PrimeXBT Crypto Exchange Review: Is It Legit?
Cryptocurrency and NFT trading are popular ways to make money in 2023. Finding the best platform for this might be a challenge for many. By introducing this PrimeXBT review, we want to simplify this challenge. Discover more about this crypto exchange and about its copy trading functionalities. Let’s examine all the basic things you need to know before signing up.
Company’s History and Brand
PrimeXBT was established as an online crypto exchange back in 2018. It quickly gained popularity because of its unique trading system designed as an intuitive tool of this platform. This is one of the reasons trading enthusiasts from more than 150 countries rely their funds on this platform. They are quite active – the average daily trading volume is over $500,000,000.
As for the legal operations of the PrimeXBT exchange, the entity has 3 offices under 2 jurisdictions. The company providing PrimeXBT copy trading services obtains official approval from the regulatory institutions in Seychelles and St. Vincent and the Grenadines. The US, Canada, Japan, France, Russian Federation, and some other jurisdictions are restricted.
Tradable Assets
Foremost, PrimeXBT is a crypto futures platform, meaning its users can earn from virtual assets created within special blockchain ecosystems. The diversity of such assets is quite wide since many companies introduce their own coins and NFTs, some of which can be bought and sold on PrimeXBT.
Alongside virtual assets, PrimeXBT provides access to some traditional financial markets, commonly offered by brokerage services. Although there are not many tools for traditional trading (the platform focuses more on crypto trading), you can gain experience in trading such financial instruments as
- 36 crypto-to-fiat currency pairs;
- 51 forex currency pairs;
- 10 commodities;
- 11 stock indices;
PrimeXBT recently expanded its list to include base industrial metals such as aluminum, zinc, lead, copper, and nickel.
PrimeXBT Futures Review
PrimeXBT Crypto Futures is a cutting-edge trading platform that offers an array of advanced features and tools for trading various cryptocurrencies. Designed to cater to both novice and experienced traders, PrimeXBT’s trading features, long and short positions, leverage options, and perpetual futures make it an appealing choice.
PrimeXBT offers traders a robust suite of trading features. These include customizable charts, over 50 technical indicators, and multiple order types, allowing traders to tailor their experience according to their preferences and strategies. The user-friendly interface and seamless functionality further enhance the platform’s appeal.
The flexibility to take both long and short positions on a wide range of cryptocurrencies enables traders to profit from both rising and falling markets, making it an attractive option regardless of market conditions. By incorporating both long and short positions, traders can effectively hedge their risk and diversify their portfolios.
Another major advantage of trading on PrimeXBT crypto futures is the opportunity to trade perpetual futures contracts. Unlike traditional futures contracts that have an expiration date, perpetual futures do not expire. This allows traders to hold positions for an indefinite period, providing greater flexibility in managing their trades.
PrimeXBT Covesting Review
From many PrimeXBT reviews written by real traders, we found out that this exchange is particularly popular because of the PrimeXBT copy trading feature. What it is, and how does it work?
In general, the PrimeXBT copy trading service is a function that allows some traders to share their strategies, while others will copy them and earn from them without building their own strategies. Once a copy trader pays an entry fee of 1% and chooses a trader to follow, the system starts copying deals of the chosen strategy manager. A strategy manager will also earn a certain commission for sharing the strategy if it turns out profitable.
PrimeXBT offers copy trading features similar to a regular trading platform. You can use the same type of orders – limit, stop, and market – and benefit from the leverage of 1:100. This is all thanks to the unique copy trading module on PrimeXBT called Covesting. Let’s find out more about how this software solution works.
Introduction to Covesting
PrimeXBT copy trading services are available through the Covesting PrimeXBT platform. This module is an integrated feature that was designed as a unique solution to enable trades copying and sharing. Covesting PrimeXBT has over 100 financial products – the selection is the same as on the regular platform. As of the date of writing, hundreds of advanced traders share their strategies – you will definitely find something that suits you.
Covesting PrimeXBT isn’t just a third-party extension that adds extra features to the original platform. Covesting.io is an independent entity registered under the jurisdiction of the Gibraltar Financial Services Commission under the 116778 incorporation number. This means that Covesting PrimeXBT is a fully legitimate Distributed Ledger services provider that enables the safe operation not only with traditional financial assets but with cryptocurrencies and non-fungible tokens as well.
