Available Countries
  • Worldwide, United Kingdom, Australia, Europe, Netherlands, Finland, Sweden, Denmark, Norway, Iceland, Germany, Austria, Switzerland, Spain, Portugal, Italy, Canada, New Zealand, United Arab Emirates, Qatar, Singapore, Hong Kong, France, Africa, South Africa, Japan, Latin America, Scandinavia, Malaysia, Bahrain, Ireland, Luxemburg, Russia, Slovakia, Malta, GCC (Show More)
  • Deposit Methods
  • Cryptocurrency (Show More)
  • Supported Currencies
    Platform Type
  • Centralized Exchange (CEX)
  • Supports
  • Crypto to Crypto
Margin Trading
  • Yes
  • Built In Wallet
  • Yes
  • Compensation Scheme
  • No
  • Regulated
  • No
  • Minimum Deposit
  • 0.0001 BTC, 1 USDT
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • 0.0001 BTC, Tether OMNI - 5 USDT, Tether ERC20 - 1 USDT (Show More)
  • Trading Fees
  • Varies, Maker Fee - 0.025%, Taker Fee - 0.075% (Show More)
  • Limits
  • None (Show More)
  • Verification
  • Anonymous (Show More)
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    PrimeBit Exchange Review

    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.

    PrimeBit Review - Landing Page

    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.

    Is PrimeBit Safe?

    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 Exchange

    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:

    • 1x
    • 5x
    • 10x
    • 25x
    • 50x
    • 100x
    • 150x
    • 200x

    Wondering how PrimeBit compares to other exchanges?

    • PrimeBit
    • eToro
    • Type
    • Centralized Exchange (CEX)
    • Rating
    • 3.5/5
    • Best For
    • Advanced Beginners, Short Term Trading, Day Trading
    • Instruments
    • Cryptocurrencies
    • Min Deposit
    • 0.0001 BTC 1 USDT
    • Fees
    • Varies, Maker Fee - 0.025%, Taker Fee - 0.075%
    • Deposit Methods
    • Cryptocurrency
    PrimeBit Review
    • Type
    • Centralized Exchange (CEX)
    • Rating
    • 5/5
    • Best For
    • Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares, Options, ETFs
    • Min Deposit
    • Varies $50
    • Fees
    • Varies, 0.75% Spread for BTC & 1.9% Spread for ETH
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer, Cryptocurrency, Paypal

    Your capital is at risk

    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 4.5/5
    • Best For
    • Advanced Beginners, Experts, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares, Options, ETFs
    • Min Deposit
    • Varies €100/$100/£100 for credit cards & €/$/£500 for wire transfers
    • Fees
    • Varies, A spread fee of 0.6% applies on BTCEUR market
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer

    Your capital is at risk

    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares
    • Min Deposit
    • Varies 29 EUR/GBP/USD (once), 100 EUR/GBP/USD (for subsequent deposits)
    • Fees
    • Free, Varies, Floating spread, Swap fee, Conversion fee
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer

    Your capital is at risk

    • Type
    • Centralized Exchange (CEX)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading
    • Instruments
    • Cryptocurrencies
    • Min Deposit
    • None
    • Fees
    • Starting from Maker @ 0.16% & Taker @ 0.25%
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer, Cryptocurrency
    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares, ETFs
    • Min Deposit
    • €215
    • Fees
    • Spreads starting at 0.03
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer

    81% of retail CFD accounts lose money

    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 5/5
    • Best For
    • Advanced Beginners, Experts, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares, Options, ETFs
    • Min Deposit
    • €100 for credit card deposits.
    • Fees
    • Varies, A spread fee from 0.56% up to 3.28% applies
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer, Paypal

    80.5% of retail CFD accounts lose money

    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares
    • Min Deposit
    • Varies between $250 to $300 depending on account type
    • Fees
    • Main fees are spreads, as low as 0.03 pips
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer

    Your capital is at risk

    • Type
    • CFD Trading Platform (CFD)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading
    • Instruments
    • Crypto, Indices, Forex, Commodities, Shares, ETFs
    • Min Deposit
    • 250 EUR/USD/GBP
    • Fees
    • Varies, No overnight or maintenance fees
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer, Paypal

