Frequently Asked Questions (F.A.Q.)
PrimeXBT is a trading platform, offering a 'one-stop-shop' solution with numerous products and services combined in a single account with an intuitive and user-friendly interface:
Margin trading platform - trade Crypto, Indices, Commodities and FX with up to x1000 leverage, allowing you to maximize your profit potential and earn from both rising and falling markets through CFD contracts (Contract-for-difference).
Covesting module - profit by setting up and managing your own Strategy and/or Follow (copy) Strategies of other successful traders. A Strategy is a pool of a trader's personal funds which is visible to the public and can be Followed by others. This provides an excellent opportunity for both experienced successful Traders and Followers to earn and greatly boost each other’s profit potential. Learn more.
Cryptocurrency, Forex, Indices and Commodities. A detailed list of all available pairs and instruments can be found here.
To begin trading, you will first need to fund your account. There are 2 options to fund your account:
Direct Crypto deposits from your personal crypto wallets to your PrimeXBT wallets
Deposits through third-party services, such as Paxful, Coinify, Xanpool, CEX.io, which allow you to purchase crypto using a bank card
Your profits will depend on your patience, trading decisions and the success of your trading strategies.
If you do not have have the time or experience to trade or simply do not want to trade yourself, we highly recommend check out the Covesting module. This feature allows you to automatically replicate and profit from the trades of successful traders without having to personally trade on the market.
Yes, there are 2 different fees that can be incurred when trading - Trade fee and Overnight financing. Detailed information regarding fees can be found here: https://primexbt.com/fees Trade Fee is incurred any time a position is opened or closed:
0.05% for Cryptocurrencies
0.01% for Indices and Commodities
0.001% for Forex majors
Overnight Financing is incurred any time a position is carried into a new trading day, at 00:00 UTC. Positions closed before the start of a new trading day (00:00 UTC) will not be charged at all.
We act as an STP broker to ensure fast order execution and excellent liquidity for traders. As an STP broker, we receive quotes from a large pool (12) of liquidity providers and automatically arbitrage between them to offer the best currently available prices. Thus, the pricings for Cryptocurrencies provided on PrimeXBT will vary in accordance with the pricings across the exchanges from which liquidity is aggregated.
CFD and FX feed come from a partner company (feed aggregator) which sources liquidity from multiple providers such as prime brokers, banks etc.
Yes, feel free to download the iOS App or Android App. The web version of the platform is available on all browsers and does not require downloading any software.
Yes, our 4-level affiliate program will allow you to invite friends, family and others to try out the platform. Affiliate partners receive payouts of up to 50% of trading fees paid by their referrals: https://primexbt.com/my/home/referral
If you are looking for ways to profit without investing and trading, make sure to check out our 4-level Affiliate program.
The Affiliate program will allow you to receive payouts of up to 50% of all trading fees paid by your referrals and is a great way to build a network of referrals and profit from their trades!
While there are no 'testnet' or 'paper trading' accounts at PrimeXBT at the moment, you can set up a Trading account with a small deposit to try out the platform. For example, a deposit of as little as 0.001 BTC will allow you to trade with up to 0.1 BTC worth of assets at once.
At the moment, an API interface is not available.
At the moment integration with third-party charting services is not available. We have developed a unique personal charting package which provides a large array of professional charting tools and instruments, which also allows us to update and improve it in accordance with the needs and wishes of traders.
Detailed information regarding the minimum/maximum order size and exposure limits for all available instruments can be found on the ‘Fees’ page: https://primexbt.com/fees
No, documents are not required. We respect your privacy while trading digital currencies which is why we do not require our clients to undergo KYC procedures, exposing personal information.
Go to your Dashboard, click 'deposit' for the currency that you want to deposit, copy your PrimeXBT wallet address and paste it into the destination field on the site from which you are transferring funds. Also, you access an alternative deposit option which allows you to buy BTC using a Credit Card / SEPA transfers / Gift cards / Alternative Cryptocurrencies, and have it transferred to your PrimeXBT wallet.
Yes, using the in-wallet exchange feature, you can exchange BTC, ETH, USDT and USDC amongst each other, directly in your PrimeXBT account.
It is possible to use third-party services such as Coinify, Xanpool, Paxful, or CEX.io (https://primexbt.com/my/account/deposit), which will allow you to buy BTC, ETH, USDT and USDC using your bank card, SEPA bank transfer, gift cards, etc. and have it transferred to your PrimeXBT wallet. Direct deposits from your bank card to PrimeXBT are currently not available.
