Primebit Review 2023: Is It Safe & Legit?
Primebit is a cryptocurrency platform for leverage trading on perpetual contracts. The exchange is popular for its integration with MT5 charts that will suit traditional traders. Before deciding whether you should use it, this review will examine the platform's security and other important factors such as trading fees, charting interface, deposit methods, and customer support.
https://primebit.com/
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Our PrimeBit Review - Quick Verdict
PrimeBit is a crypto margin trading exchange that has good features such as the ability to trade perpetual contracts in Bitcoin, Ethereum and Litecoin with up to 200x leverage. There are even traditional assets such as stocks, forex and commodities that can be traded on the platform. However, the benefits end there as the exchange lacks behind the larger crypto trading platforms in terms of overall features, trading pairs, liquidity, and its mobile app.
Primebit At A Glance
| Exchange Name | PrimeBit |
|---|---|
| Cryptocurrency | BTC, ETH, LTC, USDT |
| Fiat Gateway | No |
| Max. Leverage | Up to 200x |
| Trading Fee | -0.025 / 0.075% |
| TP/SL Orders | Yes |
| Mobile App | No |
PrimeBit Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Bybit | 81 | 0.06% / 0.01% (leverage), 0.1% (spot) | Rating | Deposit bonus up to $30,000 | Visit Bybit | Bybit Review |
 eToro | 70+ | 1% | Rating | None available at this time | Visit eToro eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk." | eToro Review |
 Prime XBT | 200+ | 0.5% | Rating | None available at this time | Visit Prime XBT | Prime XBT Review |
What Is PrimeBit?
PrimeBit is a peer-to-peer cryptocurrency exchange that was established in 2019, where you can trade perpetual contracts between other users of the crypto community. It is a beginner-friendly trading platform and the first exchange of its kind to integrate with MetaTrader 5. The exchange offers to trade Bitcoin, Ethereum and Litecoin pairs. Each digital asset can be traded with high leverage up to 200x using the webtrader for desktop or Primebit app for mobile devices. Some notable features we observed are:
- Quick and easy to create an account
- Variety of trading pairs to choose from
- Perpetual contracts for Bitcoin, Ethereum and Litecoin
- Up to 200x leverage on trading assets
- Intuitive charting package with TradingView
- Competitive trading fees that are reasonable
Is PrimeBit Safe?
There have been no reported hacks or thefts on Primebit to date. This is attributed to the high standard of security controls on the platform to keep user's fund safe and secure. Primebit is a legit exchange that has quickly separated itself from other crypto platforms by offering peer-to-peer trading and integration with MT5.
Are US Traders Allowed?
US customers are not allowed to trade with Primebit due to strict regulations that are outside of the exchange's control. Residents will need to find a cryptocurrency exchange in the USA that is regulated under local laws and regulations.
Depositing Funds
PrimeBit accepts deposits in Bitcoin only. Alternatively, you will need to deposit funds using a reputable fiat-to-crypto exchange and then transfer the purchased Bitcoin into Primebit. The two options available to fund your PrimeBit account with Bitcoin:
- Deposit Bitcoin from a hardware wallet or other exchange directly into the account
- Purchase Bitcoin with Bank Transfer using Match2Pay
To deposit funds from another wallet, on the account summary page click on 'Deposit Funds' to bring up the PrimeBit deposit winder. The account BTC Wallet Address and QR code will be shown to send BTC to.
For new users that do not own Bitcoin yet but wish to start trading on the platform, PrimeBit exchange has an interface with Match2Pay that allows you to purchase Bitcoin using Bank Transfer with USD. Match2Pay is a well-known and trusted fiat-to-crypto provider that supports popular exchanges such as Coinbase, Kraken and Gemini.
Supported Trading Assets
Primebit offers perpetual contracts which allow you to speculate on whether an asset’s price will move up or down, with the use of leverage and without the need to own the asset. Each perpetual contract has no expiry date, which means there is no limit to your profits.
Primebit offers perpetual contracts on:
- Bitcoin (BTC/USD)
- Ether (ETH/USD)
- Litecoin (LTC/USD)
How Much Leverage?
Primebit offers up to 200x leverage on Bitcoin, Ethereum and Litecoin contracts. The margin available will depend on the size of the position and the currency pair. There are 9 different leverage settings available to trade for buy and sell contracts which are 1x, 2x, 5x, 10x, 25x, 50x, 100x, 150x and 200x. There did not appear to be cross margin on Primebit.
We must caution that leverage trading can be a powerful tool for a trader. You can use it to take advantage of comparatively small price movements to make your balance grow faster.
It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up your capital. It can also have the opposite effect and increase the size of your losses.
User Interface
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market.
When selecting a trading platform to speculate on altcoins, you must be comfortable with the trading interface, order types and charting tools. It must feel right as this is where most of your time will be spent!
When you first login to PrimeBit exchange, the first thing you will notice is that the charting system is based on the TradingView engine. As most veteran traders will know, TradingView charts are renowned for smooth, intuitive and highly functional charts. This is much better than the previous user-interface that was based on MetaTrader 5.
Users of Primebit will benefit from advanced trading tools and indicators provided by TradingView that can be used to analyze the live crypto prices in accordance with their trading strategy. You can add several technical indicators to overlay the live prices and use the drawing tools to analyze price behavior.
The order window on the right appears to be fairly basic. Although, it includes all the features you would expect of a reputable crypto margin trading platform to sell or short Bitcoin. Using the order window, you can place market, stop and limit orders that we will cover in the next section.
