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 Filters 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 0.05%. This is a very competitive fee compared to the industry average. But that's not all. Makers, the people who place orders on the order book and not "pick up" existing orders, only pay 0.02% of the contract value.
PrimeBit Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is below the industry average, which was 0.000643 BTC per BTC-withdrawal the last time we made an empirical study (report available here).
To summarize on the fees, the fees at PrimeBit are very 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 Filters!