Last update: May 11, 2022

PrimeBit Review

Founded in 2019, PrimeBit is located on the exotic island of Saint Vincent and the Grenadines. It is the first P2P or peer-to-peer Bitcoin-based derivatives cryptocurrency exchange that offers up to 200x leverage for perpetual contracts in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many altcoins. It offers unbiased options for automatic deleveraging, fair financing protocol, and fair price leading indicator. Let’s learn more about this cryptocurrency trading platform below.

  • PrimeBit


    1. Operating Since 2019
    2. Cryptocurrencies Supported 10+
    3. Fees 0.025% to 0.075%
    4. Deposit Methods Bank account, Apple Pay, credit card, etc.
    5. Fiat Currencies USD, AUD, GBP, EUR, etc.
    6. Verification Methods KYC but not required
    7. Margin Trading Yes
    8. Futures Trading Yes

The digital market is continuously evolving as more and more people start to engage in crypto trading. PrimeBit is a leverage trading platform for crypto assets on perpetual contracts. Not only does the platform incorporate state-of-the-art innovation, but it also supports up to 200x leverage trades.

Whether you are a new or seasoned crypto investor, this PrimeBit review will give you all the information you need to know about the intuitive exchange platform.

From unique features to security protocols, PrimeBit is making its mark in the crypto industry by quickly becoming a leading exchange platform. One of the reasons crypto traders are turning to the platform is because it supports trading with big-name coins like Ethereum (ETH), Tether (USDT), Litecoin (LTC), Ripple (XRP), and Bitcoin (BTC). This PrimeBit review will go into further detail about the platform’s offerings and features that make it stand out among other crypto exchanges.

How Do You Get Started with PrimeBit?

Not all exchange platforms have the same initiation process. Below is a basic guide on how to start trading on PrimeBit.

Register with a PrimeBit Account

Setting up an account is the first step before you can start trading on PrimeBit. Luckily, this is an easy process.

To register for an account, all you have to do is provide your email address. Once you enter your email, the platform will send you a confirmation link to verify your account. That’s it!

One of the advantages of creating a PrimeBit account is that it does not require any personal information, KYC testing, or identification verification. In addition, you can sign up by using your current Google or Facebook account for even quicker registration.

After confirming your email and trading account, you can access the PrimeBit homepage. Here, you can deposit Bitcoin and start trading.

What makes PrimeBit different from other exchange platforms is that it offers demo accounts, giving users the chance to try it out before putting in real money. A demo account mimics the activities of an actual account by allowing you to practice trading strategies without risking real investments. In addition, users are free to open as many demo accounts as they want.

Get to Know the Trading Platform

During PrimeBit’s early days, it ran on the MetaTrader (MT5) platform, which investors use for trading forex, indices, and CFD commodities. Now, PrimeBit also utilizes a WebTrader (app.primebit.com).

PrimeBit’s WebTrader uses customizable indicators, trading tools, and an innovative design to give crypto-traders an intuitive and insightful platform. The simplistic design makes it easy for investors of all skill levels to navigate.

The main advantage of the platform update is that it allows you to employ your trading strategy and execute orders from anywhere in the world. You can trade on PrimeBit from your desktop or mobile device as long as you have internet access.

Users can still use the platform in MT5 by downloading the trading app and selecting PrimeBit as the broker.

PrimeBit Platform Features

PrimeBit is a P2P exchange platform, meaning that you trade directly with other traders rather than the exchange itself. Being a P2P exchange also means that PrimeBit does not hold any funds, making it a less-likely target for hackers.

In addition, PrimeBit makes it easy for crypto traders to navigate the platform, thanks to its streamlined user-friendly interface. A charting interface can make or break a user experience. If an interface is too complicated or cluttered, it can deter from the whole crypto trading experience.

PrimeBit understands this and made sure to use an easy-to-use charting interface. Logging into the PrimeBit platform brings you to a simplistic TradingView charting system.

Most crypto investors know that TradingView has a reputation for maintaining reliable, smooth, and functional trading charts. As a result, PrimeBit’s interface charting system is well-organized and easy to navigate, even for beginners or new users who are not totally familiar with technical analysis.

