000x. This means that traders can open positions that are up to 1000 times larger than their account balance. This high leverage amplifies both potential profits and losses. Traders should exercise caution and have a thorough understanding of the risks involved in leveraged trading. While high leverage can generate substantial gains, it can also lead to significant losses if market movements are unfavorable.

PrimeXBT Crypto Futures

PrimeXBT's crypto futures trading platform offers an array of advanced features and tools designed to elevate the trading experience. The platform's sliding leverage system provides traders with the flexibility to adjust leverage for each trade, enabling them to tailor their risk exposure based on market conditions. With options for isolated margin and cross margin, traders have the ability to manage risk at both individual position and account levels.

Additionally, PrimeXBT's inclusion of perpetual swaps in its offering opens up new horizons for traders. These futures contracts with no expiration date allow traders to hold positions for as long as desired, eliminating the need for contract rollovers and providing greater flexibility in capitalizing on long-term market trends.

The platform supports a wide range of cryptocurrencies for futures trading, including major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple, as well as various altcoins. This diverse selection allows traders to diversify their portfolios and take advantage of opportunities presented by different digital assets.

Traders can also benefit from PrimeXBT's user-friendly interface, advanced order types, and comprehensive charting tools. The platform provides real-time market data, customizable workspaces, and various order types to help traders execute their strategies with precision and efficiency.

PrimeXBT CFDs

PrimeXBT's trading platform extends beyond cryptocurrencies, offering traders access to a wide range of traditional asset CFDs. With leverage of up to 1000x, traders can amplify their trading power and gain exposure to various traditional assets, including forex currency pairs, commodities like gold, oil, lead, copper, and indices such as the S&P 500, DOWJ, and NASDAQ.

Traders can take advantage of the platform's static margin system, which allows for significant leverage on traditional asset CFDs. This enables traders to open positions that are up to 1000 times larger than their account balance, magnifying potential profits. However, it's important to note that high leverage also comes with increased risk, as losses can surpass the initial investment.

PrimeXBT's platform provides traders with a seamless and intuitive interface to navigate traditional asset CFD trading. Advanced charting tools, real-time market data, and a variety of order types empower traders to make informed decisions and execute their strategies with precision.

Furthermore, PrimeXBT's competitive trading fees enhance the appeal of trading traditional asset CFDs on the platform. The platform charges no commissions on most traditional assets, providing a cost-effective trading environment for traders seeking exposure to traditional financial markets.

PrimeXBT Copy Trading

PrimeXBT's copy trading feature revolutionizes the trading landscape by bridging the gap between experienced and novice traders. This innovative tool allows less experienced traders to follow and replicate the trades of successful and seasoned traders on the platform, without the need for extensive market research and analysis.

Through PrimeXBT's copy trading feature, users can browse and select from a pool of accomplished traders based on their trading history, performance metrics, and risk appetite. Once a trader is chosen to be followed, their trades are automatically replicated in the user's own trading account. This means that users can benefit from the expertise and knowledge of skilled traders without actively making trading decisions themselves.

The copy trading feature not only saves time and effort for less experienced traders but also provides a valuable learning opportunity. By observing and replicating the strategies of successful traders, novice traders can gain insights into market trends, risk management techniques, and overall trading strategies. This hands-on learning experience can accelerate their learning curve and improve their trading skills over time.

PrimeXBT's copy trading feature offers a transparent and user-friendly interface, providing detailed information about the performance and trading history of the available traders. Users can easily monitor and evaluate the performance of the traders they follow, allowing them to make informed decisions about their investment strategy.

It's important to note that while copy trading can be a powerful tool, it does not guarantee profitability. Traders should carefully consider the risk associated with copying trades and ensure they have a thorough understanding of the strategies employed by the traders they choose to follow.

PrimeXBT Staking Services

PrimeXBT is also among the crypto exchanges out there that offer so called staking services. To our understanding, staking is offered at PrimeXBT for ETH, USDT and USDC. They are at least the only cryptos included in the platform’s yield calculator. The below is a printscreen using the yield calculator, where the amount to be staked has been inputted as USDT 1,000 and the staking period has been set to 180 days:

You can start staking at their platform here.

If you’re interested in learning more about staking, the various staking types and where you can get the best staking rates, you can also have a look at our extensive Guide To Ethereum Staking.

Deposit Methods and US-investors

Deposit Methods

PrimeXBT offers a variety of deposit methods to cater to the diverse needs of its users. Traders can fund their accounts with popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), USDT, USDC, and other supported digital assets. Additionally, PrimeXBT provides the option to deposit funds using fiat currencies like USD and EUR. Users can also buy cryptocurrencies directly on the platform using a debit or credit card. The platform does not have a minimum deposit requirement, allowing traders to start with an amount that suits their preferences and trading goals.

US-investors

PrimeXBT does not allow US-investors on its exchange. Moreover, investors from the following jurisdictions are restricted: Canada, Algeria, Ecuador, Ethiopia, Russian Federation, Iran, Syria, North Korea, Sudan, Israel, Japan, United States Minor Outlying Islands and American Samoa.

PrimeXBT Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at PrimeXBT, obtained on 12 May 2023:

PrimeXBT Fees

PrimeXBT Trading fees

Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders. Makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.

This exchange offers a flat fee of 0.05% per trade. According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.0618% for takers and 0.02597% for makers. Accordingly, PrimeXBT is slightly below average when it comes to its taker fees but a bit above average with respect to maker fees.

PrimeXBT Withdrawal fees

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn). It varies from cryptocurrency to cryptocurrency and is roughly 0.0005 BTC or equivalent.