PrimeXBT: Scam or Safe?
Don’t hustle with opening an account with any platform unless you make a diligent investigation into its legitimacy. The easiest way to proceed with it is to study reviews and testimonials from other traders.
While they might contain a lot of valuable information, not all of them cover all the points you would like to be highlighted since traders tend to focus merely on their own experiences. In this review, we will introduce a deeper investigation of PrimeXBT. By the end of the article, you will form your own opinion about the company based on the information displayed. So, let’s find out: is PrimeXBT safe?
|Platform||Average Score||Number of Reviews|
From the table above, we cannot say that the PrimeXBT scam can be somehow proven. This means that the majority of bad reviews are written by those who suffered losses not because of the platform’s poor credibility or because of bad conditions, but rather due to a lack of experience in the highly volatile cryptocurrency market. That’s why we suggest that before you enter this market, you should consult with specialists. PrimeXBT seems to have such an option on display.
Here are some examples of average testimonials:
Chris F. on G2: “On the PrimeXBT platform, the support service is very professional. Thank you very much for answering my questions in a professional manner. I am very satisfied & I will stay here for a long time.”
Max J. on Sitejabber: “I use a the PrimeXBT mobile trading app from my smartphone. What I want to say by this PrimeXBT review is that the interface of the platform is quite simple and clear.”
What Investment Products Are Available on PrimeXBT
PrimeXBT stands out from the crowd of regular cryptocurrency exchanges if you take a look at the market exposure. Most of them offer only cryptocurrency pairs, whilst PrimeXBT gives the opportunity to enter more markets:
- Cryptocurrencies: With PrimeXBT, traders can speculate not only on BTC prices. PrimeXBT offers a bunch of altcoins, including Ethereum, Litecoin, and Ripple. On the whole, you can trade 41 different crypto pairs. All pairs are paired to the USD, which adds stability.
- Commodities: If the market of digital coins fluctuates at really high rates, it might be useful to find a haven in another, more stable market. Luckily, with PrimeXBT you can access the market of row materials. It offers great stability and liquidity. Although the profits might be smaller, the risks also decrease, especially with such stable commodities as gold and natural gas.
- Indices: Trading such stock indices as NASDAQ, HK-HSI, DOWJ, S&P 500, and more is a great option for those who want to gain exposure to the stock market but don’t want to become dependent on the performance of specific companies and their shares. Investing in collections of such securities allows for diversifying risks and managing your funds more wisely.
- Forex: If you want to trade with low commissions, foreign exchange is what you need. With PrimeXBT, you can make investments in either minor, major, or exotic pairs. On the whole, 51 currency pairs are available.
PrimeXBT Copy Trading: Your Chance to Make Passive Income
With the advancement of technologies and trading algorithms, different trading systems introduce interesting features and solutions to make the trading process more automated. PrimeXBT is no exception. With it, both advanced and inexperienced traders can benefit from copy trading.
Copy trading is a feature that allows one trader to duplicate the profitable positions of another trader. On PrimeXBT, this feature is automated, meaning you won’t be able to make adjustments to the strategy once you start following a trader. This is what set PrimeXBT copy trading features apart from social trading solutions on other platforms. On the one hand, it makes the process more smooth, but on the other hand, you lose control over the positions duplicated to your account.
The PrimeXBT feature is available through the Covesting copy trading module. Let’s take a closer look at it.
Covesting.io trading module
Covesting.io isn’t just one more feature of PrimeXBT. On the whole, this is a completely separate startup that has its own capabilities and is supervised by another regulatory body. This adds one more layer of legitimacy to PrimeXBT and answers the question is PrimeXBT safe for many users.
If we take a closer look at the specific peculiarities of the Covesting copy trading module, we should specify the following advantages:
- Informative Statistics for Analyses: It’s not a complicated task to choose an efficient strategy from Covesting because it provides really advanced statistics about traders. On the whole, there are more than 400 active users there. Using the systems’ filtering system, you can sort them out by the performance history and recent results.
- Automated Execution: Covesting isn’t a social trading platform — if one decides to share his strategy, no adjustments from another user will be made. All the positions and performance will be duplicated to the trading account in an automated mode.
- Covesting is Free to Use: One of the biggest advantages of the Covesting copy trading module is that neither copiers nor signal providers pay fees before they place any orders. The commission is based on performance. One profitable trade brings 70% of profits to a copier and 20% goes to the signal provider.
Is it Available to Trade PrimeXBT Through a Smartphone?
In today’s fast-paced world, traders look for opportunities to stay connected to their trading accounts all the time. Mobile applications seem to be the most convenient solution in such cases. Luckily for PrimeXBT clients, they also can access their trading accounts through smartphones.
