Prime XBT is a new broker on the block. This company was founded back in 2018 with the intention to provide Forex and CFD opportunities to traders worldwide. Judging by their website, they do talk a big game, but the big question is whether they have the content to support those claims. This Prime XBT review will provide you with a detailed analysis that will help you decide whether you should invest your money with this young broker.
Quality of service
There are many things that a broker can do to make trading experience as smooth as possible. It seems that Prime XBT tries to achieve a lot, but essentially, their offer is stretched far too thin. If you are a beginner you should head to the education portion of the website, but it will be of little help. There is a blog that isn’t updated frequently that basically acts as a FAQ page. If you were looking to truly upgrade your trading skill, you will not do so at Prime XBT.
Another big thing to consider is that there are no distinct account types for traders to choose from. There is huge value in being able to choose how you trade based on your budget and ambitions, but you will not find this luxury at Prime XBT.
Speed of response
If you are facing an issue with the platform, or simply want an answer to your question, you will have a bad time trying to communicate that problem. First of all, you will spend a lot of time even trying to find the contact information. In the About Us section, there is mention of a single email. It was hardly surprising that we had to wait several days to get a reply to our enquiry. This type of negligence does a lot of harm to a brand’s image, so Prime XBT should think about upgrading their support team before anything else.
Registered users can choose between Prime XBT Platform and Turbo Platform. Both offer an ample suite of tools for technical analysis and portfolio building. We were impressed with the customizable nature of these platforms that enable traders to trade exactly how they want. Prime XBT also has a mobile app for Android and iOS, so that users can trade anywhere on the go. While we have to applaud these platforms for being feature-rich, we also need to point out that this is a double-edged sword. On numerous occasion, we experienced a significant delay, which forced us out of favourable positions. In the end, we would much rather use a platform that can execute our orders in real-time.
We had mixed feelings when it came to trading cost at Prime XBT. While they were certainly transparent about their fees, we have never before encountered such steep figures. You can read all about them in the Trading Conditions section of their website, and here is a quick breakdown.
There are two basic types of fees: trade fee and overnight fees. The former is inevitable, and you will be subjected to it anytime you execute a trade. It remains 0.05% regardless of your trading volume. The latter can vary depending on your asset and is charged only if you keep an opened position past the company’s working hours.
Prime XBT is not a regulated broker but they have implemented many safety features in order to assure safety of funds. Wallet security, two-factor authentication and withdrawal address whitelisting are nice measures, but they will never keep your mind at ease the way a regulated broker would. Absence of regulatory bodies overlooking a brokerage shouldn’t by itself be a red flag, however, you should proceed at your own risk.
Variety of Payment Methods
While Prime XBT prides itself on flexibility, we were surprised by just how little options there are for withdrawals and deposits. You can basically only use your credit or debit cards to transfer funds between your account and your wallet. While most of the industry offers Wire Transfers or Bitcoin transfers for speed and efficiency, Prime XBT lags in this department.
At the end of our Prime XBT review we have to conclude that while this brokerage excels at certain aspects, it is far too inconsistent. There are many areas that dearly need improvement. At this point, we cannot recommend it to novice nor expert traders. Things may change in the future, and we would be happy to revisit Prime XBT, but as it stands, there are far better alternatives out there.