With the TradingView-based interface, you can utilize state-of-the-art trading tools, customizable order types, customization settings, and indicators to make the most of your cryptocurrency trades.

The PrimeBit platform consists of several other features that help crypto investors attain a greater trading experience.

Perpetual Contracts

One of the most notable PrimeBit features is that it allows trading for six perpetual contracts:

  1. BTC USD
  2. BTC USDT
  3. LTC USD
  4. LTC USDT
  5. ETH USD
  6. ETH USDT

Rather than executing a purchase immediately based on a certain price, perpetual contracts allow you to predict a coin’s price. Should you correctly guess the price, it goes in your favor. Conversely, if your prediction is incorrect, it favors the exchange.

Since PrimeBit operates as a P2P exchange, it has no control of payment executions after order placements and can’t profit from your losses.

Margin Trading

The platform determines margins based on user position and trading pairs. PrimeBit supports leverage adjustments of 200x, 150x, 100x, 50x, 25x, 10x, 5x, 2x, and 1x.

Types of Orders

PrimeBit supports two main types of orders: market orders and limit orders. Market orders let you buy or sell digital assets at the best price, while limit orders let you buy or sell assets at specified prices.

PrimeBit’s Market Depth option on the order book provides exceptional transparency by giving you real-time insight into what orders other traders place. In addition, the platform employs a series of risk management tools to help you make the most of your crypto trades, such as stop-loss and take-profit orders.

PrimeBit also helps protect users against losses that are greater than their deposits with Negative Balance Protection (NLP). Additionally, their Auto-Deleveraging (ADL) feature notifies you when the margin can no longer support your open positions.

One of the unique trading tools that PrimeBit offers users is the calculator feature. The trading calculator allows you to pick from contracts, positions, or new orders.

PrimeBit Payment Options

PrimeBit does not have payment options for fiat currencies as it solely supports Bitcoin. However, you can deposit Bitcoin with three different methods.

First, you can deposit Bitcoin into your PrimeBit account by transferring BTC from another exchange account or a third-party crypto wallet.

Second, you can purchase Bitcoin through a Match2Pay powered USD bank. Match2Pay is a universal fiat provider that supports multiple other brands like Bitmex, Kraken, and Coinbase.

Third, you can buy BTC from a crypto-brokerage and send them to your PrimeBit profile.

Another benefit of using the PrimeBit platform is that they don’t have any minimum deposit requirements!

PrimeBit Fees

The next topic to discuss in this PrimeBit review is a crucial one: fees.

The platform does not have deposit or withdrawal fees. However, there is a Bitcoin network fee when you withdraw BTC from your PrimeBit account. The blockchain load determines the BTC network fee.

PrimeBit employs a taker and maker fee model, which helps determine trading fees. For example, PrimeBit’s taker fee is 0.075%, and the maker fee is 0.025%.

Just in case you don’t know, makers are called ‘makers’ since their orders make the liquidity in a crypto market. Meanwhile, takers are the ones who take (hence ‘takers’) this liquidity by matching makers’ orders with their own.

Also, in regards to fees in PrimeBit, if you’re into margin trading, you must also consider the funding rates. Funding rates are the fee applied for having leveraged positions opened after every eight hours. The funding rate is not something you pay to PrimeBit but the long and short position holders will pay each other to keep the exchange liquidity on the market intact.

Is PrimeBit Safe to Use?

Crypto traders of all skill levels share the same concern: platform security. Although PrimeBit is not a regulated organization, it still utilizes impressive security measures.

Amazon Web Services, one of the world’s most reputable platforms, hosts PrimeBit’s server to provide optimum software security.

Another high-end security trading feature the platform utilizes to prevent scam is cold wallet security. PrimeBit uses a cold crypto wallet system to store 99% of users’ digital assets.

PrimeBit’s wallet security method assigns cold wallet addresses to users for additional asset protection. The cold wallet system stores assets and funds in an offline wallet rather than a cloud server. Should a hacker infiltrate the system, they still wouldn’t be able to reach your assets.

