PimeXBT is a bitcoin-based online broker that reportedly offers leveraged trading for many cryptocurrencies including Ethereum, Litecoin, and Bitcoin. The website is owned and operated by the PrimeXBT trading services which many people complained about. The company is based in the Republic of Seychelles which where many companies with shady business operate and open their businesses due to the low regulation and low taxes.
The trading platform is constantly buggy and in some cases, it won’t even load at all. If you are using a Mozilla Firefox browser it would not load no matter how many times you are using the refresh button. Once you get the platform active for a few hours and you are logged in, you cannot go back to the dashboard and cannot access the charts, orders and etc. The other section of the platform is okay but not completely satisfying to work with.
Trading on this platform is leveraged up to 100x which is a massive issue considering the usual leverage that is offered by CFD brokers which are about 5x. Another thing is that they don’t offer the KYC verification which could be a major security risk. The company itself is not regulated although the website says that they are in the process of undertaking a legal and regulatory analysis of the Bitcoin trading with margin. It is still unclear what that exactly means but for now we can say that they are not a really safe space to trade.
The fact that PrimeXBT is not regulated, looks like a scam platform and many users complained at the reviews websites on the internet. Always proceed with caution when trading with brokers such as this one.
The trading fees on this platform are important to consider as well since they can impact directly your profitability. Trading a huge amount of volume on an exchange will add up the fees on cumulative bases. PrimeXBT has two types of fees which are trade fee and overnight fee. The first one is charged for entering the position and the latter for financing the position over night.