PrimeBit Review: The Crypto Derivatives Exchange with Convenient Prices
PrimeBit is a crypto derivatives exchange platform that was founded in 2019, with its headquarters on the island of Saint Vincent and the Grenadines. The platform offers high leverage for perpetual contracts on Bitcoin, Litecoin, and Ethereum, enabling P2P transfers without using insurance funds to make money.
PrimeBit is not available to citizens and residents of the US, Canada, Japan, Algeria, Afghanistan, the Bahamas, Botswana, Cambodia, Crime and Sevastopol, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Myanmar, North Korea, Pakistan, Serbia, Sri Lanka, South Sudan, Sudan, Syria, Tunisia, Trinidad and Tobago, and Yemen.
PrimeBit developed its own Webtrader app that caters to both basic and advanced traders. The platform is written in C++ and has MetaTrader 5 engine integration, which is commonly used by Forex, Indices, and Commodities traders, enabling the exchange to process a million trades per second.
The interface includes features such as risk limits to manage losses, customizable charts and windows, as well as a wide range of indicators, such as Bollinger Bands, Ichimoku, and moving averages.
The platform can be accessed via any web browser, so there is no need to download or install anything. There is also a mobile app version for traders on the go.
The PrimeBit platform is translated into 12 languages: English, Polish, Spanish, Turkish, Portuguese, Japanese, German, Chinese, Russian, Vietnamese, Thai, and Korean.
The MetaTrader 5 trading app has amazing security measures, such as 128-bit encryption for data between PrimeBit and the server, server and extended authentication, configuration files protection, encrypted file storing connection settings and accounts, as well as password protection.
Deposit and Withdrawal Methods
PrimeBit users can only make deposits with Bitcoin. There is no minimum deposit amount and no maximum limits. Bitcoin deposits will be added to your account after 1 confirmation on the Bitcoin network.
Bitcoin Purchasing Options
If you do not have BTC, PrimeBit also offers a quick way to purchase them on their platform.
By scrolling down to the deposit window, click on the “Buy BTC” button, and you will be redirected to a Match2Pay exchanger service. From here, you can purchase Bitcoin by using fiat such as euros or dollars through bank transfer. The minimum purchase limit is set at USD 50, with a maximum purchase limit of USD 20 000 worth of BTC.
PrimeBit supports up to 200x leverage trading, which is one of the highest rates on the market. Unlike other leverage platforms, PrimeBit does not liquidate your positions when it reaches the liquidation price unless the contract is in a negative balance. Also, the platform does not use an insurance fund, which can greatly magnify your losses when the market experiences sharp fluctuations.
PrimeBit supports the trading of linear perpetual contracts for Bitcoin, Ethereum, and Litecoin against the US dollar. The contracts’ prices are derived from the Bitcoin/Ethereum/Litecoin composite Index called Fair Price, which calculates the indexes based on multiple external sources. The perpetual contracts use a Premium or Discount index to adjust to the correct Final Rate. The Funding Rate has the role of regulating the price of the perpetual contract to the reference price.
Funding payments are made every 8-hours, and there are no fees applied for these transfers.
The minimum amount for opening a BTCUSD contract is 0.0001 BTC. PrimeBit contracts do not have expiration dates, with the funds used in the contracts being directly exchanged between the parties involved.
Perpetual contracts are settled in BTC and quoted in the US dollar. All contracts have a value of 0.1 mBTC per $1 price. As the contracts are linear, the contract price and value do not change with the contract price.
PrimeBit does not apply any fees for deposits and finding payments. However, there is a fee of 0.0005 BTC for withdrawing Bitcoin. Fees are also charged when buying Bitcoin via PrimeBit. Converting Bitcoin into fiat will also incur fees.
The fees for the derivatives trading are based on the maker-taker model. The maker fee is applied to those who place orders, and the exchange gives makers 0.025%, as they bring more liquidity to the platform.
The taker fee is applied to those who place orders on the bid price. Takers have to pay a small fee of 0.075% on PrimeBit.
Privacy and Security
PrimeBit implements a number of security measures to keep user data and funds safe from online threats.
99.9% of client funds on the platform are kept offline in a cold wallet. This limits online attacks and thus prevents hackers from accessing and stealing any funds.
For account security, the exchange requires users to enable 2-Factor Authentication (2FA) via Google’s Android or iPhone app. 2FA generates a one-time password on the user’s phone, which is used to confirm each login or withdrawal request.
The servers used by PrimeBit in their trading operations are hosted on Amazon Web Services (AWS), which is one of the most used and trusted cloud services.
There is no live support on PrimeBit. Instead, the platform’s team can be contacted via email at the [email protected] email address.
The site also features a comprehensive support section, which includes detailed tutorials and FAQs regarding the use of their platform. The team usually responds within a day.
PrimeBit is a relatively new crypto derivatives platform, but with its competitive prices and high leverage, it is a great option for those looking to increase their Bitcoin holdings through margin trading.