PrimeXBT Review: Why We Think It’s Not A Good Option For AussiesLast Updated on December 24, 2023 by Kevin Groves
PrimeXBT is a fast-rising crypto trading platform with a presence in over 150 countries, including Australia. With limited support for AUD fiat currencies and leverage trading, PrimeXBT makes it easy for Aussie investors to invest in cryptocurrencies. Interested in learning more? Check out our full PrimeXBT review to learn if it’s right for you.
Number of cryptos:
Credit card, crypto
Global (including Australia)
None available at this time
The Bottom Line
PrimeXBT is a mid-tier multi-asset trading platform that gives you exposure to investment products including Forex, CFDs, and digital currencies. The exchange is available to Australians and its primary cryptocurrency features include copy trading and margin markets. The platform is moderately expensive to buy crypto using a credit card but is cheap to trade once it’s deposited.
The benefits that PrimeXBT provides are outweighed by the negatives. PrimeXBT lacks AUD-friendly payment methods, relatively high credit card fees, and no off-ramp for fiat withdrawals. Other limitations include the lack of supported digital assets and only 39 crypto trading pairs.
Simply put, there are better crypto exchanges for Australians that provide more robust and developed features than PrimeXBT.
- Incredibly low fees.
- Offers copy trading.
- Up to 200x leverage.
- Intuitive platform.
- Supports major crypto assets
- Limited supported assets and trading pairs.
- Not licensed in Australia.
- No AUD-friendly payment methods.
- Unable to withdraw AUD.
PrimeXBT Pros Explained
- Incredibly Low Fees: PrimeXBT charges only 0.05% commission fees for its margin services. This is significantly cheaper than a lot of its competitors.
- Offers copy trading: PrimeXBT allows less knowledgeable investors to copy the trades of their more advanced colleagues.
- Leverage for margin trading: You can access as much as 200x leverage for margin trading.
- Intuitive platform: PrimeXBT is user-friendly and requires a minimal learning curve to get started.
- Supports major crypto assets: PrimeXBT has popular crypto coins BTC, ETH, and XRP in its book, with sizable liquidity to backup trades.
PrimeXBT Cons Explained
- Supports limited assets and trading pairs: PrimeXBT only supports trading for 34 crypto assets across 39 trading pairs which is very low.
- Not licensed in Australia: PrimeXBT is not licenced by AISC or registered with AUSTRAC.
- No AUD-friendly payment methods: Even though it supports AUD purchases through credit cards, the fees are high.
- No AUD withdrawals: No AUD fiat withdrawals to bank accounts.
- Lacks value-driven crypto services: PrimeXBT does not support Non-Fungible Tokens (NFTs), staking, interest-earning wallets, or a crypto debit card.
Who Should Use PrimeXBT?
PrimeXBT may appeal to two groups; Australian traders who want to participate in Bitcoin margin trading without verifying their identity, and beginners who want to start copy trading. Advanced traders will find PrimeXBT to be lacking and should pursue another crypto exchange.
At A Glance
Here is a quick summary of PrimeXBT.
|150+ (including Australia)
|Fiat Currencies Supported
|USD, AUD, CAD, EUR, GBP, JPY, SGD, and 29 others
|Credit card, crypto
|None (third-party fees may apply)
|Up to 200x
|Yes (Android, iOS)
Affiliate Disclaimer: We are reader supported and may earn a commission when clicking through the product links. This helps us grow the content and support the website. Read our disclosure for more information.
Here’s What We Think of PrimeXBT’s Features
This section delves deep into the most prominent features we discovered in our PrimeXBT review.
Copy-trading is good but not great
PrimeXBT’s copy trading feature is marketed as Covesting and operates similarly to the copy trading services offered by eToro Australia. The Covesting feature allows inexperienced investors to browse the investment portfolios of more experienced traders that have a proven track record, and copy them.
The PrimeXBT platform has an inventory of over 100 experienced traders which is limited compared to popular copy trading platforms such as eToro where entire communities consist of hundreds of like-minded individuals. If you decide to follow the investment moves made by another trader, then that trader is rewarded with a small commission.
