Our Verdict

Disclaimer: Our ranking system and methodology are designed to evaluate advanced trading platforms. Since PrimeXBT focuses on features like CFDs and leverage/derivatives trading, rather than spot trading, comparing it directly with other crypto exchanges wouldn’t be fair. Therefore, we’ve decided not to include our usual rankings for PrimeXBT in this review. However, we conducted a trading test and provided a detailed review based on our firsthand experience for those interested in the trading experience.

Founded in 2018, PrimeXBT is a futures and CFD trading platform serving over a million users in more than 150 countries. It offers a professional-grade trading environment with advanced features tailored for leverage and derivatives traders. The platform provides CFDs for forex, indices, commodities, and cryptocurrencies, but this review focuses on Crypto Futures.

PrimeXBT features low trading fees, a seamless trading experience, advanced copy trading, and high withdrawal limits for verified users. However, it lacks spot, margin, P2P, and bot trading options, making it less suitable for inexperienced users.

PrimeXBT Pros and Cons

Is PrimeXBT Right for You?

After testing PrimeXBT, it’s clear that this platform is designed more for seasoned traders than beginners. If you’re new to crypto, spot trading, or DCA investing, PrimeXBT might not be the best fit due to its focus on advanced features like high leverage and CFDs, with limited fiat deposit options and no spot trading. However, if you’re experienced, you’ll likely appreciate these features, though the limited number of available markets, especially for niche altcoins, might be a drawback.

Casual Traders: Not Recommended

PrimeXBT does not support spot or P2P trading, focusing exclusively on derivatives, which can be complex and unsuitable for inexperienced traders. Although the mobile app is user-friendly, the order forms are complex and can be overwhelming for new traders.

While PrimeXBT offers significantly higher withdrawal limits compared to competitors like Binance and Bybit, the absence of key security and transparency features, such as Proof of Reserves, security audits, and insurance coverage for user assets, may be deal breakers for casual traders.

Day Traders: Acceptable choice

PrimeXBT is an acceptable choice for day traders. Although the absence of spot or margin trading is a drawback, PrimeXBT compensates by providing a comprehensive futures trading experience. The platform offers high leverage, enabling various trading strategies, all supported by an advanced platform with TradingView integration for in-depth technical analysis.

In my experience, if you’re new to day trading, PrimeXBT might feel overwhelming, but experienced traders will appreciate the platform’s advanced tools and features, making it an ideal fit for seasoned traders.

Leverage & Derivative Traders: Perfect Match

PrimeXBT is a perfect match for leverage and derivative traders due to its advanced trading platform and high leverage options. The main drawbacks are the lack of spot margin trading and the very limited number of available markets.

Whilst my experience trading derivatives on PrimeXBT was positive, I was disappointed by the limited number of available markets compared to competitors like Binance and Bybit.

Bot, Social & Copy Traders: Perfect Match

PrimeXBT is a perfect match for copy traders. It offers a comprehensive platform that includes metrics like daily/monthly profits, drawdown info, trading strategy, and trading history breakdowns. This transparency helps you choose a trader you’re confident in copying.

However, the platform does have higher fees compared to competitors like Binance and Bybit, which can cut into your profits. Additionally, while PrimeXBT excels in copy trading, it lacks bot and social trading features, which might be a downside for some users.

Supported Countries and Regions

As a global trading platform, PrimeXBT is available in over 150 countries, making it more accessible than many of its competitors. However, there are some regions where PrimeXBT does not accept users, including:

• United States (including US overseas territories)
• Canada
• Japan
• Israel
• New Zealand
• Russian Federation
• Cuba
• Iran

For a complete list of restricted regions, refer to Section 1.2 of PrimeXBT’s Terms and Conditions.

PrimeXBT Bonuses and Special Offers

PrimeXBT offers a variety of bonuses and promotions for both new and existing users.

Welcome Offers & Sign-Up Bonus: New users can receive a 100 USDT welcome bonus by depositing at least $500 within the first 48 hours after registration.

Bonuses: Various deposit bonuses are available for deposits of $1000, $2500, and $5000. Additionally, users can earn bonuses for reaching various trading volumes, from $100,000 to $7,000,000, with rewards ranging from $5 to $1000.

Referral Program: PrimeXBT’s referral program allows users to invite friends and earn a 20% commission on the trading fees paid by referred users. This multi-level referral scheme offers additional commissions: 20% for direct referrals, 15% for level 2, 10% for level 3, and 5% for level 4 referrals.