Is PrimeXBT Safe?
As a fully regulated entity, Covesting.io wouldn’t cooperate with an untrusted provider of trading and exchange services. However, this is the minor reason why we consider PrimeXBT copy trading safe. We believe that the trustworthiness of this company is proven by these two security measures:
- SSL encryption – the feature that protects the website and its traffic from potentially dangerous entries.
- Cold Wallet – the type of cryptocurrency storage that provides you with the possibility to store all your crypto assets in Multisignature technology, meaning they can be accessed by those who can obtain a special seed phrase.
Commissions & Fees
PrimeXBT charges only trading commissions, which depend on the type of instruments you trade. The lowest trading fees are charged on the commodity and forex market – they are as low as 0%. Crypto trading fees are 0.05%, which is still lower than the market average as the majority of modern exchanges charge crypto fees that vary between 0.08% and 1%.
Margin Trading and Leverage
One key aspect of PrimeXBT is the availability of leverage for its users. This allows traders to magnify their exposure to the market, potentially increasing profits. However, it also comes with increased risk, making it essential for traders to use leverage wisely. PrimeXBT has recently introduced a new sliding margin system that adjusts leverage based on the user’s position size, helping to manage risk more effectively. Leverage in crypto futures has a maximum of 200x. Meanwhile, traditional asset CFDs have a fixed margin system with a variety of leverage ranges.
Deposit and Withdrawals
You can transfer cryptocurrencies such as BTC, ETH, USDT (erc20), or USDC (erc20) from your existing crypto wallet. The deposit should be equivalent to 0.001 BTC.
It is also possible to deposit money from a credit or debit card or any other payment system using special fiat-to-crypto third-party converters such as Coinify, Xanpool, and Paxful.
Finally, you can now make a deposit in a fiat account using USD or EUR.
A withdrawal might also become a challenge for those who are used to transferring money whenever they feel convenient. All withdrawals should be requested between 12 pm and 2 pm. Depending on the withdrawn amount, money will come the following day. This is for security purposes and to ensure customer funds are kept safe via a cold storage process.
PrimeXBT Mobile App
PrimeXBT’s mobile trading app provides a seamless experience for accessing a wide array of assets, such as cryptocurrencies and forex. The platform is equipped with advanced charting tools, swift order execution, and leveraged trading. Get it on Android or iOS via the Google Play Store or Apple App Store. It is perfect for new or experienced traders and features access to customer support, margin trading tools, and much more.
Welcome Bonus
Are you considering trading with PrimeXBT? If so, they are currently offering a promotional $100 bonus for deposits of $500 or more. The bonus can be claimed within 48 hours of registration and remains valid for two weeks. This is a great opportunity to try out their crypto trading platform and see if it’s the right fit for you.
Advantages & Disadvantages
| ✅ Advantages❌ Disadvantagesmore than 100 assets to tradeaccess to high-leverage tradinga cold wallet is availablecopy trading through Covesting PrimeXBTthe possibility to make passive income by sharing strategies or earning on crypto interestlack of deposit methodsa trading balance can be replenished with cryptostrict withdrawal conditions |
Final Thoughts
On the one hand, we like this platform because you can copy trade a winning position on PrimeXBT. But on the other hand, it’s not the best in terms of banking methods. Comparing all the advantages and disadvantages, we dare conclude that the PrimeXBT trading platform is worth your attention. It offers great trading conditions and a lot of opportunities to earn from cryptocurrencies.
FAQ
Is Covesting a legit crypto copy trade platform?
Covesting.io obtains a real license from the Gibraltar Financial Services Commission. It’s a completely legit crypto copy trade platform.
Can I trade PrimeXBT US?
No, PrimeXBT is unavailable under US jurisdiction.
Does PrimeXBT apply trading fees?
Yes, trading fees vary depending on the market. For crypto products, this is a 0.05% trading fee, while for all the other markets, trading fees aren’t higher than 0.0001%.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
More articles
Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
