A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitPrime consists of four parts: general information, fees, deposit methods and security.
BitPrime’s domicile country is New Zealand. On its website, BitPrime refers to themselves as “fast secure cryptocurrency retailer”. They also proudly state that they are owned by New Zealanders and operates in New Zealand. There are also a few other exchanges operating in New Zealand, such as Kiwicoin and NZBCX.
One quick clarification should be made here though: BitPrime is not an exchange per se. They do not connect buyers with sellers. Rather, they buy and sell their own coins. So they are in a sense much more like a “crypto-shop”.
So, do they accept US-investors? Nope. If you are a US-investor and want to trade at BitPrime, you’re out of luck and have to look at one of the other top crypto exchanges instead. Use our Exchange Finder to find an exchange accepting US-investors.
BitPrime Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. At this exchange, there is only a search function and then an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the initial purchase interface (i.e., the search function) at BitPrime:
BitPrime Trading fees
The one thing you must not forget is to check the trading fees of an exchange that interests you.
BitPrime is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC and a large number of altcoins. When buying BTC or the relevant altcoin from the exchange, the purchase price offered by BitPrime is usually higher than the market price. Conversely, when selling BTC or the relevant altcoin to the exchange, the purchase price offered is usually lower than the market price. The mark-up or mark-down is not specified anywhere. This is potentially a risk for you as an investor. Accordingly, we strongly urge you to make you own analysis of the differences between the market price and the offered price at BitPrime before executing any transactions there and before concluding that it is the best cryptocurrency exchange site for you.
BitPrime Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant.
BitPrime offers wire transfer as a deposit method, but you can’t deposit via credit card.
Examples of successful hacks are countless. The most famous is probably the Mt.Gox-hack that left thousands of users without a penny (worth $450 million at that time and many times more today). But many other exchanges have faced similar outcomes. We don’t want your exchange – and specifically not your funds at the exchange – to be subject of a cyber-attack! Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
BitPrime’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: