A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of PrimeBit consists of four parts: general info, fees, deposit methods and security.
PrimeBit is an exchange from the Saint Vincent and Grenadines.
It markets itself as a fair way to trade crypto and highlights that using the PrimeBit-platform, you can exchange contracts with other members of the crypto community.
When it comes to supported cryptos, it only supports trading in four major cryptos: BTC, ETH, LTC and USDT.
This exchange is not open to citizens or residents from USA. But don’t worry. If you are from the US and you’re looking for the trading platform that is just right for you, use our Exchange Finder and we’ll help you through it.
PrimeBit offers leveraged trading on its trading platform (up to 200x leverage). This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets you need. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
The platform markets the following four things as unique with their leveraged trading offering: P2P network, no expiry dates, fixed point value and full transparency.
PrimeBit Trading View
PrimeBit recently launched a new trading window, called PrimeBit WebTrader. The PrimeBit WebTrader is faster and provides a much better user interface than the one they had before. In a single view, you get all the information you need. The chart analysis module is provided by TradingView, which is the most popular solution for traders globally. To make things easier, PrimeBit WebTrader is divided into three sections. They represent traders’ flow (as illustrated in the below picture):
- Analyze the chart,
- Check out the market Depth, Order book, and contract details,
- Make a New order.
PrimeBit WebTrader has succeeded in creating a unique and easy flow for crypto futures trading. First, you make a chart analysis to create a trading strategy, then you get a quick insight into the market depth and order book to see the trading opportunities. Finally, you take action using the action windows, which allow you to quickly set a market or pending orders. One, two, three.
PrimeBit Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own.
At PrimeBit, takers pay only 0.075%. Makers on the other hand, get paid to trade (negative trading fees). Most often when platforms have negative trading fees, it is part of a campaign somehow and will later be replaced with regular trading fees. We’ll have to wait and see if this is the case also with PrimeBit. It is at least not marketed only as a campaign.
To clarify how this works, let’s say that you are the maker in an order where you purchase cryptocurrency for USD 1,000 at PrimeBit. This means that instead of paying USD 1,000, you will only have to pay USD 997.50. This is a very competitive trait indeed.
PrimeBit Withdrawal fees
When withdrawing BTC from the PrimeBit trading platform, you will have to pay 0.0005 BTC. This is 40% lower than the global industry average BTC withdrawal fee (0.0008 BTC). Accordingly, it is a very competitive withdrawal fee.
To summarize on the fees, the fees at PrimeBit are extremely competitive.
PrimeBit does not accept any deposits of fiat currency. This means that new crypto investors (i.e., investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. PrimeBit received a score of B in this test. This is a very good score, and actually better than 90% of all other exchanges in our Exchange List. Great work!
We hope you have enjoyed reading the above review. We also recommend to check out the below exchanges. They have also received great ratings from the visitors on our site: