PrimeXBT Review – Are They Safe or a Scam?
Our PrimeXBT Review 2023
PrimeXBT is a common name amongst online traders and our team of experts has been tasked with figuring out why. They are fairly new to the market when compared to other online brokers but already manage quite a reputation.
Being established in 2018, they do not have the experience that other service providers have when it comes to offering online trading. However, they offer over 50 trading assets and already employ close to 100 employees. This is impressive growth when compared to the figures of other online brokers, let’s take a look at exactly what makes PrimeXBT so special.
Whenever you browse through an online service, you need to consider what they are offering to new customers before you go ahead and open your account. A service without an education resource will always be daunting for new customers and this could scare you off of the industry entirely. If you want to make the most of our social trading service, you will have to familiarize yourself with a platform such as PrimeXBT to try and make the most of the information available.
When you arrive on their page, you will find a comprehensive educational resource that any interested customers can make use of. This will help you to learn about all the various aspects regarding online trading and how you can use all of the charts that are made available. Our PrimeXBT review found that they have added the cherry on top and provided everyone with this information.
Being so new to the market, it is no surprise that their website has taken on a very modern design. The entire page takes on a header slider to display some of their products and you can scroll seamlessly to find out more about what they have to offer. The whole page is filled with applicable graphics that load very quickly. This is similar to what we found in our IG review and it is always refreshing for our team to find a website of such quality.
In case you are concerned about using the trading platform, our experts found that all of the options available were convenient and self-explanatory for interested customers. Whether you have years of experience with trading or if you are new to the scene, you will be able to use our social trading service and complete your educated trades using PrimeXBT.
When you are looking to trade, you might have some preferences when it comes to the account you plan on opening. Most online brokers try to provide options to customers in terms of accounts and our PrimeXBT review found that their service is no different. They have provided a number of accounts and each of these will be relative to your own personal needs. There are Turbo accounts, multicurrency accounts, standard accounts and multiple margin accounts. These are just a few of the options PrimeXBT makes available to you.
To decide which account will suit your investments best, you will need to consider what your goal of trading is. If you’re looking at applying some scalping strategies, you will have to opt for an account that provides you with rapid processing of transactions. Our Forex.com review provided readers with an insight into the forex world and you might want to open a multi-currency account to make the most of their forex option. You can always use our social trading service here at Crypto Parrot to inform your trades with PrimeXBT crypto.
Within this section of our online broker reviews, we usually find that online services have opted to include the MetaTrader platform options. This serves as an industry standard for our team of experts as each of the platforms have managed to establish a solid reputation with online traders.
Our PrimeXBT review found that their trading platform has been developed by their own team. It provides users with advanced tools to analyze certain markets and you can customize it for your own viewing pleasure. This is quite an impressive feat. There are professional charting options and multiple order types that customers can take advantage of.
As you might have found in our Binance review, the online operator certainly goes the extra mile to ensure that customers are spoiled for choice. There is also a PrimeXBT Turbo trading platform which provides you with the fastest means of completing transactions. These can be done 24/7 using this service and you’ll only need a dollar to get started! The entire turbo trading platform is available for mobile devices, regardless of whether it is Apple or Android. Once again, PrimeXBT managed to impress.
Another consideration that you will have to make towards an online broker is the payment methods that they make available. You will find plenty of service providers who don’t offer your preferred method of payment and this might result in you having to make accommodations for the online service. Once you have arrived on their platform, you will have the ability to make deposits using the software itself. To do this, you can make use of direct crypto deposits if you already have a wallet. These will be processed almost instantaneously.
If you prefer the more traditional options available online, you can also make use of a bank transfer. This process will usually take 3 to 5 days but it does provide you with unprecedented levels of security as you will never have to share your credit card details online. Besides that, there are also credit card options available. When compared to our Degiro review, our experts found this section of our PrimeXBT review to be lacking. There are no e-wallets available and this makes it difficult for some international customers to deposit.
The core of any online service would have to be the customer support that you can expect to receive once you have signed up. This support team will address any issues that you might come across on the webpage or while you are using the trading platform itself. Our experts have seen the entire spectrum of customer service, from non-existent to some of the best available in the industry, so we know what constitutes a great offer.
The PrimeXBT review found the platform hosts a comprehensive ‘Help Center’ to guide you towards any commonly encountered problems. This center will also provide you with the necessary information to get your account back up and running in no time. There is a blog available to anyone that’s interested and if this doesn’t manage to address your concerns, you can also use Twitter, Facebook and Telegram to contact their team.
Compared to our eToro review, there were a number of support methods that were excluded within our PrimeXBT review. There is no live chat option available and our team also struggled to find any information regarding a contact telephone number. There is a dedicated email address that you can use to detail any queries that you might have. Overall, the customer service of PrimeXBT could do with a little improvement but there are definitely adequate procedures in place to address any of your issues. If you are still concerned, you can always make use of our other reviews to find higher quality customer support teams.
A clear indicator towards the legitimacy of an online broker would be the regulations that they abide by alongside the insurance that is placed on your funds. There are a number of countries where PrimeXBT cannot offer their service so be sure to read the fineprint of the online broker offer. They are located in the Seychelles and at the time of writing, our experts were unable to find details related to their regulations. They are in the process of obtaining the Australian Securities and Investment Commission license but only time will tell if this materializes.
The company is still young and these things take time but it definitely is concerning for our team. In terms of your deposit insurance, our PrimeXBT review found that they look to only accept reputable payment methods. Their entire service is also encrypted and you will be able to use two-factor authentication when you want to access your account. Unfortunately for PrimeXBT, this section of our review managed to score them quite low with regards to the competition.
You might be wondering what else our PrimeXBT review team managed to uncover while browsing through their service. The platform speaks for itself as it has been designed within the past 3 years and the modern layout makes completing transactions easy. You can also access over 50 markets by opening any account and mimic the trades made by some more experienced traders on the scene. This is called covesting within their service and you will need to explore the fees that are applicable for the program.
Besides all of these additional extras, you can also refer a friend to their service and enjoy 50% of what they pay in trading fees. These fees are returned to your account and you can use them to invest in the various markets that PrimeXBT makes available. If you are wondering, ‘is PrimeXBT safe?’, you will need to consider all of these additional features alongside the lack of regulation placed on their service. Our team at Crypto Parrot would rather recommend that you find another online broker to use our world-class crypto trading strategies with.
While we were conducting our PrimeXBT review, our experts were thrilled to explore all that they have to offer. We found that there is enough information available for any customer to get their online trading career underway. You will also be able to make use of their modern website and trading platform to complete your transactions. There are enough account options to keep anyone satisfied and you will have the complete ability to use our social crypto trading service within their online brokerage service. Keep in mind that you will have to use all of our tools here at Crypto Parrot to complete your trades.