Is PrimeXBT a Suitable Crypto Trading Platform for Beginners?

One of the most popular and fairly powerful crypto trading platform in the market is PrimeXBT. This platform stands out among its competition, not only because of its reputation but also because of the numerous high-end features it offers to the users.

Anyone looking to trade crypto is likely to come across this platform as an option. However, new traders should always be patient and take their time before they make a choice.

Since there is a variety of crypto trading platforms in the market, new traders need to carefully choose an exchange that is according to their trading requirements and criteria. As a beginner, they also need to opt for a platform that makes crypto trading easier and hassle-free for them.

Therefore, if you are a new trader then you need to know the details mentioned below in this PrimeXBT review. Having this information can help you conclude if the trading platform is suitable for you or not.

What to Know About PrimeXBT?

The PrimeXBT trading platform is one of the fastest growing crypto exchanges in the market. It was established in 2018 and is a crypto-to-crypto exchange. It not only supports trading of digital assets but also supports that of CFDs and Forex assets.

This makes the platform versatile and powerful and a good option for a vast audience. This trading platform has achieved impressive growth over the course of a few years, thanks to its ‘customer-centric’ business model.

The exchange also offers its services to users from more than 150 countries around the world. However, there are more outstanding aspects of the exchange you need to know before you start using it, especially if you are a beginner.

Covesting Feature

If you are interested in knowing whether this is a good platform for beginners or not then you need to know about its Covesting feature. This is one of the most crucial aspects mentioned in this PrimeXBT review.

PrimeXBT Covesting allows copy-trading, which allows the new traders to automatically copy the trades of experts. Once they start copying a professional trader, they will get the same profits and losses as the trader they copy.

This is the best feature for people who want to make trades but are too inexperienced to instantly start. This feature is one of the top reasons why this trading platform can be the best option for beginners.

Customer Support

The customer support of the PrimeXBT trading platform is an impressive aspect that is the selling point for many. The customer support agents are bilingual and knowledgeable. They are also easily accessible and also offer around-the-clock assistance to the users.

Fees to be Paid

If you want to know ‘is PrimeXBT legit?’ then one of the ways you can get an idea is by taking a look at its fee structure. Every crypto exchange has a fee structure, however, they are not all fair and transparent.

Fortunately for people looking to use PrimeXBT, this platform has one of the most competitive and lowest fees structures in the market.

Details of the PrimeXBT fees are mentioned below.

  • Flat fee of 0.05% for crypto assets (per trade)
  • Flat fee of 0.01% for forex pairs
  • Withdrawal fee of 0.0005BTC

Leverage Trading

This PrimeXBT review also addresses one of the most important factors for the traders, which is the support it offers to leverage trading. The exchange is known to charge one of the highest leverages, which is up to 100x. However, it also varies in terms of the asset class that is traded with leverage.

  • PrimeXBT offers 1:1000 leverage for trading indices and commodities
  • The platform also offers 1:100 leverage for trading digital currencies

Safety Protocols Implemented

Another aspect that can further validate ‘is PrimeXBT legit?’ is knowing the details of the level of security offered by the exchange. The security of an exchange is crucial to look at because it can help you trade crypto with minimum safety risks.

The PrimeXBT review specifies that this is one of the safest exchanges in the world. It prioritizes the security of the users and uses top-of-the-line security protocols such as:

  • Two-factor authentication (2FA)
  • Secured server for web platform
  • Secured Socket Layer (SSL)
  • Cold storage wallet

Supported Currencies

PrimeXBT is one of the best trading platforms in the market because it not only supports trading of major forex currency pairs but minor pairs as well.

Some of the fiat currencies supported by the exchange are:

  • Australian Dollar
  • British Pound
  • Canadian Dollar
  • Euro
  • Japanese Yen
  • Swiss Franc
  • US Dollar

Final Takeaways!

PrimeXBT is one of the topmost crypto trading platforms that offers impressive and high-end features and services. However, if you are a new crypto trader then you can determine whether the platform is suitable or not based on the details mentioned above.

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