FAQ About Trading on PrimeXBT in the United Kingdom
We’ve put together a list of the most common questions about trading on PrimeXBT for British residents, along with straightforward answers to help you trade confidently.
FAQs about:
Platform Setup and Security
What is PrimeXBT?
PrimeXBT is a sophisticated online trading platform that offers a range of financial instruments across multiple asset classes such as cryptocurrencies, forex (foreign exchange), commodities, and stock indices. Launched in 2018, it has quickly grown to serve clients in over 150 countries, providing them with access to top-tier liquidity and a variety of trading tools designed to cater both novice and experienced traders.
How to invest? How do I start?
To start investing with PrimeXBT, create an account, deposit funds, and then select the markets you wish to trade. The platform offers a user-friendly interface that helps you manage trades easily.
Can I create a demo account for paper trading?
Yes, PrimeXBT provides a demo account feature that allows you to practice trading with virtual funds before risking real money.
Do you have apps for iOS, Android, PC?
PrimeXBT offers mobile apps for both iOS and Android devices, allowing you to trade on the go. There isn’t a dedicated PC app, but the platform can be accessed via any web browser.
Can I change my email?
Typically, for security reasons, trading platforms like PrimeXBT do not allow you to change the email address associated with your account directly. You may need to contact customer support for assistance.
I forgot my password. What do I do?
If you forget your password, use the “Forgot Password” link on the login page to reset it. Follow the instructions sent to your email to create a new password.
I lost or reset my 2FA device / phone. What do I do?
If you lose access to your 2FA device, contact customer support immediately to help secure your account and reset your 2FA settings.
How can I secure my PrimeXBT account?
To secure your account, use a strong password, enable two-factor authentication (2FA), avoid sharing your login details, and regularly update your security settings.
How to disable email notifications?
You can disable email notifications by going to the settings or preferences section of your account and adjusting your notification settings.
Where can I check my login history?
You can check your login on PrimeXBT history in the account settings or security settings section of your PrimeXBT account.
Someone accessed my account but it was not me.
Immediately change your password, enable or reset your 2FA, and alert customer support. Review your account for any unauthorized trades or withdrawals and request a hold on further transactions until the issue is resolved.
How can I delete my PrimeXBT account?
To delete your PrimeXBT account, you will need to contact customer support directly and follow their specific process, which usually includes verifying your identity and ensuring all open positions are closed and funds are withdrawn.
Deposit Process
How do British users make a deposit on PrimeXBT?
British users can make a deposit on PrimeXBT by logging into their account, navigating to the ‘Deposit’ section, and following the instructions provided. Typically, users can deposit cryptocurrencies directly into their PrimeXBT wallets. Options may include popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USDT, and others, depending on the platform’s current offerings.
Can British users deposit cash/fiat into their PrimeXBT accounts?
PrimeXBT primarily focuses on cryptocurrency deposits. Therefore, direct cash or fiat currency deposits are generally not supported. British users wishing to deposit fiat currencies might need to first purchase cryptocurrencies through a third-party exchange and then transfer them to their PrimeXBT account.
Can traders from the United Kingdom deposit via a bank card, bank transfer, or gift card on PrimeXBT?
While PrimeXBT does not typically support direct fiat deposits including via bank cards or bank transfers, users can buy cryptocurrencies using these payment methods via third-party services. After purchasing cryptocurrencies, they can then transfer them to their PrimeXBT account. Gift cards are not commonly used for deposits on PrimeXBT.
How long does a deposit take for British traders on PrimeXBT?
The time it takes for a deposit to be processed and appear in a PrimeXBT account largely depends on the blockchain network used for the deposit. For Bitcoin, it usually takes about 30-60 minutes, depending on the network congestion and required confirmations on the blockchain. Other cryptocurrencies might differ slightly in processing times.
What is the minimum deposit required to start trading on PrimeXBT for users in the United Kingdom?
PrimeXBT does not specify a uniform minimum deposit amount as it depends on the market conditions and the cryptocurrency used for depositing. However, to engage in meaningful trading and cover the margins required for positions, a practical minimum amount should be considered, which might vary from $100 to $500 equivalent in cryptocurrency.