The copy trading interface is quite neat and simple to use. You can easily go through each advanced trader’s profile, view their Return on Investment (ROI) in real time, and see how active they are. There is also a profile rundown of how many followers are currently copying that strategy, a chart showing their performance, and a rating system.
To select a trader to copy, tap on the trader’s profile to gain more insight. You can then browse through the trader’s strategy and the assets they trade often. This information is presented in a pie chart format with a weighting system that displays each asset’s distribution in the overall portfolio. You can also monitor the profitability of the strategy on a daily and monthly basis and the success ratio for each approach before you start trading.
There is also the Portfolio feature and My Strategies which shows the assets you are copying as well as the strategies deployed in achieving the stated ROI.
However, it comes with a certain set of requirements. The minimum amount required to copy a strategy is 101 for COV and 50.5 USDT/USDC. BTC and ETH require a minimum of 0.00101 BTC and 0.02525 ETH, respectively. There is also a fixed 1% entry fee for copiers to access this rather high feature.
Overall, the PrimeXBT Covesting feature is useful. The service is easy to use and the learning curve for first-time users is not steep. However, with only a few traders to copy it is apparent that PrimeXBT is not as popular as eToro. The lack of portfolios to browse and copy is a drawback in itself.
Margin trading has high leverage (but not for beginners)
PrimeXBT’s margin trading platform allows you to trade digital assets such as Bitcoin with leverage. Leverage allows you to borrow capital from your exchange to increase your investment ability. Different exchanges offer diverse forms of leverage.
Margin BTC is PrimeXBT’s standard trading interface where up to 100x leverage can be applied on short and long positions. However, this goes even higher to maximum leverage of 200x for BTC and ETH margin trades which is higher than Binance Australia, Bybit Australia, and Phemex based on our reviews.
Margin trading on PrimeXBT comes with a fixed commission fee of 0.05% for cryptocurrency trading pairs including ADA/BTC, ALGO/USD, BNB/USD, and DOT/BTC. In terms of its 39 crypto trading pairs, USD and BTC are the only options for base assets. If you need access to more trading pairs then you should look elsewhere.
PrimeXBT offers standard order types including market, limit, stop-loss and OCO. Additionally, the platform provides one-click and double-click functions which is a feature not typically seen on many exchanges. The one-click and double-click trading are innovative tools geared to let you execute swift trades with minimal effort.
We noticed that the platform lacks TradingView support and instead relies on an in-house charting system. The absence of the premium TradingView package is a huge drawback as the in-house charts make it a bit more challenging to visualise granular market data and there aren’t a lot of indicators and drawing tools to work with. Overall, PrimeXBT’s margin trading is a bit underwhelming despite the high leverage for BTC and ETH. For experienced investors, PrimeXBT’s margin trading feature is too limited compared to the top crypto margin trading exchanges in Australia.
Easily swap crypto to crypto
Another unique feature of PrimeXBT is the ‘Exchange’ option. This allows you to quickly swap one crypto asset for another on the platform. This feature is common amongst popular crypto exchanges and is a great way of balancing out your altcoin portfolio.
The PrimeXBT Exchange feature only supports a limited amount of swappable assets comprising BTC, ETH, USDT, USDC, and COV. To further downplay its usefulness, there are limits on the volume that can be swapped daily, even for verified users. The integration of limits on its swapping service is restrictive and foreign amongst peer exchanges like Binance Australia. Despite these limitations, there are zero trade fees for asset swaps via the Exchange.
Trading contests for serious traders
For investors keen on testing their trading skills, PrimeXBT’s Contests are a must-visit. The feature allows you to compete against one another in a bid to prove your proficiency. Each trader is assigned virtual funds to compete.
The overall winner is selected based on Return on Investment (ROI) at the end of the tournament. Successful traders are then granted prizes in the form of tradable bonuses. The prize money varies, but you can win as much as 1000 USDT in bonuses. On the platform, bonuses are treated as discount vouchers that can be used to settle margin trading fees. Remember that these crypto prizes cannot be withdrawn from the platform.
While this may not seem like a powerful product, the contest initiative is unique and has multi-fold benefits. Firstly, trading is done with virtual funds and there’s no actual money involved. Secondly, Contests serve as a viable tool that teaches traders how to make profitable trading decisions. Furthermore, the strategies and ideas learned from this product can be applied in real-life trading accounts.
