Determining whether some brokerage is a scam can prove to be a daunting challenge. People who have no trading experience can have a hard time choosing a good broker because scammers have almost perfected their game. There have been a lot of new brokerages in the past year, and it is becoming increasingly difficult to spot the legit ones. This Prime XBT review aims to discover whether this new brokerage has what it takes. During our trading, we had mixed feelings. To learn more about what we liked and what we disliked continue reading until the end of the review.
Quality of service
From the beginning, we tried to put ourselves in the shoes of a novice trader. Once we landed on the homepage, we were greeted by professional-looking design, but we couldn’t escape the feeling of constantly being lost. The menus seemed too complicated and we had a difficult time navigating Prime XBT’s website. The layout just didn’t seem intuitive enough.
Upon finally finding the Education centre, we were disappointed to find out just how bare-boned it really was. The only thing that was worth mentioning is the Blog section. It contains articles divided into several categories. Some of them act a tutorial on how to use some of the platform tools, while most focus on opinion-based pieces on how to build a successful portfolio. We are not saying these are completely useless, but we would love to see more, especially considering how far the competition has pushed the education segment.
Speed of response
Truth be told, we had little need to contact support during our trading time at Prime XBT, but when we did, we were flabbergasted at how the entire system works. Never before have we experiences so few options to reach out to brokerage representatives. There are no phone lines available, nor can you chat with someone with the live-chat feature. The only two viable options are writing an email or visiting the FAQ page.
While the FAQ page covers a fairly deep range of topics, nothing can replace the feeling of communicating to someone directly. If you do decide to write to them via email, you should be prepared to wait for a reply as much as 5 days. Prime XBT desperately needs to invest in a good support system. While their platform works well enough, there will always be someone with a question or two, and their queries must not fall on deaf ears.
We were actually surprised by how potent the trading platform is. While it strays away from the industry-standard Meta Trader, Prime XBT offers its custom build, web-based platform. You can build a portfolio from 200+ available assets with decent leverage and acceptable fees. What we would like to see improved is for Prime XBT to offer a wide range of account types, so that traders can have more flexibility when trading.
Upon thoroughly going throw the Terms and conditions we have discovered some surprising facts. While they are very lenient with trading sizes, we find issue with applicable fees. First of all, there are trading fees of 0.05%, Financing/day Long rate of roughly 0.04166%, and Financing/day Short rate of 0.04166%. Finally, there is a Withdrawal fee of 0.0005 BTC. While we applaud the commission transparency, we feel the fees are way too steep compared to competitors.
Similar to many new brokerages, Prime XBT hasn’t bothered with obtaining a licence. Currently, they are operating as an unlicensed broker. While this may seem unattractive to some traders, we found that not having a trading licence not a red flag by itself. We didn’t experience any wrongdoing, we would advise proceeding at your own risk.
Variety of Payment Methods
Prime XBT follows the industry standards pretty closely when it comes to payment methods. Traders can choose from several different methods, including Credit Card, Wire Transfer or Bitcoin Transfer. Traders should be aware that withdrawal time will mostly depend on their bank provider, unless using Bitcoin transfer, in which case, traders can transfer their funds to their wallets instantly.
During this Prime XBT review, we tried to highlight both the good and the bad aspects. Despite having a great platform, this broker lags behind in so many other aspects that we feel most novice traders are best avoiding it completely. Until the education centre and customer support systems are upgraded, we cannot recommend it.