PrimeXBT: Professional Platform For Trading

July 22, 2020
Brokers
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Prime XBT is a broker established in 2018 with clients in more than 150 countries. On the investment platform, the broker offers Contracts For Difference (CFD) on cryptocurrencies, Forex, indices and commodities. Also, PrimeXBT accepts only Bitcoin (BTC) as deposit and withdrawal currencies. PrimeXBT does not follow the Know Your Customer (KYC) procedure and for this reason, you do not need to provide any kind of personal information when opening a trading account. But, you must take into account that PrimeXBT is not a regulated broker, therefore you must be very careful when making your choice.

It is true that PrimeXBT is a broker that has good characteristics in several aspects. But, we strongly believe that Capital.com is the best online trading platform because is one of the easiest and cheapest ways to trade CFDs on equities, commodities, indices, Forex pairs and cryptocurrencies anywhere in the world. Capital.com offers you zero fees on intra-day trading, a lightning-fast web platform and their proprietary Negative Balance Protection. Also, Capital.com gives you the best chance at financial success with a clean, easy-to-use interface.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with PrimeXBT and scored our findings on a 10-point scale across 10 distinct categories.
Fees 8
Signup Process 10
Minimum Deposit 10
Ease of Use 6
Deposit & Withdrawal Options 3
Customer Support 6
Asset Classes

6

Referral Program 2
Demo Account & Educational Resources 0
Safety & Regulation 0
Total 51

What is PrimeXBT?

PrimeXBT is a broker that uses Bitcoin as the base currency in its investment platform. Additionally, you do not need to provide any personal information and there is no verification process to be able to trade. Also, all operations on the PrimeXBT investment platform run on Amazon Web Services (AWS).

Below you can see in which countries it is possible to open an account with PrimeXB:

AustraliaYemenAndorraSaudi Arabiafalkland-islands-malvinasSao Tome and Principe
CameroonArubaanguillaAlbaniaArgentinaTimor-Leste
ChadBahrainBoliviaGuineaGuyanaMali
DominicaBulgariaCongoArmeniaKazakhstanreunion
christmas-islandColombiaLaosBangladeshLesothoCuba
LibyaAlgeriaDominican RepublicKiribatiNorthern Mariana Islandssaint-martin-french-part
Mexicobouvet-islandMauritaniaBhutanParaguayNepal
antarcticaBurkina FasoEgyptMongoliaSan MarinoBelize
saint-pierre-and-miquelonCambodiaGabonCayman IslandsSurinameRomania
SenegalCuracaoNew CaledoniaNigerSwitzerlandGibraltar
Sri LankaKuwaitMoroccoRwandaTajikistannorfolk-island
EritreaSaint Luciasint-maarten-dutch-partCook IslandsGuatemalaGrenada
Faroe IslandsTanzaniaUgandasaint-helena-ascension-and-tristan-da-cunhaasia-pacificSolomon Islands
GambiaTurkeyNigeriaSlovakiaHondurasMacao
IndonesiaguadeloupeSwazilandThailandMauritiusamerican-samoa
AngolaVirgin Islands, BritishVietnamtokelauNicaraguamartinique
BahamasJapanwallis-and-futunaUnited Arab EmiratesSingaporePeru
BeninSouth KoreaBarbadosEcuadorturks-and-caicos-islandsBermuda
MayotteMalawiDjiboutieuropeAzerbaijanBrazil
ChileMaldivesEquatorial GuineaIndiaBruneiDenmark
GhanaNetherlandsComorosLiechtensteinCosta RicaFrance
TongaBotswanaFijiLuxembourgEl SalvadorGreece
arab-leagueQatarEthiopiaMarshall IslandsGeorgiaMalta
KenyaSaint Kitts and NevisGuamMonacoGreenlandCape Verde
Finlandcocos-keeling-islandsGuernseyMozambiqueHungaryIceland
NamibiaSaint Vincent and the GrenadinesHong KongNew ZealandIsraelUnited Kingdom
gaza-stripSloveniaIrelandniuejerseySweden
OmanTaiwanPhilippinesPakistanJordanCyprus
JamaicaTuvaluMacedoniapitcairnLatviaPortugal
PalauUruguayMadagascarTogoMicronesiaBelgium
saint-barthelemywestern-saharaSierra LeoneUzbekistanSouth AfricaCzech Republic
KyrgyzstanMalaysiamontserratVenezuelaTurkmenistanGermany
virgin-islands-u-sNauruVanuatuatlantic-islandsIsle of ManLithuania
americasPapua New GuineaPanamaAntigua and Barbudafrench-guianaItaly
Puerto Ricosvalbard-and-jan-mayenSamoaCroatiaFrench PolynesiaVatican City
Trinidad and TobagoZambiapacific-islandsaland-islandsKosovoEstonia

