What You Should Know About PrimeXBT: Scam Or Robust Trading Platform?

Before jumping into any trading platform, it’s important to thoroughly investigate its legitimacy. Don’t be in a rush to open an account until you have done your due diligence. One of the best ways to do this is to read reviews and testimonials from other traders. However, it’s important to note that not all reviews cover all aspects of the platform as traders tend to focus on their personal experiences. In this article, we’ll conduct a detailed investigation into PrimeXBT, examining all relevant factors. By the end of this review, you will have a clearer understanding of whether or not PrimeXBT is a safe platform to trade on. So let’s dive in and find out!

What do PrimeXBT reviews say about the platform?

Based on the information presented in the comparison chart, there is no conclusive evidence that PrimeXBT is a scam. It appears that negative reviews mainly come from traders who may have incurred losses due to their own lack of experience in the highly unpredictable crypto market, rather than the platform’s poor performance or unfavorable terms. We strongly advise that you seek advice from experts before delving into this market. PrimeXBT seems to offer such a feature.

Additionally, we have compiled some ordinary reviews for your reference:

Katie B. on G2: “I was glad to discover that PrimeXBT offers educational resources that can prove beneficial for novices. Additionally, they provide a well-designed Android and IOS application. Regarding withdrawal fees, I must say that they are quite nominal.”

Erin G. on Sitejabber: “First of all, thank you for your site and the work you do. I wanted to open an account on PrimeXBT but the initial deposit requested is 0.001 BTC deposited through a crypto wallet. I don’t want to use services to convert dollars into crypto so I’m going to create my Bitcoin wallet and deposit from there. I don’t know if it’s a recent change on their part or if it’s related to my location. Best wishes”

What is the range of assets offered by PrimeXBT?

When it comes to market exposure, PrimeXBT sets itself apart from the usual cryptocurrency exchanges. While others may only offer cryptocurrency pairs, PrimeXBT offers a wider range of markets to trade in. For cryptocurrency trading, PrimeXBT allows for speculating on multiple altcoins such as Ethereum, Litecoin, and Ripple, among others. There are 41 different crypto pairs available, all paired with USD for added stability.

For those seeking stability during periods of high volatility in the digital coin market, PrimeXBT’s commodity market provides a safe haven with liquidity and stability. While the returns on commodities may be lower than those of cryptocurrencies, the risks are also much lower. 

PrimeXBT also allows its users to trade on the stock market through various indices, such as NASDAQ, HK-HSI, DOWJ, S&P 500, and more, allowing for diversification and risk management. In addition, PrimeXBT’s forex market offers low commissions for those interested in investing in minor, major, or exotic currency pairs, with 51 pairs available in total.

Is automated copy trading on PrimeXBT scam or safe?

In today’s fast-paced trading world, automation is an increasingly popular trend, and PrimeXBT is keeping up with the times. This platform offers copy trading as a valuable tool for both novice and seasoned traders alike. With copy trading, users can duplicate the profitable positions of successful traders with the click of a button. 

The best part? The process is fully automated, making it easy and efficient. Unlike other social trading solutions, PrimeXBT’s copy trading feature doesn’t allow for adjustments once the trader is being followed, but the benefits of a smooth and automated process far outweigh the lack of control.

A closer look at Covesting

Covesting.io is an independent startup that operates under a separate regulatory body, providing an additional layer of legitimacy to PrimeXBT. Here are some advantages of the Covesting copy trading module:

• Informative statistics: Covesting offers advanced statistics about its more than 400 active users, allowing traders to easily choose an efficient strategy based on performance history and recent results.
• Automated execution: Unlike social trading platforms, Covesting does not allow adjustments to be made to a shared strategy. All positions and performance are duplicated to the trading account in an automated mode.
• Free to use: Copiers and signal providers do not pay fees before placing orders. Instead, the commission is based on performance, with one profitable trade bringing 70% of profits to a copier and 20% going to the signal provider.

What is the functionality of PrimeXBT mobile apps?

PrimeXBT is a popular online trading platform that offers various features and tools for its users. One of its most notable features is its trading app, which allows traders to access their accounts and trade on the go. Here are some of the specific functionalities that the PrimeXBT trading app offers:

• Real-time market data: The PrimeXBT trading app provides users with access to real-time market data, which allows them to make informed trading decisions.
• Advanced charting tools: The app includes advanced charting tools, which enable users to analyze market trends and identify potential opportunities.
• Order management: With the PrimeXBT trading app, users can manage their orders in real-time, including placing new orders, modifying existing ones, and tracking their order history.
• Price alerts: The app offers price alerts, which notify users when a specific asset reaches a certain price level, enabling them to act quickly and take advantage of market opportunities.
• Security features: The PrimeXBT trading app includes a range of security features, such as two-factor authentication, to ensure that users’ accounts are protected.

Overall, the PrimeXBT trading app is a powerful tool that enables traders to stay up-to-date with the markets and trade from anywhere, at any time.

