The key rule any trader must adhere to is to find out whether a trading platform is safe and legit before opening a trading account. This might be challenging research but it’s necessary to make sure that you won’t cooperate with fraudulent elements and participate in money laundering activities.
For that reason, studying testimonials from other clients is quite a wise step you can take, so your potential skepticism about whether PrimeXBT is legit or not is understandable to us. Nevertheless, don’t make decisions too quickly. Take your time to learn not only traders’ reviews but some information security measures and trading conditions. In order to do this, you don’t need to scroll multiple resources — all the key details are explained in this PrimeXBT review. Let’s get down to business!
What Do Clients Say in Their Testimonials?
| Platform | Average Score | Number of Reviews |
| Sitejabber | 4.8 | 88 |
| G2 | 4.4 | 28 |
| Capterra | 5 | 32 |
| Reviews.io | 4.7 | 120 |
Is PrimeXBT safe? This is the priority issue most traders are concerned about when looking for testimonials from other participants. Considering the average scores current clients awarded to the exchange, we can conclude that the security concerns aren’t quite relevant to them at the moment. We can also see this from actual reviews available on some of the most reputable review websites, such as Capterra, Sitejabber, Reviews.io, and others.
Ron Benlheo O. on Capterra: “What I have to admit is that PrimeXBT is one of the safest trading platforms I have ever worked with. The features of cold storage and 2FA work perfectly. What I would like to improve is the fixed leverage.”
Shane Hayes on Reviews.io: “I enjoyed using PrimeXBT from the very first day — there was no verification (which always takes a lot of time) but all security measures were in place. The only thing I would change is the diversity of crypto pairs.”
What Diversification Opportunities are Offered
Diversification is one of the key terms in the world of investments. It refers to the opportunity to put different assets in the investment portfolio. While most crypto exchanges offer diversification only among altcoins, PrimeXBT goes beyond the market of digital assets. As a PrimeXBT trader, you can include the following instruments in your trading portfolio:
- Cryptocurrencies: Some exchanges offer their traders the possibility to speculate on mainstream crypto pairs. While this approach might bring gains, such strategies often fail because of a lack of liquidity in newly appearing assets. PrimeXBT offers a different way — only 41 crypto pairs but those that include well-established and reliable digital coins, such as BTC, ETH, LTC, XRM, and so on.
- Commodities: Extreme volatility of virtual money is often the reason why investors try to diversify their portfolios. The commodity market is one of the safest places to look for diversification options. Raw materials serve as safe havens during periods of economic crises and market volatility.
- Indices: The advantage of stock indices is that their performances don’t depend on the revenue of specific companies or the success of certain startups. The prices of indices fluctuate at extreme rates quite rarely, that’s why the possibility to invest in them is quite a good thing, especially for clients of the cryptocurrency exchange. With PrimeXBT, you can benefit from NASDAQ, HK-HSI, DOWJ, S&P 500, and other indices.
- Forex: For traders seeking low commission rates, the forex market is an ideal choice, and PrimeXBT offers just that. With a wide range of currency pairs available, including minor, major, and exotic pairs, traders have ample opportunities to invest. In total, PrimeXBT provides access to 51 different currency pairs, ensuring a diverse and dynamic trading experience.
What are Automated Trading Opportunities Offered?
One of the disadvantages of PrimeXBT mentioned in many reviews is that it doesn’t offer automated algorithms, trading bots, or account management services. This means that traders have no opportunity to earn by only making deposits and without doing any research. Nevertheless, this doesn’t mean that there are no passive income opportunities.
One of the ways to generate passive income with PrimeXBT is to set up a copy trading feature. This is a special module, using which one can duplicate deals of more experienced traders and earn a certain percentage from profitable trades. These are the basic concepts of any copy-trading feature. Let’s find out about how it works on PrimeXBT more specifically.
Covesting.io trading module
There are two ways for crypto exchanges to enable copy trading:
- Develop a unique trading platform with trade duplicating enabled.
- Provide traders with the possibility to access copy trading features of the third-party resource.
PrimeXBT choose the second option, that’s why copy trading services are available through the Covesting module, which is often confused to be just one of the PrimeXBT features. In fact, Covesting.io is an independent provider of trading services with its own technical features and security measures. You can only attach your PrimeXBT account to the Covesting module and utilize the module’s capabilities to copy from around 400 active strategies.
An additional layer of security measures from Covesting.io dispels the concerns on whether PrimeXBT is safe. In addition to this, one’s trading experience becomes more sophisticated thanks to the following features:
- Relevant Statistics: Covesting isn’t a social trading platform — you cannot make any adjustments, only follow and copy the deals of others. This becomes more efficient thanks to the relevant statistics that are available for screening, filtering, and monitoring 24/7.
