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Cryptocurrencies are becoming more common in our lives. Many people already use them on a regular basis to purchase things and services online. Many employ blockchain to make fast, secure, and cheap money transactions across international borders. But this review, we would like to dedicate to a special platform that can be used for cryptocurrency trading. Read our PrimeXBT review till the last line to discover all the advantages and disadvantages of this trading solution.
Is PrimeXBT Legit?
PrimeXBT is officially registered as the Limited Liability Company that provides trading services. It’s based in Seychelles and St. Vincent and the Grenadines. This registration is considered appropriate for providers of trading services in many countries. Thanks to this, PrimeXBT copy-trading services satisfy the needs of crypto enthusiasts from more than 150 countries who contribute to the daily trading of over 500,000,000 USD.
Bear in mind, that for operating under some jurisdictions, the provider of trading services has to obtain additional licenses of those jurisdictions. That’s the reason why the US, France, Japan, Russian Federation, and some other countries are added to the “restricted” list on the PrimeXBT website.
What to Trade
PrimeXBT copy-trading services are mainly popular because of the unique possibility to copy crypto trading strategies. This is a lucrative offer but not the only way to earn from virtual currencies. The other option is to trade crypto on margin or buy some coins and hold them in your wallet unless they become more expensive. You can even speculate on contracts for differences and take advantage of both spiking and declining price fluctuations.
It’s important to note that PrimeXBT CANNOT be considered a forex broker, even though it provides users with the possibility to benefit from other markets, including foreign exchange. You can trade over 50 currency pairs, including major, minor, and exotic ones, 10+ stock indices that diversify your risks, gold, silver, Brent Oil, crude oil, and natural gas.
PrimeXBT copy-trading Service
When talking about this online crypto exchange, it’s impossible to skip the topic of PrimeXBT copy-trading services. This is one of the reasons why we mentioned that this platform is suitable for beginners. Thanks to PrimeXBT copy-trading services, newbies don’t need to devise their own trading strategies. You just access the special copy-trading module and take the following steps:
- Register a new account;
- Deal with account settings to make it more customized;
- Sort out poor strategies;
- Study the remaining ones.
- Click the “Follow” button.
The popularity of PrimeXBT copy-trading services is totally the merit of its unique copy-trading module, known under the brand of Covesting. Let’s take a closer look at the features that helped this solution to become one of the most popular services of the PrimeXBT exchange.
What is Covesting and How Does it Work?
Covesting PrimeXBT is a special module with a unique and highly-customizable trading system that suits both beginners and professionals. When you are a user of the PrimeXBT exchange, you can enter the Covesting PrimeXBT copy-trading module by just depositing 0.001 BTC and paying the entry fee of 1%.
What’s interesting is that Covesting PrimeXBT isn’t just an additional tool or extension of the original exchange. It’s registered as a digital provider of distributed ledger services under the jurisdiction of the Gibraltar Financial Services Commission. This means that PrimeXBT copy-trading is completely legal in countries that allow trading operations under this license.
Can I buy Algorand (ALGO) on PrimeXBT Exchange and Predict the price?
As you see in the table above, PrimeXBT charges the same fees for trading products from the same category, no matter what the trading volume. The same is applied to trading Algorand. You can buy this cryptocurrency on this exchange or find ALGO trading strategies on the Covesting PrimeXBT copy-trading module. Our personal recommendation is that you should consider this coin for trading. It’s one of the most powerful Ethereum killers. Crypto enthusiasts praise it for the fast execution of transactions within the blockchain and low fees, even compared to other Ethereum killers.
On the example of Algorand and other popular assets from the crypto market and beyond, we see that the PrimeXBT exchange is great for educational purposes. It has a lot of articles about the Algorand cryptocurrency and other peculiarities of trading virtual currencies. It also provides special digital tools that help enthusiasts to predict the price of Algorand and other coins.
Our PrimeXBT review must include testimonials of real clients. We do this in order to figure out whether our estimations correspond to reality. Here are the average reviews of PrimeXBT clients we managed to find on special review websites:
“What do you like best?
I really love the PrimeXBT exchange! It built an excellent infrastructure, making its page as simple and easy to use as possible. It is very convenient and easy to use.
What do you dislike?
In the beginning, it was difficult to get in touch with customer support. Now it works well. Maybe, it was due to a great number of requests.
Review collected by and hosted on G2.com.
What problems is the product solving and how is that benefiting you?
I can earn money with the PrimeXBT platform and this is what I was looking for for quite a while.” – Jim D. on G2.
“I used to use multiple apps, tools, and sites until I started using PrimeXBT. It’s an end-to-end platform with huge range of cryptocurrencies to trade, earn etc as well as charting and alerts. Deposits and withdrawals are easier than other platforms.” – Orryzaid A. on Sitejabber.
Deposits and Withdrawals
A good cryptocurrency exchange must have a user-friendly system for transaction processing. This is what makes any platform user-friendly. Plus, the selection of payment methods is one more way to ensure that your funds will be stored safely.
We have no complaints regarding the security of deposit and withdrawal methods offered by PrimeXBT. The exchange enables direct crypto transactions from one crypto wallet to another. The first one is your existing storage and the second one is the one you open with PrimeXBT (either a hot or cold wallet). A minimum account balance should be no less than 0.001 BTC if you want to start trading operations.
However, we doubt that depositing to your PrimeXBT account is convenient. This is because the exchange accepts payments only in BTC, ETH, USDT, (erc20), or USDC (erc20). It’s impossible to make a deposit in the US dollar or any other cryptocurrency. You can use your credit card just to convert your fiat money into cryptocurrency through special services.
What makes us more optimistic about the deposit on PrimeXBT is the possibility to claim a bonus for beginning users! If you are new to the platform, you can get a welcome bonus of the equivalent of 500 USD right after your account is registered. Verification of your account is not required.
As for withdrawals, they are super simple. You just proceed to the header of the platform, go to your account, examine your balance, and request the amount you want to withdraw. PrimeXBT doesn’t charge withdrawal fees but they might be employed by the blockchain that powers your digital wallet. Also, there are no restrictions and limitations on the PrimeXBT minimum withdrawal. Just bear in mind that the transaction should be requested between 12 pm and 2 pm.
Pros & Cons
Last but not least, let’s summarize everything mentioned above in two lists of Pros and Cons.
|✅ Pros||❌ Cons|
|Customizable trading software|
Easy to navigate the platform
Both market and limit orders are available
Access to multiple markets beyond crypto
copy-trading through Covesting PrimeXBT
Rich Trading Academy
Lucrative bonus for the first deposit
|Shortage of methods to replenish your accounts|
Restricted timeframe to claim the withdrawal
High leverage is risky
So, let’s conclude all our thoughts outlined in this PrimeXBT review.
- PrimeXBT is an advanced crypto exchange with intuitive web-based platforms and a lot of extra widgets that help during trading.
- Covesting is one of the more efficient copy-trading modules currently available in the niche of online crypto trading.
- PrimeXBT is a legit provider of trading services.
Considering these 3 points, we suggest that you should get better familiar with the exchange and make your own in-depth conclusions.
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.