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Sarah Gottwald

Managing Director at Blockchain Founders Group (BFG)

What are the key differences among various cryptocurrency exchanges?

Choosing a cryptocurrency exchange should be done with awareness of several considerations, such as the range of available cryptocurrencies itself, the user interface and experience, the security measures implemented, the liquidity for efficient trading, the fee structures imposed, and the compliance with regulatory requirements. Furthermore, you have to differentiate between CEXs (centralized exchanges) and DEXs (decentralized exchanges).

Pros

  • Decent fees
  • Very secure
  • Different assets available to be traded
  • Accepts fiat (credit/debit card) deposits
  • Relatively simple to use

Cons

  • Limited cryptocurrency choices
  • Does not operate in the US and Canada

Prime XBT Review: PROS

Before we jump into the Prime XBT review, and start discussing the various benefits and shortcomings that are usually associated with Prime, allow me to provide a quick disclaimer.

As hinted in the introductory part of the article, Prime XBT is actually an asset trading platform - meaning, cryptocurrencies are just a single asset out of the many that you’ll be able to find here.

While many of the questions (such as “is Prime XBT legit?”) are aimed at and surround the other-asset part of the platform, in this Prime XBT review, we’ll be focusing almost exclusively on the crypto side of things.

Prime XBT Review

What this means is that, while PX might be a great place to trade different assets, and while it may also provide different asset-exclusive benefits to the trader, our attention will be dedicated almost exclusively to the cryptocurrency side of things.

With that out of the way, let’s jump right into the Prime XBT review. And what better way to start it than by talking about one of the signature features of Prime - its crypto leverage options.

Some of the Highest Leverage Options in Crypto Trading

Whenever you’re trading cryptocurrencies, you probably have some sort of a set capital that you work with - if not, you definitely should. Depending on that capital (usually - fiat money balance), you’ll be “placed” into a specific trading position - the more money you have and put forward, the better your position will be.

Naturally, though, a single look at some of the Prime XBT reviews found online will tell you that this platform isn’t used solemnly by experienced, millionaire crypto traders - there are a lot of newcomers and industry newbies, too.

As you can probably imagine, a newcomer to the crypto trading world isn’t going to throw all of their money into trading - that’s absurd, in its most straightforward form.

Well, in come the leverages.

Prime XBT Review

In finance and asset trading, a ‘leverage’ is when you essentially borrow money from the platform in order to increase your trading position on a specific trade. This has the potential to result in some high profits (that said, it works the other way around, too - it may result in significant losses).

Most user Prime XBT reviews found online are unanimous - Prime offers some of the best leverages when it comes to crypto trading.

While it’s a case-by-case scenario (especially when you introduce risk management), the highest leverage limit available on PX in regard to crypto trading is 100x. That’s quite significant! If you’re looking to increase your profits, but do not possess the capital to do so, leverages are worth looking into.

Again, however - all of this should be consulted with a financial advisor, since leverages may result in some significant losses, too.

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Cost-Effective and Intuitive Crypto Futures Trading

Talking about leveraged trading, Prime XBT also offers crypto futures trading that allows even up to 200x leverage. Crypto futures trading involves making bets on the future price movements of cryptocurrencies using contracts that agree to buy or sell the asset in question at a set price on a specific future date.

Traders can profit from price changes by taking either "long" positions (expecting prices to rise) or "short" positions (expecting prices to fall). It's a way to speculate on future price changes or protect yourself against market volatility. Just keep in mind that this type of trading is quite risky.

Futures trading on Prime XBT provides traders with adjustable leverage and two margin types: cross-margin and isolated margin. You can easily switch between these types on the dashboard. Just note that isolated margin offers more control but only allows up to 100x leverage, while cross margin allows up to 200x leverage but could potentially lead to larger losses.

Prime XBT review: crypto futures trading.

The futures trading dashboard provided by Prime XBT is definitely designed with the traders in mind. It has anything you might need for futures trading but also is highly customizable. You can add watchlists, view orders, and move elements around the screen to suit your needs. This is perfect for both beginners and advanced users who want a tailored view.

Besides, Prime XBT prides itself on offering some of the lowest fees on the market, with a funding rate of 0.0001% every 8 hours for both long and short positions. This translates to approximately 0.1095% annually.