Currently, there is a limited-time promotion where referrers can earn a $300 bonus if their referee registers, deposits at least $300, and makes at least 30 trades, reaching $500,000 in trading volume across crypto futures or crypto CFDs.

Affiliate Program: PrimeXBT partners can choose between a revenue share or cost-per-acquisition (CPA) program. The revenue share program offers a 50% uncapped commission on trading fees collected from referred users, while the CPA program offers up to $2,500 per referred user, depending on the deposit amount. Affiliate partners also receive a dedicated dashboard to monitor earnings, dedicated partnership managers, and invitations to exclusive global networking events.

PrimeXBT Background

Establishment: PrimeXBT was founded in 2018 and registered as Prime XBT Trading Services Ltd. in Saint Lucia. While registered in Saint Lucia, its cryptocurrency services are provided by Baksta UAB, a company registered in Lithuania. The corporate structure of PrimeXBT is somewhat unclear, as the platform consists of various companies registered in different locations, each providing different services.

Leadership: There is no information available online about the founder or current leadership of PrimeXBT, which is both disappointing and concerning. Many competing exchanges in the industry are far more transparent about their founders, CEOs, and leadership structure.

Security & Transparency

Proof of Reserves

PrimeXBT does not offer any information about Proof of Reserves (PoR) for customer deposits. This lack of transparency is concerning, especially since most leading cryptocurrency exchanges began providing PoR after the 2022 collapse of FTX. The absence of PoR could be a significant deal breaker for many traders, as transparency is crucial when selecting a trading platform to trust with your funds.

Account Security Measures

PrimeXBT supports two-factor authentication (2FA) through Google Authenticator, ensuring an additional layer of security. For those using the mobile platform, biometric authentication like fingerprint scanning or FaceID is available, while desktop users must rely on entering their password each time they log in. Personally, I secured my account using Google Authenticator and FaceID on my phone, and the setup process was quick and straightforward, taking just a few minutes.

However, I found the lack of biometric authentication support on the desktop platform disappointing, especially considering that Binance offers fingerprint scanning on the desktop.

General Reliability

Deposit Insurance: PrimeXBT does not offer any insurance coverage on client deposits. While some customer support agents have mentioned that the platform is working on establishing an insurance fund for customer deposits, there has been no official confirmation of this.

However, insurance coverage is still rare within the crypto industry. Even so, Binance has set itself apart by offering an insurance fund for user assets.

Bug Bounty Program: PrimeXBT does not currently have an active bug bounty program.

Corporate Communication Structure and Transparency: The company does not share any information about its founder or current leadership on the official website. However, it is active on most social media platforms, such as Twitter (X), LinkedIn, and Telegram, posting regular platform updates and educational content from its PrimeXBT Academy account.

Verified Trust Ratings

Since PrimeXBT is solely a derivatives trading platform and does not offer spot trading, it has not been reviewed by many of the trusted ranking websites we typically rely on. Notably, there are no trust scores from CoinMarketCap and CoinGecko. The few scores available are largely negative, primarily criticizing the platform for its lack of Proof of Reserves, absence of an active bug bounty program, and overall lack of transparency.

Know Your Customer (KYC)

PrimeXBT is one of the few remaining platforms that has not implemented mandatory KYC. Users can open accounts, deposit crypto, and start trading with just an email address. However, KYC verification is required for using any fiat services, such as depositing fiat or buying crypto with fiat.

While optional KYC is beneficial for users who prefer not to share their personal information with third parties, KYC is essential for adhering to Anti-Money Laundering (AML) regulations. The absence of mandatory KYC and AML measures increases the platform’s risk of investigation and sanctions, similar to Binance’s $4.3 billion fine for failing to comply with AML regulations.

The platform accepts various documents for KYC verification, including passports, government-issued ID cards, residence permits, and driver’s licenses. Unlike some exchanges, PrimeXBT does not request Proof of Income/Wealth, making it a more appealing option for users who prefer not to share their personal information.

Is PrimeXBT Safe to Trade With?

PrimeXBT operates in an unregulated gray area, lacking licensing from major financial authorities like the FCA or SEC. While it offers two-factor authentication (2FA) to enhance account security, several factors raise concerns about the platform’s safety and reliability.

In summary, our findings indicate that PrimeXBT can be regarded as having a low to moderate level of trust and stability due to these drawbacks:

• No Proof of Reserves
• No active bug bounty program
• No transparent leadership structure
• No security audits
• No insurance coverage on customer deposits

Despite this, the optional KYC feature makes the platform ideal for users who prefer to remain anonymous and avoid sharing personal data with exchanges. Additionally, the absence of mandatory KYC verification allows users from around the world to access the platform, bypassing geographical restrictions by using a VPN.

