Your capital is at risk
81% of retail CFD accounts lose money
PrimeBit is a relatively new derivatives platform that simplifies the trading of the major cryptocurrencies of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). Launched in August of 2019, the crypto exchange offers perpetual contracts of the three cryptocurrencies denominated in the United States Dollar (USD). PrimeBit only allows the use of BTC and USDT as collateral for trading.
The platform is a centralized exchange based in Saint Vincent and the Grenadines. Unlike other derivatives platforms, trading on PrimeBit is on a peer-to-peer level. This means that users exchange contracts directly with each other. The exchange is easy to use and allows any crypto trader with an interest in crypto derivatives, to create an account. All one needs to access the exchange is an email address and the basic know-how of depositing funds into a crypto exchange. PrimeBit has no minimum deposit limit; and what is more, it supports instant withdrawals.
However, it is recommended that only users with experience in derivatives trading venture into PrimeBit. This is because the platform allows you to adjust your leverage up to 200x the value of the collateral you are willing to risk. Such high leverage requires adequate experience in risk management.
Your capital is at risk
On the bright side, novice traders can first sharpen their skills using a demo account. This provides them with an opportunity to practice trading without risking real capital. Once users have acquired the confidence and necessary experience, they can instantly switch to live trading using actual funds as collateral.
Another advantage that PrimeBit has over other crypto exchanges is the fact that it is accessible via MetaTrader 5. The latter software application is available on Android, iOS, Windows and macOS.
PrimeBit has several security measures that safeguard personal funds as well as user data. To begin with, 99% of PrimeBit’s client funds are kept in a cold wallet. This means that the digital assets belonging to traders on the exchange are stored safely offline. This guarantees that all funds are safe in the event of a security breach.
Furthermore, users of the exchange have the choice of enabling 2-Factor Authentication (2FA) using the Google Authenticator application available for Android and Apple mobile devices.
When it comes to personal data, PrimeBit uses security measures in the form of standard data protection clauses which are approved by the European Commission.
PrimeBit’s platform is supported by hosting services provided by Amazon Web Services, NextRoll, Sendgrid, Zapier, Zendesk and Avenue 81. This, in turn, means that users’ personal data is processed by the aforementioned service providers that are based in the United States and the United Kingdom. Consequently, PrimeBit abides by the data privacy requirements of both jurisdictions.
PrimeBit offers you the chance to trade perpetual contracts of the popular cryptocurrencies of Bitcoin, Ethereum and Litecoin. These contracts do not expire and traders exchange them on a P2P (Peer-to-Peer) level with PrimeBit facilitating the transactions.
Traders can adjust their leverage up to 200x. At the time of writing this, the levels of leverage on PrimeBit are as follows:
Wondering how PrimeBit compares to other exchanges?
PrimeBit has an in-built wallet where you can store their Bitcoin (BTC) and Tether (USDT) to further be used for trading of perpetual contracts. Although such funds are secure, it is highly advisable only to store the amount dedicated to trading activities on PrimeBit.
Therefore, you are advised to move any profits generated from personal trading to more secure crypto hardware wallets. Below is a recommended list of industry-tested hardware wallets that have stored user funds securely offline.
Creating an account with PrimeBit is very simple and takes less than five minutes. All you have to do is follow the steps outlined below.
One thing to note is that the latter process of using email registration is preferred, for the user forfeits fewer data to the requesting platform. By signing in via Google or Facebook, individual accounts are linked and can result in a domino effect if an exchange is compromised.
Once an account has been created on PrimeBit, you can log in using the following steps.
In such a case, the following documents and information can be requested.
There is also the option to upload other documents or personal information that you are willing to submit voluntarily.
To enjoy the full spectrum of perpetual contracts on PrimeBit, you have to first deposit some funds in your account.
As earlier mentioned, only Bitcoin (BTC) and Tether (USDT) can be used as collateral on PrimeBit. Therefore, these are the only 2 digital assets that one can deposit on Primebit.
This can be done by logging in and clicking on the green ‘Deposit’ button to the top right of the user page. Once this is done, you will be requested to deposit either BTC or USDT.
Depositing Bitcoin follows the normal procedure of depositing cryptocurrency on any wallet. You either copy the deposit address or scan a QR code to start the process of transferring funds into the exchange.
In the case of Tether, you have the option of either depositing the ERC20 version of the digital asset or the OMNI version of USDT. Selecting either of the two options provides you with a deposit address and QR code.
The layout for trading Perpetual contracts is very similar to that of ByBit. As with all derivatives trading platforms, there is the assumption that the user has a prior familiarity with cryptocurrency trading using leverage.
The PrimeBit trading terminal allows you to select your choice of perpetual contracts between BTC/USD, ETH/USD and LTC/USD. Once the contract has been selected, the PrimeBit trading terminal has a range of tools and trading data that can be utilized at the convenience of one screen. Further analyzing the trading terminal, you have the following:
As earlier mentioned, PrimeBit stands out from other crypto derivatives exchanges through its ability to integrate with MetaTrader5. You can do this by using the following steps that are also available via PrimeBit.
