Prime XBT Review

Sarah Gottwald

Managing Director at Blockchain Founders Group (BFG)

What are the key differences among various cryptocurrency exchanges?

Choosing a cryptocurrency exchange should be done with awareness of several considerations, such as the range of available cryptocurrencies itself, the user interface and experience, the security measures implemented, the liquidity for efficient trading, the fee structures imposed, and the compliance with regulatory requirements. Furthermore, you have to differentiate between CEXs (centralized exchanges) and DEXs (decentralized exchanges).

Prime XBT Review: PROS

Before we jump into the Prime XBT review, and start discussing the various benefits and shortcomings that are usually associated with Prime, allow me to provide a quick disclaimer.

As hinted in the introductory part of the article, Prime XBT is actually an asset trading platform - meaning, cryptocurrencies are just a single asset out of the many that you’ll be able to find here.

While many of the questions (such as “is Prime XBT legit?”) are aimed at and surround the other-asset part of the platform, in this Prime XBT review, we’ll be focusing almost exclusively on the crypto side of things.

What this means is that, while PX might be a great place to trade different assets, and while it may also provide different asset-exclusive benefits to the trader, our attention will be dedicated almost exclusively to the cryptocurrency side of things.

With that out of the way, let’s jump right into the Prime XBT review. And what better way to start it than by talking about one of the signature features of Prime - its crypto leverage options.

Some of the Highest Leverage Options in Crypto Trading

Whenever you’re trading cryptocurrencies, you probably have some sort of a set capital that you work with - if not, you definitely should. Depending on that capital (usually - fiat money balance), you’ll be “placed” into a specific trading position - the more money you have and put forward, the better your position will be.

Naturally, though, a single look at some of the Prime XBT reviews found online will tell you that this platform isn’t used solemnly by experienced, millionaire crypto traders - there are a lot of newcomers and industry newbies, too.

As you can probably imagine, a newcomer to the crypto trading world isn’t going to throw all of their money into trading - that’s absurd, in its most straightforward form.

Well, in come the leverages.

In finance and asset trading, a ‘leverage’ is when you essentially borrow money from the platform in order to increase your trading position on a specific trade. This has the potential to result in some high profits (that said, it works the other way around, too - it may result in significant losses).

Most user Prime XBT reviews found online are unanimous - Prime offers some of the best leverages when it comes to crypto trading.

While it’s a case-by-case scenario (especially when you introduce risk management), the highest leverage limit available on PX in regard to crypto trading is 100x. That’s quite significant! If you’re looking to increase your profits, but do not possess the capital to do so, leverages are worth looking into.

Again, however - all of this should be consulted with a financial advisor, since leverages may result in some significant losses, too.

Cost-Effective and Intuitive Crypto Futures Trading

Talking about leveraged trading, Prime XBT also offers crypto futures trading that allows even up to 200x leverage. Crypto futures trading involves making bets on the future price movements of cryptocurrencies using contracts that agree to buy or sell the asset in question at a set price on a specific future date.

Traders can profit from price changes by taking either "long" positions (expecting prices to rise) or "short" positions (expecting prices to fall). It's a way to speculate on future price changes or protect yourself against market volatility. Just keep in mind that this type of trading is quite risky.

Futures trading on Prime XBT provides traders with adjustable leverage and two margin types: cross-margin and isolated margin. You can easily switch between these types on the dashboard. Just note that isolated margin offers more control but only allows up to 100x leverage, while cross margin allows up to 200x leverage but could potentially lead to larger losses.

The futures trading dashboard provided by Prime XBT is definitely designed with the traders in mind. It has anything you might need for futures trading but also is highly customizable. You can add watchlists, view orders, and move elements around the screen to suit your needs. This is perfect for both beginners and advanced users who want a tailored view.

Besides, Prime XBT prides itself on offering some of the lowest fees on the market, with a funding rate of 0.0001% every 8 hours for both long and short positions. This translates to approximately 0.1095% annually.

Additionally, maker fees are set at 0.01%, and taker fees at 0.02%. So, while fees for futures trading are generally higher due to leverage risks, Prime XBT's competitive rates ensure cost-effective trading for all users.

If you want to learn more, check out this review I wrote specifically about crypto futures trading on Prime XBT.

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Very Strong Security Measures

Now, one of the biggest concerns that people starting out in the field of cryptocurrency trading have is security.

It makes sense, though. The crypto market is volatile enough as it is - with hackings and scams being a prominent issue in the industry, you’d probably want to guarantee the highest levels of security in your crypto trading ventures.

Well, if you’re trying to find out is Prime XBT legit in this regard, rest assured - PX has some great security measures in place.

When it comes to general asset protection measures, PX utilizes AWS web servers in order to run its trading operations smoothly. AWS is the leader in this particular field, so you can be sure that Prime is using only the highest quality services.

Apart from some other, more-general security measures, some user Prime XBT reviews will also tell you that PX has a very interesting and crypto-specific security measure in place, too.

Basically, Prime keeps the majority of the crypto assets in cold storage devices.

This is superb.

You see, many of even the high-end cryptocurrency exchanges and trading platforms do not employ this as a form of security. This means that the cryptos are stored and kept in hot wallets - it’s a major security hazard, since they are always connected to the internet!

Cold storage refers to some hardware devices - wallets such as Trezor or the Ledger Nano X. These devices have no constant connection to the web, which means that potential hackers are not able to reach your crypto funds.

Security-wise, Prime XBT is truly a top-tier platform.

Simple to Use

While we’ll get to the actual registration and sign up processes in a hot minute, it’s worth mentioning that multiple user Prime XBT reviews point out how simple to use PX actually is.