Trading Experience

Trading Test

For our trading test, we thoroughly evaluated the PrimeXBT platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs.

As PrimeXBT does not offer spot trading, we have used Perpetual Futures as a replacement for the purpose of the trading test. Spot trading involves buying and selling tokens you own, whereas crypto futures involves speculating on the future price of a cryptocurrency without owning the underlying asset, and often using leverage. Here’s our detailed analysis of the futures trading experience:

Step 1: Setting Up and Funding Your Account

PrimeXBT has one of the fastest signup processes, allowing users to register using an email address, Google account, or Apple account.

Unlike most exchanges today, KYC verification is optional on PrimeXBT. You can open an account and start trading with just your email address. However, depositing or withdrawing fiat currency will require KYC identity verification.

I found the KYC process to be straightforward, with my account being verified instantly.

Depositing crypto assets via crypto networks was quick and easy, despite PrimeXBT only supporting 5 cryptocurrencies for deposits.

Since PrimeXBT does not support LTC deposits, I transferred USDT using the TRC20 network. PrimeXBT does not charge for deposit or wallet creation. My deposit was credited after 20 network confirmations, which took a few minutes. In comparison, exchanges like Binance require only one confirmation for deposits using the TRC20 network.

Step 2: Trading

PrimeXBT delivered a seamless trading experience. I opted for the LTC/USDT perpetual futures pair and placed a limit buy order, which was executed as soon as the price reached the limit, costing me 0.071 USDT in fees.

I opened this long position with a tight stop-loss. As the market trended down, the price reached my stop-loss, triggering and executing the order as expected. This minimized my losses and still only cost 0.071 USDT in trading fees.

Although this is a perpetual futures trading pair, not a direct comparison with our other trading tests, my experience trading derivatives on Binance, Bybit, KuCoin, and Kraken indicates that PrimeXBT performs just as well in terms of order execution and fills.

Step 3: Withdrawal and Review

As PrimeXBT does not support holding LTC tokens, I used USDT to test this withdrawal. PrimeXBT charged me a withdrawal fee of 0.80 USDT ($0.80) for using the BNB Smart Chain (BEP20) network, whereas Binance charges 0.32 USDT ($0.32) to send USDT over the BEP20 network.

I also tested the fiat withdrawal process, using Volet. I initiated a fiat withdrawal to my Volet account, which took almost 18 hours to process. These processing times are unreasonably long, especially compared to competitors like Binance, Bybit, and KuCoin, all of which offer SEPA Instant withdrawals that process in less than a minute.

PrimeXBT only processes withdrawals between 12:00 and 14:00 UTC. Withdrawal requests made before 12:00 UTC are processed on the same day, but requests made after 12:00 UTC can take up to 24 hours to process.

Desktop Version

The PrimeXBT desktop platform has a single mode that offers a range of advanced trading features and tools, which might be overwhelming for inexperienced traders. However, there’s a demo version for new users who are unsure about using the exchange. In my testing, the platform was reliable and worked smoothly on both Safari and Google Chrome. Navigation was intuitive, with all the essential tools and indicators just a click away.

The desktop platform largely follows the industry standard layout, making it familiar and easy to use for traders moving from other trading platforms. It is ideal for experienced traders, offering advanced charting and a variety of tools to support diverse trading strategies. Additionally, PrimeXBT displays order book and live trade data alongside the price charts.

One downside is that you can’t rearrange or resize the modules like you can on exchanges like Kraken and Binance.

PrimeXBT integrates TradingView charts, which is a nice feature. However, it has become standard on most trading platforms.

Placing Trades

Placing trades on PrimeXBT is simple, with an easy-to-use order form. However, the order form lacks the range of conditional orders found on Binance and Bybit, limiting strategies like TWAP. It also does not allow direct setting of stop-losses or take-profits, requiring an additional step after opening a position.

 

Coin Search

Switching markets and searching trading pairs on PrimeXBT is straightforward. Clicking the top left brings up a dropdown menu of all available markets, which can be sorted by asset name, current price, and 24-hour change. Unlike Binance or Bybit, you can’t filter by category, but given the limited number of markets, this isn’t a major issue.

My Key Takeaways After Testing PrimeXBT Desktop

In my experience, PrimeXBT’s desktop platform delivered a smooth and reliable trading experience. As an active trader, I appreciated the inclusion of advanced technical indicators and the availability of high leverage.