In essence, PrimeXBT’s Contests are useful for learning the ropes of margin trading. This is not targeted at professional traders, but at novices, who want to learn and earn some vouchers to offset their PrimeXBT trading fees. Compared to other Australian crypto exchanges like KuCoin, this is a welcome but limited feature. It is also free, and you can participate in multiple contests to increase your chances of success.
So, What Are The Fees on PrimeXBT?
Deposit and withdrawal fees
PrimeXBT fees to buy crypto using a Visa or Mastercard is 3.7% and is within the range of fees that you will encounter in the Australian market. Despite this, PrimeXBT still comes out more expensive than other platforms where you can get a cheaper credit card fee of 2% on Binance and Crypto.com. Deposits of digital currencies from an external wallet are free.
Withdrawals of fiat currencies including AUD are not supported. You can transfer digital assets to an external without any charges incurred by PrimeXBT, however, a standard mining fee will apply. For instance, BTC withdrawals are pegged at a static 0.0005 BTC while ETH is charged 0.002 ETH per transaction.
PrimeXBT trading fees start at 0.05% per every trade and portfolio copied on Covesting which is very competitive in the industry where trading fees between 0.1% to 0.5% are common. There is also a variable overnight financing fee in place, but we could not verify the exact figure while reviewing the platform.
What Can You Trade on PrimeXBT?
One of the downsides to PrimeXBT is that it only supports 34 digital currencies. The saving grace is that it hosts all the popular and high market capitalisation coins that most Australians will want to trade including Bitcoin, Ethereum, Ripple, Cardano, Filecoin, UniSwap, Decentraland, Litecoin, Theta, Polygon, and several others.
PrimeXBTs limitations in the coins it supports carry over to its trading pairs that are also lacking. 39 trading pairs can be traded with USD and BTC as the base assets. Popular ones include BTC/USD, ETH/USD, ETH/BTC, ADA/BTC, and FIL/BTC.
In terms of supported cryptocurrencies, PrimeXBT’s repository is quite small and may not be a favourable option for advanced investors. The lack of AUD trading pairs is also a dealbreaker for Australian investors.
Here’s How To Get Started
Verifying your account
Since PrimeXBT is not licenced in Australia, completing the Know-Your-Customer (KYC) process is optional. There are certain account restrictions, however, it’s one of the go-to exchanges to trade crypto without KYC. But verifying your ID has its benefits as it allows you to withdraw more than $20,000 AUD worth of crypto. The PrimeXBT verification process is standard in the industry where new users can upload a selfie photo, and a copy of their ID card, passport, residence permit, or valid driver’s license.
It took us about two minutes to complete the verification. There’s a $10 bonus for verified accounts that complete a minimum first deposit of $100.
Buying crypto on PrimeXBT
Purchasing Bitcoin and altcoins on PrimeXBT can only be achieved with the use of your Visa or Mastercard. Credit and debit card payments for crypto are facilitated through third-party services such as CoinFly, PayNow, and InstaPay. Popular deposit methods preferred by Australian beginners such as bank transfers, POLi, PayID, and BPAY are not supported.
An alternative to using your credit card to buy digital assets, you can go through the PrimeXBT Peer-to-Peer (P2P) marketplace where additional payment methods such as PayID, Skrill and local bank transfers are available. This may be seen as inconvenient to the quick buying process on local Australian crypto exchanges like Swyftx and CoinSpot as you need to create another account with Paxful. Moreover, the payments are dictated by the selling merchant so you may not always get your preferred deposit method.
Crypto deposits can be completed easily, but you’re limited to five assets comprising BTC, ETH, USDT, USDC, and COV. This is another inconvenience since almost all other crypto exchanges will let you deposit any of their supported crypto assets.
We Traded For 1 Month – Here’s What We Noticed
The PrimeXBT interface is minimalist and even basic which means that the learning curve for newcomers will be short. Although not as flashy as some of the more sophisticated crypto exchanges like OKX and Gate.io, PrimeXBT still delivers a functional and easy-to-use interface that will suit beginners and novices. The process of funding your account with crypto is seamless due to the big ‘Deposit’ button that can’t be missed. Topping up your wallet with crypto using your credit card is just as easy.
