Prime XBT Test & Experiences ▷ Everything about the trading platform

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. crypto currencies, with leverage. This allows traders to work with digital currencies without having to invest large amounts. Sounds tempting, but it is by no means without danger.

What is Prime XBT?

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

 

However, the variety of possibilities does not make the trading platform complicated. Prime XBT is extremely easy to use - even beginners who have never had anything to do with crypto currencies will have no problems here. 

Who owns Prime XBT?

The derivatives trading exchange was established in 2018 in the Seychelles. The holding name? Prime XBT Trading Services. However, the trading services were only introduced at the beginning of 2019. During the year, Prime XBT also opened an office in St. Vincent & The Grenadines and moved its domain and trading infrastructure 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 information from the company, around 375 million US dollars are processed every day.  

Prime XBT on test

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

Services

Prime XBT convinces with an extremely good user-friendliness. Opening an account takes just a few moments and the design is also convincing. The beginner will have no problems when placing orders or observing markets. 

 

Not only can you work with crypto currencies, but traditional financial instruments are also available. There is also an app for iOS like Android. This means that trading can also be done on the move.

Trading

If you decide to trade on the Prime XBT platform, the next step is to choose between "long" or "short". Short positions are bought if one assumes that there will be a market decline. If, on the other hand, one assumes that the price will rise, a long position is opened.

 

Prime XBT also enables trading with leverage. This is a risky option, as funds are drawn from the platform. If, for example, the Bitcoin/US Dollar market is traded with a leverage of, say, 1 to 100, 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 estimated, you can look forward to an extremely high profit - but a high loss is inevitable if you have misjudged the market development.

 

With Prime XBT, four order types are available:

 

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

Security

Anyone who puts his money at risk naturally takes a not insignificant risk - therefore it is important that no danger emanates from the trading platform. Prime XBT is considered a secure platform that has never had to suffer losses due to a hacker attack. The Bitcoins that are traded on the platform are stored in cold storages - that means that the digital coins are stored in a secure memory that is also locked offline. Money that is needed to cover the daily payouts is located in Hot Wallets. The transfers between the two storage options are confirmed by so-called multi-signatures. This reduces the risk of a single point of failure.

 

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

Is Prime XBT serious?

It should be noted that Prime XBT is an unregulated stock exchange, so no local banking restrictions are met. At this point, however, one should not immediately believe that a lack of regulation automatically means that the company is a dubious provider. Before you decide on Prime XBT, you should take a look at the test and experience reports found on the Internet and then form your own opinion about the trading platform.

Costs, charges and interest

If you decide to use Prime XBT, it is not only a question of the services available, but also of how high any fees are.

Order fees

If one looks at the fees, Prime XBT is rather at the lower end. For example, one waives a deposit fee, but charges 0.0005 BTC for each withdrawal. This is a standard fee to cover the Bitcoin transaction costs.

 

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

Dividend fees

No information can be given at this time about dividend fees.

trading fees

Other fees include overnight financing and the trade fee.

 

So-called overnight financing only occurs when an already open position is held overnight. If the position is closed on the same day on which it was opened, overnight financing is not applicable.

with crypto currencies

Here the fee is 0.05 percent

ETFs

The fee amounts to 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 which can be found on the homepage.

Prime XBT experiences and customer reviews

"Of course, I was a little critical at first. Whenever new suppliers appear on the market, it is important to take a look behind the scenes. Prime XBT was able to convince me after all. Especially because I am an absolute crypto fan and I am sure that Bitcoin is the payment method of the future. Heinrich, 34 years old.

 

"I am interested in a wide range of services and low fees. After comparing different trading platforms with each other, I found Prime XBT particularly positive. Today I can say that I am happy to have chosen this platform". Larissa, 29 years old.

 

"Highly recommended. Not only do they offer a good range of services, they also charge fair fees. Those who like to deal in Bitcoin will feel particularly comfortable here." Marie, 30 years.

How good is the customer support?

On the homepage there is a very good FAQ section. So if you have any questions during use, it might be advisable to read the FAQ section in advance.

 

Furthermore there is 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 always contact a member of staff.

How to open your portfolio with Prime XBT

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

fill in the blanks

On the homepage you will find the registration form. It is sufficient to register with a valid e-mail address and then confirm it - i.e. the link that will be sent to the specified e-mail address must be clicked.

Legitimation and possible credit assessment

Anyone wishing to use the entire bandwidth provided by Prime XBT must confirm their identity. This is possible via video identification.

Get started

Now it's about the deposit. Once you have loaded your account, you can already purchase Bitcoins.

How long does it take to open an account?

Opening an account only takes a few moments. Even beginners, who have never dealt with such a trading platform before, are not challenged here.

Is there a minimum deposit with Prime XBT?

The minimum deposit is BTC 0.001.

Trading on Prime XBT

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

Advantages

  • You can trade crypto currencies as well as traditional assets
  • The trader can work with a 1 to 100 leverage (crypto currencies) as well as with a 1 to 1000 leverage (Forex)
  • Very low fees
  • Exceptionally wide range of services                 

Disadvantages

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

Prime XBT and taxes

Where profits are accounted for, they must of course be declared in the annual tax certificate. The tax certificate must always be submitted to the competent tax authority in the following year.

Miscellaneous

What else has to be taken into account when choosing Prime XBT?

The trade in levers

If you want to work with leverage, it is important to 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 you have misjudged the market.

Consider field reports

Is Prime XBT recommendable? If you are still unsure, you should take a look at the experience reports found on the World Wide Web. This way you can find the answer for yourself, whether you should trust the provider or not.

App for Android and iOS

You can also use the app available for iOS such as Android, so that you can always have a look at the development of your investment.

Our experience with the Broker Prime XBT

Prime XTB is a very interesting trading platform, but it should be used with caution. After all, anyone trading in crypto currencies is taking a risk that should not be underestimated. The market is so volatile that high price jumps are always possible. Profits are therefore quite possible, but the money invested can quickly disappear again, especially if the risk-reducing instruments are not observed.

Conclusion

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



Frequently asked questions: 

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

The derivatives trading exchange was established in 2018 in the Seychelles. The holding name? Prime XBT Trading Services. However, the trading services were only introduced at the beginning of 2019. During the year, Prime XBT also opened an office in St. Vincent & The Grenadines and moved its domain and trading infrastructure to Switzerland, the world capital of digital currencies.

It should be noted that Prime XBT is an unregulated stock exchange, so no local banking restrictions are met. At this point, however, one should not immediately believe that a lack of regulation automatically means that the company is a dubious provider. Before you decide on Prime XBT, you should take a look at the test and experience reports found on the Internet and then form your own opinion about the trading platform.

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

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Callie Machalat

Callie Machalat of Bitcoin-News.one understands the information needs of crypto community members, traders, researchers and developers who are looking for reliable information to understand and participate in the crypto revolution.

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