    Your capital is at risk

    • Type
    • Centralized Exchange (CEX)
    • Rating
    • 4.5/5
    • Best For
    • Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading
    • Instruments
    • Cryptocurrencies
    • Min Deposit
    • $60 or €53
    • Fees
    • 5.9% per trade and another 5% for credit/debit card purchases
    • Deposit Methods
    • Credit Card, Debit Card, Bank Transfer
    • Type
    • Centralized Exchange (CEX)
    • Rating
    • 4.5/5
    • Best For
    • Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading
    • Instruments
    • Cryptocurrencies
    • Min Deposit
    • None
    • Fees
    • Maker @ 0.1% & Taker @ 0.1%
    • Deposit Methods
    • Credit Card, Debit Card, Cryptocurrency

    PrimeBit Wallet

    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.

    The Ledger Nano X is the latest hardware crypto wallet offered by Ledger and it is designed to be the Bluetooth enabled Ledger Nano S on the go.
    Launched in 2015, KeepKey Wallet is one of the oldest and most secure hardware wallets. Today it is run by the ShapeShift Exchange and ranks as the third-best wallet brand in the world.
    If you are looking for one of the most secure hardware wallets, capable of storing a wide variety of cryptocurrencies and offering increased functionality, Trezor is definitely your go-to wallet.

    PrimeBit Account

    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.

    How to Sign Up on PrimeBit

    PrimeBit Review - Sign up

    1. Click on the ‘Register’ button at the top right of the PrimeBit exchange website.
    2. Once this button has been clicked, a dialogue box will appear that will request you to sign up using your google or Facebook account.
    3. If you prefer to use the regular email registration, you can also do so by typing in the address in the provided space.
    4. Once this has been keyed in and terms of service accepted, a verification email is sent by PrimeBit to the provided address.
    5. You then click on the link provided which redirects you back to the PrimeBit website where you are requested to set a password for the account.

    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.

    How to Log In on PrimeBit

    PrimeBit Review - Log in
    Once an account has been created on PrimeBit, you can log in using the following steps.

    1. Visit PrimeBit.com
    2. Click on the ‘Sign In’ button at the top right that is next to the ‘Register’ button
    3. You will be presented with a new dialogue box that requests you to log in using the method you registered with.
    4. If you set your login through ‘Google’ or ‘Facebook’ you will use this method to access your accounts.
    5. Additionally, there is the option of logging in using your email address and password.

    Verification Requirements

    PrimeBit does not have a mandatory Know-Your-Customer (KYC) procedure. However, according to the exchange’s privacy policy, PrimeBit might request additional customer information in situations outlined in its Customer Due Diligence Procedure.

    In such a case, the following documents and information can be requested.

    • Location
    • IP Address
    • Full Name
    • Citizenship
    • Physical and/or postal address
    • Age
    • Gender
    • ID or Passport
    • Telephone number
    • Photograph/Selfie
    • Financial information

    There is also the option to upload other documents or personal information that you are willing to submit voluntarily.

    How to Trade Perpetual Contracts on PrimeBit

    To enjoy the full spectrum of perpetual contracts on PrimeBit, you have to first deposit some funds in your account.

    How to Deposit Coins on PrimeBit

    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.

    Deposit Page

    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.

    Tether Options for PrimeBit

    How to Buy or Sell BTC, ETH and LTC on PrimeBit

    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.

    Trading terminal
    PrimeBit trading terminal.

    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:

    • The top section provides information on the type of perpetual contract, the current price of the contract, its fair price, 8-hour funding rate, the change in the last 24 hours and 24-hour trade volume.
    • Below this, you will find a standard chart that allows you to use a variety of indicators and drawing tools to better analyze your trading opportunities.
    • Below the chart, you will find a tabulation of all trading transactions made. Additionally, there is a section that allows you to view Open orders, Pending orders, Orders History and history of Filled Orders.
    • To the right of the trading chart, you find the depth chart that provides you with a visual of limit orders placed on either side of trading (buy or sell) by other traders.
    • Next to the depth chart, is the Order book that provides details on each order that has been placed. This includes the price it has been set, the amount in the digital asset and its USD equivalent.
    • To the right of the Order Book, is a dialogue box that allows you to ‘buy’ or ‘sell’ perpetual contracts. Here, you can decide whether the order is a Market, Limit, or Stop order. You can also set the quantity and price of your order.
    • PrimeBit has a trading calculator that allows you to figure out the amount you are risking and expected returns. This calculator is located at the top right of the trading terminal.
    • Above the Calculator, is a tab that allows you to switch between ‘Live’ and ‘Demo’ trading. Switching between the two types of accounts allows you to use actual or virtual funds for trading. The latter type of trading is preferred before risking any real digital assets as collateral for trading.

