🔥 PrimeXBT test 2021: broker experiences & rating

Disclaimer: This post is a sponsored article.

Prime XBT is a new trading platform that offers traders the opportunity to trade virtual coins, i.e. cryptocurrencies, with leverage. So you can work with digital currencies without having to invest large amounts. Sounds tempting, but it is by no means safe.

What is Prime XBT?

Prime XBT is a derivatives trading exchange based on the cryptocurrency Bitcoin. However, there is not only the digital currency Bitcoin - classic, so-called traditional financial instruments are also available here: Forex, Nasdaq Composite Indices and S&P 500, raw materials such as natural gas or crude oil.

The variety of options does not make the trading platform complicated. Prime XBT is extremely easy to use - even beginners who have never had anything to do with cryptocurrencies will have no problems here. 

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Who Owns Prime XBT?

The derivatives trading exchange was established in the Seychelles in 2018. The holding name? Prime XBT Trading Services. However, the trading services were not introduced until the beginning of 2019. In the course of the year, Prime XBT also opened an office in St. Vincent & The Grenadines, and the domain and trading infrastructure has also been relocated to Switzerland, the world capital of digital currencies.

The company works without borders. Prime XBT is available in over 150 countries and can be used in eight languages.

According to the company's information, around 375 million US dollars are processed every day.  

Prime XBT in the test

In order to find out whether it is a user-friendly and recommendable platform, it is of course necessary to try out the services yourself.

Services

Prime XBT convinces with an extremely good usability. The account opening takes just a few moments and the design is also convincing. The beginner will have no problem when it comes to placing orders or watching markets. 

Not only can you work with cryptocurrencies here, traditional financial instruments are also available. There is also an app for iOS such as Android. This means that you can also trade on the go.

Trading

If you decide to trade on the Prime XBT platform, everything will subsequently revolve around “long” or “short”. Short positions are bought when there is reason to believe that the market will decline. On the other hand, if you assume that the price will rise, a long position is opened.

Prime XBT also enables leverage trading. A very risky variant, since funds are drawn from the platform here. For example, if you trade the Bitcoin / US dollar market with a leverage of 1 to 100, for example, with a stake of 1.000 US dollars, the position size increases to 100.000 US dollars. If you are right here, i.e. the market is developing as expected, you can look forward to an extremely high profit - but a high loss is inevitable if you have incorrectly estimated the market development.

Four order types are available with Prime XBT:

• Market: This is an order that can be executed immediately at the bid / buy price.
• Limit: The order will be executed when the desired price has been reached.
• Stop: The position is automatically closed after a certain price level has been reached - absolutely important when it comes to reducing the risk or wanting to set the maximum loss in advance.
• OCO: An order that only experienced traders are interested in - this is where the combination of limit and stop orders takes place so that any position risks are minimized.

Safety

Anyone who puts their money on the line is of course running a not insignificant risk - it is therefore important that the trading platform does not pose any risk. Prime XBT is considered a secure platform that has never suffered losses from a hacker attack. The bitcoins that are traded via the platform are located in cold storages - that is, the digital coins are on secure storage that is also locked offline. Money that is used to cover daily payouts is in hot wallets. The transfers between the two storage options are confirmed by so-called multi-signatures. This reduces the risk of the single point of failure.

Prime XBT also offers the option of protecting your own account using 2FA - so-called 2-factor authentication. That means there is a combination of email, password and Google Authenticator here.

Is Prime XBT legitimate?

It should be noted that Prime XBT is an unregulated exchange, so no local banking restrictions are met. However, at this point one should not immediately believe that a lack of regulation automatically means that the provider is dubious. Before deciding on Prime XBT, you should take a look at the test and experience reports that can be found on the Internet and then get an idea of ​​the trading platform for yourself.

Costs, Fees and Interest

If you opt for Prime XBT, it is not just about the services available, but also about how high any fees are.

order fees

If you look at the fees, Prime XBT is on the lower end. For example, one waives a deposit fee, but charges 0,0005 BTC for each payout. This is a standard fee so that Bitcoin transaction costs can be covered.

Prime XBT also offers the purchase of Bitcoin via "Changelly". This means that Bitcoins are then bought directly with the MasterCard or VISA card - extremely convenient, but not quite as cheap. Because the standard bank card transaction fee is 5 percent, with a 5% simplex fee added. In the end, this results in additional costs of 10 percent.

