Website URL: https://primexbt.com/
Regulation: Not regulated
Languages: English, Spanish, French, German, Italian, Portuguese, Hindi, Turkish, Chinese, Japanese, Thai
Deposit Methods: Credit Card, Wire Transfer, Bitcoin
Minimum Deposit: From $1
Free Demo Account: Yes
Types of Assets: Forex pairs, Crypto, Commodities, Stocks
Prime XBT offers a blend of traditional financial instruments and cryptocurrencies. Even though it is a new brokerage with about a years’ worth of experience under its belt, it managed to attract significant attention of the trading community. Whether this was so the right reason, you can read about it in our Prime XBT review. We focus on all the pros and cons of trading with this brokerage based out of the Seychelles.
Prime XBT is not regulated. There are no governing bodies that monitor their operations. In theory, they only need to abide by the local laws, which are conveniently very loose when it comes to regulating any type of Forex business. It is unclear whether this choice was intentional, or it was just a consequence of prioritization what any new brokerage needs to address. Only time will tell, but at this point, we advise proceeding with caution, since nobody is guaranteeing the safety of your funds.
There are three main features to consider when discussing Prime XBT platform choice. They opted to build their own custom web-based solution. This is both a good thing and a bad, depending on your perspective. If you are a newcomer, you will appreciate the intuitive design unburdened by complicated tools and bells. On the other hand, veteran traders will feel the absence of advanced features typically present in the Meta Trader platforms.
In addition to the traditional platform, Prime XBT offers their Turbo solution. This is a high risk, high reward system that enables users to predict short term price movements on various assets to attain additional gains. The best part of this is that is has a demo account, that can be used for practice in a safe environment.
Finally, there is the covesting module. This is a social novelty that has some future potential. In a transparent arena, you get to compare your trading results to other traders. Everyone gets the chance to copy the most successful strategy, thus making the owner of it that much richer. The appeal is certainly there for the more experienced traders, but it remains to be seen if this feature will become widely adopted by the community.
Prime XBT tries to keep things simple. There are no different account types to choose from, as all traders start their careers from the same point. This is not a very beginner-friendly approach, as all of us have different ambitions, needs and even budgets. Ultimately, the only good thing about this system is that the entry barrier is low enough that just about anybody can give it a shot. Be advised that only the Turbo platform comes with a demo account.
You have a pretty decent opportunity to learn something new about the markets with Prime XBT. Their Blog section is a decent learning tool. All material is divided into several categories and is easy enough to navigate through. The biggest complaint we have is the lack of content variety. As interesting as those reads are, we would prefer to see some eBooks for download, video material or even interactive webinars. As it stands, you get a good starting off point, but nothing more.
Deposits and Withdrawals
Prime XBT follows the industry standards when it comes to payment options. Whether you prefer using your credit cards, wire transfers or eWallets, you will be accommodated. On the other hand, we experienced a rather long processing time. We had to wait several days from the moment we demanded to withdraw our funds to the moment we actually saw that transaction take place. Sure, some of that can be attributed to our bank policies, but it was still significantly longer than with other brokerages we invested in.
One of the worst things we encountered is the poor customer support system. The only thing worth mentioning is the Help Centre. This acts as a rather comprehensive F.A.Q. page with a lot to offer. Sadly, it cannot be a replacement for the traditional methods of communication. If you are ever in need of talking directly to a Prime XBT representative, you will be out of luck. We were appalled to see this type of disregard for the traders.