PrimeXBT Review Is Primexbt.com A Scam Broker

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PrimeXBT

Broker Name: PrimeXBT
Platform(s): Crypto, BO
Founded: 2020
Bonus: N/A
Spreads: Low
Leverage: High
Regulated: No
Demo Account: Yes
Minimum Deposit: 0.001 BTC
US Traders: Accepted

PrimeXBT Review

PrimeXBT is a Bitcoin-based online platform, launched in 2020, which offers leveraged trading on several cryptocurrencies, including Bitcoin, Ethereum, Ripple and Litecoin. The website is owned and operated by Prime XBT Trading Services Ltd. (a company incorporated in the Republic of Seychelles with company number 206865) and by Prime Technologies Ltd. (a company incorporated in St. Vincent and Grenadines with number 25369BC2020). Neither company is regulated by a major financial watchdog.

Editor’s Note: Why PrimeXBT Sucks In 50 Words

The chart is incredibly small! And I mean smaller than a smartphone screen. Unfortunately, I couldn’t find a way to make it full screen or at least to get it to an acceptable size. If such a way exists, then PrimeXBT should definitely make it more apparent, because I’ve dealt with tens of trading platforms so I think I can find my way around the buttons of a platform. What I’m saying is that if an experienced trader cannot find that button, how can you expect a first time user to do it.

Why PrimeXBT Doesn’t Suck In 50 Words

You can trade Bitcoin and a few other digital assets with leverage up to 100x, which is HUGE considering that the usual leverage offered by CFD brokers is about 5x (I’ve seen 20x but this was on a very few occasions). Another great thing is that you don’t need to go through any KYC verification. No proof of residence, no selfies with your passport – just enter your email, choose a password and you can deposit, trade and withdraw.

Is PrimeXBT A Scam?

The owning companies are not regulated but according to the information found at the bottom of their website, they are “in the process of undertaking a legal and regulatory analysis of Bitcoin trading with margin”. It is unclear what that means exactly but seems they are looking to get regulated. Despite not being regulated, this doesn’t look like a scam and keep in mind that a lot of cryptocurrency exchanges are not supervised by a major financial watchdog simply because crypto, in general, is mostly unregulated. However, you should always use caution because this is a new broker and we cannot vouch for their integrity.

Should I Open An Account With PrimeXBT?

This trading venue is a mix between a crypto exchange, a crypto CFD broker and more recently, a Binary Options broker. However, there’s no trace of an order book or market depth, which prevents me from calling them a full-on exchange. But let’s not bother with semantics anymore and see what they have to offer.

I mentioned Binary Options so an explanation is in order: they offer PrimeXBT Turbo, which is a module for trading binary options on cryptocurrencies. At the time of writing, this module is still in the Early Access phase and you will have to get in touch with Prime XBT in order to get access and give binaries a spin, assuming that’s your cup of tea. However, the expiry times are limited to only 5 seconds, 30 seconds and 1 minute, which feels like the binary options rush is in full force once again. These extremely short expiries were the “culprit” for a lot of lost money in the old days of BO and also appealed to gamblers more than traders. The way PrimeXBT advertises BO is over the top, which is another similarity between them and the “old” BO brokers: “Trade fast. Stay Greedy”, “Insanely profitable” etc. Please, we’ve had enough of this type of marketing. All trading is risky! Keep that in mind.

The main trading platform is actually pretty good, with intuitive menus and info that was easy to access, but the huge downside is that the trading chart itself cannot be made full screen or at least big enough to see the candles properly. The software is web-based, with no option to download a desktop version. The order types are the usual: Market, Limit, Stop and Protection orders. The latter type includes Stop Loss, Take Profit and GTC (good till canceled) orders.

To start trading, clients will need to deposit and this can be done using only Bitcoin (minimum 0.001 BTC). It’s an inconvenience if you don’t have any Bitcoin but PrimeXBT offers Changelly as a widget. Using it you can purchase Bitcoin with your credit card (or swap another cryptocurrency to Bitcoin) and then deposit it directly into your PrimeXBT account.

There’s not much in terms of “classic” education meaning that you won’t find articles about what is Bitcoin, how to trade it or any history lessons. What you will get instead are good tutorials about how to use their platform and explanations about leverage, margin and trade orders.

Overall PrimeXBT seems like a good choice for anyone who understands the risks and advantages of high leverage and doesn’t want to go through the KYC hassle. I liked the platform but I couldn’t get it to work all the time, which could be a deal-breaker if it’s not addressed quickly. Other downsides are the lack of regulation (but that’s the case with most crypto exchanges) and a very short time in business. If you want to open an account just make sure you don’t deposit large sums right away. Give it some time.

We couldn’t locate an address and the only way of contacting this broker is the email: [email protected] and [email protected]

PrimeXBT User Reviews And Online Presence

At the time of writing we couldn’t locate any type of user complaints against PrimeXBT and this is most likely due to their low profile and limited online presence. They need to grow their service and their popularity but once that happens, we will surely see more clients talking about them and reviewing their offering.

