PrimeXBT Review (2023)

What is PrimeXBT?

PrimeXBT is a Bitcoin-based platform, offering over 30+ assets including Crypto, Forex, Commodities, and Stock Indices. The company provides traders with access to top-tier liquidity and a wide range of trading tools, while maintaining security, liquidity, enabling a safe and efficient trading environment for everyone. PrimeXBT offers a robust trading system for both beginners (See the list of Best Brokers for Beginners) and professional traders that demand highly reliable market data and performance. 

PrimeXBT also claims to provide the highest leverage (See best high leverage forex brokers) across all of the available instruments and platforms and have low trading fees and benefits from the most competitive trading conditions in the market.

Licenses & Regulation

Is PrimeXBT regulated?

It is not safe to trade with it, as it is an offshore broker. PrimeXBT is owned and operated by two companies, both registered offshore. Trading Services Ltd is a Seychelles company Reg. nr. 206865 and Prime Technologies Ltd. registered in the St. Vincent and Grenadines company nr. 25369BC2019.

Both Seychelles  and St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations. Due to this, the setup cost is low and it does not regulate forex trading. Therefore, they became offshore zones for shady forex brokers such as Hugo’s Way, JustForex and more. You can also read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Is PrimeXBT a scam?

PrimeXBT does not provide any information about its location or any contact details. All the reliable and regulated brokers always provide these details and keep contact information transparent for their clients. This is one of the red flags when it comes to trading with the mentioned broker.

PrimeXBT in India

PrimeXBT has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

PrimeXBT in the USA

The United States is one of the countries that is not accepted by PrimeXBT. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for PrimeXBT, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

PrimeXBT offers Direct Crypto deposits from your personal crypto Wallets as well as alternative Deposits via Bank/Credit card/SEPA Transfers. Additionally, the in-wallet currency exchange feature allows you to exchange BTC, ETH, USDT and USDC amongst each other directly in your PrimeXBT account.

Alternative deposits allows you to buy BTC, ETH and erc20 tokens – USDT and USDC – using a Credit Card / SEPA transfers / Gift cards / Alternative Cryptocurrencies via third-party exchange services

There are two types of fees: Trade fee and Overnight financing. Trade fee is incurred each time you buy or sell assets on the market (i.e. each time you open and close a position). Overnight financing is due for any position that is carried into a new trading day (past 00:00 UTC) and is withheld from the Trading account balance.

Apps

The PrimeXBT trading engine is specially designed to execute over 12,000 orders per second. The PrimeXBT platform enables cross-margin trading and automatically performs full risk checks after every order. PrimeXBT aggregator provides feeds from multiple vendors to ensure high liquidity on all tradable assets.

Demo Account

PrimeXBT offers its traders a demo account that allows them to hone the trading skills on a free demo account. Traders can gain experience and familiarize themselves with all the valuable tools and features offered on the PrimeXBT platform, before opening a live account and investing for real in the global financial markets.

Conclusion

In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple: the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trade with such a company means the trader will believe only on the broker’s words, and of course, it is a high risk. 

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

You can also share your trading experience with PrimeXBT by commenting on this review.