PrimeXBT Exchange : Pros, Cons, Fees, OTC, 3 Types Of Assets

Bitcoin exchange has taken over the online trading with a wave of innovation and advancements, making worldwide trade just a matter of clicks. Many companies stepped into this business in providing a platform that people all around the globe could use for their benefit in trading and would help them grow as well in their businesses.

But this idea of innovation came with a lot of complexities as well. People had to be professionals or experts in this field to access any such website for their use.

Considering this fact, beginners would not even try to use any such platforms and professionals on the other hand would find it quite time consuming.

Traders nowadays are fond of using methods with least complications and maximum exchange support. Such features are much more appreciated when you talk about cryptocurrency Bitcoin exchange as who won’t like the advantage of making trades just in a matter of minutes with the easiest steps of all. 

For this purpose, PrimeXBT Exchange gained quite the popularity in very less time duration.

This platform is one of the newly introduced ones but has gained enough popularity among both the beginners and professional traders. It is safer than many others and serves to be quicker than most too.

Not only that, PrimeXBT Exchange allows easy interface for beginners to use along with complex features for professionals as well to benefit from. Even with such a software, the system runs smooth and fast enough to cater the traders from almost all over the world.

Here, in this PrimeXBT Exchange review, we will talk about everything you would want to know to get started.


What Is PrimeXBT?

In today’s world of cryptocurrency being the main mode of exchange, many companies have stepped forward to serve as a main platform where such exchanges can happen with ultimate facilities and transparencies. 

PrimeXBT Exchange is also one of the online platforms that serve as a main source of Bitcoin exchange and transfers. It offers cryptocurrency trade for more than 150 countries worldwide.


Can I Use PrimeXBT In The US?

As we discussed this platform being used in more than 150 countries from all over the world, it is a bit unfortunate that traders from the United States of America are not very welcomed here.

In short, if you are from the US and wish to trade through PrimeXBT Exchange, then we would like to notify you that you won’t be able to do so as the company has certain restrictions for not accepting traders from countries like the USA, a province of Canada etc.


Does PrimeXBT Do KYC?

One of the many features that attract traders to use this platform is that PrimeXBT does not require its traders to go through KYC checks. Very few platforms allow such checks on their traders.

Hence, while using PrimeXBT Exchange, you won’t have to go through long and tiring forms of signing up on this platform for the first time.


Where is PrimeXBT based?

PrimeXBT Trading Services was founded in 2018 in a country named Seychelles of East Africa. Even with the headquarters being situated here, the company runs thousands of traders from all over the globe flawlessly.

Later in 2019, the company holders opened their new offices in St. Vincent and the Grenadines and shifted the headquarters to Switzerland.

Currently, the company runs on a network of traders from almost 150 countries around the world.


Who Founded PrimeXBT Exchange?

Exact name of the person who owns this company hasn’t been disclosed anywhere as they still struggle with legal licensing. It was founded under the name PrimeXBT Trading Services, which later got popular with PrimeXBT exchange.


PrimeXBT Exchange Overview

As an overview, the company currently runs with almost 40 employees and a daily trade of 540 million dollars. It has gone much more popular than it was expected to in a short period of time due to its reliability, fast trading and alot more.

Even with a limited team and restricted area of offices and headquarters, they’ve managed to pull the trading experience this far with a rising threshold of success.

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PrimeXBT Exchange Review

Upon usage, several features come into notice. Traders tend to use a platform that has easier accessibility, great customer support and up-to-date exchange policies. In PrimeXBT Exchange review, we’ll be highlighting some of these features which make this platform stand out in the world of cryptocurrency exchange.


User Interface And User Experience

Even though this platform is not a regulated broker for now, they still manage to provide legal services and authentic experience. While using PrimeXBT, you won’t have to worry about this platform being legit or not, because it totally is!


Ease Of Use

Ease of use is one thing that every trader longs for. No party aims to invest a lot of time into technical complications of using a website for crypto exchange. Hence, PrimeXBT Exchange has tried to make trade faster and easier in almost every aspect.

For the first time users, sign up won’t take more than 40 seconds of your time and you’ll be good to go. Also, you can have 50 plus markets from more than 150 countries worldwide on your fingertips with easy log in and trading services. 

