Comprehensive PrimeXBT Review dedicated to traders from South Africa
PrimeXBT Review South Africa
Accepts South African Clients
Who is PrimeXBT?
PrimeXBT is a global multi-asset broker that has established a strong presence in the South African market. Established in 2018, it is a relatively younger broker compared to industry giants but has quickly carved a niche for itself among traders. It caters to South African traders by offering access to a variety of asset classes, competitive trading conditions, and high leverage of up to 1:1000.
PrimeXBT is regulated by South Africa’s Financial Sector Conduct Authority (FSCA), instilling confidence for local traders. Additionally, the broker positions itself as a platform that blends professional-grade trading features with user-friendly tools, catering to both learning and advanced traders. Moreover, it has a low minimum deposit of just $10 (=R175), making it highly accessible.
PrimeXBT Group is Regulated by
FSCA
Financial Sector Conduct Authority, based in South Africa, license number 45697.
FSAS
Financial Services Authority Seychelles, based in Seychelles, license number SD162.
FSC
Financial Services Commission, based in Mauritius, license number GB24203383.
BCR
Banco Central de Reserva, based in El Salvador, registration number 66d10393e8a00a3181b8e457.
Risk warning: Remember that forex and CFDs available at PrimeXBT are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
Pros
Cons
Trading Forex and CFDs entail risk.
Your capital is at risk.
01
PrimeXBT Trading Assets
PrimeXBT provides South African traders with access to over 100 global markets, allowing them to diversify their portfolios. The collection of market products on this broker site includes both traditional market products alongside cryptocurrencies, all as CFDs. Here is a breakdown of the products available:
- Forex - Traders can access an extensive selection of forex CFDs, including major, minor, and a range of exotic currency pairs. PrimeXBT provides more than 45 forex pairs in total.
- Commodities - PrimeXBT enables investors to diversify their portfolios by trading essential commodities. Available instruments include Oil, Gold, Copper, Natural Gas, Zinc, and several others.
- Indices- The broker also offers CFDs on leading global indices, allowing users to speculate on the movements of key markets. Popular choices include the NASDAQ, Wall Street 30, US PX500, and UK 100, among others.
- Stocks- Further, the broker provides CFDs on the stocks of major companies like Tesla, Amazon, Google, and Meta, enhancing portfolio flexibility.
- Cryptocurrencies - For traders seeking exposure to digital assets, the platform supports CFD trading on over 40 cryptocurrency pairs.
Available Deposit & Withdrawal Methods
PrimeXBT supports multiple methods for South African traders to fund accounts. These include:
Supported Platforms by PrimeXBT
PrimeXBT offers a versatile suite of trading platforms to suit different trading styles. The options available include:
02
Trading Platforms of The Broker
PrimeXBT caters to diverse trading needs by offering three main platforms: PXTrader, MetaTrader 5 (MT5), and the PrimeXBT App. PXTrader is the broker’s proprietary web-based platform, known for its intuitive design, customisable layout, and powerful charting tools.
The PrimeXBT App, available for both Android and iOS, offers a complete mobile trading experience. It enables users to manage accounts and trade seamlessly while on the move.
For traders who prefer a more traditional setup, PrimeXBT also supports MetaTrader 5 (MT5). This popular platform is known for its advanced indicators and automated trading through Expert Advisors.
MT5 also features tools like the Depth of Market, providing deeper insights into the order book and market liquidity.
Screenshot taken from the official website of PrimeXBT.com
Did you know?
PrimeXBT offers exclusive bonuses to its clients through which traders can claim trading cash. (T and C apply)
03
PrimeXBT Spreads and Fees
PrimeXBT maintains a competitive pricing model aimed at helping traders maximise profitability. Spreads are among the lowest in the industry, starting from just 0.1 pips with zero commission on forex trades.
However, overnight positions are subject to swap fees, which vary depending on the asset type and trade size.
It is important to note that swap fees are applied to positions held overnight. These charges vary based on the asset class and trade size. A key advantage is the broker’s transparency.
It publishes the exact calculation formula for these fees. Additionally, PrimeXBT offers a swap-free MT5 account, enabling traders to engage in markets while respecting religious principles.
04
PrimeXBT VIP Program
The PrimeXBT VIP Program is tailored for elite traders seeking maximum value and a premium trading experience. Members benefit from the lowest fees, higher trading limits, flexible conditions, enhanced security measures, instant free withdrawals, and priority 24/7 support.
In addition, VIP clients enjoy exclusive discounts that go beyond what standard users receive.
The program is divided into two tiers: VIP 1 and VIP 2. VIP 1 offers a 33% discount on crypto fees and 15% off CFDs, while VIP 2 maximises savings with a substantial 67% discount on crypto fees and 25% off CFDs (across forex, indices, and commodities).