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PrimeXBT Withdrawals

Both withdrawals and deposits can be made using Bitcoin only (fiat and other cryptocurrencies are not accepted). To tackle this inconvenience, PrimeXBT integrated Changelly, which allows users to buy Bitcoin using credit cards. Withdrawals don’t incur a fee charged by PrimeXBT but you will pay the normal network fee for the BTC transaction. The minimum sum allowed is not specified but it should be similar to deposits (0.001 BTC).

Withdrawals are processed once a day, between 12:00 and 13:00 UTC. The time it takes depends on network clutter but if the sum is a significant one, 12 hours may pass because PrimeXBT employees will have to manually refund the hot wallet (only small amounts are held in online hot wallets and the rest is in cold offline wallets, which is actually a good thing for security).

PrimeXBT Extras

Definitely, the elephant in the room is the 100x leverage which is the highest we’ve seen to date. You should know that leverage can greatly increase profits but it’s also a very sharp double-edged sword because it drastically increases risk as well. PrimeXBT Turbo is another extra feature but at the time of writing it is in Early Access stage.

PrimeXBT Ratings

User Friendliness 14/20

The website is translated into 8 languages, is well organized and with enough information to get you started. However, their platform is hit and miss, with incredibly small charts, which are definitely not user-friendly. Mobile platforms are available. The broker doesn’t require KYC, which means they don’t check if you are from the U.S. or some other part of the world.

Range Of Markets, Spreads And Leverage 17/20

The number of crypto assets is very limited, with only 5 choices (Bitcoin, Ethereum, Litecoin, EOS and Ripple’s XRP) but they’ve recently introduced fiat currencies and a few indices. The spreads are very tight, with only 2 USD on BTC/USD and less than 1 USD on ETH/USD. Keep in mind that spreads are floating so in volatile times they will widen. Leverage is 100x for all 5 cryptocurrencies.

Fees And Support 16/20

PrimeXBT charges two types of fees: trading fees (0.05% per trade) and overnight fees ($16 per 1 BTC, $0.60 per 1 ETH, etc.). The overnight fee will not be paid if the trade is opened and closed within the same day. Support is only available through email, which is a downside because you won’t get your problem solved instantly.

Deposits And Withdrawals 15/20

Bitcoin is the only accepted method for both deposits and withdrawals. The duration depends on network confirmation but keeps in mind that PrimeXBT processes all withdrawals only once a day, between 12:00 and 13:00 UTC so it will probably take longer than a normal BTC transaction.

PrimeXBT Extras 16/20

Huge leverage that can be a double-edged sword and no account verification (the client doesn’t have to go through KYC procedure). Also, clients can trade binary options on cryptocurrencies via PrimeXBT Turbo module (early access phase).

PrimeXBT Review: Is Primexbt.com A Scam Broker?

Primexbt.com Review: this is the website of a Forex broker that is located in Seychelles and St. Vincent and the Grenadines. Is trading with PrimeXBT safe? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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PrimeXBT reveals that it is operating from two offshore locations, namely; Seychelles and St. Vincent and the Grenadines. The broker is the trading name of PrimeXBT Trading Services Ltd and also claims to be owned by Prime Technologies Ltd. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of PrimeXBT

One advantage of trading with Prime XBT is that you can get up to 50% of the deposit made by friends you invite. Trading instruments cover the major assets portfolio common in the Forex market. Clients trade cryptocurrencies on the broker’s platform at low fees.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

PrimeXBT Trading Platform

We are not told what type of trading platform is used by clients of PrimeXBT Forex Broker. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are 30+ including crypto Forex, commodities, and stock indices. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on PrimeXBT

The means of making deposits and withdrawals with this broker are not disclosed on the website. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required to trade with the Prime XBT Forex broker is $10 and we find that this is within the average of $100 – $250 common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is PrimeXBT Licensed?

No. PrimeXBT is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in contact with the broker or an agent of the customer service, interested clients are to send emails to [email protected]

Conclusion

PrimeXBT is not licensed and thus gets a low rating from us. The minimum deposit this broker requires is affordable and it offers solid leverages. There is no mention of what the spreads are. We are unimpressed with the trading instruments offered.

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Fortrade

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PrimeXBT review

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

This is not a verified broker!

We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

PrimeXBT claims to be a superior young trading platform that allows its users to choose both short- and long-term type of investments. Among the main beneficial features, you can expect to get from the broker (as it states itself), are the easy process of account creation, floating leverage with up to 100x with BTC, ETH, LTC, etc., secure electronic wallets, as well as low trading fees on all assets provided. Currently, the leverage of the broker is 1:100 (as well as 1:2, 1:10, 1:20, 1:50), and there is nothing mentioned about the amount of the minimum deposit. The broker charges two types of commissions: trade fee and overnight financing. The fixed fee that is taken per trade, however, is 0.05%.

