PrimeXBT Review

PrimeXBT entered the market in 2018 and has grown into a large multi-asset broker and crypto trading platform with more than 1 million traders worldwide. The company has roots in Gordon’s Bay, South Africa, and also has offices in Saint Lucia, while operating through several regulated entities including the FSA in Seychelles, the FSCA in South Africa, the BCR/CNAD in El Salvador, and the FSC in Mauritius. It is also a member of the Financial Commission, which gives clients access to an independent dispute body with compensation fund coverage of up to $20,000 per complaint.

It is a very feature-rich operation overall and stands out a bit from the usual offshore broker model. PrimeXBT combines forex and CFD trading with copy trading, crypto buying and exchange features, and a separate crypto futures platform, which gives it a broader and more unusual offering than most brokers in this space. In practice, it sits somewhere between a traditional forex/CFD broker and a crypto trading platform.

PrimeXBT accepts clients from most countries, although residents of the United States, Canada, Japan and a small number of other restricted jurisdictions cannot open accounts with them.

On the CFD side, traders get access to a broad product range including forex, indices, metals, commodities, shares and crypto. Based on the current lineup, this includes 99 forex pairs, 19 indices, 17 metals, 8 commodities, 16 shares and 36 crypto instruments. PrimeXBT also sets itself apart by offering both crypto futures and crypto exchange functionality, which is not something most forex brokers offer.

The available platforms include MetaTrader 5 for desktop, web, iOS and Android, PXTrader for simpler web-based trading, PXTrader 2.0 for more advanced trading, and the PrimeXBT mobile app.

PrimeXBT clients can choose from five main account types:

• PXTrader Account - no minimum deposit, no commission on the standard pricing model, spreads from around 0.2 pips, and leverage up to 1:1000 on forex.
• PXTrader 2.0 Account - no minimum deposit, designed for more active traders, with deep order books, cross and isolated margin, multi-asset access and leverage up to 1:500.
• MT5 Standard Account - no minimum deposit, designed for regular forex and CFD trading on MetaTrader 5, with leverage up to 1:1000.
• MT5 Pro Account - no minimum deposit, spreads from 0.1 pips, a 0% stop-out level, and leverage up to 1:2000 depending on region.
• MT5 ZeroStop Account - no minimum deposit, built around PrimeXBT’s Zero Stop-Out feature, and based on the same core MT5 conditions as the Standard account, including leverage up to 1:1000.

Traders can chose to open accounts in 3 different base currencies - USD, USDT, USDC and a good point in PrimeXBT’s favour is that account opening and onboarding are very straightforward and require no minimum deposit to open accounts.

Swap free accounts are available to all traders and aren’t restricted to clients from Muslim countries and are available on any of the MT5 account options. Instead of normal swap fees, administrative fees can apply - although the first 30 days without fees is a useful feature for longer-held positions.

Deposits and withdrawals are another strong area. PrimeXBT offers more than 100 local and global payment methods, with availability depending on the client’s country. Methods include cards, wire transfer, Skrill, Neteller, Volet, Binance Pay, local bank methods and a wide selection of cryptocurrencies (40 of them). PrimeXBT says most deposits and withdrawals are processed instantly on its side, with 95% of withdrawals handled instantly. Both deposits and withdrawals are free, although network or payment-method charges may still apply.

PrimeXBT also scores well for extra features. It offers copy trading, a 10% cashback program, a fairly extensive Help Centre, and a good Learn & Research section with market research, educational material, trading ideas, charts and calendars.

Support is available 24/7 by live chat and email, and the site supports a wide range of languages including English, Vietnamese, Spanish, Portuguese, Chinese, Japanese, Korean, Russian, Bengali, Indonesian, Thai and Arabic. Client fund protection is also taken reasonably seriously, with segregated accounts, negative balance protection.

There are some drawbacks worth keeping in mind. PrimeXBT operates a market maker brokerage model, which will not suit every trader or trading style. There is also no phone support, and while the MT5 accounts spreads look competitive, spreads on PXTrader can run on the high side.

Overall though, PrimeXBT offers a very well-rounded setup with a strong mix of forex, CFDs, crypto and futures, flexible account structures, easy onboarding, excellent funding flexibility and a lot of useful built-in features. For traders outside the restricted countries, it is one of the more distinctive offshore brokers currently on the market.