Are my funds and data protected when I work on PrimeXBT?

PrimeXBT is legit and the best way for the platform to prove it is to ensure users that their sensitive information and assets won’t be violated by the platform or any third parties. To ensure that everything will be in accordance with the highest standards, the PrimeXBT platform provides the following anti-hacking security measures:

• Two-factor authentication (2FA): While not mandatory, adding this layer of security can prevent unauthorized access to your account.
• Advanced encryption: The platform uses SSL/TLS encryption protocols to protect users’ personal and financial data from hackers and cyberattacks.
• Cold wallet storage: Assets stored in cold wallets are not connected to the internet, providing an extra layer of protection against theft or unauthorized access.
• IP whitelisting: Users can restrict access to their accounts by adding specific IP addresses to a whitelist. This prevents unauthorized users from logging in from unapproved locations.

What should you know about PrimeXBT fees?

When it comes to online crypto trading, fees can have a significant impact on your profits. Even a small fee can add up over time and eat into your earnings. That’s why it’s crucial to consider fees when choosing a trading platform or exchange. Some platforms may offer low trading fees but high withdrawal fees, while others may have higher trading fees but lower deposit and withdrawal fees. Understanding the fee structure of a platform and how it can affect your trading strategy is essential to maximizing your profits in the long run and also understanding whether PrimeXBT is legit from the financial point of view.

As for PrimeXBT fees, both withdrawal and trading fees are quite average. Withdrawal fees are fixed and they amount to 0.0005 BTC per output transaction. This is what sets PrimeXBT apart from other big exchanges such as Binance and Kraken which offer very variable and somewhat complicated fee structures.

As for trading fees, consider this comparison table:

What are the margin trading conditions?

Here are the key points about margin trading we would like to outline:

• PrimeXBT offers margin trading that allows traders to leverage their positions up to 100x and earn higher profits.
• Some traders love the high leverage feature as it maximizes profits with minimum exposure to funds.
• However, fixed leverage across different assets makes some traders anxious about potential losses.
• Leverage varies for different assets, and traders can refer to the table below to compare the leverage for the most popular assets on the platform.
• It’s essential for traders to understand the risks of margin trading and use it wisely to avoid significant losses.

How do you make a deposit on PrimeXBT?

Here is a step-by-step guide on how to start trading on PrimeXBT:

1. Understand that all operations on the platform are processed in digital coins, which means you will need to have some cryptocurrency to begin trading.
2. Choose one of the supported networks – ETH, USDT (erc20), or USDC (erc20) – to perform your transactions.
3. Make a minimum deposit of 0.001 BTC to start trading on the platform.
4. If you don’t have any cryptocurrency, use a fiat payment method and convert it to digital coins using special converters.
5. Once you have some digital coins, you can start trading.

Here’s a step-by-step guide on the withdrawal process for PrimeXBT:

Initiate a withdrawal request from your PrimeXBT account.

1. The request will be processed during a specific timeframe, between 12 UTC and 14 UTC.
2. This delay is due to the withdrawal being processed from cold storage, which requires additional time.
3. After the withdrawal has been processed, the funds will be transferred to your external wallet or account.
4. The length of time it takes for the funds to arrive in your external wallet or account will depend on the network and wallet used.
5. If you have any concerns or questions about your withdrawal, you can contact the PrimeXBT support team for assistance.

What are the advantages and disadvantages?

Advantages:

• PrimeXBT offers exposure to various markets, including cryptocurrencies, foreign exchange, stocks, and commodities.
• Margin trading can leverage up to 100x to maximize profits.
• The covesting module enables users to duplicate advanced trading strategies from experienced traders.
• Low trading fees.
• Advanced security measures protect users’ funds and personal data.
• The highly customizable main dashboard allows for a personalized trading experience.

Disadvantages:

• PrimeXBT is not available for users in the United States.
• Limited educational resources for beginners.
• Advanced analysis may require access to third-party resources.

Summary

The article is a review of PrimeXBT, a trading platform that offers a wide range of markets to trade in. The article explores whether the platform is legitimate, its asset offerings, automated copy trading feature, mobile app functionality, and what reviews have to say about the platform. The reviews are mostly positive, with some negative reviews due to traders incurring losses due to their lack of experience. 

PrimeXBT offers an educational resource feature that can be beneficial to novice traders, and the initial deposit fee is nominal. PrimeXBT offers 41 different crypto pairs available, paired with USD for added stability, and provides a commodity market that offers a safe haven with liquidity and stability. The platform also allows users to trade on the stock market through various indices, such as NASDAQ, HK-HSI, DOWJ, S&P 500, and more. 

The platform offers copy trading as a valuable tool for both novice and seasoned traders alike, in which users can duplicate the profitable positions of successful traders with the click of a button. Covesting.io, an independent startup, operates under a separate regulatory body, providing an additional layer of legitimacy to PrimeXBT. PrimeXBT’s mobile app offers real-time market data, advanced charting tools, and easy access to positions and orders.