If you want to get into the online trading business, this is the perfect time to do so. The industry has been evolving for decades, and now the offering is so compelling that almost everyone can get into it. The initial burst of excitement can be overwhelmed when you are facing your first choice. While it may not seem so at first, this will be one of the most important decisions you will make in your trading career. Choosing your first brokerage can seem daunting considering how many of them are there now. There are numerous things to take into consideration, and all of them will have a great impact on your achievements in the end. So, take your time and do your research thoroughly. Our reviews are meant to ease your transition. Today, we are taking a look at Prime XBT.
This brokerage was founded just a year ago in the Seychelles. There is a lot to unpack just based on this information. Let us first address the big elephant in the room. Just because a brokerage has no pedigree, doesn’t necessarily mean it is a scam. Also, if there is no regulation to speak of, this is a pretty common tactic for new brokerages, who opt to secure the technology and support system. These costs add up quickly, and not being regulated is a matter of prioritization in most cases. This being said, we always advise traders to be extra careful when dealing with these types of brokerages. They have no incentive to act according to the law, and they often promise a lot of perks to compensate for that. Continue reading our Prime XBT review to find out if this brokerage is legitimate or a scam.
Platform and Execution SCORE: 90%
Prime XBT offers three big features when discussing platform options. Each of them is developed in-house. This news can be disappointing to some industry veterans who prefer the true and tested Meta Trader platforms (MT4 or MT5). By trying to stand out from the competition Prime XBT has created their own web-based solution. Compared to the industry standard, this one is much more easier to comprehend. Its design is very user friendly without sacrificing many advanced features. Of course, if you have advanced knowledge of the trading industry, you will be able to get much more out of it. Beginners, on the other hand, will face a learning curve, but it is nothing that can’t be mastered in several hours. Sadly, there is no Demo account for users to practice in a safe environment.
In order to provide advanced traders with a more gratifying experience, Prime XBT also offers their Turbo platform. It is being advertised as “earning up to 90% by simply predicting short-term price moves of various assets”. This holds a much higher level of risk and it is definitely not suitable for all clients. In order to help traders navigate this new environment, Prime XBT has enabled a Demo account. Here you can test all the features while trading in a free virtual account. An additional benefit of this platform is the low entry barrier, as you can start trading with just a single $1.
Finally, there is the covesting aspect of the platform we need to address. This allows traders to showcase their results in public and compare it with other traders. From here, you can basically browse and copy the most successful strategy and implement it for yourself. The more followers your strategy makes, the more you receive. These social aspects of online trading are relatively new and unexplored grounds for many traders. We are still unsure of its long-term appeal, but this is yet to be proven in the future. For now, it just remains a novelty that will attract experienced traders.
Withdrawal Speed SCORE: 70%
Prime XBT supports all traditional payment options. You can deposit and withdraw your funds via your credit card, bank wire transfer or by using any eWallets option. While they make no promises regarding the length of the processing time, we feel they are longer than they need to be. We can expect additional time when using any bank-related payment option, but when discussing the approval length, we feel it needs to be improved.
Luckily, the situation is much clearer with the trading cost. You can check Fees and Conditions on their website and calculate upfront exactly how much you will be spending. All trading conditions are broken down based on the asset you will be using, so the fees, trading limits and margin requirements are transparent. This isn’t always the case with new brokerages, so we have to commend Prime XBT for doing the right thing.
Support and Assistance SCORE: 40%
When trying to reach out to Prime XBT representative we found out that their support system is appalling. In the beginning, you get access to the Help Center. In essence, this is one big F.A.Q. page. To be honest, it is one of the most comprehensive pages of this nature we have ever seen, but it cannot be a replacement for the traditional means of communication. All clients who are facing some issue are pretty much left stranded, as there is no real way of talking to someone. There is a tiny prompt in the right corner to start the live—chat feature, but we could not get it to work regardless of which browser we selected. While they claim that it is being operated by a real human representative and that the reply time is usually under 5 minutes, at the time of writing it is a buggy mess. Regardless of your trading experience, you can be sure that at some point, you will require assistance, and we are sad to say that Prime XBT fails hard in this department.
Education and Tools SCORE: 70%
If you are a complete beginner, or simply wanting to upgrade your trading skills, you will have a lot of educational material on Prime XBT to help your cause. The blog is broken down into several segments, starting with the platform announcements, technical analysis, market research and classical education material. All the articles are pretty solid, as they offer up to date information in a very presentable and digestible way. The only thing we need to criticize is the lack of variety of content. There are no video materials or interactive webinars. We already mentioned that you will have a hard time reaching any Prime XBT representative, so we feel this lack of interactivity can be very harmful to the traders. However, if you prefer to learn in the manner, you will have plenty to enjoy. Just be aware that all of this material is on the website and is not downloadable. So if you are ever without an internet connection, you will be unable to continue your learning process.
To sum up our Prime XBT review, we have encountered a lot of positive aspects with several bad ones that left a bad taste in our mouths. As it is now, Prime XBT feels like an incomplete package. For everything it does great, there is another one that simply cannot be overlooked. The lack of proper support is felt throughout many other aspects of this brokerage and because of it, the entire trading experience is something that we cannot get behind. If you are looking for your first brokerage, or simply wishing to make a new start, we would suggest looking elsewhere.