Well, that’s by comparison with some other trading platforms - nothing that relates to finances and financial asset trading is truly very “simple”.

Many of the crypto-exclusive exchange platforms nowadays do also struggle with this point, too. It’s rather difficult to find a balance between a user-friendly UI, and all of the complicated financial charts and candlesticks that need to inform the trader about what’s happening in the market at that point in time.

That being said, though, user Prime XBT reviews truly do seem happy when it comes to the usability aspect of the platform. It comes with an overarching sleek design, and does not overcrowd you with some unnecessary and confusing features.

Fiat Currency / Cryptocurrency Trading Pairs + Fiat Deposits

A point that I personally did not see mentioned all that often on user Prime XBT reviews is that you are able to both make fiat deposits on the trading platform and also trade fiat currencies for crypto ones.

It’s actually a pretty big deal!

In order to deposit fiat money or even make fiat/crypto trades, an exchange (or, in this case - a trading platform) needs to go through a lot of technical and legal hoops. That is why, in many exchanges, you are not able to deposit fiat money, or can only trade crypto to crypto.

Not the case with Prime XBT.

Being an asset trading platform, Prime has a lot of different trading pairs for the user to pick from. These pairs include fiat/crypto trading, as well.

And, on top of that, naturally, you’ll also be able to make a fiat currency deposit to your Prime wallet, too.

To sum up, if you’re looking for an easy entry into the cryptocurrency market (easy, meaning - direct fiat deposits and fiat/crypto trading pairs), then user Prime XBT reviews will surely point you to this particular trading platform.

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Prime XBT Review: CONS

Now that we’ve discussed some of the most prominent and most commonly-referenced positive user Prime XBT reviews, we do need to also cover some common concerns that people have with the platform.

To be fair, though, there’s not a lot to talk about - the biggest issue, however, does appear to be the lack of cryptocurrencies that PX supports.

Supports Only the Major Cryptocurrencies

Multiple Prime XBT reviews point out that the platform in question supports only the most well-known, “mainstream” cryptocurrencies. To be more specific, the coins supported by PX are:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• EOS (EOS)

In total, that makes 5 cryptos. Quite a small number, indeed!

Now, if you’re an entry-level crypto trader, then the above-mentioned cryptocurrencies should be more than enough for you to check out and trade with. In the vast majority of cases, beginner traders tend to start off with Bitcoin or Ethereum, either way - in such instances, broad coin support isn’t really needed.

If you’re a more experienced trader, though, and would like to diversify your cryptocurrency portfolio, the lack of coin support might, in fact, prove to be an issue. It all depends on your plans and expectations!

Restricted Services on a Regional Basis

If you’re someone who’s located in the US or Canada, I do have some bad news for you - you won’t be able to use Prime XBT in these countries.

It’s actually one of the most notable cons of the platform, too.

The restrictions are such because of some financial laws that are in place within those said regions. While Prime is available and operates in more than 150 different countries, this is little-to-no condolence to those who reside in either the US or Canada. Naturally, there are other countries and regions where Prime XBT is restricted, but size-wise, the two above-mentioned countries are the most notable ones.

It adds to the discussions about PX’s legitimacy, too - while the answer to the question “is Prime XBT legit?” is a positive one, it doesn’t really matter to people who are living in these territories, either way.

Did you know?

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Pricing and Fees

One of the last things we need to discuss in this Prime XBT review are the Prime XBT fees.

I can tell you in advance, though - while they CAN get somewhat confusing at times, if you were to look strictly at the fees that are associated with trading, you’d notice that they’re quite alright!

The trading fees for fiat/cryptocurrency trading pairs will range from 0,01% up to 0,05%. Truth be told, these fees are quite amazing!

Financing Prime XBT fees, on the other hand, will vary significantly, due to a whole variety of different factors - they are still not going to be high, though! If you’re interested in these, check out the brand’s official website for more up-to-date information.

How to Register on and Use Prime XBT?

Now, we’ve discussed the Prime XBT fees, talked about the benefits of the platform, and also its shortcomings. All that’s left to do is tell you how to register on it, and use the basic features!

1. Go to the company’s official website, and click Sign Up.

2. Enter your email, phone number, and create a password.

3. You’ll be asked to confirm your email address with a PIN code that you’ll receive - enter it on the website and click Enter.

4. Finally, you’ll be asked to choose the country you reside in - do so.

You’re in! The registration really is quick and straightforward!

Now, adding Bitcoins to your wallet is simple, too.

1. Go to the Account section of your, well… Prime XBT account.

2. You’ll see a big blue button saying “Deposit to wallet”. Press it.

3. Here, you will find your personal Bitcoin wallet code. This code is your public wallet address - you need to send Bitcoin to it. Alternatively, you could also purchase Bitcoin with a credit or debit card, too - simple as that!

As you can see, both the registration and the Bitcoin purchasing processes are very simple and quick - just as most of the user Prime XBT reviews will tell you!

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

$30,000 IN REWARDS

Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

$600 WELCOME BONUS

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

Now, with all of that being said and done, but one question remains - would I recommend using Prime XBT?

Yes, I would.

As you’ve probably gathered already, PX is a great asset trading platform - this extends into the realm of cryptocurrency assets, too! The site is comparatively simple to use, and offers you the chance to utilize fiat/crypto trading pairs, and even purchase cryptocurrencies via a credit or debit card.

While the cryptocurrency choice is very scarce, it should be more than enough to suffice for most beginner and entry-level traders. If you’re based in the US, however, you’ll need to look for some PX alternatives - Kucoin would be one of the best choices.

While the Prime XBT fees are surely smaller than those of Coinbase, at least the latter is available in the US, and it also guarantees top-tier security of your crypto assets, too!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.