PrimeXBT Review – Is it a Scam or Legit Broker?

PrimeXBT Regulations – Is this a scam broker?

PrimeXBT Trading Services LLC, Saint Vincent and the Grenadines is the owner of the broker. They also stated that SVG doesn’t require financial service providers to be licensed.

We have now solved the mystery surrounding PrimeXBT regulations and funds security. The answer to your question about whether PrimeXBT withdrawal requests have been approved as promised is “No”.

This organized scam is not for you.

What is wrong with Prime XBT Trading Licenses?

The broker’s website suggests that the company does not believe it needs regulation to provide financial services. They clearly stated this in their terms and conditions.

If brokers can operate illegally, then why is FSA still there? This company seems to be trying to convince clients that it is okay to trade with them.

PrimeXBT Trading Platform Review

PrimeXBT also offers web trading, just like many unregulated offshore brokers. Your trading experience is less secure if there is no reputable platform like MT4.

The broker is also focusing on cryptocurrency, so leverage can go up to 1:00 for BTC trading.

The most bizarre thing is that the minimum deposit is only 0.001 BTC. This means it can be transferred in cryptocurrency and measured in crypto currencies.

What can you trade with a PrimeXBT broker?

The broker offers trading to its clients with:

• Cryptocurrencies (Cryptos)
• CFDs
• Forex (Currency pairs)
• Indices
• Shares
• Commodities

The offer for cryptocurrencies isn’t the most representative. There are only four tradable assets.

• BTC
• LTC
• ETH
• EOS

The rest of the assets are fairly standard for all companies, so PrimeXBT forex broker can’t brag about being unique.

We were concerned that PrimeXBT leverage was not clearly identified anywhere on the website.

All assets can be traded via the PrimeXBT app or the proprietary webtrader. The broker’s inability to disclose trading conditions is the biggest problem.

When we attempted to verify PrimeXBT’s trading fees for opening trades or withdrawing funds, we found nothing.

It is unacceptable that a trading company won’t present all of the hidden commissions in your trading process for you to determine if it is worth opening an account.

PrimeXBT Deposit Bonus

PrimeXBT has a minimum deposit requirement of 0.001 BTC. This is much lower than the $500 required by trade24. We find this unfair, as the BTC price changes constantly. However, the broker offers a no deposit bonus.

Minimum deposit required for BTC’s highest prices was $65. You cannot make huge profits with such a small amount. It is possible to risk too much, or you may be asked for additional funds. We find it strange that this company doesn’t offer any boost to clients or requires a deposit that you can use safely.

The company appears to be using a low minimum deposit in order to lure clients, then asking for more money. This is a way of allowing margins and market safety to excuse the use of this minimal deposit.

Prime XBT United States & Canada Trading Accounts

The broker doesn’t allow trading accounts from Canada and the USA, among other things. The list also includes several countries where trading is forbidden by law. These regulations are so strict that the company isn’t even trying to run a scam.

PrimeXBT USA customers may apply for an account if they are also residents of another country, but that does not guarantee acceptance.

Multiple Countries Have Consumer Warnings

Prime XBT, like many offshore brokers, seems to have been soliciting EU citizens for their services without authorization. CONSOB, the Italian regulator CONSOB, issued a warning May 18, 2020, which stated that the broker did not have permission to provide financial services in Italy.

This follows a similar warning from the Spanish regulator CNMV in May 2020.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

PrimeXBT: Video

Below you will find a short video about PrimeXBT. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about PrimeXBT!