Additionally, maker fees are set at 0.01%, and taker fees at 0.02%. So, while fees for futures trading are generally higher due to leverage risks, Prime XBT's competitive rates ensure cost-effective trading for all users.

If you want to learn more, check out this review I wrote specifically about crypto futures trading on Prime XBT.

Very Strong Security Measures

Now, one of the biggest concerns that people starting out in the field of cryptocurrency trading have is security.

It makes sense, though. The crypto market is volatile enough as it is - with hackings and scams being a prominent issue in the industry, you’d probably want to guarantee the highest levels of security in your crypto trading ventures.

Prime XBT Review

Well, if you’re trying to find out is Prime XBT legit in this regard, rest assured - PX has some great security measures in place.

When it comes to general asset protection measures, PX utilizes AWS web servers in order to run its trading operations smoothly. AWS is the leader in this particular field, so you can be sure that Prime is using only the highest quality services.

Apart from some other, more-general security measures, some user Prime XBT reviews will also tell you that PX has a very interesting and crypto-specific security measure in place, too.

Basically, Prime keeps the majority of the crypto assets in cold storage devices.

This is superb.

You see, many of even the high-end cryptocurrency exchanges and trading platforms do not employ this as a form of security. This means that the cryptos are stored and kept in hot wallets - it’s a major security hazard, since they are always connected to the internet!

Prime XBT Review

Cold storage refers to some hardware devices - wallets such as Trezor or the Ledger Nano X. These devices have no constant connection to the web, which means that potential hackers are not able to reach your crypto funds.

Security-wise, Prime XBT is truly a top-tier platform.

Simple to Use

While we’ll get to the actual registration and sign up processes in a hot minute, it’s worth mentioning that multiple user Prime XBT reviews point out how simple to use PX actually is.

Well, that’s by comparison with some other trading platforms - nothing that relates to finances and financial asset trading is truly very “simple”.

Many of the crypto-exclusive exchange platforms nowadays do also struggle with this point, too. It’s rather difficult to find a balance between a user-friendly UI, and all of the complicated financial charts and candlesticks that need to inform the trader about what’s happening in the market at that point in time.

Prime XBT review: trading options.

That being said, though, user Prime XBT reviews truly do seem happy when it comes to the usability aspect of the platform. It comes with an overarching sleek design, and does not overcrowd you with some unnecessary and confusing features.

Fiat Currency / Cryptocurrency Trading Pairs + Fiat Deposits

A point that I personally did not see mentioned all that often on user Prime XBT reviews is that you are able to both make fiat deposits on the trading platform and also trade fiat currencies for crypto ones.

It’s actually a pretty big deal!

In order to deposit fiat money or even make fiat/crypto trades, an exchange (or, in this case - a trading platform) needs to go through a lot of technical and legal hoops. That is why, in many exchanges, you are not able to deposit fiat money, or can only trade crypto to crypto.

Not the case with Prime XBT.

Prime XBT review: the assets on the Prime XBT platform.

Being an asset trading platform, Prime has a lot of different trading pairs for the user to pick from. These pairs include fiat/crypto trading, as well.

And, on top of that, naturally, you’ll also be able to make a fiat currency deposit to your Prime wallet, too.

To sum up, if you’re looking for an easy entry into the cryptocurrency market (easy, meaning - direct fiat deposits and fiat/crypto trading pairs), then user Prime XBT reviews will surely point you to this particular trading platform.

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Prime XBT Review: CONS

Now that we’ve discussed some of the most prominent and most commonly-referenced positive user Prime XBT reviews, we do need to also cover some common concerns that people have with the platform.

To be fair, though, there’s not a lot to talk about - the biggest issue, however, does appear to be the lack of cryptocurrencies that PX supports.

Supports Only the Major Cryptocurrencies

Multiple Prime XBT reviews point out that the platform in question supports only the most well-known, “mainstream” cryptocurrencies. To be more specific, the coins supported by PX are:

In total, that makes 5 cryptos. Quite a small number, indeed!

Now, if you’re an entry-level crypto trader, then the above-mentioned cryptocurrencies should be more than enough for you to check out and trade with. In the vast majority of cases, beginner traders tend to start off with Bitcoin or Ethereum, either way - in such instances, broad coin support isn’t really needed.

If you’re a more experienced trader, though, and would like to diversify your cryptocurrency portfolio, the lack of coin support might, in fact, prove to be an issue. It all depends on your plans and expectations!

