<a href="https://primexbt.com">PrimeXBT</a> is one of the hottest crypto trading platforms right now. Having only launched in early Feb this year, naturally, the company is under harsh scrutiny as what the trading platform claims to deliver is not currently offered by any other.
That being, margin trading on all of the top 5 crypto assets with up to 100x leverage, whereas the preceding leading crypto margin trading Bitmex only offers this possibility to bitcoin trades. Additionally, PrimeXBT also grants access to the world’s leading financial instruments in <a href="https://primexbt.com/leverage-trading-crypto-indices-forex">FX, commodities, and stock indices</a> - all with no KYC.
It’s quite a value proposition, thus, the question must be asked “is it legitimate?” or "is it a scam?". To date, there has been too many a number of crypto exchange exit scams, so the warrant for investigation is founded.
Yet, it is important to look into the facts personally because competitor trading platforms are known to create dishonest and misleading information in order to deliberately damage another’s reputation if they feel threatened. After looking into PrimeXBT myself, I certainly came across some ‘Black Hat’ PR which was clearly paid for by competitors, as well as some genuine concerns that need answering.
Let’s jump right into the most damning accusation, in which PrimeXBT appears to be shady. The official company name ‘Prime XBT Trading Services Ltd’, as it appears in their legal documentation, is a registered business in Seychelles (company no. 206865), however, it cannot be found when you search the Seychelles Government register. Although what most people aren’t aware of (or claim not to be), is that Seychelles registers are not publicly available, only specific types of Seychelles companies require public registration.
Now to explain why this is a biased accusation, Bitmex is also registered in Seychelles and likewise can not be found when you search for their official business name ‘HDR Global Trading’.
If you’d like to see for yourself, try searching ‘HDR Global Trading’ and ‘Prime XBT Trading Services Ltd’ in the same register (you won’t find either):
<a href="http://www.sqa.sc/bizregistration/WebSearchBusiness.aspx">http://www.sqa.sc/bizregistration/WebSearchBusiness.aspx</a>
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The difference is that no one is accusing Bitmex of being a scam for this reason - even after calling out the fact, it simply dismissed and Bitmex remains to be widely trusted. Comparatively, Bitmex has had the opportunity to prove itself over time. PrimeXBT’s benefit is being able to learn from Bitmex’s and other trading platform’s mistakes.
Aside from this, any other remarks made about PrimeXBT were not backed up with any evidence or lacked any serious concern.
What seems to be the case is that competitor platforms are in fear of losing their customers to <a href="https://primexbt.com">PrimeXBT</a>. When in fact, if you look at the quality of the platform, its range of advanced features, and see how solid the technological infrastructure actually is, it’s plain to see it is a serious and formidable player.
Being careful is <i>always</i> good, particularly in the crypto industry, but be careful of media manipulation that tries to scare you off something that could be a great product - because they are being paid to do so.
All PrimeXBT can do is continue to provide a good service and the proof will be in the pudding. Already, the margin trading platform sees more than 500 million dollars in daily trading volume (1 billion in the last 24-hours) - which is remarkable for such a young trading platform. There must be some happy customers for this magnitude of activity to come about!