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PrimeBit Review 2023
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Sinead Burgess
Blockchain cryptocurrencies like Bitcoin (BTC) and cryptocurrency trading platforms have existed for more than a decade and most of us are familiar with the basics behind the crypto market. While most exchange platforms operate without any issues and serve a great number of users daily, there are some crypto traders who prefer alternative methods for trading cryptocurrencies, akin to those we’ve seen on the stock market.
Some of the most sought after features today include options like crypto derivatives, margin, and futures trading among others. It’s no secret that finding a platform that offers these features is a bit harder than finding a regular crypto exchange, which is why we did our best to find the right one for you.
Today we’ll talk about PrimeBit, a flexible and feature-packed cryptocurrency trading platform that has margin trading and crypto derivatives as part of its offer. Keep reading our full review on the PrimeBit platform along with an overview and some of their best features, trading fees, security, supported currencies, countries, and more.
About the Trading Platform
PrimeBit (primebit.com) is a newly created cryptocurrency platform that was established in 2019. The company behind the platform PrimeBit.LTD is headquartered in Saint Vincent and the Grenadine Islands, the Caribbean.
PrimeBit is one of the first P2P crypto (Bitcoin) derivatives exchanges that offer leverage trading with up to 200x for perpetual contracts for a selected choice of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the stablecoin Tether (USDT). An interesting feature of the platform is that upon any user losses, the platform itself doesn’t profit from it as it only functions as a portal for facilitating P2P transactions without collecting funds for an insurance fund. The platform spearheaded the way for third-party platform integration as it was the first exchange that partnered with MetaTrader 5.
Traders from the United States are currently prohibited from using the platform. Regulation issues sometimes can get in the way of prosperity but PrimeBit has managed to bypass their lack of regulation due to their social media presence and the various 4-star user-reviews on the internet. The platform has a dedicated Facebook page, along with a Reddit page where users share their experiences with the platform.
Ease of Use
The PrimeBit exchange has many features that are easy to access due to the native, beginner-friendly user interface. In recent years, there have been many platforms trying to make a name for themselves but PrimeBit has managed to bring fresh ideas to the world of cryptocurrencies and offer the best trade conditions to date. Some of these features include:
- Highest market leverage in the industry: Usually crypto leverage goes up to 100x but on PrimeBit there’s an extra 100x leverage available for three different cryptocurrencies: Bitcoin, Ethereum, and Litecoin.
- Peer-to-peer derivative platform: Users can trade quickly between themselves on PrimeBit as the platform acts both as a market maker and a broker. The perk to this is that none of the users’ funds ends up in an insurance fund.
- Desktop and internet platform: PrimeBit is one of the first platforms that integrate with MetaTrader 5. This feature enables users to access the platform from an internet browser like Chrome, a desktop application, and a mobile application.
- The elimination of minimum deposits, contract expiration dates, and KYC: The PrimeBit platform only asks its users to create a trading account but doesn’t require any credentials. You only need an email address and a password. Users can trade perpetual contrast without expiry rates, which means that they can be exercised at any given time and also deposit BTC without deposit fees.
Some other features on the website include a demo account that users can utilize in order to feel out the platform and hone their trading skills before they are ready to start trading with their own assets. Moreover, the platform supports a referral program that allows users to gross 20% of the revenue from the users they’ve invited to the platform.
P2P Features
P2P basically means that users don’t directly trade against the exchange, instead, they can trade assets with other users. Aside from the lower fees, this feature adds another layer of safety as hackers cannot execute any remote attacks since the platform stores user assets in a cold storage database. All other assets are stored in the users’ personal wallets.
This means that the platform doesn’t withdraw any user funds when a certain liquidation threshold has been reached. This feature is more akin to what some of the CFD (Contract for Difference) crypto exchanges tend to do. PrimeBit generates its profits mostly from trading fees as per their fee structure that we’ll address later in the article.
Leverage on PrimeBit
The main feature of the PrimeBit platform is its high leverage options that go up to 200x. Users can trade with assets like Bitcoin, Ethereum, and Litecoin with 200x leverage. The margin for these trades depends on size position and the chosen crypto pair. The platform also offers 9 tiers of leverage trading ranging from 1x, 2x, 5x, 10x, up to 200x.
Leverage trading is a skill that every serious crypto user must learn and utilize as the profits generated from leveraging can skyrocket the user’s balance by taking advantage of small price movements for a cryptocurrency.
Deposits
The PrimeBit platform doesn’t accept any fiat currency deposits and users can only make deposits in the form of bitcoins. This eliminates users who are total beginners because, in order to trade on the platform, users must have some crypto holdings purchased from another exchange such as Binance, Coinbase, Kraken, and Gemini.
Purchases on these exchanges can be done with US dollars (USD) as well as other currencies by linking your bank account to your exchange profile and finishing the verification process. Some of these exchanges support ACH transfers and alternative payment methods like PayPal but that depends on the exchange in question and the user’s location.
