PrimeXBT

PrimeXBT Full Review

PrimeXBT Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about the several entities operating under the PrimeXBT trade name:

• PrimeXBT (Pty) Ltd (formerly Stack Advisory (Pty) Ltd) is licensed and regulated by the Financial Services Conduct Authority (FSCA) of South Africa under license number 45697. We rate the FSCA as a Tier-2 regulator.
• PrimeXBT Trading Services Ltd is a company incorporated and existing under the laws of Saint Lucia with registration number 2024-00343. The entity is not regulated but is a member of The Financial Commission.
• PrimeXBT Trading Services, S.A. de C.V. holds a Bitcoin Services Provider (BSP) license issued by the Banco Central de Reserva (BCR) of El Salvador. The entity does not provide trading with CFDs services.
• PrimeXBT is also affiliated with Baksta UAB (Lithuania), providing actual crypto-currency services. Baksta UAB is registered with the Financial Crime Investigation Service (FCIS) as a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities globally, but regulatory protections vary. Some regulators enforce stricter financial standards than others, so traders should understand the safety measures of the entity they choose to open an account with.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. Client funds with PrimeXBT’s entities are held separately from the company’s corporate capital in segregated accounts.
• Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. Two of PrimeXBT’s entities guarantee negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. Clients of PrimeXBT Trading Services Ltd are protected by up to EUR 20,000 under The Financial Commission.
• Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage with PrimeXBT is 1:1000.

Stability and Transparency

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and information transparency.

I reviewed PrimeXBT’s legal documents and found that everything was in order. The client agreement, risk notice, execution policy, and other legal documents are easily accessible and fairly transparent. The content is written in an easy-to-understand language without intentionally misleading language.

Is PrimeXBT Safe to Trade With?

I determined that PrimeXBT is reasonably safe to trade with due to the following factors:

• Is a member of The Financial Commission
• Keeps client funds in segregated accounts
• Guarantees negative balance protection
• Has transparent legal documents

Fees

PrimeXBT Spreads

I tested PrimeXBT’s spreads on 13 December 2024 during the London and New York opens. The results are shown in the table below:

My live tests indicate that broken down by asset class and compared to the industry average, PrimeXBT charges low spreads on cryptocurrencies, average spreads on currency pairs, and average-to-high spreads on commodities and indices.

PrimeXBT Commissions

PrimeXBT charges a 0.05% fee for trading cryptocurrencies. The fee is applied in addition to the spread.

Currency pairs, commodities, and indices are traded without commissions.

PrimeXBT Swaps

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full base currency contract (100,000 units).

I discovered that PrimeXBT’s swaps are low to average compared to the industry benchmark. However, it should be kept in mind that swaps change over time.

PrimeXBT Non-Trading Fees

PrimeXBT does not charge a handling fee for deposits; however, third-party processing fees may apply, depending on the chosen payment method.

The broker does not charge dormant accounts with an inactivity fee.

Accounts Comparison

I have compiled the table below to help you better understand the difference between the trading fees with PrimeXBT’s CFD Trading account and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

I discovered that PrimeXBT’s FX & CFDs account features less competitive prices than the industry standard. It costs more to execute a full-sized EURUSD trade with PrimeXBT than with the typical STP broker.

Are PrimeXBT’s Fees Competitive?

I assessed that PrimeXBT’s fees could be more competitive. Its spreads are average to high compared to the industry average, barring cryptocurrencies. However, crypto trading also involves a flat 0.05% commission applied to the raw spread. On the other hand, the broker does not impose any non-trading fees.

Platforms and Tools

PrimeXBT also says it offers the renowned MetaTrader 5 platform, which is available via PXBT – a partner company of PrimeXBT. However, PrimeXBT’s clients must also have active accounts with the other broker to gain access to it.

PrimeXBT WebTrader

PrimeXBT’s trading platform has a pleasant and intuitive design and features basic tools like one-click trading and alarm-setting options. However, it lacks other essential features like a depth of markets tool and does not support automated trading via Expert Advisors (EAs).

General Ease of Use

The WebTrader is easy to navigate, and even beginner traders can quickly learn where the charts, account info, and watch lists are located. The platform is available in 16 languages and supported on most popular browsers.

The PrimeXBT WebTrader’s key features include:

• Alerts: Traders can set alerts for following when the price of a given instrument falls or rises to a predetermined level, which could potentially signal a viable entry opportunity.
• Watchlist: Traders can populate watchlists with their favorite instruments and track market changes more easily.
• One-click Trading: This feature enables instant market entries at the spot price.
• Trading from the Chart: Traders can place conventional trading orders directly from the chart, specifying the entry price, volume level, stop and take-profit levels, and more.

Charts

I consider the chart screen to be a platform’s most critical feature, enabling technical analysis and providing a clear view of price action. Analytical tools and configuration options allow for multi-angle examination, but the ease of scaling price action is what truly matters.

I have broken down the available analytical tools and chart configurations below:

• 91 Technical Indicators: These include trend-based and volume-based indicators, along with oscillators to analyze price action and assess market sentiment, helping predict market movements.
• 64 Drawing Tools: Tools like Fibonacci retracement levels and Elliott waves help identify price patterns, support/resistance levels, and breakout points. However, MT5’s design can make price action harder to interpret.
• 10 Timeframes: For multi-timeframe analysis, enabling detailed price action analysis.
• 16 Chart Types: Price action can be displayed as line, bars, or candlesticks, offering diverse perspectives on trading opportunities.

