Primebit Review

    Kevin Groves
    Posted by: Kevin GrovesUpdated May 25th, 2023

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    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.

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    Our Take

    HedgewithCryptoScoreOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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    Bottom line:

    PrimeBit is a crypto margin trading exchange that has good features such as the ability to trade perpetual contracts 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 significantly compared to larger exchanges and will not be suitable for savvy investors or serious crypto traders. Moreover, the website states it has a mobile app but that is not accurate.

    • Demo account stocked with 1 BTC
    • Simple and elegant user interface
    • Competitive trading fees
    • Limited to 5 crypto trading pairs
    • Lack of features
    • No fiat gateway

    Pros Explained

    • Demo account stocked with 1 BTC. The free-to-use demo mode provides users with 1 virtual BTC to practice placing market orders on the trading interface. The demo mode simulates real-world prices and market depth.
    • Simple and elegant user interface. Suitable for beginners and novices, the PrimeBit trading interface carries fewer visual distractions and complexity compared to other interfaces.
    • Competitive trading fees. The 0.02% maker and 0.05% taker fees are comparable to popular trading platforms such as Bybit.

    Cons Explained

    • Limited to 5 crypto trading pairs. Only BTC can be deposited and there are only five trading pairs denominated against USD.
    • Lack of features. Apart from its limited staking module and demo account, there are no other features to offer. Features such as copy-trading, interest-earning wallets, crypto-backed loans and crypto-swapping services are not available.
    • No fiat gateway. There is no ability to fund account wallets with fiat currencies such as USD or EUR.

    PrimeBit Compared and Alternatives

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    Primebit At A Glance

    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.

    Exchange NamePrimeBit
    FeaturesPerpetual contracts with margin, demo account, crypto staking
    Accepted Fiat CurrenciesNone
    Deposit MethodsBitcoin only
    Supported CryptocurrenciesBTC, ETH, LTC, USDT
    Number of Trading Pairs5
    Trading Fees0.02% (maker) and 0.05% (taker)
    Customer SupportLive chat bot
    Security Measures2FA, cold wallet storage, withdrawal requests
    Mobile AppNo

    PrimeBit Features Reviewed

    Perpetual contracts with up to 200x margin

    The main selling point of PrimeBit is its perpetual contracts market for BTC, ETH, LTC, BNB, and DOT where up to 200x margin can be applied to long and short positions. 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 an isolated margin on Primebit which may not suit experienced traders that want to manage their risk on individual traders and not their whole balance.

    A free demo account

    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.

    The demo mode is easily activated with the click of a button on the PrimeBit trading interface. Equipped with 1 BTC, users can explore the interface by utilizing the charting tools and placing market orders. All of the features offered in the live version are available for use in the demo mode.

    Crypto staking

    Users can earn a passive income by staking their ETH (5.5%), BNB (5.0%) or TRX (4.5%) coins with PrimeBit. The website states that the more that is staked and for longer periods attract the aforementioned interest rates. This means that staking fewer coins for shorter periods will not be as lucrative.

    Staking rewards are calculated daily but distributed to the user's trading account at the end of each calendar month, meaning that payouts are not as frequent as the best crypto staking platforms. Overall, the lack of coin support and staking options on PrimeBit is lacklustre and users should seek an alternative platform to stake their crypto assets.

    Affiliate program

    PrimeBit offers an affiliate program with a lifetime revenue share. PrimeBit income comes from the taker's fee. You can earn up to 10% 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. Although, most exchanges offer a referral program so this isn't a major drawcard.

    Account and Verification Requirements

    The account sign-up process with PrimeBit is quick. There are no requirements to complete KYC procedures and all that is needed to get started is a valid email address and password. From our exploration of the PrimeBit website, we were unable to find any information on deposit, trading, or withdrawal limits associated with completing ID verification.

    Supported Fiat Currency and Deposit Methods

    PrimeBit does not support a fiat gateway so users are unable to directly deposit USD into their account wallet. Since PrimeBit accepts deposits of Bitcoin only, users will need to use 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. Match2Pay is a well-known and trusted fiat-to-crypto provider that supports popular exchanges such as Coinbase, Kraken and Gemini.

