Is trading on this platform cost effective? And how so?

asked by Franco F. on 5/23/24

1 Answer
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For crypto it is amazing, there is pretty much zero spread and they take a small trading fee of 0.05% (so a 20'th of a percent). Even with the smallest, tightest trades, you cant notice it exists. Definitely cheaper than trading on a chain, with gas fees on UNI not to mention regular fees. Here you can even buy crypto straight through them, so dont need to transfer in and transfer out. 1 platform = 3 gas fees avoided. If they even had 0.1% fees, its still way smaller than even 1 crypto transfer. So yeah, its hella worth.
However, I see most PrimeXBT reviews here mentioning forex, and im not as well-versed in that, and dont trade it here, but the spread there seems to be higher, its not in hundredth of a percentages anymore. Im looking at most pairs right now in their platform and seeing it fluctuate at around 5-7 pips on most pairs. Some of these pairs, like USDCHF, seem to be 2-3 pips, some others higher. So pretty much the same conditions as any top broker.

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