    Your capital is at risk

    Integration with MetaTrader 5 (MT5) App

    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.

    1. First, log into your PrimeBit account. Once this is done, go to the dashboard (top left) and click on the option to download the MT5 app.
      MT5 Download
    2. Next, copy your ‘Live’ or ‘Demo’ trading account number from the top right of the PrimeBit trading terminal. This account number will be used to log into MT5.
    3. Open MT5, paste this account number and set a password.
    4. For the ‘Server’ option, select ‘PrimeBit-Live’ for live trading or ‘PrimeBit-Demo’ for demo trading on MT5.Authorization PrimeBit
    5. In the case of live trading, deposits can be made by going to the ‘File’ tab on MT5 and clicking on the ‘Deposit’ option.
      MT5 Deposit
    6. Once clicked, you will be provided with a Bitcoin address and QR code to scan for the deposit.
    7. With the Bitcoin in your account, you can proceed with placing your first order by clicking on the ‘New Order’ tab above the MT5 chart.

    How To Cash Out On 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.

    1. Click on the  icon from the top left of your trading terminal.
    2. Click on the ‘Account dashboard’ option.Account Dashboard
    3. Next, click on the three dots next to the green deposit button on the next screen.
    4. Select the bottom option of ‘withdrawal’.Withdrawal tab
    5. On the next page, click the blue button also labeled ‘withdrawal’.Withdrawal
    6. Clicking on this option will then lead you to a new dialogue box that requests you to enter the amount of BTC or USDT you want to withdraw.BTC amount and 2FA
    7. After entering the amount and keying in your 2FA, you will be directed to a dialogue box where you add the withdrawal address for the transaction. Wallet address
    8. Once you input all this information, press ‘Confirm Withdrawal’ at the bottom of the screen.
    9. A message asking you to verify the receiving address will be sent to your email. If it does not arrive in your inbox, please check other mailboxes such as ‘Updates’, ‘Promotions’ or ‘Social’ tabs in Gmail.
    10. Once you verify the address, your withdrawal will be processed and you will receive email notification of the transaction.

    Supported Countries

    PrimeBit accepts members from almost all countries worldwide.

    Supported

    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.

    Excluded

    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.

    Exchange Fees & Limits

    As with all crypto derivatives platforms, PrimeBit has its structure for limits and fees associated with trading, deposits and withdrawals.

    Trading Fees

    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.

    Trading Fee Discounts Through an Affiliate Referral Link

    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.

    Deposit and Withdrawal Fees

    PrimeBit Deposit and Withdrawal

    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.

    • BTC – 0.005 BTC
    • Omni USDT – 0.0001 BTC
    • ERC20 USDT – 0.001 ETH

    In the case of withdrawals, PrimeBit charges the following fees.

    • BTC – 0.0001 BTC
    • Omni USDT – 5 USDT
    • ERC20 USDT – 1 USDT

    Limits

    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.

    • BTC – 0.0001 BTC
    • Tether – 1 USDT

    Supported Payment Methods

    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 Customer Support

    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 - Support

    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.

    Top Competitors

    PrimeBit vs Bitmex

    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).

    PrimeBit vs ByBit

    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 vs Binance

    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.

    Conclusion

    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.

    Pros and Cons

    PrimeBit Pros and Cons

     

    Is PrimeBit safe?

    PrimeBit has implemented several security measures to ensure funds are safe. They include 2FA authentication and storing funds in a cold wallet.

    Who owns PrimeBit?

    PrimeBit is registered in Saint Vincent and the Grenadines.

    Is there an official PrimeBit app?

    No. However, PrimeBit can be linked to the popular forex and stack trading MetaTrader5 (MT5) application available on both mobile and desktop.

    How do I contact support on PrimeBit?

    The most efficient way to contact support on PrimeBit is through there official email: [email protected]

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