Pros & Cons

Pros

  • No deposit fees.
  • There is a trading fee for financial instruments.
  • The account opening is quick.
  • Funding and withdrawing money from your account is fast.

Cons

  • There are withdrawal fees.
  • It is only possible to deposit with Bitcoin.
  • PrimeXBT is not a regulated broker.
  • The broker’s financial information is not public.

Account Types

PrimeXBT only offers you the possibility of opening a standard trading account. With this, you can assign your capital in the different financial instruments that PrimeXBT offers you on its investment platform.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 PrimeXBT Fees

In Prime XBT you won’t have to pay any type of inactivity fee or any fees for depositing funds. Also, there are no fees for using any of the accounts to trade. However, there is a withdrawal rate of 0.0005 BTC. Please note that the broker’s base currency is Bitcoin.

As for trading within PrimeXBT, you will have to pay a fixed commission for trading each type of financial instrument:

  • 0.05% for cryptocurrencies.
  • 0.01% for indices and commodities.
  • 0.001% for Forex majors.

PrimeXBT loses two points in this ranking due to the fact that you will have to pay commissions when you trade Forex, cryptocurrencies and indices. Take into account that there are other brokers such as Capital.com in which you will not have to pay fees for trading financial instruments.

PrimeXBT Fees Score: 8/10

#2 Signup Process

The process of opening an account in PrimeXBT is really fast, you can open an account in less than 20 minutes. Please note that PrimeXBT does not require you to provide any type of personal documents. The company’s philosophy is to respect the privacy of its clients as much as possible because it can only be operated with Bitcoin. You can trade with PrimeXBT in three steps:

Time needed: 20 minutes.

  1. Create Your Account

    Create a new account on PrimeXBT in less than 5 minutes with only a registered Email needed to begin.

  2. Fund your account

    Deposit funds into your personal wallet. Once your account is funded, you are ready to trade positions and enter the commodities market.

  3. Begin trading

    Explore the industry-leading tools available at PrimeXBT.

The registration process at PrimeXBT is highly rated because you can open an account very fast without complications, and you can start trading in under 20 minutes’ time whereas, with other brokers, you may have to wait upwards of 2 or more days.

PrimeXBT Signup Process Score: 10/10

#3 Minimum Initial Deposit

The minimum initial deposit is 0.001 BTC. Remember that the platform only uses Bitcoin as the base currency.

PrimeXBT has a low minimum deposit compared to other brokers and in this way, it is well-rated in this category. In fact, at the time of this publication, Bitcoin is around $10,000 USD, which means that the initial deposit is only $10 USD.

PrimeXBT Minimum Initial Deposit Score: 10/10

#4 Ease of Use

The investment platform has over 50 technical indicators, and the ability to trade from charts. You can trade both long and short, and enjoy lightning-fast order execution. As for the ease of use, it could be said that it is average. Although it is true that it has analysis options, it is not possible to make major changes at the time of customizing the platform.

investment platform

App

The PrimeXBT app will allow you to have the same characteristics as the web version. You can track your investments and quotes. In addition, you can download the app for iOS and Android.