Withdrawal Process
What are the minimum and maximum withdrawal amounts for British users on PrimeXBT?
The minimum withdrawal amount on PrimeXBT typically aligns with the minimum transaction limit for the cryptocurrency being withdrawn, which is often equivalent to around $10 to $20 USD in crypto value. The maximum withdrawal amount can vary depending on the user’s verification level and the platform’s security protocols.
What is the withdrawal fee for traders from the United Kingdom on PrimeXBT?
Withdrawal fees on PrimeXBT depend on the cryptocurrency being withdrawn. Fees are generally fixed per transaction to cover the network fees associated with blockchain transactions. These fees are displayed at the time of initiating a withdrawal.
Are there any withdrawal limits for British users on PrimeXBT?
Yes, there are withdrawal limits on PrimeXBT, which depend on the user’s account verification level. Enhanced verification can increase these limits. Specific limits are detailed within the user’s account settings under the withdrawal section.
How can British traders add a withdrawal address on PrimeXBT?
To add a withdrawal address, British users need to access their account, navigate to the ‘Wallet’ section, choose the cryptocurrency they wish to withdraw, and then enter or scan the withdrawal address. It’s important to ensure the address is correct to avoid losing funds.
How fast is withdrawal processing for British users on PrimeXBT?
Withdrawals on PrimeXBT are typically processed within 24 hours, but times can vary based on network congestion and security checks. Some withdrawals might require manual processing for security reasons.
Can British users withdraw to their bank accounts from PrimeXBT?
Direct bank account withdrawals are not typically supported on PrimeXBT as it is primarily a crypto-based platform. Users must first transfer their crypto to an external exchange where they can convert it to fiat and then withdraw to their bank account.
What should British users do if they didn’t receive a withdrawal confirmation email from PrimeXBT?
If a confirmation email is not received, check the spam/junk folder. If it’s still not found, verify that the registered email address is correct and contact PrimeXBT support for further assistance.
How can British users open PrimeXBT support live chat?
To access live chat support, British users can navigate to the help or support section on the PrimeXBT platform. Usually, there is a chat icon on the bottom right corner of the website where they can initiate a conversation.
My deposit is ‘Completed’ but I do not see my funds.
If your deposit shows as ‘Completed’ but the funds are not visible, refresh your account and check again. If the issue persists, contact customer support with the transaction details for further investigation.
How can I check the status of my withdrawal? Can I cancel my withdrawal?
The status of a withdrawal can be checked in the ‘Transaction History’ or ‘Withdrawal’ section of your account. As for cancellation, withdrawals can typically be canceled only if they are still being processed and have not yet been confirmed on the blockchain. Once confirmed, a withdrawal cannot be canceled.
Basic Trading Information
What markets can I trade?
You can trade a variety of markets including cryptocurrencies, forex pairs, commodities, and indices.
How much money can I make?
The potential profit depends on market conditions, your investment size, strategy, and risk management practices. Trading involves risks, and there is also a potential for losses.
Can you trade for me?
No, I cannot trade for you. You must make trading decisions yourself or use authorized and regulated services if available, such as copy trading platforms.
Are there any fees when trading?
Yes, trading fees typically include spreads, commission fees, and overnight financing (swap fees), depending on the asset and platform.
Where do you get your prices for currencies?
Prices for currencies and other trading assets are derived from liquidity providers, which include banks, financial institutions, and other market makers.
Advanced Trading Strategies
Advanced trading strategies involve sophisticated techniques used by experienced traders to enhance returns or manage risk. Some popular strategies include Scalping, where traders make numerous trades to profit from small price changes; Swing Trading, which aims to capitalize on volatility over several days or weeks; and Algorithmic Trading, using complex algorithms to automate trading decisions based on multiple data points. Other strategies like Options Trading and Pairs Trading leverage market discrepancies and correlations to minimize risk and maximize potential gains. Each strategy requires a solid understanding of market dynamics and robust risk management to be successful.
