How does this trading platform work in South Africa?
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.
Minimum Opening Balance
What you can trade?
Email, Live Chat
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.
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
Compare with other online brokers
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