PrimeXBT app

The PrimeXBT app has low ratings. According to its users, it only has a 3.3/5 rating on Google Play and a 2.9/5 rating on Apple’s app store, a very low rating for an investment platform. The stability of an investment platform is a crucial element and for this reason, the broker loses points.

According to user comments, the app could improve:

  • Speed: You have to wait a long time for the application to start.
  • Boot stability: Sometimes it seems you have to try several times to start the application.
  • Improve the interface: Some users want improvements in the distribution of the elements.

PrimeXBT Ease of Use Score: 6/10

#5 Deposit & Withdrawal Options

PrimeXBT only uses Bitcoin as the base currency. In this way, to fund your account, you will only have the following alternatives:

  • Direct BTC deposits from your personal BTC wallet to your PrimeXBT wallet.
  • Deposits through 3rd party services, such as ‘CEX.io’, which allows you to purchase BTC using a bank card.

Please note that deposits need three-block confirmations which usually take around 40 minutes. Please note that this timeframe can vary during times of blockchain congestion. Also, you can follow the status of your deposit in your account.

You will not have to accept any kind of commissions for the deposits you make. But, there is a fixed withdrawal fee of 0.0005 BTC.

Since there are few alternatives for depositing and withdrawing funds and it is also not possible to use any currency other than Bitcoin, operating with this platform is cumbersome. Thus, the broker is not very well qualified in this regard.

PrimeXBT Deposit & Withdrawal Options Score: 3/10

#6 Customer Support:

The PrimeXBT team is committed to providing 24/7 customer service. Also, you can access customer support in 16 languages through the following alternatives:

Customer Support

PrimeXBT does not offer you the possibility of communicating with the technical staff via telephone. This is a very relevant factor when solving problems with the platform that can cost you a lot of money. So, the broker loses points in this section. does not offer customer support via phone.

PrimeXBT Customer Support Score: 6/10

#7 Asset Classes

Stocks

On the PrimeXBT platform, you can trade stock indices. For example, you will be able to operate markets such as the European, Chinese, American, Japanese, and Australian.

Currency Pairs

You can trade more than 40 currency pairs. For example:

  • AUD/CAD
  • AUD/JPY
  • EUR/USD
  • AUD/JPY

Gold

PrimeXBT also offers you the opportunity to trade gold.

ETFs

On the PrimeXBT platform you can invest in this type of financial instruments.

Crypto

PrimeXBT will allow you to trade cryptocurrencies such as:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ripple

The supply of financial instruments is limited. Unfortunately, you will not be able to invest in individual stocks and bonds. This factor reduces the diversification capacity of your portfolio and therefore the broker’s score in terms of asset classes.

PrimeXBT Asset Classes Score: 6/10

#8 Referral Program

PrimeXBT offers you a referral program with which you can get $40 USD for every qualified trader you introduce to the PrimeXBT platform.

While PrimeXBT offers the possibility to earn extra money through the referral program, the bonus falls short compared to other brokers.

PrimeXBT Referral Program Score: 2/10

#9 Demo Account & Educational Resources

Unfortunately, at the moment PrimeXBT does not have a demo account with which you can test the investment platform. This is a very important point when testing the platform and for this reason, this broker’s score is low in this regard.

However, you can set up a trading account with a minimum deposit of 0.001 BTC to test the platform, which will allow you to trade with up to 0.1 BTC worth of assets at once.

Additionally, the educational resources it offers is limited. For these reasons, the broker loses all the points in this category.

PrimeXBT Demo Account & Educational Resources Score: 0/10

#10 Safety & Regulation

PrimeXBT is not a regulated broker. Also, since you only use Bitcoin as a base currency, you must be very careful when investing because Bitcoin is a currency with high volatility.

