PrimeXBT Review 2022: Pros And Cons For Crypto Traders

Pros and cons are always essential to consider, even in a variety of contexts. When picking a trading platform, it is vital to create and review a list of pros and cons to be certain the right decision is being made. It is also important to decipher between which platforms are the pros they say they are or if they are complete con artists. 

PrimeXBT is a trading platform with a lot of pros, and like any platform has some cons to consider. Because the pros so heavily outweigh the cons in this situation, we are instead in this review hoping to determine if PrimeXBT is the professional platform it claims to be or if it is another con artist crypto trading venue worth passing by.

About PrimeXBT: Pros Versus Cons

Launched in 2018, PrimeXBT is an award-winning multi-asset margin trading platform offering lightning-quick order execution with no slippage and ultra-fast reliable performance with as much as 99.9% uptime. More than 100 of today’s most popular trading instruments are included across crypto, forex, commodities, and stock indices.

Pro: Flexible Currency Options

PrimeXBT being a multi-asset margin trading platform, lets users deposit a wide range of crypto assets: BTC (Bitcoin), ETH (Ethereum), USDT (ERC-20 Tether), USDC (USD Coin), and the COV (Covesting) utility token. 

Pro: Buy Crypto Here

Don’t have crypto yet? Don’t sweat it. PrimeXBT lets you buy crypto assets with a credit card from several third-party partner widgets, each with competitive conversion rates and limited fees. Users can also exchange one type of cryptocurrency for another within each wallet.

Pro: No Minimum Deposit

Deposits are made to a secure cryptocurrency wallet protected by two-factor authentication and compulsory address whitelisting. There is no minimum deposit to get started, so anyone with any level of capital can begin. This also lets new users test the waters without putting too much money at risk on a new platform. 

Con: Up To 24-Hour Withdrawals

To avoid any confusion and to be clear about any potential cons at the platform, one pitfall for impatient users is the fact that withdrawals can take up to 24 hours to send. If you need your crypto urgently, you will simply have to wait as there is no way around this security protocol. 

Pro: Virtually Hack-Proof

The con above is a worthy trade-off for a platform that hasn’t once in its nearly five-year history been hacked or had any significant downtime. No users have reported any consequential loss of funds due to theft. This spotless reputation is rare in today’s crypto industry.

Pro: Versatile Account System

With safety in check and deposits made, by now, it is time to start funding individual accounts within the PrimeXBT dashboard. In addition to margin trading accounts that are anything but standard, there are also APY-generating yield accounts, Covesting accounts, and more. All of this is available within one primary account and under just one roof.

Pro: Crypto, Forex, Commodities, & Stock Indices

Margin trading and Covesting strategy managers have access to more than 100 of today’s most volatile and popular trading instruments, including Bitcoin, gold, oil, the S&P 500, and much more. There are dozens of cryptocurrencies, forex currencies, all major stock indices, and the most critical geopolitical commodities.

Pro: Educational Website And Tips

Every legend starts out their story as a beginner. Don’t be deterred if you don’t yet know how to trade. PrimeXBT’s top expert trader will show you the ropes and show you how it is done. Dirk Hartig has prepared an extensive database of trading tips, tutorials, and more.

Pro: Compete For Crypto 

With these new skills gained, you can both practice with risk-free virtual funds or put them to the ultimate test within PrimeXBT contests and compete for massive crypto prizes worth up to $100,000 USDT. New competitions go live weekly, and trading is conducted in a simulated real-time market environment.

Pro: Copy Trading Community

You either have what it takes, or you don’t. If you do, you might want to give a shot at becoming a Covesting strategy manager. These strategy manager accounts are ranked by performance in a fully transparent global leaderboard for followers to pick and choose which traders they should follow. For those that don’t have what it takes, using Covesting, you can still follow someone who does, copy their trades, and profit from market volatility.

Pro: Utility Token Utilization

With Covesting a centerpiece of PrimeXBT’s offering, the platform has fully integrated the native utility token to the Covesting ecosystem, COV. This token activates exclusive memberships that each improve the benefits for users. Activated utilities include trading fee discounts, increased following counts, improved APYs, and more.

Pro: High Yield APYs

During the DeFi explosion, PrimeXBT rolled out a yield generating tool of their own that connected to top decentralized protocols to access a variable APY return on any staked crypto assets in just a few clicks.

Pro: Free Mobile Apps

All of these products and services are available no matter where you are, right from the tips of your fingers, thanks to entirely free iOS and Android smartphone applications. It is also very easy with just a few swipes or taps to make a deposit or take a new trading position. You can also manage your trading or Covesting portfolio while on the go.

Pro: 24/7 Live Customer Service

The mobile app and desktop both offer access to live, 24/7 customer support chat any time it is needed. There is also a massive help center with guides on how to use the platform and a dedicated account manager for fully personalized services.

Con-clusion: A Professional Platform For Novices And Pros Alike

The conclusion itself is no con, PrimeXBT is a professional margin trading platform with everything pros and novices could need to get going, further their careers, or make a profit. 

Because PrimeXBT is also continuously adding new trading instruments and features, you can rest assured that the next market innovation will also find a home on the award-winning margin trading platform. 

Registration is free, takes only a few minutes, and requires very little personal information.