User Interface
The native user interface is one of the most important features on any crypto or trading platform, as the user will spend the majority of their time on the platform navigating and operating through the UI. The PrimeBit user interface is based on the TradingView engine and supports features like charting, order types, order book, stop loss, and other charting tools. The platform only recently utilized this engine and it has proved that it can provide a smoother and more stable experience than their previous engine based on MetaTrader 5.
PrimeBit WebTrader
The PrimeBit WebTrader is a brand new function added to the platform that can be optimized to function on any device without installing additional software. Users can plan their investments and develop their own trading strategies through WebTrader. Any trading feature from the main platform like open and pending orders, order book, etc, can be executed through the web trader, and thanks to the native user interface, users can remotely control their trades with ease.
There are tutorials and informational videos about the WebTrader on PrimeBit’s official YouTube channel as well as on their website. A short disclaimer, the WebTrader is a separate app that’s not part of the PrimeBit mobile app.
Bitcoin and Other Supported Cryptocurrencies
PrimeBit’s main feature is the support of perpetual contracts for cryptocurrencies. The supported cryptocurrencies on PrimeBit include Bitcoin (BTC), Ethereum (ETH), and Litecoin. All of these cryptos can be paired and traded against Tether (USDT).
PrimeBit Trading Fees and Limits
For starters, PrimeBit doesn’t implement any deposit and withdrawal fees with the exception of the blockchain (network) fee for BTC withdrawals that amounts to 0.0005 BTC, which is below the industry-standard fee for withdrawals. For trading fees, there is a different approach.
On the PrimeBit platform, trades are conducted between two users. There is a maker who has an order placed on the order book and a taker who places an order that matches with the order from the maker. These makers and takers make up the liquidity on the market with their orders.
As for trade fees, the taker fee on PrimeBit amounts to 0.05%, which is not a high fee compared to the industry standard taker fee of 0.26%. The maker fee is lower than the taker fee, as makers pay 0.02% of the contract value.
Is PrimeBit Safe?
The PrimeBit platform is a fairly new platform in the industry and it has never been under any attacks or threats from hackers. All of the funds and assets on the platform (99%) are stored in cold storage through AWS (Amazon Web Services), which is among the best and most utilized cloud storage platforms.
Other security measures that PrimeBit supports are in the industry-standard field and include two-factor authentication (2FA) and data encryption.
Any withdrawals on the platform are manually processed after the user has been verified. The support team at PrimeBit manually checks every withdrawal request to make sure that the transaction is legitimate.
Since the trading platform runs on the MetaTrader 5 application engine, they share the security features with the trading application. Some of those features include data encryption, server authentication, configuration file protection, password encryption, and protection, along with account and database protection.
Customer Support
As with many crypto platforms, the customer support section of PrimeBit is a bit lacking in some departments. The platform appears as they have live chat support but it turns out that it’s more like a sorting mechanism for any issues and after a user asks a question, he’s redirected to a FAQ page. Alternatively, users can opt for a live chat option through the PrimeBit Zendesk live chatbot.
Other customer support features include an email address that can be accessed at [email protected].
A Few Words Before You Go...
Although PrimeBit is a new and unregulated exchange, the team brings some fresh ideas to the table and we believe that the platform is worthy of every crypto user’s attention. Their innovative leverage features are unique to the platform as no other exchange has utilized them before in the same manner. Users can choose to trade with leverages on the most valuable cryptos ranging from 1x to 200x with 9 different tiers.
The platform is also making the best use out of the MT5 platform, giving its users some of the best trading tools to work with. Along with a designated mobile app and cold storage security, PrimeBit really seems to have it all!
frequently asked questions
Yes, PrimeBit has a mobile trading app that’s called the PrimeBit MT5 mobile app. The mobile app has all the features of the main platform and can be downloaded both on Android and iOS devices.
The company is still in its infancy stage and hence it is not regulated. Despite their regulation limits, the platform has an ample user count and many positive reviews. The bad part about the lack of regulation is that there are a number of counties that aren’t supported by PrimeBit or the other way around. Those include the United States of America, Canada, Yemen, Trinidad, Tobago, Tunisia, most of Africa, the Middle East, and parts of Eastern Europe.
The good news is that PrimeBit is completely supported in Australia and is ranked number two in bitcointradingsites’ article about the best Bitcoin brokers in Australia.
Although it’s listed as a crypto trading platform, users can only choose from a limited coin selection that includes Bitcoin, Ethereum, and Litecoin. Each of these cryptos can be paired with the stablecoin Tether (USDT). Ethereum and Litecoin are considered altcoins but also as one of the major cryptocurrencies. For lesser-known and cheaper altcoins, we advise users to take their business on some other exchange like Coinbase or Binance.
Yes, indeed they do. Users can create a demo account on the main website and use it to try their hand at leveraging trading before investing their own crypto assets. The demo account feature is useful for beginners as the PrimeBit platform doesn’t support fiat deposits and users will have to purchase crypto from somewhere else in order to use its features.