PrimeXBT portrays itself as a cutting-edge trading platform that enables customers to select both short- and long-term investment types. The simple account opening process, leverage of up to 100x with BTC, ETH, LTC, etc., secure electronic wallets, and minimal trading fees on all available assets are just a few of the key advantages you can anticipate from the broker. Overnight financing and trade fees are the two types of commissions that the broker charges. However, there is a fixed fee of 0.05% that is charged for each trade.
Let’s now look more closely at the broker to determine whether PrimeXBT can be trusted or not.
A General Overview
There is an immediate sense of trust and confidence just by visiting the website. Nevertheless, as soon as you “dig in,” you’ll discover that there is no office address given. As a result, we had to dig up any relevant material online and conduct some brief research for our PrimeXBT review. We discovered that the business is headquartered in Beau Vallon, Seychelles.
However, that does not imply that the business has a real office there. This could simply be the place where the firm was legally registered. Then, where are all of the staff located?
You won’t be able to acquire information regarding the broker simply by looking at the webpage. Maybe the website creators simply misunderstood or made a mistake, right?
Not really, no. We discovered that PrimeXBT’s firm is not included in the FSA Seychelles registration, which is the primary regulatory body in Seychelles. This leads us to believe that this situation involves the PrimeXBT scam. Since there are no indications that the business was registered using a different name, either. The only conclusion left is that the business never had a license in the first place.
Then, we reasoned that we might be able to locate someone who was somehow connected to the business. Mamoun Jamaladdin has indicated that he has worked on 125 cryptocurrency projects. He is a dedicated trader in general and has even held the position of Community Manager on the renowned Ethereum trading platform. However, Mamoun is now employed as a freelance Arabic translator after playing such an important role in the operations of numerous trading platforms.
This raises a few questions in and of itself. Has there been a mishap with bitcoin trading?
Internet Presence and Reviews of PrimeXBT
The volume of reviews on the platform that are overwhelmingly positive and claim that this broker is the best choice for those just starting in trading truly caught us off guard. This may have been the case had the evaluations for PrimeXBT been entirely trustworthy and devoid of deception. As everyone is aware, you can buy opinions online.
However, we would like to point out that the platform’s website was made quite well and is simple to use. You don’t have to spend an hour looking for the data you require. If not for other problems, this may raise the PrimeXBT rating.
Should You Trade With PrimeXBT?
Overall, we consider the platform to be a good teaching resource. You can visit it, check out what they have to say about leverage and how trading works, and then leave feeling well-informed. But we don’t think that’s a place where you can trade with your hard-earned money. They have different cryptocurrencies to trade with, and the leverage rate is fairly decent. But does it matter if you have no idea how to put that into practice or how to earn money with it?
As a result, we can only conclude that we did not form a favorable view of PrimeXBT and so we cannot advise you to trade with that broker.
Don’t forget to contact Forexposed for free advice on how to recover the money you lost to brokers.