PrimeXBT review

If you are looking for the fastest signup via a mobile app that allows you to trade cryptos, Forex, and various other CFDs, then PrimeXBT is the broker for you. It is even possible to directly send BTC to your newly registered account and start trading in under a minute. The broker gives all users a crypto wallet address where assets can be saved and traders can send the funds from the wallet to their margin account. It is possible to sign up with a Google account and set biometric authentication on the mobile app right away and log in within seconds. The maximum leverage currency available is 1:1000 and the minimum deposit is 0.01 BTC. With the leverage this high it is possible to control 1000 times the buying power of the account balance making it possible to trade with a relatively small amount of capital.

Let’s look more closely at PrimeXBT’s other important terms and conditions to see if the broker can be trusted.

General PrimeXBT review

The company PrimeXBT Trading Services LLC is registered and located in Seychelles and St. Vincent and the Grenadines with license numbers 217308 and 222LLC2019 respectively. The broker offers 24/7 support and is available on an email channel. This makes it a bit of a slow process to contact them, but when contacted the response is fast and professional.

Regulations

The company does not hold any license from St. Vincent and the Grenadines to provide trading services outside the country. As such, rather than flaunting their regulatory status, the broker tries to attract international traders and crypto enthusiasts with low fees and the fastest execution speeds. Deposits and withdrawals are done via blockchain, making it an easy and transparent process. Not being regulated has several pros and cons. Although it is much safer to trade with a regulated broker, unregulated brokers have the freedom to offer much more attractive trading terms with high leverage and flexibility. Since the broker is building a compliance team in Australia, this indicates that PrimeXBT has the goal of becoming a regulated broker, which adds a few points to the broker’s legitimacy.

PrimeXBT website

The website is feature-rich and everything is nicely arranged. All features are put together logically and it is easy to find what you are looking for. Seems like PrimexBT was thinking ahead when designing its website as it is also very mobile-friendly and responsive.

The site map is also very clean and intuitive and there are no errors or other issues, everything works as promised. Additionally, the website is multilingual and supports 15 different languages.

There is a warning at the bottom of the website explaining the risks involved with trading CFDs with leverage which is a plus for the broker as regulated brokers are required to offer warnings and risk disclaimers. PrimeXBT takes this seriously and warns users to learn before they risk their money trading derivatives.

Online presence and reviews about the platform

The broker and its platform have several positive reviews regarding how well they solved their issues and how fast the platform is when trading. Some of these reviews include highly reputable online broker review websites and the possibility of PrimeXBT’s reviews being a fraud is very low.

As mentioned, their website is very intuitive and allows users to find everything they need without spending too much time. The registration process is lightning fast on both the website and app, which both support Google authentication adding to the broker’s legitimacy.

The company is presented on Wellfound (formerly AngelList Talent) and continually searches for new talented individuals to help develop its business. Currently, they are hiring compliance officers to get regulatory oversight from Australia, which is a positive sign for those looking to trade on PrimeXBT.

Signing up and account creation

As we have mentioned before, the signup process is lightning-fast and convenient. It is possible to set biometric authentication on the mobile app using a fingerprint or face ID. These features enable traders to log in to their accounts within seconds and start trading right away while being secured at the same time.

The broker requires a moderate KYC process to be completed, which includes uploading a few documents. Luckily the whole process is incorporated within the mobile application and is faster than with other popular brokers. A selfie picture and ID document will be enough for account verification and withdrawals can be done right after this process is completed. It is generally recommended that traders first verify their account before depositing funds to it, to make sure everything is above board and there are no issues.

Software used

There are no advanced trading platforms offered like MetaTrader or cTrader by the broker. There is a web trader available and the mobile apps are quick and comfortable to use. The apps also incorporate copy trading abilities. In addition, there are charts and numerous inbuilt indicators to apply to the price data and analyze it. Different order types allow traders to control position opening and closing according to their strategies. Stop-loss and take-profit orders are also available to limit risks during trading. There are many explanatory articles and guides on the website to help traders familiarize themselves with the trading apps in case there are some difficulties, but the app is very intuitive and traders with some experience will have an easy time downloading and using it on their mobile devices.

PrimeXBT FX broker partnership programs

PrimeXBT has an ongoing partnership program called “Refer & Earn” and is ready to share up to 70% of its profits from trading fees with affiliates. The more people the affiliate program participants attract, the more rewards they will get. Clients and traders can contact PrimeXBT and offer their personal promo offers.

The broker is generous and tries to reward customers who attract their friends and other traders to the broker’s trading platforms.

Review Summary

In conclusion, PrimeXBT is a broker that provides ultra-fast and comfortable mobile and web trading of various assets including cryptos, Forex, and CFDs. The broker offers high leverage of up to 1:1000 with a minimum deposit of 0.01 BTC. While PrimeXBT is not regulated yet, the company is working hard to become regulated under the Australian ASIC. The website is user-friendly and responsive and supports 15 different languages. Support is available 24/7 via email and the mobile trading app is among the fastest trading platforms on the market. The mobile app offers biometric authentication and verification, along with trading and charting capabilities all in one user-friendly app. The fact that the broker is attracting talented individuals to join their team’s compliance department, adds some legitimacy to its reputation. Additionally, PrimeXBT has a referral program that rewards affiliates up to 70% of the broker’s profits from trading fees.