PrimeXBT is a platform that allows users in South Africa to trade crypto, commodities, currencies and more.
This review will explore the features and fees of a PrimeXBT account so that you can decide if it’s the right broker for you.
What is PrimeXBT?
PrimeXBT is a trading platform that allows you to trade cryptocurrencies, indices, commodities and currencies. Based in Switzerland, PrimeXBT stands out in the significant amounts of leverage it offers to traders, which potentially allows you to reap higher returns. PrimeXBT is also unique because its only payment option is Bitcoin.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
With a trading account from PrimeXBT, you can buy and sell a huge range of financial instruments. The minimum deposit required to open an account is just 0.001 BTC, with the commission for trades usually pegged at 0.05% of your trade value.
Here are the main features of PrimeXBT’s trading platform:
- Customisable Interface. You can adjust the market windows, charts, widgets and screeners around your interface, creating a trading interface that suits your needs.
- Professional charting. PrimeXBT helps you employ over 50 technical indicators as well as numerous drawing tools to analyze precise price movements. You can also directly make trades from the charts.
- Secure wallets. >With PrimeXBT, you can safely store all your BTC funds in a personal digital wallet, which will then be held in their offline storage system. By doing so, your assets cannot be directly accessed by someone other than you.
- Flexible order types. Instead of being limited to “Market Buy/Sell” orders, this feature lets you tap into advanced order types that help you hedge or automate trades based on price action.
- Access to a wide range of markets. You can access more than 80 global currency pairs, cryptocurrencies, commodities and major indices.
- Up to 1:1000 Leverage. This feature allows you to apply up to 1000x leverage on currency pairs, and 100x leverage for cryptocurrencies.
- Copy Trading. Prime XBT allows you to copy the trading techniques of any trader on the platform, as soon as the trades are made.
Is PrimeXBT safe?
PrimeXBT is currently unlicensed and is not regulated by any global financial authority.
However, given the recent spate of cryptocurrency exchange hacks, PrimeXBT has put forth some extra security measures to help you protect your money.
- Cold Storage: Most of your assets will be held in an offline storage, with only limited quantities kept online.
- Secure encryption. The platform is SSL-encrypted and enjoys DDOS-protection service from Cloudflare. Similarly, any account passwords are cryptographically hashed, rendering them indecipherable in the case of any attack.
- Two-Factor Authenticator (2FA). To login to your PrimeXBT account, you’ll need to use a real-time code generated by your Google Authenticator App, thereby preventing any unauthorised personnel from accessing your account.
PrimeXBT fees and charges
|Withdrawal fee||0.0005 BTC|
Do note that you will incur additional rollover charges for holding leveraged positions overnight. The actual charges will vary according to the amount of leverage you’re using, the instrument you’re trading and the size of your trade.
Creating your trading account with PrimeXBT will only take you a few minutes as your account will be completely anonymous. This means that there is no need to provide identification and personal details, which shaves off significant time from the sign-up process.
To sign up, log onto PrimeXBT’s website and click on the link on the top right corner, which will bring you to a registration form. You’ll need to provide an email and a password. You will then receive a verification email to your email, and once you’ve authenticated your account, you will have full access to the trading platform.
Pros and Cons
- Huge range of investment options
- Free to set up
- Complete anonymity
- Social trading features
- High leverage
- BTC is the only accepted currency
- Limited languages for platform use
- Lack of regulation
Frequently asked questions
More guides on Finder
Binaryx offers an intuitive interface for investors to trade a range of crypto and fiat assets.
Ravencoin (RVN): What is it and how do you buy it in South Africa?
Your guide to peer-to-peer asset transfer network Ravencoin and how you can buy and mine this new cryptocurrency. You’ll also learn about key things to consider before buying RVN.
OnlyFans IPO: How to buy OnlyFans shares from South Africa
What you need to know about investing in OnlyFans from South Africa.
Dogecoin (DOGE) price prediction 2021
Where is the price of Dogecoin headed in 2021 and beyond, and what are the factors affecting the value of this iconic cryptocurrency?
Ethereum (ETH) price prediction 2021
What affects the value of Ethereum (ETH) and how might the price of ETH fluctuate in the year ahead? Find out in this comprehensive guide.
AscendEX (BitMax) Cryptocurrency Exchange Review
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
Axie Infinity guide: How to play and earn
Axie Infinity is an RPG game that is currently dominating the NFT sector. Discover what Axies are, what makes them unique and how you can earn money simply by playing.
South Africa Reserve Bank repo rate forecast report July 2021
97% of Finder’s panel predict that the SARB will hold the repo rate at the July meeting, but 16% say that it should cut the rate.
Streaming Statistics South Africa 2021
South Africa ranks 10 out of 18 for the percentage of its population with at least one streaming service, with 56.16% paying for a subscription.
What is Compound Finance?
We explore how to use Compound Finance for lending and borrowing.