Restricted Services on a Regional Basis

If you’re someone who’s located in the US or Canada, I do have some bad news for you - you won’t be able to use Prime XBT in these countries.

It’s actually one of the most notable cons of the platform, too.

Prime XBT Review

The restrictions are such because of some financial laws that are in place within those said regions. While Prime is available and operates in more than 150 different countries, this is little-to-no condolence to those who reside in either the US or Canada. Naturally, there are other countries and regions where Prime XBT is restricted, but size-wise, the two above-mentioned countries are the most notable ones.

It adds to the discussions about PX’s legitimacy, too - while the answer to the question “is Prime XBT legit?” is a positive one, it doesn’t really matter to people who are living in these territories, either way.

Compare Crypto Exchanges Side by Side With Others

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Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

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Pricing and Fees

One of the last things we need to discuss in this Prime XBT review are the Prime XBT fees.

I can tell you in advance, though - while they CAN get somewhat confusing at times, if you were to look strictly at the fees that are associated with trading, you’d notice that they’re quite alright!

The trading fees for fiat/cryptocurrency trading pairs will range from 0,01% up to 0,05%. Truth be told, these fees are quite amazing!

Financing Prime XBT fees, on the other hand, will vary significantly, due to a whole variety of different factors - they are still not going to be high, though! If you’re interested in these, check out the brand’s official website for more up-to-date information.

How to Register on and Use Prime XBT?

Now, we’ve discussed the Prime XBT fees, talked about the benefits of the platform, and also its shortcomings. All that’s left to do is tell you how to register on it, and use the basic features!

1. Go to the company’s official website, and click Sign Up.

2. Enter your email, phone number, and create a password.

3. You’ll be asked to confirm your email address with a PIN code that you’ll receive - enter it on the website and click Enter.

Prime XBT review: registration.
4. Finally, you’ll be asked to choose the country you reside in - do so.

Prime XBT review: pick a country of residence.
You’re in! The registration really is quick and straightforward!

Now, adding Bitcoins to your wallet is simple, too.

1. Go to the Account section of your, well… Prime XBT account.

Prime XBT Review
2. You’ll see a big blue button saying “Deposit to wallet”. Press it.

Prime XBT Review
3. Here, you will find your personal Bitcoin wallet code. This code is your public wallet address - you need to send Bitcoin to it. Alternatively, you could also purchase Bitcoin with a credit or debit card, too - simple as that!

Prime XBT review: your Bitcoin wallet.
As you can see, both the registration and the Bitcoin purchasing processes are very simple and quick - just as most of the user Prime XBT reviews will tell you!

Binance Review
Pros
  • A very well-known crypto exchange platform
  • More than 500 different cryptos available
  • Two-factor authentication
Main Features
  • Over 500 different cryptocurrencies available
  • Strong security
  • Small withdrawal fees
Bybit Review
Pros
  • Very low trading fees
  • Exceptional functionality
  • Mobile trading app
Main Features
  • Very competitive trading fees
  • An intuitive mobile app
  • Up to 100x leverage available
Kraken Review
Pros
  • Secure and reliable
  • Low fees
  • A good amount of fiat currencies accepted
Main Features
  • Reputable exchange
  • Multiple fiat currencies are accepted
  • Relatively low trading fees

Conclusions

Now, with all of that being said and done, but one question remains - would I recommend using Prime XBT?

Yes, I would.

As you’ve probably gathered already, PX is a great asset trading platform - this extends into the realm of cryptocurrency assets, too! The site is comparatively simple to use, and offers you the chance to utilize fiat/crypto trading pairs, and even purchase cryptocurrencies via a credit or debit card.

While the cryptocurrency choice is very scarce, it should be more than enough to suffice for most beginner and entry-level traders. If you’re based in the US, however, you’ll need to look for some PX alternatives - Kucoin would be one of the best choices.

While the Prime XBT fees are surely smaller than those of Coinbase, at least the latter is available in the US, and it also guarantees top-tier security of your crypto assets, too!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

About Article's Experts & Analysts

By Sarah Gottwald

Managing Director at Blockchain Founders Group (BFG)

Sarah Gottwald's experience as a venture capitalist includes working at Vanagon Ventures, a firm specializing in Web3 / blockchain startups. She is also the managing director of Blockchain Founders Group, a venture capital firm and company builder...