These combined features create an ideal, highly cost-effective environment for elite market activity.
05
PrimeXBT’s Copy Trading
Copy Trading offers traders the opportunity to benefit from the experience and strategies of seasoned investors. With this feature, users can automatically replicate the trades of market experts and potentially earn alongside them.
PrimeXBT makes the process simple and accessible through its integrated copy trading feature.
New traders can use it as a learning tool by gaining exposure to real market strategies while having the chance to generate profits. At the same time, busy traders who lack the time to conduct in-depth analysis can still stay active in the markets by following proven investors with successful track records.
Moreover, experienced traders who sign up as strategy providers get the chance to earn some extra income from their expertise.
Did you know?
PrimeXBT does not operate only as a CFD/Forex broker, but also as a crypto exchange, allowing you to buy and sell cryptocurrencies.
06
PrimeXBT Trading Contests and Education Section
PrimeXBT stands out with one of the most distinctive features offered by any broker, trading contests. These competitions are free to enter, risk-free, and run on a weekly basis using virtual funds.
While participants trade in a simulated environment, they have the chance to win real cash prizes of up to $10,000.
However, it’s worth noting that these prizes are provided as tradeable bonuses rather than direct withdrawals. Even so, this feature is a major advantage. It gives traders the opportunity to sharpen their strategies in a safe environment while potentially earning extra capital to boost their trading.
To support continuous learning, PrimeXBT provides a dedicated learning hub, perfect for traders of all experience levels.
This education centre is valuable for both newcomers seeking a solid foundation and experienced traders looking to refine their strategies with advanced concepts. The content covers a wide range of topics, delivering actionable insights for every skill level.
07
PrimeXBT’s Customer Support
Customer support is a cornerstone of any broker. It allows the company to listen to and resolve customer complaints for improved service. PrimeXBT provides 24/7 customer support to assist users with any inquiries. Support is available through two primary channels.
The live chat option connects users directly with a support representative, offering the fastest and most convenient way to resolve urgent concerns. Alternatively, traders can reach the team via email at support@help.primexbt.com. Email responses are typically prompt and handled by a knowledgeable and helpful staff.
Trading Forex and CFDs entail risk.
Your capital is at risk.
08
PrimeXBT Leverage Review
PrimeXBT offers very high maximum leverage, particularly on Forex majors for smaller trade sizes, giving it a strong competitive edge in this area. It employs a tiered margin system where the maximum available leverage decreases as the position size increases to manage risk. The maximum leverage varies by asset class as follows:
Remember, high leverage can amplify profits but also increases risk. Therefore, traders should use it cautiously and implement proper risk management strategies.
Forex 1:1000
Metals 1:1000
Indices 1:200
Commodities 1:200
Cryptos - 1:200
PrimeXBT in Head-to-Head With South African Leading Competitors
Expert's cricital opinion
from the author of this PrimeXBT Review
PrimeXBT is a strong contender for South African traders, offering a robust platform with high leverage, competitive spreads, and a unique copy trading feature. Positively, the low minimum deposit makes this broker accessible to a broad range of traders. The integrated Copy Trading feature further enhances this broker’s appeal.
However, to fully assess this broker, it is important to pit it in a head-to-head comparison against other top South African brokers. For this assessment, we will compare the broker to IG and HFM.
First, all these brokers are highly accessible to traders of all experience levels. IG does not have a minimum deposit requirement, while HFM only has a minimum deposit for two of its 6 accounts. PrimeXBT features a low minimum deposit of $10, which is affordable for most traders.
However, PrimeXBT falls behind when comparing the number of market products available to traders. This broker only offers slightly over 100 products to South African traders. While this collection is enough for portfolio diversification, traders gain more opportunities on both HFM and IG. HFM offers over 1,000 CFDs while IG features a deep collection of over 17,000 instruments.
On a positive note, though, PrimeXBT fares well when comparing trading fees. Here, traders can trade with spreads that start from as low as 0.1 pips with no commission on forex. On the other hand, IG has a minimum spread of 0.6 pips for major currency pairs, and HFM has spreads from 1.2 pips on its standard account. However, HFM also has a zero spread account option that offers raw market spreads plus a commission.
Finally, PrimeXBT is well-regulated in South Africa, just like IG and HFM. All three brokers have regulations from the local financial authority, the FSCA. On top of that, all three brokers feature other regulations from other organisations. Ultimately, whether this broker suits a trader will depend on their individual needs and preferences.
Peter Cook Ndungo
Editor, Senior Broker Analyst
Trading Forex and CFDs entail risk.
Your capital is at risk.