Prime XBT Review – Is it a Safe Exchange? What We Know

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► Read our long form review here: https://www.coinbureau.com/review/prime-xbt/

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► Overview 📝

Prime XBT is a Crypto futures exchange that was launched in early 2019 and is based in Seychelles.

They offer leveraged trading on cryptocurrency assets of up to 100x. This means that they will be competing with the likes of BitMEX, Deribit and a few other exchanges.

However, unlike these exchanges, they offer leveraged trading on up to 6 different cryptocurrencies.

Prime XBT is open to users from around the world although they do restrict users from countries such as the United States.

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► Security 🔑

They follow the best practices when it comes to coin storage. They operate secure cold storage protocols that are accessed through multisignature wallets.

They also have DDoS mitigation technology in place in order to reduce service interruptions that have harmed other exchanges.

On the user exchange, they have the standard security procedures in place like two factor authentications as well as mandatory address whitelabelling

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► Fees & Spreads 💸

They have a trade fee and an overnight fee. The former is the fee charged for each executed position whereas the latter is a financing fee charged for the leveraged positions.

The trading fee is flat at 0.05% which is about in line with the other exchanges. Their financing fee differs for each of the coins but, as an indication of what it is, the fee on Bitcoin is $3.9 per Bitcoin.

There are no deposit / withdrawal fees.

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► Funding / Withdrawals 💳

You can fund your account the moment that you have registered. Withdrawals are also processed once a day and the requested funds will go to your white labeled address.

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► Registration 🕵

Prime XBT does not require any identification or verification on their traders. This means that you do not have to send them your identity documents.

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► Trading Technology 🖥

There is a great deal of functionality and charting tools.

For those technical analysts among you, the there are a plethora of indicators and technical studies that you can overlay these charts with.

I also like the fact that the platform is “widgetised”. This means that you can move panels around and adjust the trading interface layout to your preferences

Prime XBT has a reasonable selection of order types that you can place on the platform. This could help augment those technical studies with more specific entry / exit points.

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► Customer Support ☎️

Customer support is only offered through a support email. There are no phone numbers or live chats.

However, given that they do not deal with KYC on clients, they have a pretty fast turnaround on these emails.

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► What We Think 💁🏻‍♂️

They are an attractive alternative crypto futures exchange that can challenge the status quo.

I also found their trading platform to be quite advanced with numerous features.

Of course, it is sometimes hard to form an opinion on the track record of a brand-new exchange.

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► Warning!! ⚡️

If you are going to use them, make sure that you have adequate risk management in place. Futures are risky instruments and can be a double-edged sword.

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► Disclaimer 📜

This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

#Crypto #trading #bitcoin #futures #exchange #review #btc #eth

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