PrimeXBT review

Choosing an appropriate broker is like choosing a car. You want it to be trustworthy and last for a long time. Thus, we have decided to introduce you to the PrimeXBT Forex broker and we will review it below.

The broker gets loads of promotions and appreciation online. We are still positive that the platform is a scam. And here is why.

What is PrimeXBT?

The broker was established in August 2018 in Beau Vallon, Seychelles. The platform suggests that by trading with them you will get 100x leverage on the main cryptos, get access to short- and long-term investment options, obtain secure wallets and all of that comes with the lowest commissions on the market. Sounds like a dream, doesn’t it?

In reality, PrimeXBT FX brokerage allows you to choose 1:100, 1:50, 1:20, 1:10, and 1:2 leverage depending on the crypto you will decide to trade with. Again, sounds cool and promising. But is everything that bright in reality though? Let’s find out.

General PrimeXBT overview

The first thing we thought about checking was the office building of the company, as that is the ‘face’ of the brokerage at the end of the day. Honestly saying, we could barely find out that the company is based in Seychelles, as there is no trace of it on the official website of the platform. The only question is why would the company hide where its main office is located?

Social media interaction of PrimeXBT FX brokerage

The next point of our PrimeXBT review will be the social presence of the company online. By looking at the main page of the platform, you can find links to four social media platforms: Facebook, Twitter, Reddit, and A Medium Corporation blog.

We might say that the company definitely thought about hiring a good SMM professional.  As you can clearly see that there is someone out there sitting and posting stuff regularly. That is undeniably a huge plus for them because this way they can interact with their target audience and delegate the message properly.

But what impressed us the most is the number of positive reviews online. There are tons of those out there. And nearly all of them are stating that the platform would be a great place to start for beginners. Stick with us and we will explain why PrimeXBT fraud might be the case here.

The safety and security of PrimeXBT

Oh, neither you can find any information regarding the regulations of the broker. And that, our friends, is a serious ground for doubts and concerns regarding whether is PrimeXBT legit or not. Traders should not trust unregulated brokers in the crypto industry as it is full of scams and frauds.

Trading Fees and Spreads on PrimeXBT

In the ‘About’ section you can click on the ‘Fees’ button and find what are the conditions of trading with the PrimeXBT platform. Thus, the minimum deposit in BTC is 0.01 coins and the leverage for that might reach 1:100. Plus, a flat fee will be charged as a commission, which is 0,05%.

However, let us remind you how we noted that the platform suggests charging the lowest commission on the market. That would be the case unless the platform would not take an additional overnight financing fee, which might reach -$3,9 when it comes to BTC and -$0,13 for ETH.

Accounts, deposits, and withdrawals of PrimeXBT

Another reason for us to suppose the PrimeXBT scam is the case with that broker is a complete absence of details about the account types. We have no idea if the platform actually offers several options.  The only trace you will find on the website is that it will take not more than 40 seconds for you to create an account with them. That is it.

Neither you will find any information regarding the PrimeXBT withdrawal options. Which is really weird. How can the platform be trusted if you cannot simply understand which trading platform you will be operating with?

Deposits and Withdrawals

PrimeXBT only allows cryptos as a deposit and withdrawal option. Users can deposit cryptos in three ways of direct crypto deposit, wallet crypto transfer, and buying and sending crypto to PrimeXBT. The broker has video tutorials to make the process easy for beginners. exact steps for withdrawing cryptos are

• Select the desired Network.
• Choose or add your withdrawal address
• Enter the amount you want to withdraw.
• ‘Submit to withdraw’
• Confirm the withdrawal with an email

PrimeXBT promises to process withdrawals on the same day between 12:00 and 14:00 UTC.

Trading assets and features available on PrimeXBT

There are only five trading pairs presented on the platform. And those are BTC/USD, LTC/USD, ETH/USD, EOS/USD, and XRP/USD. Firstly, that is not much. Secondly, you can notice that the U.S. Dollar is the only option when it comes to the fiat currency, this might be pretty inconvenient for traders from the EU, for instance.

Among the tools, you can find on the platform are the pop-up icons that show how the value of the crypto pair changes.

Moreover, by clicking the ‘Bitcoins Leverage’ button at the upper part of the website, you will find a whole article explaining how the leverage works, as well as a leverage calculator that will show you how much your buying or selling power will be depending on the number of Bitcoins you have.

Giveaways

Recently, PrimeXBT announced a $1,000,000-worth giveaway. You just need to register the account and take part in a giveaway. Moreover, if you will do that now, the platform promises to provide you with a 50% discount for your first month of trading with the broker. There are also some benefits and prizes granted in case you invite some of your friends. Well, sounds pretty cool actually. However, you cannot find anything about the giveaway on the official website of the platform. You need to rather search for it on the side sources.

There is no track of the PrimeXBT bonus available neither on the website or other resources.

Trading platform

There is literally no information you can find regarding the trading platform the broker uses. Well, we might suppose that it uses MetaTrader 4. Simply because that is the most popular one out there at the moment. But still, the PrimeXBT MT4 platform is not the case with the broker. Usually, things like that are clearly mentioned on the website.

PrimeXBT Customer Support Review

Customer support seems fine, as PrimeXBT offers advanced live chat. The chat is automated to offer FAQs, and you can also contact the representatives. Live chat is super useful for traders as it is fast and reliable. PrimeXBT has a multilingual website and supports 15 languages.

What are other forms of support? There are two emails for technical support and that’s it. While these options are few, the live chat more than makes up for it.

PrimeXBT Education

Broker has an academy for learning more about cryptos. PrimeXBT added Forex and other assets but only offers educational resources for cryptos. This is a downside as many traders could be also searching for Forex education. Still, crypto education is acceptable. The broker also has several tutorials for using their proprietary platform and offers daily analysis and news. Education is good, but still not enough to become a legit broker.

Should you consider PrimeXBT?

If you still have doubts about whether can PrimeXBT be trusted or not, just think about how the proper broker can forget to mention literally all of the important aspects of Forex trading on its main website.

Thus, while building up our PrimeXBT opinion, we’ve been trying to consider all points and be as objective as possible. However, we cannot recommend you trade with a broker who lacks regulations and clear details about their services.