PrimeXBT Registration & Verification Guide
As an offshore broker, PrimeXBT has a much easier registration process than brokers licensed in highly regulated jurisdictions such as the EU, UK or Australia. One of the most significant differences is that PrimeXBT does not require the completion of a suitability test. These questionnaires, also required by some offshore brokers, include detailed personal information, including financial situation, origin of funds, investment intentions, experience and knowledge of trading complex financial instruments.
PrimeXBT operates primarily through the primexbt.com domain, but has a dedicated domain for South Africa – primexbt.co.za. But the content of the two websites is identical, and the PrimeXBT’s dashboard is only one. Therefore it doesn’t matter which domain you register an account through. The choice of country of residence when registering determines which company you will be a customer of.
When you initially register for an account with PrimeXBT, you are only required to provide an email and create a password. The registration process can be completed through either the website or the PrimeXBT mobile app. The broker allows you to register with a Google or Apple account. This can be convenient, but is not recommended when creating an account through which you will manage money.
Using a Google or Apple account login option to create a trading account with a forex broker might seem convenient, but it comes with several disadvantages and risks that can outweigh the benefits. When you use a third-party login option like Google or Apple, the forex broker may gain access to certain personal information from your linked account. This could include your email address, public profile, and sometimes even more sensitive data depending on the permissions you grant. This raises concerns about how this data might be used, shared, or stored. Third-party login systems create an additional point of vulnerability. If either the broker or the third-party platform experiences a data breach, your trading account could be exposed. This is particularly concerning for a trading account, which contains sensitive financial information and could have access to your funds.
Relying on a Google or Apple account to log into your trading account ties your access to the availability and security of these third-party platforms. If you lose access to your Google or Facebook account, for example, due to a suspension or hacking, you could be locked out of your trading account. Third-party logins reduce your direct control over your trading account credentials. For instance, if the third-party platform changes its login policies or requires additional verification steps, this could impact your ability to access your trading account efficiently. Forex trading accounts often involve significant financial activity. Best practices for securing such accounts recommend using a unique email address and a strong, unique password directly associated with the broker. This reduces the risk of unauthorized access and gives you more control over your account’s security settings. Forex brokers are required to comply with Know Your Customer (KYC) and anti-money laundering (AML) regulations. Using a third-party login could complicate the verification process or lead to discrepancies in account information, potentially delaying transactions or withdrawals.
PrimeXBT requires you to verify your email address via a pin code, but does not require phone or other identification at this stage of registration. After email verification you have the option to select a country of residence. Depending on this choice, the broker indicates which community you will be a client of and gives you access to the relevant binding documents.
The next screen gives you a choice between trading forex and CFDs and trading crypto futures. Regardless of your choice, you will subsequently be able to create additional trading accounts of each type. After this initial registration, you automatically receive one live and one demo account of the selected type with USDT base currency.
At this point you have full access to the Client Area of the website as well as the broker’s mobile app. PrimeXBT even allows you to deposit up to 2,000 USD without having your account verified. However, this is only possible with certain payment methods. Depositing via bank transfer, as well as all withdrawals require a fully verified account.
Verification is also more relaxed than with regulated brokers. The process requires you to first prove that you are a live person via the camera on your computer or mobile device. You must then provide an image of your ID. PrimeXBT does not require proof of address, which is the usual last step in verifying a trading account.
