Prime XBT Exchange Review | Fees, Security, Pros and Cons in 2019

What is Prime XBT Exchange?

Prime XBT is a newly released cryptocurrency exchange which allows its users to access leveraged trading for various crypto assets. The exchange is registered in Seychelles and the company launched its services in 2019.

What sets Prime XBT from other platforms is that it offers leverage at a 100 to 1 ratio. The exchange’s liquidity is collected from 12 different exchanges.

Prime XBT is not licensed by any financial authorities, which means that there are several geographical restrictions in terms of where it can offer its services. One of the countries that do not have access to the exchange is the United States.

Available instruments

The exchange lists Bitcoin, Litecoin, Ethereum, Ripple and EOS, that can be traded against USD.

Interface

The platform features three main sections. These sections can be accessed via the header toolbar, which is the account administration section, the information section, and the actual trading platform.

The website layout features the order books on the left, the crypto pairs in the middle, trading charts on the right, and prior orders at the bottom.

The platform also has widget functionality which enables you to insert numerous different widgets and can also arrange the interface in the way it suits you and your needs.

Prime XBT features wide-ranging charting functionality and customization tools, allowing you to change the charts’ look. These charting tools include fan lines, Fibonacci, retracements and other trend lines.

There is also a wide list of customizable technical indicators that you can apply to your trading strategies.

Prime XBT Fees

Prime XBT features rather low and competitive fees. There are two types of fees: the trade fee (charged if you enter in the position) and the overnight fee (charged when financing the position overnight). Below is a table featuring the pairs and the fees depending on their positions:

Pair            Trading fee    Financing/day Long        Financing/day Short

BTC/USD              0.05%    -$8.0 per 1 BTC                 -$8.0 per 1 BTC

ETH/USD             0.05%    -$0.15 per 1 ETH               -$0.15 per 1 ETH

LTC/USD              0.05%    -$0.05 per 1 LTC                -$0.05 per 1 LTC

XRP/USD             0.05%    -$0.0003 per 1 XRP           -$0.0003 per 1 XRP

EOS/USD             0.05%    -$0.003 per 1 EOS             -$0.003 per 1 EOS

Account Funding and Withdrawal

If you want to make deposits to your account, no fees are incurred. However, if you want to withdraw funds from the platform, an arbitrary miner fee might be required.

The exchange does not accept any fiat funding, and the only way to make deposits or withdrawals is through Bitcoin.

Prime XBT Security

Prime XBT claims that it keeps most of its funds in cold storage, which are wallets that do not have any connection to the internet.

A small number of coins are kept in a “hot wallet”, which are used for current payments and withdrawals. In order to transfer funds from the cold wallet to the hot wallet, the platform requires authorization from multiple people that own different keys. This multi-sign feature reduces the possibility of a single point of failure.

Against DDoS attacks, the exchange uses Cloudflare’s security protocol. The two-factor authentication feature is also available for activation if your account password falls into the wrong hands.

Prime XBT is one of the few exchanges requiring that all Bitcoin addresses have to be white-labeled when you withdraw. This prevents you from sending your funds to a rouge address if you have been hacked.

The website has all its communication coming to and from it, protected with full SSL encryption, preventing any malicious actors from intercepting it.

For password storage, Prime XBT claims that they are encrypted with a “bcrypt” algorithm which makes them unreadable to hackers.

Prime XBT Registration

If you have decided that you would like to try out the Prime XBT platform, then you will need to register an account. In order to do this, you will need to provide an email and password. After your email has been verified, you can log back in and start trading. No other KYC or AML procedures are required.

You also have the option to insert a referral code if you were given one (more on this later).

Customer Support

Considering the fact that Prime XBT is still new, there are not so many reports regarding the support team’s response time.

Customer support is offered 24/7, via email. The staff can be contacted at support@primexbt.com for queries regarding trading accounts, security, and various other topics or issues.

Unfortunately, there is no phone number which can be called. No online chat is available, but maybe it will be added later on.

Summary

Prime XBT is a very attractive offer for those looking for a high leverage ratio. However, seeing as the exchange just appeared on the market, traders should be careful before using this service.

Featured image: Medium.com