What is PrimeXBT? A Guide on the Crypto Derivatives Exchange

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PrimeXBT is a cryptocurrency trading platform that offers access to financial derivatives like crypto futures, CFDs, and forex. 

It stands out as a dynamic trading platform, combining low trading fees with a wide range of tradable markets, with maker fees as low as 0.01% and taker fees at 0.02% for crypto futures. 

PrimeXBT’s user-friendly interface, designed for beginners and experienced traders, features over 50 technical indicators and a customizable workspace powered by TradingView.

It also offers high leverage options, up to 1:1000 for forex and 1:200 for cryptocurrencies, which can help traders amplify their returns or downside.

PrimeXBT's home page (Source: PrimeXBT)
PrimeXBT’s home page (Source: PrimeXBT)

Disclaimer: Trading cryptocurrencies and other assets with leverage involve a very high loss risk. Ensure you fully know the risks and only trade with funds you can afford to lose.

This PrimeXBT guide and review breaks down the platform’s primary features and provides insights into the PrimeXBT user experience. 

Understanding the PrimeXBT’s Offerings: Bitcoin Futures & CFDs

If you’re a relative beginner in financial derivatives, PrimeXBT’s value proposition introduces a few concepts that are worthy of a quick explanation.

PrimeXBT offers margin trading, meaning traders can use borrowed funds (leverage) to increase the size of a trading position beyond what would be possible with the trader’s own capital.

CFDs, or Contracts for Difference, are financial derivatives that allow traders to speculate on the price movements of various assets without actually owning the underlying asset; it’s more of a contract with a broker to exchange the difference in the value of an asset from the time the contract is opened to when it is closed.

CFDs on PrimeXBT (Source: PrimeXBT)
CFDs on PrimeXBT (Source: PrimeXBT)

Bitcoin futures are contracts that obligate the buyer to purchase and the seller to sell Bitcoin at a predetermined price at a specified future date. These contracts can be settled either by physical delivery of Bitcoin or through cash settlement but are typically traded on open markets before their expiration multiple times over.

These offerings are highly speculative, risky, and unavailable on highly regulated exchanges like Coinbase or Gemini. This has led traders who want leverage or derivatives to seek out platforms like PrimeXBT. 

Platforms that offer leverage, especially ones that offer up to 200x leverage, are incredibly risky and should be used by professionals who comprehend the risks. If traditional exchanges like Coinbase and Gemini are ordinary sedans, exchanges like PrimeXBT are F-1 racecars—the driver can go far fast, but if they don’t know how to drive them or the roads have unexpected turns, the results could be catastrophic.

About PrimeXBT: About the Company and Business

PrimeXBT was founded in 2018 and became a leading cryptocurrency exchange for derivative products and margin trading. 

The company is registered in Seychelles under the holding company name PrimeXBT Trading Services, but it also has offices in St. Vincent and the Grenadines, and Switzerland.

Despite its extensive services and growing user base, there is no publicly available information on specific individuals tied to PrimeXBT. The company maintains a relatively low profile regarding its founders and key personnel, which is not uncommon for some trading platforms. 

Given that the platform has operated without controversy since its launch in 2018, it may come as a surprise that the company or exchange isn’t regulated or licensed, operating out of the relatively lax Seychelles. 

PrimeXBT Review: Is PrimeXBT Legit?

PrimeXBT has earned a solid reputation in the trading community over the past six years. Its mix of low fees, diverse assets, high-leverage options, and user-friendly features makes it an attractive platform for experienced traders. 

Reviews on platforms G2, Trustpilot, ProductHunt, and Reddit generally indicate user satisfaction despite some negative feedback, averaging around 4 to 4.5 stars.

PrimeXBT’s competitive trading fees stand out, particularly in cryptocurrency futures, where the maker fee is 0.01% and the taker fee is 0.02%.

The platform supports various tradable assets, including cryptocurrencies, forex, commodities, and indices. The customizable trading interface has advanced trading tools and over 50 technical indicators. PrimeXBT execution speeds average 7.12 milliseconds.

Traders can amplify their positions with high-leverage options of up to 1:1000 for forex and 1:200 for cryptocurrencies, though this comes with increased risk. 

PrimeXBT stores funds in cold storage, provides real-time risk monitoring, and conducts regular security audits. As of writing, the platform has never been hacked or experienced a user loss of funds. 

While PrimeXBT is unregulated, its reputation has been mostly positive over the last six years, and users report generally favorable experiences with the various features described above. 

That said, it’s wise to withdraw most of your funds you don’t plan on actively trading to private wallets you control, mitigating some security and regulatory risks, and use funds on PrimeXBT explicitly for trading purposes. 

Where is PrimeXBT Available?

PrimeXBT offers its services to users in various jurisdictions, but access is restricted in certain countries, notably the United States, Japan, and Canada. 

Other restricted regions include Cuba, Israel, Iran, New Zealand, Syria, North Korea, Sudan, various U.S. territories such as Puerto Rico, Guam, the U.S. Virgin Islands, the United States Minor Outlying Islands, American Samoa, the Northern Mariana Islands, as well as Russia, Myanmar, and Saint Lucia. 

