PrimeXBT Reviews 2024 - Is It Safe?
Throughout the years, many crypto exchanges did a good job at providing various traders (including the total beginners) with an easy and safe environment for trading. The competition is high, so exchanges have to offer something on top of standard trading features.
Today we will review one of the leading crypto exchanges that has a special approach to the list of the supported trading assets. Aside from various cryptocurrencies and crypto futures, PrimeXBT supports numerous traditional trading instruments such as commodities, etc.
This review highlights the main features of PrimeXBT, answers if it is safe to use PrimeXBT, and sheds light on other important aspects of using this exchange.
What Is PrimeXBT?
The PrimeXBT exchange was founded in 2018. As of 2024, the platform user base exceeds one million. The exchange is operating in over 150 jurisdictions.
One of the selling points of PrimeXBT is that the exchange is not focused exclusively on cryptocurrencies. The exchange supports over 100 tradable assets, including crypto futures, forex, CFDs, indices, SP500, and commodities.
The combination of various types of assets allows traders to try different trading instruments using the same platform. Also it gets more traditional trading assets closer to people better accustomed to cryptocurrencies and vice versa. Both types of traders can expand their horizons and try out something new.
To make transition from crypto to traditional markets (and vice versa) easier, PrimeXBT provides numerous educational materials on its website. These materials cover many topics, making overall trading experience more focused.
On top of that, PrimeXBT organizes offline events to make the community around the exchange and the crypto community in general stronger.
Main Features
PrimeXBT is a versatile platform, providing users with various features. These includes:
- Buy crypto by card: PrimeXBT users can buy over 60 cryptocurrencies with Visa or Mastercard.
- Trading: PrimeXBT supports trading crypto-to-crypto pairs, crypto futures, fiat money pairs, SP500 instruments, CFDs, commodities, and indices.
- Margin trading: Leveraged trading is one of the most popular ways among experienced traders to boost the profits. The maximum leverage for the crypto futures reaches 100x.
- Copy trading: PrimeXBT has a huge pool of professional traders. Copying their trades can be an easy way to profit from trading.
- Trading contests: PrimeXBT hosts regular trading contests in which traders should compete in trading volume of particular assets. Winners get rewarded.
- Referral and affiliate programs: Those helping to increase the exchange's reach out enjoy rewards. PrimeXBT guarantees to provide transparent reporting.
For many reasons, such a diverse set of features may appeal both to seasoned traders and beginners. The customer service and educational content will help the beginners to make their first steps in trading while experienced traders will be assisted in exploring new opportunities.
To enjoy the full set of the PrimeXBT features users must undergo an KYC (Know Your Customer) procedure which involves sending ID documents to the exchange staff.
Fees and Costs
One of the advantages of PrimeXBT over other exchanges supporting cryptocurrency futures is the friendly fee-tier. Whereas some of the established crypto exchanges like Binance or OKX charge users with 0.05% fees, for the BTC/USDT pair, the PrimeXBT exchange collects only a 0.01% fee from makers and a 0.02% from takers. This fee level is actual for most of the crypto futures pairs on PrimeXBT.
In the CFDs section, where users trade crypto-to-fiat, forex, commodities, and indices pairs, the fees are different. In crypto-to-fiat CFD pairs the fee is usually 0.05%. Traditional instruments trading is fee-free.
Is It Safe to Use PrimeXBT?
Security of the trading platform is one of the crucial factors when it comes to choosing a good exchange. The PrimeXBT team did a good job in protecting the clients' funds. As of 2024, the exchange managed to maintain zero security breaches. This fact speaks for itself.
All the communication between the exchange and the clients is encoded via the SSL encryption. The platform's servers are secured from distributed denial of service (DDoS) attacks via the Cloudflare certification while the bulk of the clients' funds are stored offline so that even in the event of hacking, criminals won't be able to steal the users' money.
2-factor authentication secures the usrers' account from unauthorized access. Critical actions (like withdrawals) cannot be performed on PrimeXBT without a 2-factor authentication check. This procedure involves providing a TOTP (time-based one-time password) generated in the associated app (Google Authenticator or a similar app). Without a client's device with an authentication app on it, it is impossible to enter or perform any critical actions on PrimeXBT. This protection layer cuts off most of the thieves.
To further improve security, PrimeXBT users can add the withdrawal limits, so in the event of an account breach, the criminals won't be able to withdraw much. It will help to save much needed time to block the account or perform other actions to protect funds and data. Users can turn on/off notifications about various actions on the account to get more control.
Answering the question in the headline of this chapter, we can confirm that PrimeXBT exchange does enough on its side to secure the users’ funds and data while the customers on their side can perform some crucial steps to enhance the security of their accounts.
Final Thoughts
Unlike most cryptocurrency exchanges, PrimeXBT gives its users access not only to the crypto-to-crypto market, but provides access to trading more conventional trading instruments like indices, forex, and more.
The exchange has been in the business for several years. In this period of time, it managed to sustain a solid reputation and avoid security breaches.
With the user base exceeding one million people from over 150 jurisdictions and over 100 supported trading assets, PrimeXBT becomes one of the strongest universal spot exchanges in the world.
PrimeXBT is a solid trading platform for cryptocurrencies, forex, commodities, and indices. As a regular user, I appreciate its low fees, high liquidity, and ease of use. The copy trading feature is particularly helpful, allowing me to follow and replicate the strategies of successful traders. The platform's security measures, including cold storage for funds, give me peace of mind. However, it’s worth noting that it’s not available in some regions, so check availability before signing up
Decent exchange
