PrimeXBT Review: Learn More About This Scam Brokerage
PrimeXBT is a subsidiary of the PrimeXBT group of companies based in St. Vincent and Grenadines. SVG dissociated itself from providing licenses for FX and CFD trading companies. After all, the broker has the right for saying that they don’t need a license for trading in the country.
However, trading anywhere outside of the SVG requires an adequate license and our PrimeXBT review will explain why.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CONSOB|
|Owned by:||XBT Trading Services LLC|
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||Web trader|
|Minimum Deposit:||0.001 BTC|
|Cryptocurrencies:||Yes – BTC, XRP, ADA|
|Types of Assets:||Forex, Commodities, Indices, Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
PrimeXBT Is A Regulated Broker?
This broker offers the fair disclaimer that they don’t provide service to certain countries. However, in those where they provide services, they should have a license. For instance, this broker offers services to most European countries, Australia, Singapore, and some others.
That being said, they should have a license at least from FCA (UK) or ASIC (Australia). As an illustration, we checked all registers of Tier 1 Regulators like FCA, BaFin, ASIC, and CONSOB, but we couldn’t find any information about PrimeXBT broker. In fact, we discovered some more irregularities that are coming further in this article.
For a broker that uses only crypto transfers and has no license, you can smell trouble from a mile. PrimeXBT is an offshore broker with a CONSOB warning against it.
Reasons for Using a Regulated Broker for Trading
Another key point is security, which is the most important thing about regulated brokers. A non-licensed company can claim on its website anything they want. Although this may be true, without regulation, nobody controls those activities. Therefore, everything is questionable.
This broker offers higher leverage than allowed by ESMA rules and MiFID II directives. The maximum allowed by these rules is 1:30, whereas TradeXBT offers 1:100 and directly violates laws for trading in the EEA zone.
Warnings From Financial Regulators
The irregularity we were talking about is a warning from a financial regulator. Although this broker provided a detailed disclaimer, it doesn’t seem like they are genuine in the end.
After all, the Italian regulatory body – CONSOB – issued a warning on the 13th of Feb 2023 against this broker for fraudulent activities.
What Platforms Does PrimeXBT Offer? – Available Trade Software
Instead of investing so much money and effort in hiding their illegal activities, they could invest in more trusted trading software. PrimeXBT offers only a web-based platform, which we have seen with many scamming companies.
Firstly, they provide very high leverage. Secondly, they lack regulations. Thirdly and most importantly, they don’t offer trusted platforms like MT4/MT5 or cTrader.
Unfortunately, PrimeXBT broker doesn’t offer a mobile version of its platform. It can only be accessed through the web browser. In general, it can be very disadvantageous since many brokers tend to catch the opportunity whenever they have it. That’s why having an app is a huge benefit.
PrimeXBT Trading Instruments
As for the trading instruments, they don’t provide anything more than other trading companies. There are 4 different asset classes with a highlight on cryptos:
- Forex USD/JPY, AUD/USD, USD/CAD
- Commodities natural gas, gold, oil
- Indices NASDAQ, DAX40, ASX200
- Cryptocurrencies BTC, LTC, ETH
To point out the high leverage that goes up to 1:100, where clients are exposing their funds at risk. Especially with an unknown and non-reliable web trader.
PrimeXBT Service Countries
PrimeXBT trading company has a very long list of prohibited countries. Certainly, that is because of the laws and regulations. However, they provide services in:
Even though all of the mentioned countries have regulations, PrimeXBT broker doesn’t have any.
PrimeXBT Accounts Overview
If you are still considering investing with this broker you won’t have much trouble choosing an account. PrimeXBT broker doesn’t offer any specific classification of the accounts. The minimum requirement is 0.001 BTC, which is at the moment of writing around $25.
As a result, you get very low entry costs, but you can expect a pitch for more money. Especially if you are using margin trading. Certainly, that’s the whole idea of these swindlers.
Can Customers Open A Free Demo Account?
Unlike many other licensed companies, PrimeXBT broker doesn’t offer a demo account. Besides the low minimum requirement, the safety of the information is a priority. Since this broker is a non-licensed one, we don’t know what might happen. For this reason is better to stay safe and find another trading company.
As can be seen in the company’s presentation, they state that for margin type trading accounts they offer promotions. Yet, it’s unclear what that promotion consists of.
Whilst bonuses are banned according to any regulation and ESMA rules, it wouldn’t be a surprise that this broker is using exactly that. Standard tactics to make clients put in more money.
PrimeXBT Deposit and Withdrawal Policies
Correspondingly to the deposit method, withdrawals can only be done with a crypto transfer. However, these are unreliable due to encryption and hard traceability. In case something goes wrong, you are in a trouble.
Moreover, all withdrawal requests should be approved by the broker. That’s where clients have the most issues, because they start making up excuses why not allowing it.
PrimeXBT Details of the Terms and Conditions
For example, in the general T&Cs, we can see many irregularities in terms of withdrawal requests again. At some point, a broker has the right to limit withdrawals due to Customer Due Diligence (CDD).
As that being said, there is nothing to look for here. That’s why licensed brokers are more reliable because all T&Cs are transparent and clear.
Leverage, Spreads, and Fees
Generally speaking, all conditions are questionable. Leverage goes up to 1:100 with unclear spreads. It’s a recipe for a disaster. According to the broker, spreads are from 0 pips. Moreover, commissions as well start from 0% on most assets and 0.05% on cryptocurrencies. As mentioned, it’s not excluded those will be much higher.
What Should I Do If I Have PrimeXBT Problem?
Since they are not regulated, you can’t contact any regulatory body. Firstly, leave your opinion on the broker. That way you will prevent other people to get scammed.
Secondly and more importantly, you can contact our expert team for fund recovery. Contact us today!
What Is PrimeXBT?
It’s an offshore trading company that offers margin and copy trading with a highlight on cryptocurrencies.
Is PrimeXBT a Regulated Broker?
No. This broker doesn’t comply with any regulations whatsoever. Because of that, we consider it unreliable and based on a warning, a scam broker.
Is PrimeXBT Available in the United States or the UK?
They restricted themselves from providing services to US clients, but UK clients are accepted.
Does PrimeXBT Offer a Demo Account?
No. Prime XBT offers only live trading accounts. However, there are low minimum requirements, but for a non-licensed broker, we wouldn’t trust even that money.