PrimeXBT is a relatively young broker, which has its headquarters in the Seychelles. As the companies mentioned in our past broker analyses, such as Plus500 or Skilling, PrimeXBT also specializes in derivatives trading. Therefore, now the third derivatives broker.
Popular broker in the test: PrimeXBT review
As just mentioned, PrimeXBT is best compared to Plus500 and Skilling, the brokers we have already analyzed. The platform is also focused on trading leveraged products. Thereby, a leverage of up to 1:1000 is possible at this broker! Compared to its two competitors, by far the highest.
Trading fees at this broker range from 0.01% for ETFs to 0.05% for cryptocurrencies, which is comparatively cheap.
Disadvantages
That said, the major disadvantage of PrimeXBT is that the Seychelles-based broker is not regulated. This means that the company is also not controlled by the German Federal Financial Supervisory Authority (BaFin). In some cases, trading is even possible without identification. In addition, PrimeXBT offers its customers only 5 digital currencies for trading, which is comparatively low.
Advantages
An advantage of PrimeXBT are however the low trading fees, which are especially below those of the competitor Skilling. In addition, compared to Plus500 and Skilling, the broker also offers other products such as ETFs for trading. Besides that, the very high leverage is another advantage of the platform.
Conclusion: PrimeXBT review
As with the other two brokers, PrimeXBT is a broker for professional traders. For beginners leveraged products are too risky, because the leverage can also quickly make the position go into the loss zone. Trading leveraged products is only recommendable for traders who understand the products. Regardless, the company offers its customers a wide range of services including low fees and a very high leverage.
If you’re interested in signing up at the broker, click here to register.