The PrimeXBT app is available for both iOS and Android devices. These apps don’t limit traders’ exposure to financial markets. One can speculate on 41 crypto-to-USD pairs, 51 forex pairs, 5 commodities, and the most popular stock indices. The functionality of mobile platforms is also quite rich. You can access the same indicators, and analytical tools, and duplicate the positions of other traders through the Covesting copy trading module.
How PrimeXBT Protects Your Data and Funds
Is PrimeXBT safe from the point of view of data and asset security? We tend to say that yes due to the fact that the security framework of the trading platform is enhanced with the following measures:
- Two-factor authentication (2FA): This feature isn’t mandatory, which makes PrimeXBT login faster if you want. However, it’s better to add this one more layer of security to ensure that no one will access your account without your authorization.
- Advanced encryption: The trading platform is web-based but we haven’t had any information about the system hacks. This means that the platform implies really efficient SSL/TLS encryption protocols.
- Cold wallet: What makes these solutions the most efficient way to store assets is that they aren’t connected to the internet. This limits their exposure to the maximum extent, providing access only to their actual owners.
- IP whitelisting: Unauthorized entrance can be prevented with this feature. In a nutshell, if a certain IP address isn’t added to your whitelist, no one with that address won’t be able to access your account.
These are just the key features that make PrimeXBT option a secure place to store and operate digital assets. Other security measures implied by the platform are quite basic across the industry of exchanges.
So, we’ve already reviewed the security aspect of the PrimeXBT trading platform, based on which we can assume that PrimeXBT is legit. But what about actual trading conditions? Let’s start with the review of fees.
Actually, PrimeXBT offers quite a loyal pricing policy for both advanced and novice traders. Just consider that on average, crypto exchanges charge a 0.08% commission for trading cryptocurrency pairs. Whilst PrimeXBT lowered this percentage to just 0.05%.
The comparison of trading fees across different asset classes on PrimeXBT is available in the table below:
Is Margin Trading Profitable with PrimeXBT’s Leverage
Margin trading on PrimeXBT is praised by some traders and criticized by another. Many users love that they can leverage their positions up to 100x and maximize profits even with minimum exposure to the funds. But on the other hand, leverage across different assets is fixed and you cannot manage it to make it lower, which makes many traders anxious that they will suffer bigger losses in addition to the possibility to encounter better profits.
Although leverage is fixed, it varies for different assets. See the table below to compare leverage for the most popular assets on the platform.
|Asset||Min. Order Size||Max Leverage|
Deposits and Withdrawals
Although PrimeXBT offers exposure to a different market, all operations are processed in digital coins. Transactions on the platform take place within the ETH, USDT (erc20), or USDC (erc20) networks. The minimum deposit to start trading should be as low as equivalent to 0.001 BTC. If you want to deposit from a fiat payment method, you should use special converters.
Many authors of negative reviews criticize PrimeXBT for the long processing of withdrawals. However, there is an adequate explanation for this: a withdrawal from cold storage require time to be processed. That’s why requests are processed within a specific timeframe – between 12 UTC and 14 UTC.
Pros and Cons
- Exposure to a wide diversity of markets, including crypto, foreign exchange, stock, and commodities.
- High leverage of up to 100x available for margin trading.
- The possibility to duplicate advanced trading strategies from more experienced users from the Covesting module.
- Low trading fees.
- Advanced security measures.
- Highly customizable main dashboard.
- PrimeXBT isn’t available in the US.
- Lack of educational resources.
- The necessity to access third-party resources for advanced analyses.
The Bottom Line
The article provides an in-depth review of PrimeXBT, a cryptocurrency trading platform. We’ve discussed the legitimacy of the platform by examining various aspects, including security, conditions, and support. We also highlighted the different investment opportunities displayed on PrimeXBT, such as digital coins, commodities, indices, and forex. Furthermore, we told about the solution for copy trading allowing clients to duplicate the profitable positions of traders with more advanced insights. Overall, PrimeXBT is a secure system for speculating on products across markets, with a variety of investment options and copy trading features that can benefit both novice and experienced traders.
Can I trade with crypto trading robots on PrimeXBT?
PrimeXBT doesn’t include such functionality. However, automated trading is available. You can copy signals not from robots but from other traders who share their strategies.
What can be PrimeXBT accused of?
In the media, we haven’t managed to find any mention of PrimeXBT being involved in some scandals of fraudulent operations. That’s why we suggest that all the negative reviews about the platform are caused by poor personal experiences.
Can I trade altcoin on PrimeXBT?
Yes, PrimeXBT offers all the most popular altcoins paired with the U.S. Dollar.