PrimeBit Review 2020
PrimeBit is an on-line cryptocurrency derivatives platform that supports the trading of cryptocurrencies with other members of the PrimeBit community. The company offers the first P2P trading platform that facilitates the exchange of perpetual contracts with other traders on the PrimeBit network.
The Company was founded in 2019 and is headquartered in Saint Vincent and the Grenadines. In spite of the Company’s short period of existence, the Company has already developed a global reach.
PrimeBit’s innovative platform delivers a Peer to Peer network with simple contract trading that is accessible to everyone. The use of Fixed Point Value Contracts provides an easy to understand price model, with linear returns that support steady returns to the investor.
PrimeBit is offering a very innovative product. While complex on the inside it is very simple to use, even for beginner traders.
PrimeBit stands out against its main competitors as it offers the first P2P cryptocurrency derivatives platform with up to 200x leverage. It is also the first platform of its kind to fully integrate MetaTrader 5, the standard trading tool for traders worldwide.
Through the use of fair price marking, stop losses and stop-outs are determined by transparent external benchmarks.
- Deposit and Withdrawal Options
- Brokerage Services, Supported Cryptocurrencies & Payment Methods
- Trading Platform
- Fees and Charges
- Privacy and Security
- Security and Verification Levels
- Customer Support
- Pros and Cons
- PrimeBit Conclusion
Deposit & Withdrawal Options
PrimeBit only accepts Bitcoin deposits, which can be purchased across major exchanges. The platform does not require a minimum deposit, with Bitcoin deposits credited after 1 confirmation on the Bitcoin network.
Upon registration as a PrimeBit client, each prospective investor receives an individual digital Bitcoin compatible wallet free of charge.
In order to deposit Bitcoin, members must log in, or in the case of new users, set up a new account and click on the deposit icon on the dashboard page.
For those with an existing Bitcoin wallet, you will need to transfer the Bitcoin’s to your PrimeBit wallet, The safest way to carry this out is by scanning the QR code or to copy and paste the PrimeBit wallet address.
Take care here. If you input incorrect information into the destination wallet address you will permanently lose the Bitcoins.
For withdrawals, log onto the PrimeBit, click on the menu icon located to the right of the Web Trader icon and select Withdrawal.
Note that you will need to set up a 2-factor authentication (“2FA”). Select Enable 2FA and, after copying the secret key and storing it in a safe place, enter the required 6 digit code to enable 2FA.
Should you not already have the Google Authenticator App, you can download from Google Play or from the App Store.
Once entered, you will then be able to make the necessary withdrawals by entering the target Bitcoin wallet address and amount to withdraw. (Follow the same process, when prompted for a 2FA to trade).
Again, users must enter the correct address or risk the loss of Bitcoin in the transfer.
Once you have verified that the information entered is correct, click withdraw.
It’s worth noting that PrimeBit supports instant withdrawals, with no cut-off times or single day batches to limit access to funds.
Brokerage Services, Supported Cryptocurrencies & Payment Methods
PrimeBit offers the trading of cryptocurrency – Dollar pairings through perpetual derivative contracts.
Currently, PrimeBit offers the trading of BTC/USD, ETH/USD and LTC/USD via perpetual contracts.
The only acceptable payment currency is Bitcoin, which categorizes PrimeBit as a crypto-crypto derivative trading site.
Traders on PrimeBit will need to acquire Bitcoins and a secure Bitcoin wallet in order to fund the PrimeBit account.
As always, it is imperative that users opt for a Bitcoin wallet with Two Factor Authentication and also ensure that the wallet address is saved securely.
To open an account, go to the PrimeBit.com and click on Register at the top right-hand corner of the site.
Complete the requested information, which includes email address and password, accept terms and click “Register.”
Verification is then required from your email address, by clicking the “Confirm Email” icon in the email sent upon registering.
Once the verification is complete you are good to go and can fund your freely assigned Bitcoin wallet with Bitcoins to begin trading.
Do note that, for security purposes, you are required to set up a two-factor authentication to permit deposits and withdrawals.
Users are provided with, both a digital wallet and a trading account. The trading account allows traders to access Bitcoins stored in the assigned wallet to trade directly on the PrimeBit platform.
PrimeBit offers BTCUSD/ETHUSD/LTCUSD perpetual contracts priced on the Bitcoin/Ethereum/Litecoin composite Index called Fair Price. The fair price is derived from multiple external sources.
On the PrimeBit platform, members can trade linear perpetual contracts for Bitcoin, Ethereum and Litecoin. Once you find a partner for an exchange your income has a fixed value.
When the price of the asset (Bitcoin, Ethereum or Litecoin) goes up or down by $1, the value of your account changes by 0.1mBTC (0.0001BTC) per every single contract.
There are no expiration dates for PrimeBit contracts, instead, funding payments are exchanged between contract parties.
Perpetual contracts are settled in BTC, while quoted in U.S Dollar. Each contract has a fixed value of 0.1 mBTC per $1 price. This means that with every price change of $0.01, the contract value changes by 100 satoshis.
The contract price and contract value are linear and do not change with the contract price.
There are no expiration dates for the contracts. The contracts are perpetual as funding payments are exchanged between contract parties.
BTCUSD/ETHUSD/LTCUSD uses a premium index to calculate funding rates. The underlying interest rates are quoted in BTC.bon/ETH.bon/LTC.bon and USD.bon symbols.
The premium rate is then quoted in the BTCUSD.premium/ETHUSD.premium/LTCUSD.premium. These are then used to calculate the final Funding Rate. PrimeBit uses the Funding Rate to adjust the price of your perpetual contract to the reference price.
Funding is paid and received every 8-hours and PrimeBit does not charge fees on funding payments.