Dividend fees

At the current time, no information can be given about the dividend fees.

Trading fees

Other fees include overnight financing and the trade fee.

The so-called overnight financing only arises when an already open position is held overnight. If the position is closed on the same day on which it was opened, the so-called overnight financing does not apply.

with cryptocurrencies

Here the fee is 0,05 percent

ETFs

The fee is 0,01 percent

Forex

The fee is 0,001 percent.

raw materials

The fee is 0,01 percent.

Are there any hidden costs with Prime XBT?

Only those fees will be charged that can also be found on the homepage.

Prime XBT experiences and customer reviews

“Of course I was a bit critical at the beginning. Whenever new providers appear on the market, it is important to take a look behind the scenes. Prime XBT was able to convince me. Especially because I am an absolute crypto fan and I am sure that Bitcoin will be the means of payment of the future. ”Heinrich, 34 years old.

“I'm interested in a wide variety of services and low fees. After comparing different trading platforms with each other, Prime XBT caught my eye particularly positively. Today I can say that I am happy that I chose this platform. ”Larissa, 29 years old.

"Highly Recommended. There is not only a good range of services here, but also fair fees. Anyone who likes to trade with Bitcoin will feel particularly at home here. ”Marie, 30 years old.

How good is the customer support?

There is a very good FAQ area on the homepage. So if questions arise during use, it may be advisable to look at the FAQ area in advance.

There is also a support e-mail address but also the customer chat. In both cases, employees are available 24 hours a day, 7 days a week. So if you have a question, you can contact an employee at any time.

How to open your account with Prime XBT

If you finally come to the conclusion that you want to trade via Prime XBT, the first thing to do is to open a corresponding account. Registration only takes a few moments - that is, you only have to plan a few minutes here before you can invest your money.

fill out Form

The registration form can be found on the homepage. It is sufficient to register with a valid e-mail address and then to confirm it - that is, the link that is then sent to the specified e-mail address must be clicked.

Legitimation and possibly credit check

If you want to use the entire bandwidth that Prime XBT provides, you have to confirm your identity. This is possible using the video identification process.

Getting started

Now it's about the deposit. If you have topped up your account, you can already purchase bitcoins.

How long does it take to open an account?

The account opening only takes a few moments. Even beginners who have never dealt with such a trading platform will not face any challenge here.

Is there a minimum deposit at Prime XBT?

The minimum deposit is 0,001 BTC.

Trading on Prime XBT

If you decide to trade via Prime XBT, you should deal with the services such as fees and also take a look at the advantages and disadvantages.

Benefits

• You can trade cryptocurrencies as well as traditional assets
• The trader can work with a 1 to 100 leverage (cryptocurrencies) as well as a 1 to 1000 leverage (forex)
• Very low fees
• Extremely wide range of services                 

Disadvantages

• There are only five tradable digital currencies available
• The stock exchange is not regulated

Prime XBT and Taxes

If profits are booked, these must of course be stated in the annual tax certificate. The tax certificate must always be sent to the responsible tax authority in the following year.

Others

What else do you have to look out for if you choose Prime XBT?

Trading with leverage

If you want to work with leverage, it is important that you use risk-reducing instruments - such as stop loss. This is the only way to determine in advance how high the maximum loss may be if the market has been misjudged.

Consider experience reports

Is Prime XBT recommended? If you are still unsure, you should take a look at the field reports that can be found on the World Wide Web. In this way, the answer can then be found for yourself as to whether you should trust the provider or not.

App for Android and iOS

You can also use the app available for iOS and Android in order to be able to take a look at the development of your investment at any time.

Our experiences with the broker Prime XBT

Prime XTB is a very interesting trading platform, but it should be used with a lot of caution. Because anyone who trades in cryptocurrencies is taking a risk that should not be underestimated. The market is so volatile that high price jumps are always possible. Profits are quite possible, but the money invested can quickly be gone, especially if the risk-reducing instruments are not observed.

Summary

Whether an experienced trader or a beginner - Prime XBT has made the leap to a trading platform that can be recommended to all those who are looking for an alternative to boring financial instruments. Prime XBT is user-oriented, customer-friendly, offers a wide range of services and convinces with fair fees.