You can use a third-party P2P service such as Paxful that is available in alternative deposits section of your account to find merchants who accept Paypal for Cryptocurrency purchases
BTC deposits require 3 block confirmations which usually takes around 40 minutes on average;
ETH and ERC-20 tokens (COV, USDT, USDC) require 10 block confirmations which usually takes around 4 minutes.
These timeframes will vary for different currencies as well as blockchain congestion. PrimeXBT does not charge any deposit fees. You can follow the status of your deposits in your Transfer History.
You can deposit any amount that would be sufficient to provide the required margin for your trades.
E.g. the minimum order size for Bitcoin is 0.001 BTC, thus the minimum margin required to open such a trade with x100 leverage would be 0.00001 BTC.
To begin trading, you will need to move funds from your Wallet to your Trading Account by clicking the green 'Fund' button on the Dashboard page.
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To claim this offer simply make a deposit equal to or more than one of the following amounts and then make a transfer to the corresponding Trading account within the given time frame:
0.017 BTC
0.425 ETH
850 USDT(erc20)
850 USDC(erc20)
For a detailed tutorial see our quick and easy-to-understand Welcome bonus tutorial.
There is no minimum or maximum required withdrawal amount. However, please note that it should be more than the withdrawal fee for the asset you wish to withdraw.
The withdrawal fee is a flat fee (i.e. the fee will remain the same regardless of the amount being withdrawn):
0.0005 BTC
0.01 ETH
20 USDT
18 USDC
5 COV
No, there are no withdrawal limits.
A withdrawal address can be whitelisted by clicking the 'Withdaw' button for the asset you wish to withdraw, in your Dashboard. Enter the desired withdrawal address and confirm the address via an email confirmation link. See our short whitelisting tutorial.
All pending withdrawals are processed once a day, between 12:00 and 14:00 UTC. A withdrawal requested before 12:00 UTC will be processed on the same day. Any withdrawal requested after 12:00 UTC will be processed on the next day.
You can follow the status of your withdrawal on the 'Reports' page, under Transfer History.
A pending withdrawal can be cancelled at any time before 11:00 UTC.
No, this is not possible at the moment. You can however use third-party services that will allow you to convert Crypto to other currencies, including Fiat, which may then be transferred to your bank.
Make sure to check all email folders such as Spam/Promotions/Notifications/Updates/etc.or search for a confirmation email from [email protected] via inbox Search bar. If you are still unable to find the email, please whitelist [email protected] in your email settings and request the withdrawal again.
We respect your privacy while trading digital currencies which is why we do not require our clients to undergo KYC procedures, exposing personal information. This leaves your email as your primary form of ID. Losing access to your email may result in you being unable to access your PrimeXBT account. We strongly recommend enabling 2FA on your email account.
We recommend using a unique Email+Password combination that you are not using for other services. Also, we highly recommend enabling 2FA (2-factor authentication) and login notifications. These features can be enabled in your account Settings.
As your email is the only form of ID at PrimeXBT, it is not possible to change account email.
Email login notifications can be disabled from your account Settings menu.
You can reset your account password using the Password recovery feature.
When enabling 2FA on your account, you will receive a 16-digit backup code. This code can be used to restore 2FA time codes for your account. Simply add a new time-code generator in your 2FA app and enter the 16-digit backup code.
All logins to your account are reflected in your Settings menu, under 'Last logins'.
This means that someone may have obtained your account's credentials. This could happen if you shared your account credentials with someone else, or if your password had become compromised. In most cases, passwords are retrieved by hackers from earlier leaked password databases from different services.
To protect your account, please change your password at this link: https://primexbt.com/id/password-recovery and enable 2FA. Also, do not use the same password for your email as for other services, as this could compromise your account should someone get ahold of your credentials.
Yes. This can be done by generating an Account Statement on the 'Reports' page. To generate an account statement, enter the desired statement timeframe and click 'Statement'. It contains detailed information about your Trading account, including trades, fees, financing, and transfers that affect account's Balance.
Click on the menu icon in the top right corner of your account and click 'Chat' in the drop down menu.
A Position can be either Long or Short.
Short-selling is selling high and re-buying low. This strategy capitalizes on anticipated market decline.
Long-selling is buying low and re-selling high. This strategy capitalizes on anticipated market rise.
For detailed tutorials see our corresponding Long and Short trading
Leverage reflects the ratio of personal funds required to open and maintain a position in comparison to the size of that position. For example, 1:100 leverage means that, if using $1,000 of your personal funds, you will be able to trade with up to $100,000. Similarly, a position of $100 would require only $1 of your personal funds.
