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 we do not recommend you to go with and we will explain why.
Even though the broker gets loads of promotion and appreciation online, we still are positive that the platform is a scam. And here is why.
What is PrimeXBT?
That is a broker 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? But the reality is different.
In reality, PrimeXBT FX brokerage allows you to choose 1:100, 1:50, 1:20, 1:10, 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 rating
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. Saying that we were surprised by results, is saying nothing. Honestly saying, we could barely find out that the company is based in Seychelles, as there is no track of it on the official website of the platform. The only question is ‘why’, why would the company hide where its main office is located?
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. But we didn’t stop on checking the official website of the platform only, we decided to dig deeper and check other sources as well, which was the FSA Seychelles mainly. That is the regulator of non-banking financial institutions in Seychelles. However, neither those guys held any information regarding the company.
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 the beginners. Stick with us and we will explain why PrimeXBT fraud might be the case here.
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 if 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 PrimeXBT bonus available neither on the website or other resources.
Trading tools and currency pairs available on PrimeXBT
There are only five trading pairs presented on the platform. And those are BTC/USD, LTC/USD, ETH/USD, EOS/USD, 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.
Trading policies valid on PrimeXBT Forex broker
In the ‘About’ section you can click on ‘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, that 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 additional overnight financing fee, that might reach -$3,9 when it comes to BTC and -$0,13 for ETH.
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, PrimeXBT MT4 platform is not the case with the broker, as usually things like that are clearly mentioned on the website.
Another reason for us to suppose PrimeXBT scam being 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?
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 the Forex trading on its main website?
Thus, while building up our PrimeXBT opinion, we’ve been trying to consider all point and be as objective as possible. However, we cannot recommend you to trade with the broker who looks more like an educational source for the beginner traders.