PrimeXBT Review: Trade Bitcoin with 100x Leverage

Easily one of the best Bitmex alternatives out there

PrimeXBT Rating

PrimeXBT is another solid alternative to Bitmex, offering crypto trading as well as forex, commodities, and indices.

Go to PrimeXBT
Instant anonymous signup
9.6
Up to 1000x!
  • Trust 9.6
  • Design 9.7
  • Fees 9.5
  • Markets 9.5
  • Support 9.7

PrimeXBT came on the scene in late 2018 and is headquartered in the Seychelles. Although still quite new they've experienced exponential growth with some really impressive liquidity from traders around the world. The exchange is a solid choice suitable for both beginners and intermediate-level traders.

primexbt home screen

PrimeXBT is a futures market which offers cryptocurrency trading in Bitcoin, Litecoin, Ethereum, Ripple and EOS, with leverage up to 100x. But Prime is not limited to just crypto markets, they also offer Forex, indices and commodities with up 1,000x leverage! These means you can speculate with bitcoin whether the S&P is going to crash, or even the price of gold, oil, or forex currency pairs.

Official Site: PrimeXBT (https://www.primexbt.com) <– Instant anonymous signup!

Anonymous Accounts with No KYC

No lengthy forms to fill out to register and accounts are completely anonymous. I've yet to find an easier account signup process for a competing exchange. Registering on PrimeXBT takes seconds with only a few details required: an email, choose a password, accept the terms and click on “Register” to submit. Once you verify your email you'll be out into the main trading platform and can instantly make a deposit and start trading.

Deposits are BTC Only

As a pure crypto-to-crypto exchange, PrimeXBT offers no fiat on-ramp, so it only accepted deposit and withdrawal method is with Bitcoin. That said, they do offer the ability to buy bitcoin instantly (even with a credit card) via their partner changelly. In my testing this worked really well and was able to start trading in minutes. The minimum deposit is 0.001BTC, and as of this writing there is no maximum deposit amount.

The PrimeXBT Trading Interface

PrimeXBT trading screenPrimeXBT is web based with no apps to download and works very well on mobile phones and tablets, but they also have an Android app in the Google Play store. The web interface is an absolute dream to use and is uncluttered with a very intuitive GUI. I found it simple and user-friendly, perfect for beginners and professionals. You can customizable your layouts to suit your preference so the market window, charts, widgets, can all be rearranged or positioned as you like.

While not TradingView based the charting experience on Prime is really better than I expected, with tools for technical analysis, multiple charts on 1 screen, and a lot of customizable features and color settings. The charts have around 90 built-in indicators like MACD, moving averages, Ichimoku, Bollinger bands, etc. You can also setup trades right from within the chart by right clicking.

I also found super handy the polished inbuilt help and tutorial videos. So again, if you're new to trading futures markets, Prime is a really logical choice.

primexbt order screenAnother thing I really appreciate is the order screen on PrimeXBT as it encourages users to set predefined stop-loss and take-profit orders. You should really do this on every single trade. It's simple and really well done, and even shows you what the expected profit or loss will be depending on whether the trade goes your way or not. Once again this is really useful for new traders. Order types are familiar: Market, Limit, Stop, and OCO (one cancels the other). Have a look at the order screen below.

Fees

The fee structure at PrimeXBT is a bit different than Deribit, Bybit or Bitmex. Like other futures markets PrimeXBT charges users commissions on trades, but they also charge rollover fees or overnight holds. So this fee is applicable to leveraged traders who maintain open positions overnight. Here are the trading, and rollovers fees for long / short overnight positions.

PrimeXBT also charges a small withdrawal fee of 0.0005 BTC per withdrawal.

Security

Because exchanges are often the targets of cyber attacks, PrimeXBT has a number of safety and security features to prevent against loss. They incorporate a hot wallet to cold wallet system for general exchange safety against hackers. This way if there is an attack, the loss will be minimal. Prime is hosted by Amazon AWS and protected from DDoS by Cloudflare. For user accounts they offer: 2FA with Google Authenticator (set this up!), bitcoin address whitelisting, and email notifications to spot suspicious activity.

Support, Languages, Restrictions

PrimeXBT has 24/7 user support, and the exchange interface is available in 6 languages; English, Chinese, Korean, Spanish, Portuguese and Russian.

PrimeXBT does NOT allow accounts to traders from the USA, Canada, or Seychelles, although a good VPN could work in this situation.

Pros

  • Advanced trading platform with a gorgeous UI.
  • Trade BTC, ETH, LTC, XRP, EOS with up to 100x leverage.
  • Trade forex pairs, commodities, and indices, with up to 1,000x leverage.
  • Company registered in the Seychelles which is a “safe” jurisdiction for these types of instruments.
  • Attractive fee structure for scalp / day traders.
  • Fast registration with anonymous accounts and no KYC.
  • High security features.

Cons

  • No promotions.
  • Overnight funding fee.
  • Deposit only in BTC.
  • No API yet.
  • Restricted for US and Canadian traders.
Official Site: PrimeXBT (https://www.primexbt.com) <– Instant anonymous signup!

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