In this PrimeXBT review, we’ll introduce you to this online broker’s features, range of financial instruments, the benefits and drawbacks of using it. We’ll analyze its trading conditions, including fees and spreads and other charges, trading platforms, its research tools and educational resources.
Founded in 2018 primarily as a crypto broker, PrimeXBT has grown to offer more than 200 financial instruments. Boasting more than a million customers across 150 countries, the Seychelles-based broker offers contracts for difference (CFDs) on forex, commodities, indices, shares and crypto. It also facilitates crypto futures trading and direct crypto investing. It also has a copy trading program for hands-off trading.
The broker is not available in some regions, including the United States, Canada and Japan.
Our verdict on PrimeXBT
PrimeXBT is best suited to traders focused on crypto instruments, which is its strongest point. It’s also a good option for experienced traders who are comfortable with CFDs on forex, commodities, and shares.
Cost-wise, it charges low spreads and no commission for non-crypto CFD instruments, while crypto trading attracts a commission.
While it’s not overseen by any major regulators, it holds licenses from watchdogs in South Africa, the Republic of Seychelles, Mauritius and El Salvador. We consider it a safe broker, with ringfenced client funds, negative balance protection and other safeguards in place,
For beginners, it’s a mixed bag. While it mostly offers CFDs, with leverage up to 1000:1, which may not be ideal for new traders, it has beginner friendly features. These include a demo account and a good amount of educational articles for novices to improve their skills.
Overall, Prime XTB compares favorably for its wide range of tradeable assets, low costs, high leverage and its trading platform that integrates with TradingView, giving access to sophisticated analysis tools.
Pros and cons of PrimeXBT
PrimeXBT is popular for its diverse offerings, particularly in cryptocurrency and CFD trading. Here’s a breakdown of the benefits and drawbacks of trading with it.
Pros
- Good selection of crypto educational materials
- Free demo account available with $10,000 in practice money and no expiration
- Copy trading account
- It only takes $10 to open an account.
- Negative balance protection
- Commission-fee trading on non-crypto assets
- No inactivity fee
Cons
- Not FCA regulated
- No direct share investing
- No ETF trading
- Doesn’t accept US or Canadian clients
- Could use more transparency on fees
Introducing PrimeXBT
PrimeXBT aims to provide a sophisticated yet accessible trading environment for both novice and experienced traders globally. The entry barrier is low. The broker allows you to open an account for just $10.
Its best features include its diverse instrument offerings, allowing users to trade a wide range of international markets, including cryptocurrencies, forex, commodities, and stock indices, primarily through CFDs.
Another unique offering is crypto futures, that lets traders open long or short positions on a variety of 30 crypto contracts, such as Bitcoin, Ethereum, and Litecoin at adjustable leverage.
The platform boasts high leverage options of as much as 1000:1, amplifying potential profits as well as losses. Therefore, applying risk management tools is paramount. How to use these is covered in the broker’s educational offer.
The proprietary PXTrader platform, which is lauded for its user-friendliness, and includes advanced research and charting tools, through integrating with TradingView.
This, complemented by the recent MetaTrader 5 (MT5) integration, offers more choices and makes PrimeXBT one of the best MetaTrader 5 brokers in the market.
The Covesting copy trading module is a significant draw, enabling users to automatically replicate successful traders’ strategies. Additionally, PrimeXBT is known for its competitive spreads, with commission-free trading on most instruments.
The broker also provides 24/7 customer support via chat or email (but not by phone) and robust security measures like 2FA and cold storage for funds.
An in-depth review of PrimeXBT’s offerings
Let’s break down each of PrimeXBT’s features to see if the broker is a good fit for you.
What can I trade on PrimeXBT?
The brokerage is focused on forex and crypto trading, but it has broadened its tradable assets, which now number more than 200.
They include the following:
Cryptocurrencies
PrimeXBT offers 45 popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple, which can be traded with significant leverage of up to 200:1.
Crypto assets are traded via CFDs or crypto futures:
Crypto CFDs
When it comes to crypto, PrimeXBT focuses on derivatives, enabling you to profit from price movements without directly owning the underlying crypto assets, and often with the benefit of leverage. This contrasts with traditional “spot” crypto trading, where you buy and hold the actual cryptocurrency.
Cryptocurrency futures
Besides CFD crypto trading, it also offers access to crypto futures contracts, which are agreements to buy or sell a specific cryptocurrency at a predetermined price on a future date.
It also facilitates cryptocurrency purchases in the matter of minutes using Visa or Mastercard.