How To Trade Using PrimeBit
To enter a trade with Primebit, navigate to the 'Calculator' icon at the top right of the trading window. This will bring up a few different options:
- Contract: Display the contract information of the selected asset such as last price, funding rates and 24 hour volume
- Position: Display all open positions and pending orders (limit)
- New Order: To enter a new position or set a pending order
Through the New Order window, users can select the crypto asset to trade, select BUY or SELL, choose the market order type and set the position size. PrimeBit will calculate the estimate liquidation price based on the initial margin and show the available balance remaining if the trade is executed.
The two different types of market orders available on PrimeBit are:
- A Limit Order allows you to buy or sell an asset at a specified price. For example, if you want to purchase BTC contracts at a price of $200 or less, you can set a limit buy order that will not be filled unless the market reaches your specified price.
- A Market Order allows you to buy or sell an asset at the best available price in that pairs order book. This type of order should be used cautiously as it can lead to potential bad fill prices in less liquid pairs.
Primebit Fees
Primebit does not charge a deposit or withdrawal fee. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from Primebit which is determined by the blockchain load. The blockchain fee is 0.0005 BTC.
Primebit trading fees are fair compared to other exchanges in the cryptocurrency trading industry. The exchange uses a maker and taker model for determining trading fees which is the same for BTC, ETH and LTC. Depending on the type of order placed, Primebit will determine the trading fee to be applied. For more information explaining the difference between maker and taker fees, read this article.
Primebit's trading fee is 0.075% (taker) and -0.025% (maker). The trading fee is deducted from the account balance, and will not affect the initial margin of the order.
Security
Primebit has taken on board a number of security features to protect the funds of its users and the website. To date, there have been no serious hacks or theft of funds on the derivatives crypto exchange.
Software Security
PrimeBit`s server is hosted on Amazon Web Services (AWS) which is the world’s most comprehensive and broadly adopted cloud platform.
Wallet Security
The platform is based on a cold wallet system to store 99% of all digital assets of users. This means that vast amounts of the client's funds are stored in an offline hardware wallet with each deposit address assigned to users is actually a cold wallet address.
In the event of system compromise, an attacker would still not have full access to all the required keys to steal funds. Digital currency private keys are not kept on any cloud server which greatly reduces cyber risks such as hackers.
Withdrawal Requests
Primebit withdrawals are processed manually after user verification. This allows the Primebit team to carefully check the withdrawal information to ensure the transaction is legitimate and to the rightful owner of the asset.
Two Factor Authentication
The other significant security measure is Two Factor Authentication. Primebit users are required to set up 2FA for the Primebit app before withdrawing funds from MT5. This means users are required to use a password AND a registered mobile phone in order to authenticate the account at login and to withdraw funds from the exchange.
Affiliate Program
PrimeBit offers an affiliate program with a lifetime revenue share. PrimeBit income comes from taker’s fee. You can earn up to 20% of all the Taker Fee generated by the account registered via your referral link. The affiliate program is multilevel which means you can also earn a revenue share from every account registered through your affiliate’s referral links.
Customer Support & Reviews
There are not too many Primebit customer reviews on the internet or Reddit. The feedback on social media profiles is positive. However, the one thing that really stands out is the expansive suite of guides and articles in the Primebit Support section. It covers absolutely everything such as:
- Primebit Affiliate Program
- Primebit Web Trader
- Primebit Metatrader 5 App
- Primebit Perpetual Contracts
- Primebit Transfer / Payments
For new users to the exchange that can't find the answer to a question on the support page, users can contact the Primebit team using the zendesk live chat bot. It can be found in the bottom left corner and available 24/7 in several languages. We tested it out and got a response almost immediately. Other mediums to get in touch are email or social media channels.
Frequently Asked Questions
PrimeBit is registered in Saint Vincent and the Grenadines. Therefore, it is an un-registered exchange and customers from the USA will not be able to use PrimeBit.
No, there are no KYC procedures or need to upload personnel information to start trading with Primebit.
Primebit offers a testnet to allow risk-free crypto trading using a demo site to become familiar with using the Primebit webtrader or MT5. The testnet crypto prices are intended to replicate the live market.
Primebit has integrated with Metatrader 5 to allows users to connect their Primebit account to the MT5 app and trade their live or demo account.
Primebit is a cryptocurrency trading platform that allows clients to use its services from all over the world. Individuals from supported countries such as the UK, Canada, Singapore, Australia and New Zealand are allow to buy and sell cryptocurrency on the exchange. However, there are a select group of countries due to jurisdictional restrictions on cryptocurrencies. Countries that may not trade on Primebit include:
- United States of America
- Cuba
- Crimea and Sevastopol
- Iran
- Syria
- Pakistan
- North Korea
- Sudan
- Ghana
- Ethiopia
- Tunisia
- Yemen
Conclusion
To conclude our Primebit review, the trading exchange is one of a kind peer-to-peer trading platform that allows traders to speculate on Bitcoin, Ethereum, and Litecoin with higher leverage options compared to other leveraged crypto exchanges.
The integration with MetaTrader 5 charts is a great feature that will suit retail and institutional clients. The webtrader and mobile app allows users to trade on the go and monitor positions. It is extremely beginner friendly and provides all the charting tools for crypto traders.
You should trade with Primebit if:
- You are tired of paying excessive trading fees on other leverage exchanges
- You want a safe crypto platform with 99% of client funds in cold storage
- You like a charting platform that is responsive with advanced trading tools
- You want to trade on an exchange with high leverage up to 200x
- You like and exchange that is available to trade on desktop or mobile app
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