For more details on the calculation of the Funding Rate, please refer to the following link Funding Rate.
Traders trade the perpetual contracts at a Premium or Discount to the Fair Price. PrimeBit uses a Premium/Discount Index to adjust the upcoming FR to the correct level.
PrimeBit consists of a single web-based trading platform. The platform has basic and advanced features to support both the more novice and more advanced trader. These include risk limits to manage losses. As a web-based platform, users don’t need to download or install.
Key features of the PrimeBit platform include:
Customizable Layouts: Traders are able to customize charts and windows to suit the needs of the trader. This includes the repositioning of charts, widgets, windows, etc.
Indicators: The platform has a range of indicators available that are essential for technical analysis. Indicators include Bollinger Bands, Ichimoku, and moving averages.
Leverage Options: Traders are able to adjust the leverage size by going to the menu to the right of the web trader icon and selecting change leverage. PrimeBit bases leverage limits on maximum positions and pairings.
Meta Trader 5: Available for download for both Windows and macOS.
Professional Charts: The PrimeBit platform has bar, candle and line charts for viewing. Traders are able to select and customize the charts based on preference, with 9-time frames on offer, ranging from 1 minute to monthly.
Risk Management: As part of the platform, PrimeBit offers the necessary risk management tools to limit trade losses. These include the option to include stop losses and take profit orders, which can be incorporated simultaneously.
Mobile Trading: While the team is currently working on a mobile platform, users are able to download MT5 that is mobile friendly.
Fees and Charges
While there are no fees for deposits and finding payments, PrimeBit charges 0.0005BTC for Bitcoin withdrawals.
It is worth noting, however, that traders will likely incur fees when purchasing Bitcoins to fund the PrimeBit Account.
On the withdrawal side, in addition to fees incurred for withdrawing Bitcoin from PrimeBit, traders will also incur fees for converting Bitcoin to fiat money.
Privacy and Security
PrimeBit protects traders with the use of cold wallets and 2-Factor Authentication.
Wallet Security: PrimeBit stores 99.9% of client funds in a cold wallet. With the funds stored offline, PrimeBit minimizes the threat from hackers.
The PrimeBit team manages the movement of Bitcoin from the PrimeBit cold to hot wallets on a daily based.
2-Factor Authentication (2FA): An essential additional security. PrimeBit traders need to use Google’s Android or iPhone app to add a one-time password (“TOTP”) Two Factor Authentication confirmation each time you log in or request a withdrawal.
Once installed, you will then be able to trade and withdraw Bitcoin from your PrimeBit wallet.
Security: According to PrimeBit, 99% of PrimeBit clients’ funds are kept in a cold wallet. This means that the money is stored offline. What minimizes the possibility of a security breach. Withdrawals are approved manually after prior verification.
PrimeBit`s server is hosted on Amazon Web Services (AWS) which is the worlds most comprehensive and broadly adopted cloud platform.
While there is no 24hr customer help desk, the PrimeBit website has a detailed support section that provides users with tutorials and more to ensure that users are able to navigate with ease.
Help: Should the tutorials and FAQ sections fail to provide the answer to an issue, there is a help section where PrimeBit will respond to a query by email.
Email: Users are also able to send emails directly to the support team using the email@example.com email address.
Social Media: PrimeBit also has a strong social media presence.
Social media channels include Facebook, Reddit, Twitter and, YouTube. While users can find an array of tutorials to support users, members are also able to contact PrimeBit via Facebook messenger. PrimeBit generally responds within a day.
The Pros and Cons
- High Leverage of up to 200x on offer.
- Full transparency.
- Fast trade execution.
- Competitively low fees
- Risk limit capabilities.
- Robust technology/system.
- Demo account available.
- Cold Wallets store 99.9% of Bitcoins on the exchange, protecting investors from hacks and theft.
An affiliate program is also available via a transparent management tool – Unilink.io. Each commission from referrals is visible in the affiliate pane.
The affiliate system is a transparent affiliate management tool with many advertising materials. Up to 20% feel revenue plus additional commissions equal to 5% of the referral income of your affiliates are on offer.
Users that registered through your referral link receive a 10% fee discount for 6-months.
- While there is a 24/7, 5-day week customer support, there is no online chat option available.
- Accounts can only be funded with Bitcoin.
- PrimeBit does not currently have a license. However, PrimeBit’s legal team works 24/7 to ensure that all regulatory demands for compliance are met.
Some of the more frequently asked questions about PrimeBit include:
PrimeBit is a peer-to-peer cryptocurrency exchange platform, where you can trade perpetual contracts (with no limit to your profit) with Fair Price marking and up to 200x leverage.
Yes, you can watch them on YouTube. Just click on the playlists below.
At the moment, PrimeBit is working on a web and mobile application.
For the time being, you can download the MetaTrader 5 mobile app and trade on your mobile devices.
You can buy and sell contracts with 9 different leverage settings. The highest margin you can trade with is 200x. Naturally, the margin depends on the size of the position you want to open and the pairing you want to trade: BTCUSD, ETHUSD, and LTCUSD.
Please go to the FAQ link for a full view of the PrimeBit FAQs
PrimeBit offers traders with an opportunity to trade Bitcoin, Ethereum, and Litecoin with significantly higher leverage options and lower fees.
The platform is user-friendly and has the required tools to service the more advanced crypto trader.
In terms of registration, there are no KYC requirements, since funding is with Bitcoin and the process takes just a matter of minutes.
Appropriate security measures are also in place to protect traders and their assets, with cold wallets used to keep crypto-assets out of the reach of hackers.
With a mobile app on the way and MetaTrader 5 there for those wanting to trade now, PrimeBit’s network is likely to continue to grow and that can only be a good thing for the trading model.
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