UPDATE 2 December 2022: PrizmBit's website is no longer operational, suggesting that the company has either changed its name or closed its doors for business. Having received no response to a request for comment from the firm's representatives, either of those possibilities is likely the answer.
Accordingly, we have marked the platform as "dead" in our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is PrizmBit?
PrizmBit is a cryptocurrency exchange with headquarters in Barcelona, Spain, that launched in December 2018. Seeing as it is primarily written in Russian, it is likely a nice choice for any Russian crypto investor out there as well.
Problematic Trading Volume
On the date of first writing this review (27 August 2020), the platform's 24-hour trading volume according to Coinmarketcap was only USD 10,630. The trading volume was negligible the last time we checked (on 2 December 2021), when it was USD 34.82. This trading volume is unfortunately extremely low. The trading volume must really pick up dramatically in order for this platform to be a viable choice for a prospective trader. We would not recommend anyone to start an account here before the 24-hour trading volume is at least a thousand times higher.
PrizmBit Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that PrizmBit’s trading platform is also available as an app for both iPhones and Android phones.
PrizmBit Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at PrizmBit:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
PrizmBit Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
PrizmBit’s fee for takers is 0.20%. These taker fees are somewhat above the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of PrizmBit's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.
PrizmBit Withdrawal fees
PrizmBit charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is in line with industry average, or even slightly below. The current global industry average according to our studies is around 0.0006 BTC per BTC-withdrawal.
US-investors and Deposit Methods
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether PrizmBit permits US investors or not. We have not found any explicit prohibiton for US-investors in the exchange's Terms and Conditions. We do however urge any US investors to form their own opinion on the permissibility of their trading at this platform.
PrizmBit lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and of course also by just depositing existing cryptocurrency assets. Seeing as fiat currency deposits are possible at this trading platform, PrizmBit qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.