Prime XBT is a Bitcoin-based derivatives trading exchange that enables users to trade cryptocurrencies and other traditional financial instruments such as Forex, S&P 500 and Nasdaq composite indices, commodities like crude oil and natural gas, and more. The Prime XBT platform has great usability and beginners can open accounts in minutes.
Having been founded in 2018 and launched in early 2019, Prime XBT is a late competitor to the cryptocurrency exchange game. Despite this relative newness, the Seychelles-registered trading company has gone on to open offices in St Vincent & The Grenadines and Switzerland. Reports on the daily trading volumes of the platform vary from $370m to $540m, with users expressing great levels of liquidity.
Whilst questions will naturally arise about any exchange that appears to be over-performing, we suspect that Prime XBT has caught the interest of so many traders because of their remarkable leveraging offers. There are now 9 crypto market pairs with a maximum leverage of 100x, which is fantastic, but it pales in significance to the 1,000x max leverage offered for forex and commodities. However, for this article, we are going to stick to the crypto.
Let’s find out the good, the bad, the fees, and the crypto-availability of this newcomer.
The Positives
For crypto-traders who want to dabble or get involved in forex, gold, oil, and other assets, this platform offers cross-functionality
The previously-mentioned 100x leverage for crypto and 1,000x leverage for forex and commodities is one of the best in the market
Prime XBT offers a KYC-free sign up process, as they promote privacy among their community
Direct purchases of Bitcoin can be made with fiat currency and low processing fees
In fact, fees on the platform are among the lowest in the cryptosphere for transactions, with charges of 0.05% for crypto (and 0.001% for Forex)
The platform provides its liquidity by pooling from a combination of 12 partner exchanges
Prime XBT claims to serve customers in over 150 countries, whilst still remaining compliant with international regulations
Covesting enabled – thanks to this partnership, traders can copy the actions of other, more experienced traders
Easy to navigate the platform and it is aesthetically pleasing at the same time, on both the website and apps (iOS and Android available)
The platform encourages an international community and is compatible with English, Chinese, Spanish, Japanese, Korean, Portuguese, Russian, and Turkish
With no hacks (as of yet) and most of the crypto stored on deep freeze, users can feel relatively safe using Prime XBT
Other security positives include:
Cloudfare’s protection against DDoS attacks
Full SSL encryption that is very difficult to intercept
2 Factor Authentication
A BTC whitelisting feature that allows BTC to only to send to pre-approved addresses in case a user account is hacked
High levels of privacy, anonymity, and cybersecurity
The Negatives
The broker aspect of Prime XBT has not yet received a license with a reputable regulatory agency
Limited crypto choices compared to some of the more well-known exchanges
Currently, Prime XBT is not available in the United States, Québec (Canada), Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan
The platform is not connected with many payment providers, so users are slightly limited with deposit and withdrawal methods
Online customer support is available through a live chat with a web agent, and nothing more
There’s no automated trading and users will not be able to trial the service with a demo account
Users are charged for holding orders past midnight (UTC)
Which cryptocurrencies can you find on Prime XBT?
Since there are only 9 market pairs for crypto, we’ve listed the pairings below:
BTC/USD
ETH/USD
LTC/USD
XRP/USD
EOS/USD
ETH/BTC
LTC/BTC
EOS/BTC
XRP/BTC
If you want to see all of the assets available for trade on Prime XBT, including commodities and forex options, visit this page.
Some Information about fees
Prime XBT doesn’t charge deposit fees, but a withdrawal will cost you 0.0005 BTC – a fairly standard bit of gas to cover your Bitcoin transaction cost.
A trading fee is charged each time you open or close a position:
0.01% for commodities
0.001% for Forex
0.05% for cryptocurrency trades
A very good breakdown of Prime XBT’s overnight financing policy can be found here.
The final say
Prime XBT is on the way up, especially when it comes to derivatives trading and high levels of leverage. As one of several exchanges that value privacy over regulations, users are protected through anonymity and the platform’s attention to cybersecurity. The exchange itself is well-designed and fairly easy to use, with advanced features available for the more advanced or enthusiastic traders. Covesting is an interesting concept and something that few exchanges offer, giving them an advantage in attracting users who want to trade successfully without having to become a crypto-expert.
Originally posted on http://bitcoincashafrica.com/
