PrimeXBT Review: 11 Reasons Why This Crypto Exchange Is Safe
Established in 2018, PrimeXBT is a trading platform created to open the doors to the world of investment to people around the world. The company promises ultra-fast order execution, an industry-leading trade engine, and a powerful infrastructure powered by Amazon Web Services.
PrimeXBT is a fairly popular platform offering a “one-stop-shop” to crypto enthusiasts. The exchange is not limited to cryptocurrency but also offers indices, commodities, and Forex. However, for the purpose of this review, we will be talking about the crypto aspects of PrimeXBT.
The exchange has a user-friendly interface and a good range of features that make it great for new and old investors alike. By allowing investors to follow the strategies of other investors, it is a great way for beginners to up their game by learning while earning.
PrimeXBT only offers support for a small range of cryptocurrencies with 11 coins (22 pairs). However, these are pretty popular cryptocurrencies that are more than likely to fill the needs of new traders.
Over the past year, PrimeXBT has seen its trade volume increase from approximately $226 million to over $1.7 billion, going as high as $6.25 billion at times. This is a reflection of the exponential growth the exchange has achieved over the past years.
How Secure is PrimeXBT?
With an extensive cybersecurity framework, PrimeXBT has put in place several mechanisms to protect the assets of its customers. The exchange puts a lot of effort into ensuring the security of the platform, which is one of its most characteristic features.
PrimeXBT has not been hacked since being founded in 2018. While this might not sound as much given that it is a relatively new exchange, it is an important achievement.
With cryptocurrency becoming more valuable and popular by the day, hackers have upped their game when it comes to targeting centralized exchanges:
Let’s take a look at some of the ways PrimeXBT has been able to secure its platform from hackers:
- The exchange is frequently running stress tests and security audits to identify potential vulnerabilities. This is one of the best approaches any organization can take when it comes to cybersecurity.
- Bitcoin address whitelisting feature is mandatory.
- Secures most of the assets in cold storage multi-signature wallets.
- All of the hardware security modules used by the exchange are compliant with the Federal Information Processing Standards (FIPS) PUB 140-2 Level 3 level or higher.
- All orders go through a full risk check after being placed and executed.
- All website traffic is encrypted using SSL (HTTPS). This ensures sniffing and man-in-the-middle attacks can result in stolen data.
- Passwords stored in the servers are hashed with a bcrypt cost factor of 12. This means that if the database was to be breached, hackers would not know your password.
- Prime XBT uses Cloudflare services to prevent/mitigate distributed denial-of-service (DDoS) attacks. This ensures legitimate users won’t be denied access if hackers try to saturate the server’s resources.
- Constant updates and security assessments of the infrastructure by the exchange’s IT security team.
The previous features are steps the exchange has taken on its end to improve the security of the exchange. However, there are also several features users can use to further protect their accounts. Some of these features include:
- Two-Factor-Authentication (2FA): Protects your account by requiring a code generated by a mobile app every time you log in. This ensures that if your password was compromised, no one could log in to your account without physical access to your phone. Authentication apps are available for iOS and Android users from a variety of developers like Google and Microsoft.
- Withdrawal whitelisting: Users can whitelist addresses to restrict which addresses can be used for withdrawals. As this process takes time and verification, hackers can’t withdraw your crypto to a different address, giving you time to act.
PrimeXBT takes the security of its platform pretty seriously, which is to be expected of a cryptocurrency exchange. Its history and strict security measures ensure the exchange and its users’ funds are not easily accessible to hackers.
However, as with all crypto exchanges, it is recommended you limit your use of its wallet to trading. Using a private crypto wallet will always offer an extra level of protection!
What Features Does PrimeXBT Offer?
Prime XBT offers a limited set of features and services intended to allow traders of all levels to earn money investing in crypto. Keep in mind that when we said limited, we are comparing it to platforms like Binance… Which offers dozens of features most of its users are unlikely to use.
On the other hand, PrimeXBT doesn’t offer features like PoolMining, Crypto loans, NFT marketplace, etc. The exchange limits itself to providing features that most exchange users can benefit from. Some of these features include:
- Advanced technical analysis tools: Perfect for those looking to engage in technical or fundamental analysis, as well as using tools like golden vs death cross.
