A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of PrimeXBT consists of four parts: general information, fees, deposit methods and security.
PrimeXBT is an exchange registered in the Seychelles. Out of the exchanges listed in our Cryptocurrency Exchange List, only a few others have their registration there (e.g. BitMEX, BaseFEX, Remitano, DigiFinex, BitForex and Huobi). However, the cryptocurrency market is truly global in its nature and as such the locality of the exchanges doesn’t matter that much to the users.
PrimeXBT is a cryptocurrency derivatives exchange. That means that you can choose between two things: going long or going short. Going long means that you bet that a particular cryptocurrency will go up in price, and going short means that you bet that a particular cryptocurrency will go down in price. See more about the nature of this type of trading below under Leveraged Trading.
Different from many other exchanges registered in the Seychelles (BitMEX for instance), this exchange also invites US-investors to trading at the platform.
On the date of writing this review (2 February 2019), PrimeXBT informed that they had a 24 hour trading volume of almost USD 60 million. This is indeed a decent liquidity. When comparing with all of the bigger cryptocurrency exchanges in the world, listed in order of which exchange has the biggest 24 hour trading volume, a USD 60 million-liquidity today places PrimeXBT among the top 40 exchanges in the world.
The below is a picture of PrimeXBT’s trading chart. It seems intuitive though us, but each trader can of course have their own preferences as regards the trading chart:
A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
This picture from PrimeXBT’s website has another useful way of showing the benefits of leveraged trading in a bull market:
PrimeXBT Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange offers a very low flat fee: 0.05% per trade. This is indeed a competitive fee. The majority of exchanges offering derivatives trading actually charge 0.075% in taker fees so PrimeXBT have slashed a third of the industry average taker fee for cryptocurrency derivatives exchanges.
PrimeXBT Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is 0.000812 BTC when you withdraw BTC. PrimeXBT only charges you 0.0005 BTC, meaning that their withdrawal fee is approx. 40% lower than the global industry average.
At PrimeBTX, you can’t deposit via wire transfer but credit card deposits are perfectly fine. As credit card deposits are accepted, PrimeXBT qualifies as an “entry-level exchange”.
However, if you for some reason need to deposit fiat currency via wire transfer, you can find one by using our Exchange Finder.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. PrimeXBT received a score of B in this test. This is a very good score, and actually better than 9o% of all other cryptocurrency exchanges in our Cryptocurrency Exchange List.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):