Forex pairs
The selection includes 105 currency pairs. You can trade major pairs, minor pairs, and exotic currency pairs.
Here are some examples:
- Majors: EUR/USD, GBP/USD, USD/JPY
- Minors: EUR/GBP, CHF/GPY, GBP/AUD,
- Exotics: USD/MXN, USD/ZAR, EUR/PLN
Forex leverage can go as high as 1000:1.
Commodities
Additionally, PrimeXBT provides access to various commodities such as gold, silver, crude oil, and natural gas, altogether 24 instruments, at a leverage of up to 500:1.
Indices
You also speculate on 19 global stock indices, such as the S&P 500, the Nasdaq and the FTSE 100. The applicable leverage is max. 100:1.
Share CFDs
You can also bet on changes in the prices of 10 major companies, mostly in the technology sector, including Tesla, Alphabet, Amazon, Intel and AMD, as well as some other popular US stocks, such as Netflix. The maximum leverage is 20:1 for share CFDs.
Trading platforms
PrimeXBT provides a comprehensive suite of trading platforms, from its user-friendly proprietary WebTrader and mobile app to the more advanced MetaTrader 5, and the unique Covesting copy trading system, aiming to meet the needs of a broad spectrum of traders.
One downside is that it does not offer MT4.
Its demo account, which aims to replicate real trading conditions, including real-time quotes from markets, is free and offers $10,000 in practice currency.
How safe is PrimeXBT?
PrimeXBT employs strong security measures, including cold storage for most funds, multi-signature access, two-factor authentication, SSL encryption, and manual withdrawal processing with risk checks.
It is also a member of the Financial Commission, offering dispute resolution and a compensation fund up to $20,000.
While these technical and organizational safeguards are robust, the primary concern for some users is the broker’s regulatory status. PrimeXBT is regulated by authorities in Seychelles and South Africa. However, these are not considered “top-tier” regulators like those in the US or UK, which provide more extensive investor protection.
PrimeXBT fees
PrimeXBT has a straightforward fee structure, but the specific charges can vary depending on the type of asset you are trading. For example, PrimeXBT charges a commission on each crypto trade.
This is often a flat percentage of the notional value of the trade. For forex, commodities and stock indices, there’s no commission, but the cost of trading is built into the spread, which can be dynamic and will vary by market conditions.
PrimeXBT charges overnight finance fees on all leveraged positions held overnight. The fee is calculated based on the interest rate differential of the assets being traded and whether your position is long or short. On Wednesdays, this fee is often tripled to account for the upcoming weekend. While it doesn’t have any deposit fees, it typically charges a withdrawal fee.
Trading fees, at a glance
Lets see in the tables below a breakdown of the various trading fees (spreads, commission) by asset class, and overnight fees.
Crypto futures:
| Maker fee | Crypto futures | 0.01% – 0.02% | Charged when you place a limit order that adds liquidity to the order book. Lower than taker fees. |
| Taker fee | Crypto futures | 0.045% | Charged when you place a market order or a limit order that immediately executes against an existing order, removing liquidity from the order book. |
Crypto CFD trading fees
| Spread | from 0.1 pips |
| Commission | 0.05% commission |
Other CFD trading fees
(Forex, commodities, indices and share CFDs)
| Spread | from 0.1 pips |
| Commission | zero commission |
Overnight financing (Swap fees):
| Instruments | Typical fees | Notes |
| Leveraged CFD positions on forex, indices, commodities, stocks, crypto | Variable For example: AUD/USD starting at 0.0014 Silver: starting at 0.0041% Stocks: Starting at 0.0272% | Interest charged for holding leveraged positions open overnight. It can be positive or negative depending on whether you are long or short. |
An overview of non-trading fees
| Deposit Fees | ||
| Cryptocurrency | Typically 0% | PrimeXBT generally does not charge deposit fees for cryptocurrency. However, network transaction fees (blockchain fees) will apply when you send crypto from your external wallet. |
| Fiat (bank card/ bank transfer) | Variable | Fees for fiat deposits via credit/debit card or bank transfer can vary depending on the payment processor and your region. |
| Withdrawal Fees | ||
| Cryptocurrency | Flat fee (e.g.: 0.0005 BTC) | PrimeXBT charges a flat fee per cryptocurrency withdrawal to cover blockchain network fees and processing. These fees can fluctuate based on network congestion. |
| Fiat | Variable | Fees for fiat withdrawals can vary depending on the method (e.g.: bank transfer fees) and your region. |
On the positive side, there are no account fees and no inactivity fees at PrimeXTB.