To verify your identity when accessing the platform or making withdrawals, PrimeBit uses a two-factor authentication system. Before you can log in or make a withdrawal, you will have to provide your password and active registered phone number to verify your identity.

PrimeBit Customer Support

PrimeBit shows dedication to its customers through multiple customer support methods. They address the most common customer questions and concerns through various guides and articles. These available documents cover a wide array of topics ranging from the PrimeBit MetaTrader 5 app to the platform’s affiliate program.

In addition to round-the-clock information, the PrimeBit customer support team is available to answer questions and address concerns 24/7 via email or the live chat bot with Zendesk.

You can also learn more about PrimeBit and its latest crypto activities by checking out its social media pages. PrimeBit has accounts on Reddit, Twitter, and Facebook. Along with email and live chat, you can also reach the customer service team by sending them a direct message on one of their social media platforms.

PrimeBit also have an extensive video tutorials and knowledge base to help its users solve their problems.

Pros

PrimeBit has several features that users can place in the pros column when reviewing the platform:

  • MT5 platform
  • No required KYC testing
  • Incredibly high leverage of 200x
  • Mobile app accessible
  • ADL for risk management
  • Great functionality and API
  • No minimum deposits
  • Affiliate program
  • Available trade calculator
  • No contract expiry dates

Cons

Although PrimeBit offers several unique advantages, there are various downsides to consider:

  • It doesn’t operate under a regulatory body
  • There are no training tools available
  • It has a limited number of coins
  • The trading volume is relatively low

Frequently Asked Questions (FAQ)

Is PrimeBit Available Through a Mobile App?

You can download the PrimeBit app for free from the PlayStore (Android) or AppStore (iOS), so long as you use the MetaTrader platform.

However, the WebTrader platform’s design is consistent for both mobile and desktop internet browsers. The WebTrader platform allows you to access PrimeBit on your home computer or mobile device without downloading the app.

Is KYC Verification Necessary to Start Trading on PrimeBit?

While KYC verification is a necessary step for several other crypto exchange platforms such as Binance and Gemini, you don’t have to worry about it with PrimeBit. A lack of KYC testing makes the PrimeBit account registration process faster and easier.

Is There a Referral Program for PrimeBit?

PrimeBit’s affiliate program allows you to earn up to 20% of the platform’s taker fees. To earn this revenue share, all you have to do is share a referral link with family, friends, or colleagues. All accounts created with that referral link will earn you a significant revenue share.

Is PrimeBit Available to All Countries?

Just like most unregulated exchanges, PrmieBit is not available for crypto traders from the US because of the active US Securities Act of 1933.

Moreover, the platform does not accept the residents and citizens of Japan, Canada, Afghanistan, Algeria, Botswana, the Bahamas, Crime and Sevastopol, Cambodia, Ecuador, Cuba, Ghana, Ethiopia, Iraq, Iran, North Korea, Myanmar, Serbia, Pakistan, South Sudan, Sri Lanka, Syria, Sudan, Trinidad and Tobago, Yemen, and Tunisia.

What Payment Methods are Available

PrimeBit made it easier for all crypto traders who would like to make a deposit with fiat currencies such as USD, AUD, GBP, EUR, etc. Now, you can effortlessly transfer money from your bank account or bank transfer, Apple Pay, credit card, Visa, and MasterCard.

Does PrimeBit Offers a Demo Account?

Yes, Primebit offers a testnet to allow risk-free crypto trading via a demo website so you can become familiar with using the M55 or Primebit webtrader. Take note that the testnet cryptocurrency prices are intended to replicate the live crypto market.

PrimeBit Crypto Exchange Review for Australia

PrimeBit is the first P2P or peer-to-peer Bitcoin-based derivatives exchange platform that offers up to 200 times leverage for perpetual contracts in Litecoin, Ethereum, and Bitcoin. Compared to other derivatives exchange out there, PrimeBit doesn’t make profit when you lose. It’s purpose is to simply facilitate the peer-to-peer transactions rather than accumulating money into the insurance fund.

