PrimeXBT is a Bitcoin-based trading platform which offers access to over 50+ synthetic contracts including Crypto. This is one exchange that supports trading cryptocurrencies, most major stock indices, commodities, and foreign currencies.
In this post, we are going to give a honest review of the exchange platform to help you make a good choice.
In addition to offering margin trading up to 100 times your initial investment amount, it also has a novel “covesting” feature that lets you see and mimic the trading moves of top-investors on the website. Also, its “turbo” trading option allows you to make short-term price predictions. If your guess is correct, you make a quick double-digit profit. Unfortunately, PrimeXBT is not available in 14 countries including the U.S. and Canada and that weighs on our rating. Check out our full PrimeXBT review to see if this exchange is right for you.
Full PrimeXBT review
This cryptocurrency exchange is a good fit for: Experienced users looking for advanced features and opportunities designed to increase profitability. New users will enjoy the ability to copy the trades of experienced traders. All users will benefit from being able to trade different kinds of assets including cryptos and major stock indices.
- Trade cryptos, foreign currencies, major stock indices, and commodities
- Referral system
- Novel covesting feature
- Turbo trade
- Robust technical analysis tools and charting
- Few crypto trading pairs
- Not available in 14 countries including the U.S., Canada, and Japan
- No lending or staking services
- Limited direct crypto transfers
Top Picks for PrimeXBT
- Robust multi-level, referral program
- PrimeXBT offers leveraged trading up to 100x
- Advanced technical analysis tools — without leaving the website
Robust multi-level, referral program
The PrimeXBT referral model has a four-tier payout system. You receive rewards not only for direct referrals you bring to PrimeXBT but for their referrals as well. It’s like a multi-level marketing plan. This setup can multiply the passive income you receive from the trading fees paid by the referral network you build. You have to use your custom referral link to invite people. To receive max rewards, encourage your referrals to invite more folks.
PrimeXBT offers leveraged trading up to 100x
PrimeXBT offers leveraged trading up to 100 times the amount you contribute. Leverage trading (also known as margin trading) is a method involving borrowed funds from the exchange. The reason to trade via leverage is to increase profit potential. Leveraged trading allows you to trade and profit using much larger asset amounts than with personal funds.
Advanced technical analysis tools — without leaving the website
The PrimeXBT technical analysis platform runs on Tradingview. It’s preloaded with hundreds of popular indicators (like strength index, moving averages, etc.), more than 50 intelligent drawing tools for in-depth market analysis, and educational resources on the most popular trading concepts. The charts are useful in helping traders identify up-and-down price trends for the assets they’re watching. So users make more profits and avoid losses.
What needs to be improved
Extremely limited number of trading pairs
PrimeXBT has a weak slate of trading pairs. It offers only seven, which is among the fewest offered by an active global exchange. What makes it odd is that the exchange does not currently accept any reserve currency deposits from bank accounts or credit cards. It only accepts crypto transfers from other exchanges or digital wallets in:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- USD coin (USDC)
- Covesting (COV)
It only accepts crypto transfers but barely offers any crypto trading choices. Most digital exchanges offer dozens — if not hundreds — of crypto trading options for users to choose from. It’s unusual and unclear why PrimeXBT would choose to offer so few options.
No access for residents of several countries including the U.S.
The site lists 14 countries on its “prohibited jurisdictions” including Canada, U.S., and Japan. There was no additional explanation for the blocked access in these regions.
Doesn’t currently offer lending or borrowing against your stored funds
More and more crypto exchanges are offering lending services. This is especially true with the explosive growth of decentralized finance (DeFi) within the space. As of this writing, PrimeXBT does not offer interest-bearing accounts. Its blog site states that it plans to roll out a way to earn interest, but it’s not clear what tokens or coins will be eligible. Also you have to join a waitlist for the service, which won’t launch until late summer of 2021 at the earliest.
Separately, under its covesting module, PrimeXBT offers a “staking” option but it is NOT interest earning. It’s merely a three-tiered membership program you buy into that opens up more perks the more you spend upfront. A membership buy-in feature is not the same definition of staking used by other exchanges. How PrimeXBT defines the term is confusing at best — misleading at worst.
PrimeXBT cryptocurrency selection
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