- Automated Processing: From the moment you click the “Follow” button, you make your copy trading account attached to the chosen strategy. From that point, all the deals made there will be automatically duplicated to your trading account.
- No Additional Commission: Some copy trading modules require a monthly subscription, regardless of whether the copied strategies bring profits or not. Covesting has a different fee policy: revenue from every profitable trade is distributed among the signal provider, platform, and copier — 20%, 10%, and 70% respectively.
- Available on your Smartphone: Since PrimeXBT can be accessed from both iOS and Android devices, the Covesting module can also be utilized from mobile phones. This enables users to monitor their signal providers’ activity whenever they find it necessary.
What Are the Protection Measures
From the legal information in the official documentation, we can find out that PrimeXBT is legit, at least under the regulations of specific jurisdictions. Nonetheless, proper registration doesn’t make a cryptocurrency trading platform safe. For this, it has to enable a specific set of security measures, which, in the case of PrimeXBT, include the following:
- Two-factor authentication (2FA): This feature is activated to secure login into one’s trading account. While PrimeXBT doesn’t make this feature mandatory for everyone, we recommend you switch it on to ensure that access to your trading account cannot be obtained without you knowing. 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.
- IP whitelisting: To put it simply, PrimeXBT ensures that its trading accounts can be accessed only by the same users from the same devices. If you want to have the possibility to access your trading account from another IP address, reach out to the support team to add this address to your white list.
- Cold Wallet: Also known as cold storage, cold wallets are the most sophisticated tools to store digital funds. They can be accessed only physically by those who obtain a seed phrase. All other attempts to access will never be authorized.
What are PrimeXBT Fees
| Asset | Market | Commission |
| BTC/USD | Crypto | 0.05% |
| ETH/USD | Crypto | 0.05% |
| EUR/GBP | Forex | 0.0001% |
| EUR/USD | Forex | 0.0001% |
| USD/JPY | Forex | 0.0001% |
| NASDAQ | Index | 0.0001% |
| EUR50 | Index | 0.0001% |
| CRUDE | Commodity | 0.0001% |
| NAT.GAS | Commodity | 0.0001% |
| GOLD | Commodity | 0.0001% |
What are Margin and Leverage on PrimeXBT
| Asset | Min. Order Size | Max Leverage |
| ADA/USD | 0.01 ADA | 1:20 |
| BNB/USD | 0.01 BNB | 1:10 |
| BTC/USD | 0.001 BTC | 1:200 |
| DOGE/USD | 0.01 DOGE | 1:20 |
| ETH/USD | 0.01 ETH | 1:200 |
| ETH/BTC | 0.01 ETH | 1:200 |
| LTC/USD | 0.01 LTC | 1:50 |
| SOL/USD | 0.01 SOL | 1:20 |
| XRP/BTC | 0.01 XRP | 1:20 |
| SHIB/USD | 100000 SHIB | 1:5 |
What Blockchains are Available to Deposit and Withdraw Funds
The number of blockchain networks within which you can make a deposit to your PrimeXBT trading account is limited to BTC, ETH, USDT (erc20), and USDC (erc20). If you want to make a deposit in fiat currency, you will need to use a special converting service to convert your dollars into 0.001 BTC.
The same payment options are relevant to the withdrawal procedure. Since you will withdraw from a cold wallet, you need to realize that the requests are processed within the timeframe of 12 UTC and 14 UTC, which is why the requests made beyond this timeframe will be satisfied only the following day.
What are the Benefits and Pitfalls of the Platform
Pros:
- The possibility to diversify your investment portfolio with cryptocurrencies, commodities, indices, and currency pairs.
- High leverage of up to 100x increases your buying power.
- Copy trading feature available for free.
- Cold wallet and IP whitelisting enabled.
- Highly customizable main dashboard.
- The possibility to trade from a mobile app.
Cons:
- Lack of technical analysis tools for traders with advanced expertise.
- A limited number of blockchain networks for financial operations.
- Non-available in the US.
What is Our Conclusion?
PrimeXBT is legit. You might not like its trading opportunities, lack of advanced analytical instruments, and lack of deposit methods, but you cannot dispute the fact that the platform has all the necessary security measures in place, which ensure a smooth and safe trading experience for users with different levels of expertise.
FAQ
Does PrimeXBT offer algorithmic trading?
No, also the copy trading feature on PrimeXBT is automated; it’s not the same as algorithmic trading.
Can I participate in the PrimeXBT affiliate program?
Yes, on the specific page on the PrimeXBT official website, you can find detailed instructions on how to become a PrimeXBT affiliate.
Can I trade altcoin on PrimeXBT?
Yes, PrimeXBT offers all the most popular altcoins paired with the U.S. Dollar.