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Prime XBT Review – Learn More About This Broker
Table of Content
Prime XBT presents itself as a bitcoin-based platform, but it actually offers trading in derivatives such as forex, CFDs, and binary (turbo) options. The broker’s offer seems overall attractive, and the website and platforms are nicely designed, however we wouldn’t recommend Prime XBT as a trading partner for one simple reason and that is the lack of legit license.
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 to say 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 broker review will explain why.
|Headquarters||St. Vincent and Grenadines|
|Minimum Deposit||0.001 BTC|
|Broker Type||Forex, Crypto, Indices|
Is Prime XBT Safe? Regulation and Security
The most important thing about any broker in general is whether it is licensed and monitored by a financial authority. While most crypto exchanges are still pretty much in the gray area, CFD providers in most countries have to be licensed in order to operate legitimately.
That said, Prime XBT claims to be operated by two offshore companies, PrimeXBT Trading Services Ltd. (registered in the Seychelles), and Prime Technologies Ltd. (registered in St. Vincent and the Grenadines).
Forex brokers in these offshore zones are neither licensed, nor overseen by any financial regulator, which leaves them free to do business as they see fit.
This broker also 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.
Although this broker provided a detailed disclaimer, it doesn’t seem like they are genuine in the end. The Italian regulatory body, CONSOB, has issued a warning on the 13th of Feb 2023 against this broker for fraudulent activities.
Trading Software Available
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.
And 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.
Accounts Types at Prime XBT
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.
Prime XBT 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:
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.
Methods of Deposit/Withdrawal
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 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 they can not allow it.
How Can I Get a Refund if Prime XBT Stole My Money?
If you have already deposited with Prime XBT or any other scam broker you are probably wondering whether you could get back your money. You have already opted for a withdrawal many times and all your attempts have been turned down, because scam brokers like this one simply don’t process withdrawal requests as a rule.
In this case, your only option would be filing a chargeback and this is possible if you have deposited with a credit card like Visa or MasterCard. However this scam broker unfortunately doesn’t accept such cards or bank wire transfers..
If you have deposited using crypto, first, you just have to accept you have been scammed and watch out for people trying to pass as “recovery agents” and offering to retrieve your money for a fee. Beware, this is just another type of scam!
But, in this case, be sure to inform your local authorities as they can help you, or you can reach out to us and we will help you get your money back.
Prime XBT Summary
While conducting this broker review we found that Prime XBT is a offshore broker that follows no regulations and therefore offers no safety for trader’s funds. Not only are they unlicenced, but they have been issued a warning by the Italians regulatory body CONSOB.
The minimum deposit requirement is also allegedly set at 0.001 BTC, but we found this out through various reviews as they failed to provide this info on their website.
Lastly, the broker doesn’t even offer a demo account for potential traders, which never happens with licensed brokers. A good rule of thumb is to carefully review as many forex companies as possible before you swipe a card. And also remember to always think twice before investing anywhere and make sure you read the reviews first.
FAQs About Prime XBT Broker:
Is Prime XBT a Good Broker?
No, Prime XBT is an offshore unregulated broker that possesses no license for providing trading services.
Is Prime XBT a Legitimate Broker?
No, Not only are they unregulated, but they have also been issued a warning by CONSOB for being a scam broker.
What Funding Methods Does Prime XBT Accept?
Prime XBT accepts only deposits made with crypto, so be wary of this scam tactic.