The use of its in-house charting package instead of integrating the more complex TradingView charts means that the trading interface is not likely to overwhelm beginners starting out. Whilst simplicity is the advantage, there is a lack of indicators and drawing tools that will turn off advanced traders. Standard order types such as market, limit, stop-loss, and OCO can be applied to your short or long positions.
According to the platform, it takes 7.12 milliseconds (ms) on average to execute a trade due to its reliance on data centres in London and Frankfurt. Another fast-paced trading activity is its one-click and double-click trading features found in its margin trading account. These duo tools help users minimise their trading journey by spending less time clicking on multiple buttons once they are set up. So instead of seeking confirmation before opening or closing a position, one-click trading simplifies the workflow.
Another top feature is the addition of a chat option on the main dashboard menu to the right. This way, you can directly converse with the support team without visiting a sister website or leaving the trading terminal and have your questions sorted in real-time.
The Mobile App Is Very Good
The best crypto exchanges offer a trading option for their customers who are always on the move, and PrimeXBT has largely followed suit. The exchange offers a user-friendly app that is compatible with Android and iOS devices. In terms of features, the mobile app gives you access to its copy trading, coin exchange, and margin trading, however, the ability to participate in contests is not supported.
The PrimeXBT mobile apps have overall ratings of 4.3 and 4.6 on the Google and Apple Play Stores, respectively. These scores are indicative of a sound and functional app but the sample size is rather small with only 10,000 downloads on Android devices.
Overall, PrimeXBT is nowhere as near refined as the best crypto mobile apps. It just does the job of providing a remote gateway to your PrimeXBT account.
Customer Support Could Be Improved
PrimeXBT focuses on providing the best trading experience for its customers spread across the globe. In terms of customer support, you have the industry standard options of the 24/7 live chat and email ticket system. Using the live chat function, we got a response in under five minutes when we chatted with the customer support team.
A FAQ section is available on the PrimeXBT website and is well-stocked with articles that provide insights into common issues customers may have. We noted that the search function was unable to provide us with direct answers. Instead, we had to sift through the responses to find the specific topic we were looking for which was rather annoying.
Customer Reviews Are Average
With only four customer reviews on Trustpilot, its overall score of 3.3/5.0 is not reliable and the lack of feedback is probably more reflective of the exchange’s lack of popularity. This aside, our experience using the PrimeXBT platform and its features corresponds with its average outcome.
Our Final Verdict
PrimeXBT is a viable multi-asset trading platform where leveraged margin can be applied to its supported list of cryptocurrencies. The ability to apply up to 200x leverage on Bitcoin and Ethereum is a feature that sets PrimeXBT apart from its competitors. Its other noteworthy feature, copy trading, will appeal to most beginner traders. But if you want our honest opinion, you are better off using eToro Australia.
PrimeXBT is not one of the better crypto exchanges in Australia by a long shot. It covers the bases that most exchanges offer but is average in its quality and refinement. doesn’t execute them terribly well However, it is far from being the best option for Australian investors. For a start, the exchange’s crypto lineup is small. The platform lacks AUD-friendly payment methods like bank transfers and using your credit card will be a bit expensive. In addition, there are no value-add features such as staking, NFTs, and futures trading.
Frequently Asked Questions
The time it takes to withdraw crypto from PrimeXBT largely depends on the complexity of the transaction, the network used and the level of congestion. Withdrawals of Bitcoin may take up to 45 minutes.
PrimeXBT is not registered with AUSTRAC nor licenced with ASIC and is therefore an unregulated crypto training platform. However, it upholds certain KYC and Anti-Money Laundering (AML) processes.
The minimum deposit amount depends on the crypto asset being transferred. The minimum deposit for BTC is set at 0.0005 BTC (approximately $33.35 AUD) while USDT and USDC deposits are pegged at $50 or its equivalent in AUD.
PrimeXBT is headquartered in Seychelles. It also has an operational HQ in St. Vincent and Grenadines.
Kevin is a cryptocurrency writer that has published hundreds of articles, guides, and reviews. He has been in the crypto space since 2016 and is passionate about sharing his expertise and knowledge with others.