PrimeBit Limited is the company behind PrimeBit’s peer-to-peer trading platform. PrimeBit Ltd is a registered company on Saint Vincent and the Grenadines Caribbean Island. The derivatives exchange has started its operations in 2019 and quickly become well-known among crypto traders because of its unique P2P system and low transaction and deposit fees.

To sum it up, PrimeBit is an innovative crypto broker that leads the crypto derivatives market in several aspects. P2P trading, transparent fees, fair pricing, and high leverage makes PrimeBit a one of a kind crypto platform. Besides, PrimeBit is very secure and can be accessed on different devices. So, if you’re searching for a way to increase your Bitcoin holdings through margin trading, PrimeBit is certainly one of the best crypto options available.

If you’re looking for more crypto exchanges in Australia, here’s our Best Cryptocurrency Exchanges in Australia 2022.

PrimeBit Crypto Exchange Review for Canada

Unfortunately, PrimeBit is not available in Canada, mainly because it is not a regulated crypto platform. But worry not because we’ve made an in-depth guide of the Best Crypto Exchanges in Canada 2022 you can choose from.

Here’s a quick summary of PrimeBit just in case you’re curious. The company behind PrimeBit’s P2P crypto trading platform is PrimeBit Limited. It is a registered crypto company based in Saint Vincent and the Grenadines Caribbean Island. PrimeBit has started its operations back in 2019 and immediately became famous among crypto enthusiasts due to its relatively low transaction fees and unique P2P system.

It is the first P2P BTC-based derivatives crypto exchange platform that offers up to 200x leverage for perpetual contracts in Bitcoin, Ethereum, and Litecoin. Unlike other crypto exchanges out there that offer derivatives, PrimeBit doesn’t make money when you lose. It is made to simply facilitate the P2P transactions instead of accumulating money into the insurance fund.

Overall, PrimeBit is a great crypto exchange that leads the cryptocurrency derivatives market in many aspects such as P2P trading, fair pricing, transparent fees, and high leverage. Furthermore, the exchange is very secure and safe.

PrimeBit Crypto Exchange Review for United Kingdom (UK)

Are you looking for the best Bitcoin and popular cryptocurrency trading platform to trade Bitcoin and other digital currencies? Then you might want to consider PrimeBit.

It is the first peer-to-peer Bitcoin-based derivatives crypto platform that offers up to 200x leverage for perpetual contracts in Ethereum, Litecoin, and Bitcoin. PrimeBit is under PrimeBit Limited, which is a registered crypto company in Saint Vincent and Grenadines Caribbean island.

Primebit has started their operations back in 2019 and immediately became a famous platform for crypto enthusiasts out there due to its unique P2P system as well as its relatively low fees. The only drawback is that you can’t deposit funds with debit card, PayPal, or Skrill, only Bitcoin and Tether deposits.

It is an innovative crypto exchange platform that leads the crypto derivatives market in different aspects like high leverage, transparent fees, peer-to-peer trading, and fair pricing. When it comes to security, PrimeBit got your back as it is a very safe and secure platform accessible on various devices. So, if you’re looking for some trading opportunities to grow your crypto holdings via margin trading, then PrimeBit is certainly a solid choice!

On a side note, if you’re also interested in ETFs and prefers FCA-regulated crypto exchanges such as eToro, then we suggest you check our Best Crypto Exchanges in UK 2022.

Final Thoughts

Crypto traders appreciate PrimeBit’s combination of futures and P2P operations. In addition, the platform gives you higher leverage options than other exchanges and allows you to follow your peers’ Bitcoin, Litecoin, and Ethereum orders.

One of the most notable features is PrimeBit’s MetaTrader5 charts integration. For an even greater mobile experience, you can download the WebTrader mobile app and access your PrimeBit account anywhere in the world.

Overall, this PrimeBit review concludes that the platform offers new and experienced crypto traders several unique benefits. If you are looking for high leverage trading and cutting-edge trading bots, PrimeBit has you covered.

 

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.