    Overall, the inability to deposit fiat currencies using methods on Primebit that are commonly available on other crypto exchanges (i.e. bank and wire transfers, SWIFT, credit/debit cards) is a significant downside for beginner and novice traders.

    Supported Cryptocurrencies and Trading Pairs

    One of the limitations of PrimeBit is its few supported crypto and perpetual trading pairs. PrimeBit only supports five digital currencies that can be traded against USD, including Bitcoin, Binance Coin (BNB), Polkadot (DOT), Ethereum (ETH), and Litecoin (LTC). Whilst these comprise some of the major coins, there is no support for other high market capitalization crypto such as Solana, Tether, Cardano, Ripple, or Polygon, making it less desirable as a trading platform for altcoin traders.

    PrimeBit Fees Explained

    Trading fees

    PrimeBit's 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 0.02% (maker) and 0.05% (taker) for trading pairs BTC/USD, ETH/USD, and LTC/USD. For DOT/USD and BNB/USD, the fees are slightly higher at 0.05% for maker and taker orders. The trading fee is deducted from the account balance, and will not affect the initial margin of the order.

    Deposit & withdrawal 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 which is standard in the market.

    PrimeBit Ease of Use

    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 users first log into PrimeBit exchange, the first thing they 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.

    primebit trading interfaceprimebit trading interfaceScreenshot of the Primebit trading interface.

    Users of PrimeBit will benefit from its crypto tools, patterns, and indicators provided by TradingView that can be used to analyze live crypto prices in accordance with their trading strategy. Users can add several technical indicators to overlay the live prices and use 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, users can place market, stop and limit orders for their positions.

    primebit order panelprimebit order panelPlacing traders with Primebit.

    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 estimated 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:

    • Limit Order allows users to buy or sell an asset at a specified price. For example, if a trader wanted to purchase BTC contracts at a price of $200 or less, they can set a limit buy order that will not be filled unless the market reaches the specified price.
    • Market Order allows traders to buy or sell an asset at the best available price in that pair's order book. This type of order should be used cautiously as it can lead to potential bad fill prices in fewer liquid pairs.
    primebit trading calculatorprimebit trading calculatorPrimebit trading calculator

    Overall, the PrimeBit user interface is relatively well laid out and doesn't have the complexity that other crypto exchanges provide. However, its simplicity might be seen as a drawback to experienced traders who need more features.. This is not to say that the interface won't enable a sound trading experience, but other exchanges such as Bybit and Binance deliver interfaces that are more refined and modern.

    Customer Support

    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 is 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.

    Security Measures

    Primebit has taken on board a number of security features to protect the funds of its users and the website. These include 99% offline cold wallet storage, withdrawal confirmation process, and 2 Factor Authentication. To date, there have been no serious hacks or theft of funds on the derivatives crypto exchange. This is attributed to the high standard of security controls on the platform to keep users' funds safe and secure.

    Frequently Asked Questions

    No, there are no KYC procedures or need to upload personal information to start trading with PrimeBit. Therefore, PrimeBit is a suitable exchange in which to trade crypto anonymously.

    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.

    No. Although the PrimeBit website states that there is a mobile app available, we were unable to find it on the Google Play Store. Therefore, users are not able to conveniently access their trading accounts on the go. This is a major red flag as it shows the exchange is misleading potential traders.

    Final Verdict

    To conclude our Primebit review, there are some notable features worth exploring for newer traders looking for a P2P crypto exchange with leverage trading. However, the exchange lacks features and liquidity to rival the top exchanges in the market. Even with competitive fees, serious crypto traders will find Primebit too restrictive and better off using a more reputable platform such as Binance, Kraken and Coinbase.

    CategoryHedgewithCrypto Rating
    Features4.2 / 5
    Supported Fiat and Deposit Methods2.5 / 5
    Supported Crypto & Trading Pairs3.7 / 5
    Fees4.5 / 5
    Ease of Use4 / 5
    Customer support4.5 / 5
    Security Measures4.5 / 5
    Mobile App2.5 / 5
    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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