Not only that, they also come with a free PrimeXBT Exchange app installation for you to keep a track of your trades and exchanges no matter where you are.

Both the website and the app play their part in easing the method of trading. With easy pop up windows, drop down menus and step to step guide, you can make transactions, exchange, trades and even withdraw your amount in just a matter of minutes.

Even with such an easy way of usage, the company has not compromised on the identification and security checks. Each move you make has to be verified through your email or any other security info that you have added. This ensures a double-check over your activity and protects thefts and illegal activities.

So the main idea of making this platform user-friendly was not to compromise the security, but to enhance the double-check procedure enough which would not require the user to spend hours over getting done with a single procedure.


Customer Support

In case of any difficulty, assistance or even guidance regarding how to trade margin PrimeXBT Exchange, the customer care team is 24/7 available with friendly staff to guide you through every step that is worrying you.


Exchange Fees

Leading platforms who offer derivatives trading in crypto exchange charge almost 0.075% which is much higher than what PrimeXBT Exchange Fee  is offering you. The flat fee of 0.05% per trade has made a drastic influx of traders to use PrimeXBT Exchange trading pairs.


Pros And Cons Of PrimeXBT Exchange

Among all the advantages that we’ve been discussing here, one cannot overshadow the cons which traders are also at risk of experiencing.

To keep this PrimeXBT Exchange Review fair for our readers, we’ve enlisted the most experienced pros and cons of using this platform for your cryptocurrency exchange.


Pros Cons
Supports other assets too along with cryptocurrencies, like indices, forex and commodities. More leverage can result in loss to new traders on this platform.
Easy and advanced user interface with high liquidity as compared to other platforms. Less options for Withdrawals and Deposits.
Bigger room of leverage for traders. High range set for minimum trade limits.
Advanced features of managing trades online. Ebing a non-regulated Broker platform poses a risk of authenticity for major trades.


What Features Make PrimeXBT Exchange Unique?

This platform holds a number of advanced settings and features which make online order analysis, account management and technical customization very easy even for beginners in this field.

Along with that, traders can enjoy PrimeXBT Exchange Promotions which are offered to some of the promising traders of this platform.


PrimeXBT Exchange Android and iOS Apps

After successfully running the website, the company came up with an announcement of launching PrimeXBT Exchange App for Android users soon before November 2019 and as per the commitment, the app was a total hit.

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Soon after the launch of this android app, only a month later the company launched their iOS version of the same app for iPhone users all around the globe.

Till date, the apps have been updated, upgraded and are flawless in use worldwide.


How Long Does PrimeXBT Take To Process Funds?

In a Bitcoin exchange, it usually takes around 40 minutes for completion through PrimeXBT. It follows a proper 3-block confirmation to process your exchange.


Hedging In PrimeXBT Exchange

PrimeXBT not only allows you an easier way of trading, but it also adds to the accessibility which you won’t be able to experience anywhere else. 

With PrimeXBT Exchange, you can hedge long and short positions with a leverage of almost 1:100. This feature allows you to increase your profit on several markets.


Is PrimeXBT Exchange Legit? Is PrimeXBT Exchange Regulated?

To clarify once more for our readers, it is our responsibility to mention that PrimeXBT Exchange is a non-regulated broker which still has to go through the legal regulatory procedures.

Otherwise, the website is legit and has been aiding trades worldwide with a range of more than hundreds of millions.


Is PrimeXBT Decentralized?

Decentralized systems are known as a mode of recording transactions through blockchain mechanism. Bitcoin is a pure example of decentralized exchange and PrimeXBT is a platform that deals in bitcoin cryptocurrency trading.

In short, PrimeXBT runs over the principle of decentralized exchange.


What Countries Can Use PrimeXBT Exchange?

Almost all of the leading, developing and developed countries now opt of PrimeXBT for Forex, indices and cryptocurrency exchange. Some regions such as the United states of America and the province Quebec of Canada are still not in the list of regions which can access PrimeXBT exchange services.


What are PrimeXBT Exchange fees?

PrimeXBT has been on the roll since its launch because of the advantages it offers for worldwide trade. It offers a flat 0.05% fee per trade which is lower than almost all of the leading crypto exchange platforms. 

This enables the traders to make more profit by paying a negligible amount as PrimeXBT exchange funding fee.