What are Long and Short positions?
A long position is when you buy an asset expecting the price to rise. A short position involves selling an asset with the expectation that its price will fall, planning to buy it back at a lower price.
What is leverage?
Leverage is a tool that allows you to control a larger position than your existing capital would otherwise allow. It magnifies both potential profits and losses.
Can I change my leverage?
Yes, on most platforms, you can adjust leverage levels according to your risk tolerance and strategy, subject to the platform’s limits.
What is price spread?
The price spread is the difference between the buy (ask) and sell (bid) price of an asset, representing the transaction cost.
What is slippage?
Slippage occurs when the execution price differs from the expected price, common during high volatility or low liquidity.
How long can I keep a position open?
You can keep a position open as long as you have sufficient margin to maintain it, unless it is a futures contract with an expiration date.
Why is my order rejected?
Orders may be rejected for reasons like insufficient funds, slippage settings, or reaching the maximum allowable open positions.
Can I use Stop Loss/Take Profit?
Yes, most trading platforms allow you to set Stop Loss and Take Profit orders to manage risks and secure profits automatically.
My Stop Loss/Stop Buy order was executed even though the price on the chart never went that high. Why?
This can happen due to slippage or if the displayed chart price is based on the bid price, and your order was triggered by the ask price.
My Take Profit/Limit Buy order was NOT executed even though the price on the chart dropped and reached it. Why?
Similar to the above, this may occur due to the ask-bid spread, where the chart shows bid prices and your order is to be executed at the ask price.
Why was my Stop Loss order filled at a different price?
This can occur due to slippage, especially in fast-moving or thin markets.
What is liquidation?
Liquidation occurs when your position is automatically closed because the account balance falls below the maintenance margin requirement.
How can I increase my Available Margin?
You can increase your available margin by depositing more funds, closing existing positions, or reducing open position sizes.
Which margin system is available, Cross-margin or Isolated margin?
This depends on the platform. Some offer both options, where cross-margin uses the entire account balance to manage losses, while isolated margin risks only the margin of the particular position.
Does Unrealized P/L include fees incurred for a trade?
Generally, unrealized P/L does not include fees such as commissions or swaps; it only reflects the profit or loss based on price movements.
What are the fees?
Fees can include trading commissions, spread costs, overnight financing charges, and inactivity fees, depending on the platform and asset.
What is a Trading day?
A trading day refers to a 24-hour period in which the markets are open for trading, which can vary by market and location.
I received an error when placing an order/position. How can I find the reason of the error?
You should check the error message for details, consult the platform’s FAQ, or contact customer support for clarification.
Platform Features and Promotions
Do you have a Referral program?
Yes, many trading platforms, including PrimeXBT, offer a referral program where you can earn commissions or bonuses by referring new traders to the platform. Typically, you’ll receive a unique referral link to share.
How can I earn without investing?
Beyond the referral program, you can potentially earn without investing directly by participating in affiliate programs or by engaging in no-deposit bonus promotions if available.
Can I connect via API?
Yes, PrimeXBT and similar platforms often provide API access that allows you to connect your trading account to custom trading solutions, automate trading, or integrate third-party tools and analytics.
Can I use third-party tools for charting, e.g., TradingView?
Many platforms either integrate directly with tools like TradingView or provide API access that can be used to integrate your account with external charting tools, enhancing your analysis and trading strategies.
What are the trading limits?
Trading limits can vary widely depending on the platform, the trader’s account type, and verification status. Limits often include minimum and maximum transaction sizes, daily withdrawal limits, and exposure limits.
Do I need to provide documents to start trading?
Most platforms require you to undergo a KYC (Know Your Customer) process, which includes submitting documents like a government-issued ID and proof of address. This is necessary to start trading and to comply with regulatory requirements.
I received a ‘Welcome bonus’ offer. How can I claim it?
To claim a welcome bonus, you typically need to register an account, verify your identity, and fulfill any specific conditions outlined in the bonus offer, such as making a minimum deposit or executing a certain number of trades.