These restrictions ensure international regulation compliance and maintain the integrity of the platform’s operations globally.

PrimeXBT Signup Bonuses

CoinCentral readers can get 20% added to their deposit amount when signing up. PrimeXBT offers several bonuses tiered by deposit amounts:

  • $200 when depositing $1,000+
  • $100 when depositing $500+
  • $500 when depositing $2500
  • $1000 when depositing $5000+

Note that PrimeXBT is not available for users in the United States.

How to Use and Sign Up for PrimeXBT

If you meet the geographic requirements, you can start by making a PrimeXBT account and depositing cryptocurrency; it supports BTC, ETH, USDT, USDC, and COV.

This can be done either through a direct crypto transfer from an external wallet or exchange, or purchasing crypto using integrated services like Changelly, Paxful, and Coinify to buy crypto with your debit/credit card or bank transfer. 

The fund page on PrimeXBT (Source: PrimeXBT)
The fund page on PrimeXBT (Source: PrimeXBT)

Deposits are free and usually appear in your account after one network confirmation.

You can withdraw funds to any external crypto address. 

PrimeXBT charges 0.0005 BTC for BTC withdrawals, 0.01 ETH for ETH, and minor fees for other coins. Withdrawals are processed manually once daily, which may cause delays.

PrimeXBT’s Partnership with Covesting: The COV Token

PrimeXBT has partnered with Covesting, a licensed DLT services provider, to offer features like copy trading and yield accounts. 

The COV utility token is integrated into the PrimeXBT ecosystem, offering users several incentives, such as staking, using COV as collateral for leveraged trading, reducing or eliminating entry fees, increasing profit share, copy trader benefits, and increasing APY on yield accounts by quantity of COV held. 

Copy Trading on PrimeXBT. (Source: PrimeXBT)
Copy Trading on PrimeXBT. (Source: PrimeXBT)

For crypto.com users, this is similar to how the CRO token offers users various platform perks. 

Through its partnership with Covesting, PrimeXBT’s Covesting module allows traders to automatically mirror the trades of successful strategy managers on the platform. Users can evaluate various strategies and managers based on returns and drawdowns, and followers count on a stats dashboard and automatically copy a strategy. 

By copying a strategy, every trade from the manager’s portfolio is mirrored proportionally, based on the amount allocated. Traders can diversify by following multiple strategies or managers simultaneously. 

Strategy managers must have a minimum balance of 0.5 BTC or equivalent. Based on their portfolio performance, managers earn a profit share from follower fees.

How is PrimeXBT’s Customer Service?

PrimeXBT offers customer support through email, web form, and live chat, available 24/7 to assist traders worldwide. The live chat feature stands out with prompt response times, often within minutes, with agents who can help with account issues, trading inquiries, technical problems, and platform navigation.

While direct phone support is unavailable, which could be beneficial for urgent issues, PrimeXBT compensates with other quick-help options, like their Telegram bot connected to support staff.

PrimeXBT’s online Help Center provides FAQs and educational guides.

Overall, PrimeXBT delivers a sound customer service that has met the needs of a global user base through a combination of live chat, user base, and responsive support channels. 

PrimeXBT Markets & Trading Pairs

PrimeXBT supports a wide range of asset classes, including cryptocurrencies, forex, commodities, and indices including:

  • 40+ cryptocurrency markets, including popular pairs against USD or Bitcoin.
  • 50+ forex pairs, covering major, minor, and exotic currencies.
  • 5+ key commodities like Gold, Silver, Brent, Crude, and Natural Gas.
  • 10+ indices, including GER30, SP500, NASDAQ, HK-HIS, and more.

Final Thoughts: Is PrimeXBT Legit

PrimeXBT is considered one of the top cryptocurrency futures trading platforms platform providing access to various financial derivatives in multiple markets and currencies. 

Its low trading fees and wide range of markets make it an appealing option for advanced and higher-frequency traders who can stomach the risks and reward tradeoffs of leveraged trading. 

PrimeXBT’s mobile apps, PrimeXBT and PrimeXBT Futures Pro, allow users to trade and monitor positions on the go.

PrimeXBT’s partnership with Covesting introduces features like copy trading and yield accounts, with the COV token providing various incentives. 

Futures Trading on (Source: PrimeXBT)
Futures Trading on (Source: PrimeXBT)

Its high leverage options, up to 1:1000 for forex and 1:200 for cryptocurrencies allows traders to amplify their positions significantly, but it comes with an increased risk that can lead to significant losses, so it’s crucial to understand these risks fully and only trade with funds you can afford to lose.

PrimeXBT has remained reputable despite its unregulated status, but users should consider withdrawing funds to private wallets to mitigate security risks. 

Disclaimer: The content on CoinCentral is not investment advice and should not replace advice from a certified financial planner. The creation of the above article is a sponsored post, and PrimeXBT is an affiliate partner. The article adheres to our editorial guidelines for objective review. This sponsorship does not influence our analysis or opinions.

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CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.