Primebit Review: Is It Legit? Bitcoin Derivatives, Trading & Fees (2020)

PrimeBit is a peer to peer crypto margin trading exchange that allows users to trade perpetual contracts in Bitcoin, Ethereum and Litecoin with up to 200x leverage. The platform is integrated with MetaTrader 5 which has been the trading application of choice for experienced and beginner traders for many years. 

Now, as Primebit is a relatively new exchange, you might be concerned about a few things such as whether it is a safe and legit crypto exchange. This review will examine the platform's security and other important factors such as trading fees, charting interface, deposit methods and customer support.

primebit

What Is PrimeBit?

PrimeBit is a peer-to-peer cryptocurrency exchange platform 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 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 of Primebit app for mobile devices. 

PrimeBit Compared

Advanced features, intuitive user interface and a mobile trading app are important features on PrimeBit. This comparison table lists other top rated crypto exchanges that offer world-class features.

Exchange

Fees

Rating

Website

bybit

Maker - 0.025%

Taker - 0.075%

5 / 5

FTX Exchange Logo

Maker - 0.025%

Taker - 0.075%

4.8 / 5

binance

0.1%

4.8 / 5

primebit

Maker - 0.025%

Taker - 0.075%

3.8 / 5

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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. 

How To Register With PrimeBit

To create an account on PrimeBit, follow these simple steps:

  1. Visit the PrimeBit website and click on 'Register' in the top right corner
  2. Enter in your Email address  
  3. Check the Terms of Service tick box
  4. Click on 'Sign up using email'
  5. Check your email account and open the email from PrimeBit 
  6. Click on 'Verify your email'
  7. That's it! You’re ready to get started
primebit register

How To Deposit Funds on PrimeBit

PrimeBit accepts deposits in Bitcoin only. There are 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

Alternatively, you will need to deposit funds using a reputable fiat-to-crypto exchange and then transfer the purchased Bitcoin into Primebit.

Transfer BTC To PrimeBit

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.

primebit deposit

Purchase BTC On PrimeBit

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:

primebit buy bitcoin

Trading On PrimeBit

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 cryptocurrency trading exchange, 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.

primebit charts

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. 

Using the order window, you can place market, stop and limit orders that we will cover in the next section.

primebit orderbook

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
primebit calc

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.
  • 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 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)
primebit leverage

Primebit 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.

Primebit Fees

Exchange fees are an important consideration when selecting a cryptocurrency trading exchange. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you are paying fees on positions that are much larger than your margin.

Deposit / Withdrawal

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.

Trading Fees

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.

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.

To help explain the different Primebit fees and when they will apply:

  • maker is someone who places a limit order or conditional order that goes to the order book and adds up to the market depth, regardless of whether the trader chooses to go long or short. These traders help to make the market and thus are named makers.
  • taker is someone who places market orders that are immediately fulfilled before they go to the order book and decrease the market depth by taking orders from the order book. 

Primebit 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.

Primebit Software

PrimeBit`s server is hosted on Amazon Web Services (AWS) which is the world’s most comprehensive and broadly adopted cloud platform.

Primebit Wallet

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. No private key is kept on any cloud server which greatly reduces cyber risks such as hackers.

Primebit Withdrawals

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. 

Primebit Reviews & Customer Support

Being a fairly new exchange, there are not too many Primebit customer reviews on the internet or Reddit. The feedback on social media profiles is positive. 

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.  

Primebit Alternatives

BYBIT

Bybit

ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world. 

plus500

Plus500

Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.

Disclaimer: your capital is at risk

binance

Binance

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen an astronomical growth and is a premium crypto trading platform. 

Frequently Asked Questions

How Much Money Can I Make Trading Cryptocurrency?

Profits will depend on your patience, trading decisions and the success of your trading strategies. There are no holy grail trading strategies or guarantees of earning a profit trading the markets. 

Where is PrimeBit Located?

PrimeBit is registered in Saint Vincent and the Grenadines.

Do I Need To Submit KYC Documents To Start Trading?

No, there are no KYC procedures or need to upload personnel information to start trading with Primebit.  

Does Primebit Have A Testnet / Demo / Paper Trading Account?

Yes, 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. 

Is There A PrimeBit Mobile App?

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.  

Does PrimeBit Have An Affiliate Program?

Yes, 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.

Can US Customers Trade With Primebit?

US customers are not allowed to trade with Primebit due to strict regulations that are outside of the exchange's control. 

What Countries Are Supported On Primebit?

Primebit is a cryptocurrency trading platform that allows clients to use its services from all over the world, apart from 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

Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders. 

  1. Bybit
  2. PrimeXBT
  3. BitMEX
  4. Plus500
  5. FTX
  6. BaseFEX
  7. BitForex
  8. BBOD
  9. Binance
  10. DueDEX
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.