PrimeXBT is an offshore broker with no effective regulation. The broker claims that two separate companies operate the broker, PrimeXBT Trading Services Ltd, and also Prime Technologies Ltd.
These two companies have registrations in Seychelles and St. Vincent and the Grenadines. These jurisdictions are both home to large numbers of illegitimate brokers who are trying to avoid stricter regulations elsewhere.
|Broker status:||Anonymous Offshore Broker|
|Regulated by:||No regulation (No License)|
|Broker Owner:||PrimeXBT Trading Services LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||0.001 BTC|
|Cryptocurrencies:||Available (BTC, ETH, LTC)|
|Types of Assets:||Forex (FX), Cryptocurrencies, Commodities, Shares, Indices|
|Free Demo Account:||No|
|Accepts US clients:||No|
PrimeXBT Regulation and Licensing Details
As aforementioned, the broker is owned by PrimeXBT Trading Services LLC from Saint Vincent and the Grenadines. And they stated themselves that SVG does not require companies to have a license for providing financial services. Therefore, we’ve resolved the mystery of PrimeXBT regulation and funds security. If you wanted to know if PrimeXBT withdrawal requests are approved, as promised, the answer is no.
Do not fall for this organized scam scheme.
What’s Wrong With Prime XBT License and Regulation?
Judging by the broker’s website, the company believes it does not need regulation for providing financial services. And they clearly stated it in terms and conditions. So, why would FSA even exist if brokers could operate illegally? It seems that this company is trying too desperately to convince their clients it’s alright to trade with them.
PrimeXBT Trading Platform Review
Like many unregulated offshore brokers, Prime XBT offers web trader as well. There is no reputable platform, such as MT4, which makes your trading process less secure.
Also, the broker is focusing on cryptocurrencies, so the leverage goes up to 1:100 for BTC trading.
And the weirdest thing, the minimum deposit is 0.001 BTC, meaning it’s measured in cryptocurrencies and can be transferred in cryptocurrencies only.
PrimeXBT app is a proprietary app of the broker, using its own trading platform to help clients invest the funds. The app can be used on Android and iPhone devices and looks like a web trader you open on a laptop or a PC. Having an app is a good choice since it allows you to monitor your trades from just any place, regardless of having a computer with you.
However, the ideal option is to use the MetaTrader app instead of some unknown proprietary trading platform that your broker can use to change your trades and steal the money.
What Can You Trade With a PrimeXBT Broker?
The broker offers its clients trading with:
- Forex trading
When it comes to cryptocurrencies, the offer is not the most representative. There are only 4 tradable assets – BTC, LTC, ETH, and EOS. Other than that, the rest of the assets are pretty much standard for any company out there, so PrimeXBT forex broker cannot brag about being different.
Something that worried us was that PrimeXBT leverage had not been clearly listed anywhere on the website.
As aforementioned, all the assets are being traded on the proprietary web trader or PrimeXBT app. The biggest problem with the broker is not disclosing trading conditions. We found nothing when we tried to check out PrimeXBT trading fees for opening trades and withdrawing funds. It’s not acceptable that a trading company will not present you with all the hidden commissions of your trading process to evaluate whether it is worth even opening an account.
PrimeXBT Deposit Bonus
While PrimeXBT’s minimum deposit requirement is 0.001 BTC (this is a lot less than the $500 required by a similar broker, Trade24), which we find unfair since the BTC price is constantly changing, the broker offers no deposit bonus.
On the BTC’s highest price, the minimum deposit required was $65. With such an amount, you cannot make tremendous profits. You will risk too much or be asked to deposit more funds. Therefore, we find it odd that this company offers no boost to its clients and doesn’t require a proper deposit that you can use safely and be profitable.
It looks like the company is using a low minimum deposit to hook clients and then ask for more and more money, excusing it with margins and market safety. Do not fall for the PrimeXBT scam and avoid unlicensed brokers like Tradelax or BexStock.
Countries Allowed and Prohibited by the Broker
As an unregulated offshore broker, PrimeXBT shouldn’t even consider providing financial services. Yet, the broker is available in almost all the European countries, in Australia, Singapore, and South Africa.
There’s a long list of restricted areas:
- Saint Vincent and the Grenadines
- North Korea
- Russian Federation
And all the other countries where trading is prohibited by the law.
Prime XBT United States and Canada Trading Accounts
Among others, the broker does not allow trading accounts from the USA and Canada. There are several other countries on the list where trading is prohibited by the law or regulations are so strict that this company is not even trying to conduct its scam.
PrimeXBT USA customers can try to apply for the account only if they are residents of some other country as well, but even that will not guarantee acceptance.
Consumer Warnings in Multiple Countries
Like many other offshore brokers, it seems that Prime XBT has been soliciting their services to EU citizens without any authorization. The Italian regulator CONSOB issued a warning on May 18, 2020, stating that the broker does not have permission to offer financial services within Italy. This comes after a similar warning in May 2020 from the Spanish regulator CNMV.
A Slew of Troubling Activities
Beyond these warnings, several of the broker’s practices are cause for concern. They offer what they call Turbo Trading, which is very clearly repackaged binary options. Binary options are illegal almost everywhere in the world, and no reputable broker would carry them. The broker does not offer MetaTrader 4, leaving investors stuck with a pared-down web platform. They only accept cryptocurrencies to fund accounts, making retrieving funds very difficult.
How to Get Money Back if You Were Scammed by PrimeXBT?
In conclusion, regulators do their best to warn potential victims about shady brokers. These warnings don’t reach everyone in time. If you’ve lost your deposit to an unregulated broker and can’t make a withdrawal, contact us today via chat to explore your chargeback options.
We will update you on all the steps that need to be taken to get your money back. Let’s start the process now!
Do not Let This Scam Broker Get Away Free!
What is Prime XBT?
Prime XBT is an online trading brokerage based in Saint Vincent and the Grenadines.
Is Prime XBT regulated and licensed?
No, PrimeXBT explicitly stated it’s not regulated and has no intention to be.
Who is the owner of Prime XBT broker?
The owner of Prime XBT is PrimeXBT Services LLC from SVG.
Are My Funds Safe with Prime XBT?
Since the broker is not regulated and is based offshore, your money is not safe
What is the PrimeXBT minimum deposit?
PrimeXBT requires its clients to deposit a minimum of 0.001 BTC.
Is PrimeXBT legit and reliable?
The broker is not regulated and not a legit financial services provider. Beware of fraud!