Features and user experience
Copy trading
PrimeXBT’s copy trading feature, powered by its Covesting module, allows users to effortlessly mirror the trading strategies of seasoned professionals. Experienced traders can become “Strategy Providers,” showcasing their performance on a public leaderboard.
Followers can then browse these strategies, evaluating metrics like profit and risk, and choose to automatically replicate the trades of their chosen providers.
This system enables users to participate in the market without needing extensive analysis, as trades are automatically executed in their own accounts. Followers maintain control over their allocated capital and can stop copying at any time, with transparency in provider statistics being a key aspect of the platform.
Demo trading
PrimeXBT offers one of the better demo trading accounts. It is free, provides $10,000 in practice money and doesn’t expire, though it must be renewed after 30 days.
A demo account is a risk-free environment for users to practice and refine their trading strategies. It functions as a simulated real-time market, funded with virtual currency, allowing you to experience the platform’s full range of features without risking actual capital.
You can trade all available instruments, including crypto, forex, commodities, and indices, place various order types, and utilize charting tools.
This is ideal for new traders to familiarize themselves with market dynamics and the platform’s interface, or for experienced traders to test new approaches before committing real funds.
Educational resources
PrimeXBT offers a variety of educational resources to support traders of all experience levels. These resources are within its Trading Academy and include:
- Educational articles: A comprehensive library of articles covers a wide range of topics, from beginner concepts like “Mastering Index Trading” and “What is Margin Trading?” to more advanced strategies for Forex, cryptocurrency, and stock trading.
- PrimeXBT trading academy: This dedicated educational platform provides extensive learning materials, from essential concepts to expert insights:
- Cryptocurrency trading education: Specialized resources focus on the nuances of crypto trading, covering basic concepts of blockchain technology, technical and fundamental analysis specific to cryptocurrencies, and advanced crypto trading strategies like scalping and arbitrage.
- Algorithmic trading guides: Resources are also available for those interested in algorithmic trading, covering topics such as backtesting, data quality, market analysis, and the programming skills required.
Security features
PrimeXBT implements a range of security measures to protect client funds and data. Some of the internet-based security features, include cold storage for digital wallets, multisignature technology, hardware security models, two-factor authentication, SSL encryption, and cryptographically hashed passwords.
To ensure platform stability, the company uses Cloudfare to avoid denial of service attacks. In addition, client funds are held in segregated accounts, meaning they are kept separate from the company’s operational funds. This provides an extra layer of protection.
Users can also whitelist specific cryptocurrency withdrawal addresses, meaning funds can only be sent to pre-approved addresses, further preventing unauthorized withdrawals.
PrimeXBT is also a member of the Financial Commission, which offers an additional layer of security and a compensation fund (up to $20,000 per complaint) for clients in case of a dispute that isn’t resolved by the broker.
Mobile app
The broker’s mobile app works with iOS and Android phones and provides all of the functionality of a desktop experience, including the ability to open, close and adjust positions, as well as place market, limit, and stop orders while managing trade exposure.
The app also supports copy trading and includes a live chat feature for direct communication with customer support. For enhanced security, it offers two-step authentication and biometric login options.
PrimeXBT customer satisfaction
PrimeXBT generally receives good reviews as a broker from various rating agencies. On TrustPilot, it got an overall 4.3 rating out of a possible 5, based on 453 reviews.
The company generally got high marks for ease of use, cost of fees and customer service. One area that some customers didn’t like was slowness in receiving withdrawals.
The company got an even better rating (4.7 out of 5.0) on Reviews.io, where it had 458 reviews with reviewers generally praising the company’s execution speeds. On Sitejabber, based on 226 reviews, it got a 4.8 out of 5.0 rating, with reviewers liking the company’s crypto futures fees and process.
Conclusion
Since its inception in 2018, PrimeXBT has evolved from a crypto-centric broker into a multi-asset platform offering CFD trading to over a million clients across 150 countries.
This diverse instrument offering, coupled with squeezed spreads and leverage options as high as 1000:1 in some regions, make it particularly attractive to traders comfortable with the complexities of CFDs. Its user-friendly web and mobile platforms, the MT5 integration, negative balance protection, and the Covesting copy trading module further enhance its appeal.
A notable drawback is its lack of regulation by top-tier financial authorities like the FCA, which might put off some traders.
PrimeXBT’s strong emphasis on security measures, competitive commission-free trading on non-crypto assets, and positive customer reviews, though, suggest a reliable platform, especially for those prioritizing speculative trading opportunities across various markets.