So, take into account that PrimeXBT does not need any type of documentation when creating accounts. This could be seen as a pro for those brokers looking for privacy and to protect their identity, but it also looks pretty shady for the regular trader out there, and it is possible that when you invest in this broker your money is at risk. Consequently, it is impossible to be able to assign points in this regard to PrimeXBT

PrimeXBT Safety & Regulation Score: 0/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.
PrimeXBT vs. Capital.com

PrimeXBT vs. Capital.com

Being a winning trader requires a solid investment plan. Take into account that the stock market is a world that is constantly changing and for this reason your strategies must adapt to the movements and innovations of the market. We recommend that you choose a broker that is your ally and that allows you to fully exploit your profits.

In this sense, this broker must allow you to diversify your portfolio internationally with the range of financial instruments that it offers and that also saves you hundreds of dollars in commissions. In this section, you will find a comparison between PrimeXBT and Capital.com. After an in-depth market study, we consider that your best ally is Capital.com for the following reasons:

It’s Easier To Use

While it is true that PrimeXBT’s investment platform is good, we think that your best option is Capital.com. It has a very stable platform, is easy to use and is intuitive. Furthermore, it has an interface that follows the best data processing standards for traders.

A Better customer support

You can call Capital.com at +44 20 3870 3087 or email their support team at support@capital.com. You can also visit the Capital.com website and click on Contact Us for country-specific options and to enter a live chat with a Capital.com support agent. Their support team currently supports 13 different languages.

Far better withdrawal options

PrimeXBT does not offer many deposit and withdrawal options so you should take this aspect into account when making your decision. In contrast, we can affirm that Capital.com is a better choice because you will have a greater number of withdrawal options. In Capital.com you can use a credit card, bank transfer, debit card, SOFORT, iDeal, Giropay, Multibanko, Przelewy24, QIWI, Webmoney, Trustly, Neteller and Skrill. You’re never charged a fee to deposit or withdraw money with Capital.com.

It Has A Demo Account

One factor that is essential when testing an investment platform is being able to access a demo account, in this aspect PrimeXBT falls short because it does not offer demo accounts. With Capital.com you can truly test the platform since you will be able to use a demo account to test each one of the tools and features of the investment portal.

It Is A Highly Regulated Broker

Capital.com is a regulated broker and PrimeXBT is not! When you trade with a regulated broker you can be sure that your capital is not going to disappear. In addition, investing your capital in the platform of a regulated broker allows you to make claims and always have the right to demand an explanation for any movement that you consider strange in your account.

In Summary

  • PrimeXBT is a broker established in 2018 with clients in more than 150 countries.
  • The broker accepts only Bitcoin as a deposit and withdrawal currency.
  • PrimeXBT is not a regulated broker.
  • The company offers you the possibility of opening a standard trading account.
  • In PrimeXBT you should not make any type of payment for inactivity or deposit of funds.
  • There are no fees for using any of the accounts to trade.
  • The process of opening an account in PrimeXBT is really fast, you can open an account in less than 20 minutes.
  • To open an account with PrimeXBT you won’t need to provide any type of personal documents. The company’s philosophy is to respect the privacy of its clients as much as possible because it can only be operated with Bitcoin.
  • The minimum initial deposit is 0.001 BTC.
  • The investment platform has over 50 technical indicators, and the ability to trade from charts.
  • The PrimeXBT app will allow you to have the same characteristics as the web version.
  • You will not have to pay any kind of commissions for the deposits you make. But, there is a withdrawal fee of 0.0005 BTC.
  • The PrimeXBT team is committed to providing 24/7 customer service.
  • The company does not have a demo account.
  • PrimeXBT is not a regulated broker

If you are looking for a broker that offers you a really high level of privacy and that also offers you the opportunity to use your bitcoins to fund your account, in PrimeXBT you can find these characteristics. However, keep in mind that your money could be at risk and that we cannot guarantee that it is a scam.

Regulations are vital in order to trust a broker with your money. PrimeXBT is not a regulated broker, then you must be very careful when investing your money in this alternative. We believe that Capital.com is a superior and reliable broker. If you are a beginner or an experienced trader you will see that this wonderful broker is an ally that will allow you to fully exploit your capital gains.

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