However, there were a few areas of disappointment. The platform offers a very limited range of crypto futures markets and conditional orders. Additionally, you cannot set stop-losses and take-profits directly from the order form. The complex interface is unsuitable for inexperienced traders. Lastly, you can’t rearrange or resize modules on the desktop platform.

Mobile App

PrimeXBT offers mobile apps for iOS and Android, providing the same trading instruments. I tested both versions and found that they offered a smooth trading experience without any significant compromises.

The mobile app is slightly easier to navigate compared to the desktop platform, though the available trading instruments are still not ideal for beginners. For added security, PrimeXBT allows you to lock the app with a passcode, fingerprint, or FaceID, in addition to their existing account security measures like 2FA.

Market Search: The dedicated “Markets” page allows you to quickly search for available markets, with filters for popular markets, forex, indices, commodities, and cryptos. You can also sort markets by name and 24-hour change.

Trading Features: The mobile app supports trading for both Crypto Futures and CFDs, including all order types such as limit orders, stop limits, day orders, OCO, and GTC. The order form also displays recent trades and order book data.

Market Discover: Although PrimeXBT lacks a dedicated discovery page for markets, the limited number of assets available makes this feature unnecessary.

Watchlist Management: Traders can favorite frequently traded assets and easily filter them using the market search feature.

Trade Execution: One-Click trading can be enabled to expedite the buying and selling process, eliminating the need to confirm each trade.

Price Alerts: PrimeXBT does not offer custom price alerts, a common feature in the industry implemented by Binance, Bybit, and Kucoin. While the app does send notifications for significant price changes in favorited assets, this is not as effective as custom alerts.

Portfolio Clarity: PrimeXBT’s portfolio overview screen shows your total account balance and individual balances across trading, copy-trading, and wallet accounts. It also provides a breakdown of individual crypto and US dollar balances.

My Key Takeaways After Testing PrimeXBT on Mobile

PrimeXBT’s mobile app mirrors the tools and features of the desktop platform, offering a range of useful functionalities, including:

• Same conditional orders: Enabling identical trading strategies across mobile and desktop.
• User-friendly interface: Simplifies navigation and placing trades.
• Additional security measures: protect user assets with biometric authentication.

Throughout my testing, the app performed smoothly without any bugs or glitches. Its intuitiveness and simplicity provided a pleasant trading experience. However, the absence of custom price alerts was a notable drawback.

Fees

Deposit Fees

Fiat Deposits: PrimeXBT does not support any form of bank transfer, however, it does accept deposits directly from a bank card without any fees, which is a rare feature even among top industry platforms.

Additionally, PrimeXBT supports third-party payment providers such as Volet and Perfect Money. Volet deposits are free, while Perfect Money charges a 1.99% fee. It is worth noting that Perfect Money charges the 1.99% fee, not PrimeXBT.

Crypto Deposits: PrimeXBT offers free crypto deposits. During my testing, deposits were credited promptly but required more network confirmations than exchanges like Binance. This causes a slight delay in funds being available in the account.

Withdrawal Fees

PrimeXBT does not offer any free withdrawal options, and their fees are higher than those of Binance, Bybit, or Kraken. While most exchanges don’t support withdrawals to a bank card, PrimeXBT does offer this option but charges a 5% fee, making it unsuitable for large withdrawals.

I found the absence of direct bank account withdrawals inconvenient, as transactions through third-party payment providers typically take longer to process. While withdrawing to a bank card is the fastest and most convenient option, the extremely high fees are a major drawback.

Futures Trading Fees

Futures Fees

PrimeXBT uses the Maker/Taker model for its futures trading fee structure, and traders enjoy some of the lowest trading fees in the industry when it comes to derivatives. Unlike most exchanges, PrimeXBT does not have a tiered fee structure that rewards higher trading volumes with reduced fees.

I found that funding fees on PrimeXBT were noticeably higher than on Binance and Bybit. For instance, funding fees for BTC on Binance and Bybit were both 0.01%, while on PrimeXBT, they were consistently over 0.02%. Additionally, PrimeXBT charges funding fees regardless of whether you go long or short, unlike other exchanges that rebate fees when trading against the market.

PrimeXBT Futures Trading Fee Structure

Are PrimeXBT Fees Competitive?

In summary, PrimeXBT’s trading fees are very competitive, particularly for futures trading, which boasts some of the industry’s lowest fees. The platform provides a variety of free deposit options for both crypto and fiat. However, it lacks free withdrawal options, with existing ones incurring higher fees compared to most competitors.

