PrimeXBT Review - What to Expect from the broker

PrimeXBT is a fairly new crypto and CFDs broker that launched its services in 2018. This broker prides itself on providing traders all over the world with cutting-edge financial technology. Today, this broker boasts a client base of over 1 million traders from over 150 different countries. These traders have access to over 100 different market products supplied by the broker. In this PrimeXBT review, we are going to explore the various features of the broker to determine what traders can expect from it. Specifically, we are going to be looking at aspects such as the trading platform available, the range of market products, regulatory information, and the fees involved when trading, among others.

Basic Information About PrimeXBT

• Website Address: PrimeXBT.com
• Instruments: CFDs on forex, indices, commodities, and cryptocurrencies.
• Minimum Deposit: No minimum deposit. (Recommended starting deposit $50)
• Demo Account: Yes
• Trading Platforms: PrimeXBT WebTrader, PrimeXBT App.
• Methods of Deposit and Withdrawal: Credit/Debit cards, Cryptocurrencies, Volet, and Perfect Money.

PrimeXBT Trading Platforms

The trading platform that a trader uses to place orders plays a crucial role in shaping their overall trading experience. In the fast-paced financial markets, traders need a platform with fast execution speeds to ensure they do not miss out on a trading opportunity. PrimeXBT provides traders with two main trading platforms which ensure that investors can trade from whatever device they have.

The PrimeXBT WebTrader is a simple, easy-to-use platform with a variety of advanced features. PrimeXBT WebTrader is fully customizable with resizable widgets allowing traders to create their own experience. Its TradingView integration allows traders to access the advanced charting features offered by the premier charting platform. Better yet, there is no download needed as this platform is available fully on the web.

On the other hand, the PrimeXBT App allows investors to trade on the go on their mobile phones. It is available for both iOS and Android devices. The app provides full functionality, allowing users to manage their accounts, place trades, and monitor the markets from their smartphones or tablets. Its user-friendly interface makes it suitable for traders of all kinds.

Assets Available On PrimeXBT

PrimeXBT offers a wide variety of assets to its clients to invest in. On this broker site, traders have access to more than 100 different market products which include the following:

• Forex - PrimeXBT allows its traders to access a wide range of forex CFDs including those of majors, minors, and some exotics. In total, there are over 45 different currency pairs available on this broker site.

• Indices - This broker also allows its traders to invest in index CFDs for a variety of indices. Some of the popular indices that traders will find on this broker site include the NASDAQ, Wall Street 30, the US PX500, and UK 100, among others.

• Commodities - On PrimeXBT, traders can diversify their portfolios by investing in a variety of commodity CFDs. These include Oil, Gold, Copper, Natural Gas, and Zinc, among others.

• Cryptocurrencies - Finally, traders on the PrimeXBT trading site can trade over 40 different crypto pair CFDs.

PrimeXBT Fees and Spreads

The fees that apply when trading plays a major role in determining the overall trading experience of an investor. Quality brokers understand that keeping the trading fees low helps traders to maximise their earnings. On PrimeXBT, the spreads are very low starting from a mere 0.1 pips with no commission on forex. These are some of the lowest spreads traders can find on any broker site. 

However, this broker also charges swap fees for any position left open overnight. The amount charged depends on the asset being traded and the size of the position. Positively, the broker transparently provides the formula to calculate the swap fee that applies to the different asset classes it offers.

PrimeXBT Trading Contests and Education Section

PrimeXBT has one of the most unique features on any broker site. Here, traders can participate in trading contests that are free to join. These trading contests are held weekly and involve trading with virtual funds. While investors trade with virtual funds, they stand to win real cash prizes of up to $10,000. However, note that cash prizes are not available for withdrawal. They are only made available as tradeable bonuses. Either way, this feature is a plus for traders. It allows investors to practice their trading strategies in a risk-free environment and possibly earn some extra money to put into their trading.

It goes without mentioning that an education section on a broker site is immensely important for traders of all experience levels. For new traders, they get a nice introduction to the world of trading to kickstart their careers. On the other hand, more experienced traders can use such a section to add new strategies and concepts to their arsenal. 

PrimeXBT provides its traders offers a collection of educational resources to help traders improve their skills and knowledge. There are a ton of articles available to traders covering a variety of topics. The content is informative and well-written, providing valuable insights for traders of all levels.

PrimeXBT’s Copy Trading

Copy Trading is an innovative way to allow traders to capitalize on the expertise of other investors. It allows traders to replicate the moves of experts in the market and potentially earn alongside the experts. PrimeXBT provides the technology that makes copy trading easy and hassle-free. Investors can use this technology to replicate the moves of fellow investors who have a successful track record trading the markets. This makes it possible for new traders to participate in the market while still learning the ropes. In this case, they can potentially earn a profit while learning from the very best in the market. Moreover, traders whose schedules do not give them time to analyse the markets can still trade by copying the trades of others.

PrimeXBT’s Customer Support

PrimeXBT offers a customer support system to assist users with any issues or questions they may have. The support team is available 24/7 through two main channels. The live chat feature allows users to get immediate assistance from a customer support representative. This is the quickest and most convenient way to resolve urgent issues. Traders can also reach the customer support team via the email [email protected]. The response time is generally quick, and the support team is knowledgeable and helpful. 

PrimeXBT’s Credibility

The credibility of a broker is by far the most important thing to consider before investing any money in it. To determine the credibility of a broker, traders usually look at two things, the regulation and the customer reviews about the company. PrimeXBT is registered with the Financial Crime Investigation Service in Lithuania and is also a registered entity in Santa Lucia. But that’s it. PrimeXBT operates in a largely unregulated space, which may be a concern for traders. Having regulations from a reputable financial watchdog would go a long way in improving this broker’s reputation.

On a positive note, this broker has a solid rating on Trustpilot. The broker has an impressive 4.4-star rating out of 5 after 130 different reviews. While this is a small sample, it suggests that most of the traders on this broker site are satisfied with its services.

Final Verdict

PrimeXBT has rapidly gained popularity in the online trading space. While still a fairly new broker, it now serves over 1 million traders worldwide. This popularity is thanks to its diverse range of trading instruments, user-friendly interface, and low trading fees. However, this broker’s lack of regulation is a major drawback for many traders. Obtaining a regulatory license from a reputable organisation would greatly improve the reputation of this broker and position it as one of the leading platforms for many years. Moreover, its copy trading feature and educational resources make it a compelling choice for both novice and experienced traders.