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Sarah Gottwald , Managing Director at Blockchain Founders Group (BFG)
Sarah Gottwald's experience as a venture capitalist includes working at Vanagon Ventures, a firm specializing in Web3 / blockchain startups. She is also the managing director of Blockchain Founders Group, a venture capital firm and company builder. BFG offers Web3 startup incubation, network, knowledge, and funding. Furthermore, Sarah Gottwald hosts a podcast BLOCKTALES - Unchained Stories. It is dedicated to exploring the lives of people behind blockchain technology. She is also a member of the board of the ITSA (International Token Standardization Association).

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Recent Prime XBT User Reviews

Hattie Jordan

5.0/5.0 - Prime XBT User
24/06/2024

Perfect!

Perfect! This is a wonderful platform

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Grace Richardson

5.0/5.0 - Prime XBT User
12/05/2024

good platform

primexbt is a great platform and very convenient to use, hope to hear a good news.

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Beverly Rowley

5.0/5.0 - Prime XBT User
07/06/2024

Primexbt has been life changing!!

A good company deserves good remarks. I acknowledging this platform for their services. All thanks to the admin of this company and they customer support

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Coral Mitchell

5.0/5.0 - Prime XBT User
06/06/2024

Ez to use

Beginners can figure out by themselves

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Albie Wilkerson

4.2/5.0 - Prime XBT User
01/07/2024

GOOD REVIEW

Full of information & easy to follow

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Suhayb Senior

4.2/5.0 - Prime XBT User
05/05/2024

Pricey

The platform quite pricey comparing to others

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Pierce Mcghee

4.0/5.0 - Prime XBT User
07/04/2024

Not so much coins

I like some others altcoin but Prime XBT doesn't have

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Duncan Corrigan

4.4/5.0 - Prime XBT User
21/05/2024

No US??? WHAT???

I tried to use Prime XBT but cannot access… Now I know the reason

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Hamish

4.6/5.0 - Prime XBT User
01/05/2024

Way too high

3 or 4 time higher then most other platforms

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Margie

4.0/5.0 - Prime XBT User
12/04/2024

Scam!

I was confusing for being charge too many kinds of fees :( stop using this platform until they give me an answer

Evaluation

Price value
Ease of Use
Experience
Features
Safety

Roberta Watkins

11/05/2024

I'm a huge fan!

Keep up the great work, Prime XBT!

Nina Ramos

15/05/2024

Anyone a user?

Can you say if it is worth it?

dixon

04/06/2024

you can say a lot

but its def one of the most reliable and user friendly exchanges out there

Charlotte Sanchez

07/06/2024

Liked...

This perspective on PrimeXBT is unique and refreshing... That's why I am a huge fan of the articles you guys make here... Nice read...

Janet Williamson

03/04/2024

My favorite so far

Been using prime xbt for a few months now and couldn't be happier

stone13

01/05/2024

newbie

learning a lot here

bluecode

04/06/2024

is it worth it

although the look is nice, a friend complained their platform is slow and always lagging

Seth22

18/06/2024

My New Crush

Just got to know them, thanks to you BitDegree, but I already love their intuitive interface and the fact that they offer so many different assets for trading.

claire black

11/06/2024

Excellent!!

Excellent article, highly recommended!!!!!!!!!

Dylan Ward

29/04/2024

Sounds alright

Nothing amazing

FAQ

Is Prime XBT a good cryptocurrency trading platform?

Yes, multiple user Prime XBT reviews will tell you that the platform in question is actually a very decent choice, for both crypto trading beginner, and some of the more advanced traders! PX is simple to use, accepts fiat payments (credit/debit card), and is very secure. Surely one of the better cryptocurrency trading platforms on the present-day market!

What cryptocurrencies does Price XBT support?

Prime XBT supports 5 different cryptocurrencies - namely, Bitcoin, Ethereum, EOS, Ripple, and Litecoin. While the number of supported cryptos is surely very small, it should suffice, seeing as it involves all of the 'mainstream' and most well-known crypto coins. If you'd like to visit an exchange that would operate in the US, however, and that would offer more crypto choices, one of the best alternatives is going to be Coinabase.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you're looking to trade only the main cryptocurrencies, you probably don't really care too much about the variety of coins available on the exchange. It's all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you're bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn't encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman's terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

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