Orders

PrimeXBT’s platform accommodates spot trading, pending orders, and one-click trading.

I have broken down the available order types on the platform below:

• Market Orders: Used for immediate entry at the best available price. They guarantee volume filling, though the entry price may differ from the requested price.
• Limit Orders: Guarantee exact price entries but won’t be filled if the price doesn’t reach the trigger level.
• Stop Orders: They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

PrimeXBT WebTrader: My Key Takeaways

I enjoyed the WebTrader’s advanced charting capabilities, which are incorporated from the seamless TradingView. I also found the platform intuitive and feature-rich, offering a massive assortment of analytical tools and chart configurations. However, it lacks a depth of markets tool and does not support automated trading via Expert Advisors (EAs).

PrimeXBT App

PrimeXBT’s mobile app, available on iOS and Android, provides fast and convenient access to the market anytime, anywhere. It’s ideal for opening, closing, and adjusting positions, as well as placing 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 App: My Key Takeaways

PrimeXBT has developed a comprehensive mobile app that enables traders to place new orders, adjust existing trades, analyze price action, and access a range of educational materials. While I appreciated its user-friendly interface, it does face the common limitation of all trading apps: the challenge of analyzing price action effectively on low-resolution devices.

PrimeXBT Execution Model

PrimeXBT operates as a Straight-Through-Processing (STP) broker without a dealing desk. Client orders are routed to the broker’s pool of liquidity providers, where they are filled at the most favorable prices.

Tradable Instruments

Compared to the industry average, PrimeXBT provides an average number of currency pairs and a high number of commodities, indices, and cryptocurrencies.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With PrimeXBT?

PrimeXBT Instruments: My Key Takeaways

While PrimeXBT impresses with its wide selection of crypto CFDs and crypto futures, its overall instruments offering has a rather narrow scope. The broker does not provide any share CFDs or lower-risk securities (e.g., ETFs and bonds).

Customer Support

Customer Support Channels

Customer Support Test

When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my testing on 17 December at around 11:58 a.m. CET via live chat, which is available from the bottom-right corner of the main page. An agent connected almost instantaneously to the chat. Her answers were timely and well-informed. She was also extremely polite and left me with a very positive overall impression.

PrimeXBT Deposit Methods

PrimeXBT Withdrawal Methods

Account Types and Terms

PrimeXBT Account Opening Process

To set up an account with PrimeXBT, follow these simple steps:

1. Click ‘Register’ at the top-right corner of the main page.
2. Provide your email address and choose a password.
3. Confirm your email and state your country of residence.
4. Choose an account type.
5. Upload proof of ID and proof of address to verify your account.

PrimeXBT Account Types

I found PrimeXBT’s trading accounts quite affordable, given that they have no actual deposit requirement ($10 is the lowest possible deposit). Additionally, the account type is pretty flexible in terms of its maximum leverage. In particular, crypto traders can utilize a maximum BTCUSD leverage of 1:200.

PrimeXBT is one of the rare brokers with two margin call thresholds (16.7% and 9%). These additional protective barriers diminish the risk of complete account wipeouts. On the other hand, there is no stop-out threshold.

Demo Accounts

PrimeXBT offers a demo account that introduces traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself prior to or alongside your live FX & CFDs account.

Islamic Accounts

PrimeXBT does not offer swap-free trading via Islamic accounts at the present rate.

What is CFD Leverage?

Leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

Maximum Leverage By Asset Class

In the table below, I have listed the maximum retail leverage available with PrimeXBT for instruments from different asset classes:

PrimeXBT Restricted Countries

PrimeXBT does not accept as clients residents of the United States, Japan, Canada, Cuba, Israel, Iran, New Zealand, Syria, North Korea, Sudan, United States of Minor Outlying Islands, American Samoa, Russian Federation, Myanmar, Saint Lucia, Puerto Rico, Guam, U.S. Virgin Islands, Northern Mariana Islands, Crimea, Donetsk People’s Republic, Gaza Strip, Zaporizhzhia and Kherson, Luhansk People’s Republic.

Research

I have broken down the most important research tools with PrimeXBT below:

• Economic Calendar: The economic calendar is the most rudimentary and important tool in a trader’s arsenal. It alerts traders of potential trading opportunities from upcoming economic releases, policy decisions, speeches, etc.
• Market News: This section, updated daily, provides insights into the latest developments and market reactions. While highly informative, the content is predominantly focused on the cryptocurrency market.
• Market Reviews: This section provides comprehensive insights. Divided into three categories – fundamental analysis, technical analysis, and price action – the broker publishes two articles per day, including a broad weekly overview and a detailed analysis of a specific asset’s price action behavior.

PrimeXBT Research: My Key Takeaways

PrimeXBT’s research content is highly focused, with a strong emphasis on the crypto market and emerging trading opportunities in popular cryptocurrencies. However, it lacks depth and diversity. The absence of third-party materials, such as those provided by Trading Central or Autochartist, limits the broader market perspective available to clients.