PrimeBit only supports cryptocurrency-based withdrawals denominated in Bitcoin (BTC) or Tether (USDT). The following steps will guide you through the process of withdrawing either of the digital asset.
PrimeBit accepts members from almost all countries worldwide.
Except for countries listed in the section below, PrimeBit offers its services to almost all countries in the (European Economic Area) including Austria, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. Outside the EU, it accepts members from all over the world including Russia, Japan, South Korea and Southeast Asia.
However, PrimeBit does not offer trading services for residents of the following countries:
United States, Afghanistan, Algeria, the Bahamas, Botswana, Cambodia, Crimea and Sevastopol, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Myanmar, North Korea, Pakistan, Republic of Serbia, Sri Lanka, South Sudan, Sudan, Syria, Tunisia, Trinidad and Tobago, Yemen.
As with all crypto derivatives platforms, PrimeBit has its structure for limits and fees associated with trading, deposits and withdrawals.
PrimeBit has a standard maker/taker fee model that is implemented on each trade. The exchange charges 0.025% in maker and 0.075% in taker fees across all perpetual contracts of BTC/USD, ETH/USD and LTC/USD.
However, you can receive a 10% discount on fees if you register for an account on PrimeBit using an affiliate referral link with an active 10% discount promotion. This discount will last for a period of 6 months from the date of signing up.
The exchange does not charge any fee to deposit BTC or USDT. There is no minimum deposit for these deposits. Your deposit will be approved and credited once it has reached 1 network confirmation.
However, miners’ fees are applicable and are adjustable based on the speed at which you would like the transaction to be processed.
The following miner fees are applicable when depositing Bitcoin or Tether.
In the case of withdrawals, PrimeBit charges the following fees.
PrimeBit does not have any maximum limits when depositing or withdrawing Bitcoin or Tether (USDT). However, it does have the following minimum deposits of the two digital assets.
At the time of writing this, PrimeBit does not support payment in fiat but only accepts the two cryptocurrencies of Bitcoin and Tether (USDT).
PrimeBit’s support team can be reached via [email protected] The exchange further advises users to be on the alert of any fraudsters posing as PrimeBit staff. One way of recognizing if the communication is from the exchange is to check the email domain. Only @primebit.com email addresses will be used to contact you.
Furthermore, you will be able to find a support chat/search tool hybrid on the bottom right corner into which you can input your questions. The help bar will present you with various articles published on PrimeBit’s website, however, if you are not content with those answers, you are also given the option to press the ‘Contact Us’ button to receive further aid.
PrimeBit Exchange Coming Soon Features
The exchange has a list of official communication channels. This includes Facebook, Twitter, Medium, Reddit, Stemmit and BitcoinTalk. Through these social media platforms, Primebit will let its users know of any coming soon features.
Both PrimeBit and Bitmex do not have a strict verification process. However, Bitmex does have a slight advantage over PrimeBit in that it is popular amongst crypto traders and offers trading of more cryptocurrency contracts. Bitmex traders can trade contracts of Bitcoin, Cardano, Bitcoin Cash, EOS, Ethereum, Litecoin, Tron and XRP. Bitmex only accepts deposits and withdrawals only in Bitcoin (BTC).
With regard to ByBit, the platform also does not have a strict KYC (Know Your Customer) procedure. The exchange also has more perpetual contracts to offer than PrimeBit. In the case of ByBit, users can trade perpetual contracts of BTC/USD, ETH/USD, EOS/USD and XRP/USD. Additionally, ByBit recently introduced its first USDT denominated perpetual contract: BTC/USDT.
PrimeBit has room to grow when compared to a more established crypto exchange such as Binance. The latter exchange launched its futures contracts platform in February of 2020 and in a short time period, became the leading crypto derivatives exchange in the industry. Binance offers 24 perpetual contracts of the top cryptocurrencies with maximum leverage ranging from 50x to 125x.
PrimeBit users have the opportunity of trading perpetual contracts of Bitcoin, Ethereum and Litecoin denominated in USD. However, you can only deposit Bitcoin and Tether to be used as collateral for trading on PrimeBit. Consequently, withdrawals are only available via the two digital assets.
The exchange offers standard security in the form of logging in using an email and password and the ability to add 2FA protection. PrimeBit also stores user funds in a cold wallet.
With a list of only 3 perpetual contracts and a very high maximum leverage of 200x, PrimeBit is ideal for experienced crypto traders who understand the risk involved.
PrimeBit has implemented several security measures to ensure funds are safe. They include 2FA authentication and storing funds in a cold wallet.
PrimeBit is registered in Saint Vincent and the Grenadines.
No. However, PrimeBit can be linked to the popular forex and stack trading MetaTrader5 (MT5) application available on both mobile and desktop.
The most efficient way to contact support on PrimeBit is through there official email: [email protected]
Bybit is a futures trading platform that allows users to trade perpetual contracts from top cryptocurrencies, namely Bitcoin, Ethereum, EOS and Ripple.
Owned by HDR Global Trading Limited, with its headquarters in Hong Kong, BitMEX is a P2P cryptocurrency trading platform and is well established in the crypto community. It's widely popular for its 100x leverage.