Now, let’s take a deeper look at the broker and understand whether can PrimeXBT be trusted or not.

General PrimeXBT review

Just by looking at the website, there is a sense of trust and confidence arising immediately. However, the first thing you will notice once you start ‘digging in’, is that there is no office address provided. Seems weird, doesn’t it? Thus, we had to conduct small research for our PrimeXBT review and look for any information online. And we hardly managed to find out that the company is based in Beau Vallon, Seychelles. But still, that does not mean the company actually has a physical office there. This can just be a juridical address the company was registered at. And where all the employees are located then?

Regulations

Just after checking the website, you won’t be able to find information regarding that matter. However, again, we have decided to check everything before making any decision. Maybe that was just misunderstanding or the mistake made by the website developers, right?

No, not really. After checking the FSA Seychelles register (the main regulatory agency in Seychelles), we found out that there is no mentioning of PrimeXBT company there. Which, quite logically, makes us think of PrimeXBT scam being the case here. As there are no tracks of the company being registered under the different name either. Thus, the only thing left to think is that the company was not actually licensed at all.

Then, we thought that maybe we can find someone related to the company in any way. And so we did. Mamoun Jamaladdin, has marked that he was engaged within 125 crypto projects, is generally passionate trader, and was even a Community Manager in the well-known Ethereum trading platform. All of that can be found on his LinkedIn profile. However, after being such a valuable figure in the operations of various trading platforms, Mamoun is now working as a freelance Arabic translator. Which in itself seems a bit suspicious. Why though? Did something go wrong with the cryptocurrency trading?

If you are still wondering ‘is PrimeXBT legit’ or not, then let’s move to the next points.

PrimeXBT Scam website

We won’t be hypocritical, the website looks quite nice and promising. All of its features are put together nicely and logically. The design looks stylish. So you can tell that the PrimeXBT FX brokerage company thought about that side of the business and most probably hired highly-skilled IT guys. That undeniably is a great plus, as this can definitely divert attention from the flaws the platform has.

You won’t find any typos there. However, as a minus of the website the absence of other language options might be noted. That, in turn, can only justify the negative PrimeXBT opinions out there.

If you scroll at the bottom of the page, you will find a huge warning there that basically says that the platform is not responsible for possible losses and the material provided on the website cannot be considered as direct advice for the trading. Okay, obvious. However, we might say, seeing such a huge message dedicated to saying that the company is not responsible for anything might be quite frustrating and terrifying even. Then what about the high level of security and safety that is granted by the platform?

Presence online and reviews about the platform

What we were really surprised by is the amount of highly positive review about the platform saying that this is the most suitable broker for the ones who begin trading. Which might have been the case if PrimeXBT reviews were completely legit and free of fraud. As we all know how opinions online can be easily bought.

However, again, we would like to note that the website of the platform was done really nicely and it’s easy to navigate across it. You don’t have to spend an hour just trying to find the information you need. This could actually increase the PrimeXBT rating, if not other flaws.

Signing up/creating an account

The developers of the platform guarantee that it won’t take more than 40 seconds for the trader to create an account on the platform. Which actually is close to the truth. As you don’t need to indicated much of a personal data to register an account.

The broker does not have a Know Your Customer (KYC) principle implemented to its operations. Which is weird and cannot be considered as a plus itself. That solely can justify the PrimeXBT fraud ranking. As the KYC principle was created in order to protect the system and its users from any cyber attacks or money laundering in the first place.

Software used

There is no information available on the website that would tell about the trading platform used. Neither it lists the trading tools available.

Everything the website can offer is simple explanations of what long- and short-term investments are, or how the leverage works. When it really comes to the performance of the broker itself, you won’t be able to find something anyhow helpful. And we feel like the whole PrimeXBT review is consisted from us saying that there is nothing available about that. As, unfortunately, that is the exact case with that broker.

Oh, and, of course, neither you can find any information about the types of account they have to offer. We could not find any info about how the PrimeXBT withdrawal process takes place. So who knows, maybe you won’t even be able to take out your money…

PrimeXBT FX broker affiliate partnership offer

The one thing interesting about that broker is the affiliate program they are offering in order to increase the leverage. Basically, you need to do the work instead of the broker, isn’t that interesting? So, the more people you attract, the higher interest from commission acquired you might get.

We see that as the PrimeXBT Forex broker not doing the job fully and trying to delegate it to users by creating an illusion that it allows you, guys, to earn more.

Review summary

All in all, we see the platform as a nice educational source, you can go there, check out the things they are telling about the leverage, how the trading process happens, and leave satisfied with new knowledge. But we don’t see that as a place you can more to trade. Even though the leverage rate is quite good, and they have several cryptocurrencies to trade with. However, it is enough if you have no idea how to implement that and how to raise money out of that?

So, drawing the bottom line, we may only say that we did not develop a positive PrimeXBT opinion and, thus, cannot recommend you to trade with that broker.

This is not a verified broker!

We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

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