The highest possible leverage is provided automatically upon opening a position, and you control it by choosing the position size.
For example: you have 0.1 BTC as Trading account's Equity and you wish to trade BTC/USD. You can open max position of 10 BTC. This will result in maximum margin utilization at 1:100 leverage and 0% of Available Margin will remain. But you are not required to open such a large position. You can, for example, open a 0.5 BTC position instead. In this case you will be using only 5x leverage against your 0.1 BTC Equity, with more Available Margin left and less risk of position liquidation should the market move unfavorably. Similarly, if you opened a 2.5 BTC position it would amount to 25x leverage against your Equity, and so on.
So you have full control of your leverage and risk by controlling position sizes in your portfolio.
Please note that we do not recommend to utilize 100% of Available margin as this creates a significant risk of even the smallest negative P/L resulting in liquidation of the position.
Price Spread (or Bid-Ask spread) is the difference between the Bid and the Ask price of an asset. When buying, you will get the Ask price; when selling, you will get the Bid price. Ask price is generally higher than the Bid price, and the difference between these 2 factors is the Spread. Chart candles on PrimeXBT reflect the Bid price of an asset.
Slippage is the difference between the expected price, and the actual execution price of a market order. As with any market order, Slippage may occur during times of high volatility, when liquidity in order books is insufficient to execute trades at the trigger price (Bid/Ask), resulting in a price gap.
Positions do not have a time limit and can remain open indefinitely, as long as available margin does not drop to 0%. Note that an overnight financing fee is charged at 00:00 UTC if a position is carried into a new trading day.
Orders can be rejected for numerous reasons, such as available margin being insufficient or markets for the selected instrument being closed, etc. The ‘Messages’ widget contains all system messages with a detailed explanation of why an order was rejected.
Yes. Stop Loss and Take Profit protective orders can be added to a Limit, Market or Stop order as well as any open position. Make sure to check out our Stop Loss and Take Profit video tutorial.
PrimeXBT charts reflect top-of-the-book BID quotes received from our liquidity providers (not FILL prices). It is important to remember that Stop Loss/Stop Buy orders are triggered when top-of-the-book ASK quotes reach the price specified in your Stop Loss/Stop Buy order. ASK quotes are higher than BID quotes by the amount of the Spread. Top-of-the-book ASK quotes are reflected as a green indicator on the price range field of the chart. In this case, if your SL/Stop Buy order was executed, this means that the ASK price of the asset has reached the price specified in your order.
PrimeXBT charts reflect top-of-the-book BID quotes received from our liquidity providers (not FILL prices). It is important to remember that Take Profit/Limit Buy orders are triggered when top-of-the-book ASK quotes reach the price specified in your TP/Limit Buy order. ASK quotes are higher than BID quotes by the amount of the Spread. Top-of-the-book ASK quotes are reflected as a green indicator on the price range field of the chart. In this case, if your TP/Limit buy order was NOT executed, this means that the ASK price of the asset has NOT reached the price specified in your order.
Stop Loss protection orders are delayed orders that are triggered when the ASK/BID price of an asset reaches the price specified in your Stop Loss order. Once your Stop Loss is triggered, it becomes a Market order and is filled as such, taking into account the Spread for a given order size. The current Spread for a particular order size can be checked at any time using the 'Dashboard' widget.
Liquidation is the automatic closing of all currently open positions at market price, if margin requirements are not maintained. Liquidation may occur if available margin reaches 0%, as available margin is no longer sufficient to sustain further losses.
Available margin can be increased at any time by closing any position and/or transferring more funds to your Trading account.
At PrimeXBT we employ a Cross-margin system. This system offers more flexibility when trading and provides traders with more opportunities to adapt to different market trends and movements.
No, Unrealized P/L does not include any fees incurred from trades.
Trade Fees are as follows:
0.05% for Cryptocurrencies
0.01% for Indices and Commodities
0.001% for Forex majors
Overnight Financing is the borrowing cost for using PrimeXBT assets for leveraged trades and is charged at 00:00 UTC for any position that is carried into a new Trading day. Any position closed before 00:00 UTC will not be subject to overnight financing.
Overnight financing is not charged on weekends for markets that are closed during this time, however a triple financing rate is due on Thursday 00:00 UTC.
Detailed information regarding Fees and Overnight Financing rates for all available instruments can be found on the Fees and Conditions page.
A Trading day is a 24-hour period which begins at 00:00 UTC and ends at 23:59:59 UTC. A Trading day is used to determine when Overnight Financing is charged and when a DAY order is cancelled if not filled.