- Margin Trading Feature: Allows users to trade crypto, indices, commodities, and Forex. The platform offers leverage as high as x1000, allowing investors to maximize their strategies. Order types include market, limit, stop, and One-Cancels-The-Other (OCO) orders.
- Covesting Modules: Users can set up strategies or follow strategies from other investors, allowing investing communities to be formed. This feature is a great way for traders to boost each other’s profit potential.
While these features might not look like much at first, they are what most users will usually use when trading crypto. If you are an advanced crypto trader looking for more diverse order types, futures, or other advanced tools, you might want to look elsewhere. We have reviewed several exchanges for you to consider.
How Good Is PrimeXBT Customer Support?
Unlike many crypto exchanges we have reviewed, PrimeXBT offers live support in the form of 24/7 live chat. If you have been using crypto exchanges for a while, you already know how unusual this is. In addition to chat support, users can contact the customer support team via email.
The response time by PrimeXBT is usually pretty fast, especially via the chat feature. However, the time it takes for them to reply will vary depending on demand but once the first reply comes, the issue will usually be fixed pretty quickly.
In addition to these 2 forms of customer support, the exchange also has a comprehensive list of helpful resources on its features. This makes it unlikely that you need to contact customer support unless you have an issue specific to your account.
PrimeXBT was also noted to have the fastest response time within an independent review comparing five of the industry’s most popular trading platforms: Binance, BitMEX, Bitfinex, Deribit, and of course, PrimeXBT.
Unfortunately, something that PrimeXBT could improve is the lack of resources for crypto investing.
While it is possible for users to Google to learn about the currencies supported by the exchange or similar doubts, this may make the investing process troublesome. Many exchanges like Binance and Coinbase have made available educational resources on blockchain and crypto… Something we believe is essential when looking to attract new investors.
Does PrimeXBT Charge Fees?
PrimeXBT does charge fees, which is not unusual for any cryptocurrency exchange. This is especially true for centralized exchanges as they are mostly for-profit. This being said, PrimeXBT fees are as straightforward as they get in the crypto world.
There are two types of fees you will need to keep in mind when using PrimeXBT: Trading fees and Overnight financing. Let’s take a look at each of these:
- Trading fees: These are the fees you will incur when buying or selling crypto in the market, being charged every time you open and close a position. For crypto, which is what we care about, the trading fee on margin trading accounts is 0.05%.
- Overnight Financing Fees: This fee is charged if you enter a leveraged position that extends to another trading day (00:00 UTC). This fee will be withheld from your account balance and will be between 0.00277% and 0.1389%.
Other fees you need to consider will be a 1% fee when following someone’s strategy with the covesting feature and withdrawal fees, which are flat in nature. This fee will vary depending on market conditions and will be paid in a certain amount of tokens of the chosen currency.
When it comes to depositing in the platform, PrimeXBT won’t charge you any fee.
What Currencies Are Supported By PrimeXBT?
PrimeXBT does not excel due to its offering of cryptocurrencies, as this is pretty limited. However, the 11 cryptocurrencies it offers are some of the most popular at this time among investors. This makes the platform still a pretty good option for those who don’t invest in small/new projects.
The cryptocurrencies supported by PrimeXBT at this time are:
|Bitcoin (BTC)||Ethereum (ETH)||Litecoin (LTC)|
|Ripple (XRP)||EOS (EOS)||Cardano (ADA)|
|Polkadot (DOT)||Solana (SOL)||Uniswap (UNI)|
|Chainlink (LINK)||Dogecoin (DOGE)|
When it comes to fiat currency, Prime XBT supports these currencies:
|Euro (EUR)||United States Dollar (USD)||Great British Pound (GBP)|
|Australian Dollar (AUD)||Canadian Dollar (CAD)||Swiss Franc (CHF)|
|Japanese Yen /JPY)|
PrimeXBT is a great exchange for any cryptocurrency investor looking to trade the most popular cryptocurrencies. Its advanced analysis tools make it perfect for advanced traders, while covesting and simplicity allow new investors to start trading.
The live chat support, straightforward features, and simple fee structure will provide a smooth experience for any trader. The extent to which the exchange goes to protect your cryptocurrency is also noteworthy, making it a great fit if cybersecurity is important to you.
Overall, PrimeXBT is a great exchange that most users will find to be a great fit as long as they don’t need a wide selection of cryptos or DeFi features.
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