What is PrimeXBT token?

PrimeXBT now introduces COV Token which is an Ethereum based ERC 20 token. This not only enhances the utility of trades but it also implements the benefits that covesting is offering for the trade community.


PrimeXBT Token Supply

PrimeXBT’s token supply is led by Covesting through the Covesting Trading module on PrimeXBT platform. The traders can now access numerous utilities offered through Covesting.


How Does PrimeXBT Exchange Leverage Work?

Leverage system of trading allows you to make money even on the fall of the price of any asset. This gives you a maximum margin of profit and a calculated leverage of 100:1 for crypto pairs and a leverage of over 1000:1 for Forex pairs on PrimeXBT exchange.

This way, you can easily short an asset by having even a minimum of 1 capital for crypto pairs.


Is PrimeXBT Exchange Safe?

Many new traders hesitate on trying a new platform for something as sensitive as trades and money exchange. It is justified if you want to make sure that the platform you are choosing is 100% safe or not.

For traders who are looking forward to trying PrimeXBT exchange as their new route of trades need not to worry at all, as the platform is completely safe with no prior complaints of illegal or unnotified activity with any trader in any part of the world.


How Do I Withdraw Money From PrimeXBT Exchange?

The steps of withdrawal of an amount from PrimeXBT is as easy as any other platform which deals with online transactions and withdrawals.

Follow the below mentioned steps to withdraw your Bitcoins in your desired target account.

  1. Go to the dashboard of your account.
  2. Click “Withdraw” for the type of currency enlisted which you want to withdraw.
  3. A pop up window will appear which would ask the address of withdrawal for your amount. (Select an existing one or you can add a different one as well).
  4. Now enter the amount of Bitcoins you wish to withdraw.
  5. Then click “submit to withdraw”.
  6. An automated confirmatory email would be sent to your given email address for confirmation that it was you who processed the withdrawal.
  7. Open your email and verify the withdrawal request.
  8. The withdrawal will then be processed.
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PrimeXBT Exchange Withdrawal Fees

PrimeXBT charges a negligible withdrawal fee in the form of Bitcoins when you process your withdrawal. The withdrawal fee applies per withdrawal and is 0.0005 BTC.

In other scenarios, transaction fees may also be applied and if you are shifting BTC to your trading wallet in PrimeXBT then a Miner’s fee would also be charged. 


What Coins Are On PrimeXBT Exchange?

PrimeXBT Trading works basically on cryptocurrencies, commodities and indices.

Following are the given forms of each of these categories which can be used for trades and exchanges on this platform as assets.

Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ripple and EOS.

Commodities: Gold and oil etc.

Indices: World’s famous indices can also be used here as a means of trade.


Who owns PrimeXBT Exchange?

PrimeXBT exchange is owned by a company named PrimeXBT Trading Services with a registration number of 148707. This company is registered in Seychelles and the headquarter was later moved to Switzerland.


How Can I use PrimeXBT Exchange From USA?

PrimeXBT corporation is currently in process of establishing better regulations for its initiation of trading in USA as well but for now, traders from USA are not able to use this platform for either trading or exchange purposes.


PrimeXBT Exchange OTC Trading

OTC Trading (Over-the-counter trading) allows involved parties to do trading of assets without a formal entry on a public exchange platform. This involves an over-the-counter broker which makes things easier for you and allows transactions of as much as 100,000 dollars.

This feature is available as a part of PrimeXBT exchange facilities from which traders can benefit.


PrimeXBT Tier Fee Program

This is a program introduced by the company to benefit traders who exchange a mass volume on this platform and are a source of major activity for them.

This tier program gives certain discounts and offers which you can redeem over a 30-day period of trading volume limit.

Such as:

An exchange of 300 to 600 BTC will get you a discount of 25% on PrimeXBT based on given rates.

An exchange of 600 plus BTC can enjoy a discount of 50% on the current fee offer.


Final Verdict – PrimeXBT Exchange Review

No matter if you are new into trading and exchanges or a professional in this business since years, this platform named PrimeXBT Exchange will provide all the trading essentials that you are looking for.

Be it easy usage, accessible options, low fees, high liquidity or any other facility that you want to experience, PrimeXBT is the place where you can find all of it.

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