To minimize trading fees, I recommend using limit orders to benefit from lower maker fees. Reducing leverage and using more margin can help lower funding fees, which are higher than those of competitors. For withdrawal fees, opting for crypto withdrawals over the TRC20 network is more cost-effective than fiat withdrawals.

Cryptocurrencies Available on PrimeXBT

Compared to exchanges like Binance and Bybit, which offer over 350 tradable derivative markets, PrimeXBT is limited and primarily suited for traders focused on large-cap tokens and seeking higher leverage options.

Deposits & Withdrawals

PrimeXBT Deposit Options

Unlike its larger competitors, PrimeXBT does not offer P2P trading. This limitation restricts users from using payment methods directly supported by PrimeXBT, making it less convenient to deposit funds.

Minimum and Maximum Deposit Limits

PrimeXBT allows verified users to make unrestricted deposits and withdrawals for both fiat and cryptocurrencies, a feature not commonly found on other platforms. I found the deposit process via Volet quick and easy, with funds instantly credited to my account.

PrimeXBT Withdrawal Methods

PrimeXBT offers limited withdrawal options, especially compared to Binance and Bybit. While the ability to withdraw to a debit/credit card is convenient, the fees are high and unsuitable for large withdrawals.

This leaves Volet and Perfect Money as the alternatives. Both charge a $5 fee that is significantly higher than the fees on Binance and Bybit. Their fees are typically less than $2.50. Additionally, fiat withdrawal times on PrimeXBT are notably longer compared to those of its competitors, making it less convenient for those who prioritize quick access to their funds.

Minimum and Maximum Withdrawal Limits

The fiat withdrawal process was straightforward but took a long time. You can only withdraw fiat using the same payment method you used for deposits. For example, if you deposited with Volet, you must also withdraw using Volet. While this means that withdrawals can only be made to accounts that have worked in the past, it does add an extra step and is rather inconvenient.

PrimeXBT Daily Withdrawal Limits

Daily withdrawal limits on PrimeXBT depend on whether you have a verified account:

• Unverified users have a daily withdrawal limit of $20,000 or equivalent for crypto withdrawals and cannot use fiat services.
• Verified users have no limit on crypto withdrawals, and limits of $2,000 withdrawals to bank cards, $49,999 for Volet, and no limit on Perfect Money withdrawals.

Customer Service

PrimeXBT Customer Service Test

To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.

 

My experience with PrimeXBT’s customer support was mixed. Despite the limited FAQ section, the platform’s live chat and email form provided quick access to a support agent. When using live chat, I usually received a response within 2 minutes.

The agent responded within 5 minutes, offering detailed answers to some questions while completely missing others. The responses were fairly detailed but lacked accuracy in addressing all queries. While the immediate connection to an agent is comparable to exchanges like Kraken, competitors like Binance provide more comprehensive and accurate responses.

Overall, I rank PrimeXBT in the middle of the pack. The platform delivers quick agent connections, but the clarity and attention to detail in their responses were sometimes lacking.

FAQ

Can PrimeXBT be trusted?

The lack of transparency regarding the founders, leadership, and Proof of Reserves is concerning and may deter some traders. However, PrimeXBT has not experienced any issues with customer funds throughout its operational history. It’s important to note that most cryptocurrency exchanges are still largely unregulated, so no exchange can be considered completely risk-free.

Can US Citizens use PrimeXBT?

No, PrimeXBT does not currently offer any services to residents of the United States.

Has PrimeXBT ever been hacked?

PrimeXBT has never suffered a hack or security breach during its operational history.

Does PrimeXBT require KYC?

KYC is optional on PrimeXBT. However, depositing fiat currency requires KYC verification.

Can I use leverage or margin trading on PrimeXBT?

PrimeXBT offers leverage on crypto futures up to 200x but does not offer spot margin trading.

Is my money safe on a cryptocurrency exchange?

The lack of Proof of Reserves, regular audits, or any form of insurance on customer deposits does raise safety concerns. Many competitors are more transparent than PrimeXBT regarding Proof of Reserves and the handling of customer funds.

Is the exchange regulated?

Crypto buy, sell, and fiat exchange services are registered and regulated by the Lithuanian Financial Crime Investigation Service (FCIS), but trading services are not regulated in any jurisdiction.

Does PrimeXBT offer any bonuses, welcome offers, or referral rewards to its users?

PrimeXBT offers various promotions for both new and existing users, including a referral program, an affiliate program, and bonus rewards for users.