Launched in 2019, PrimeBit is a cryptocurrency derivatives exchange designed for new and professional traders. The user interface is simple and intuitive, with advanced tools such as technical analysis tools, margin trading, and customizable orders. Traders can also access various analytic tools via the web and mobile platforms to help them make informed decisions on the market.
As with any other big forex broker site, PrimeBit allows users to trade on a range of spot and derivatives markets through their wide selection of cryptocurrency pairs. However, the platform only offers up to 1:200 leverage and isn’t available to traders in the United States because of regulatory compliance restrictions.
The PrimeBit broker provides access to several assets, including stocks, cryptocurrencies, indices, and commodities. The platform is based in St Vincent and the Grenadines and allows users to trade crypto on margin via the web and mobile trading platforms. For those who deposit crypto, PrimeBit operates a cold storage protocol, meaning the cryptocurrencies deposited are stored offline to keep them safe. In this PrimeBit review, we will discuss all you need to know before using PrimeBit exchange to trade.
When it comes to investor protection and regulation, PrimeBit strives to ensure that their clients’ funds and interests are safeguarded at all times. At the moment, the platform isn’t regulated by any major financial authority. While there is no guarantee of complete safety, PrimeBit has put in measures to protect their clients’ funds, including the use of cold storage.
Cold storage is a method of securing digital assets, primarily cryptocurrencies, and other financial instruments. It means keeping funds offline in an environment that is not connected to the internet or to any other networks. PrimeBit does this to ensure that your money remains secure from any online threats, such as hackers or malware.
In addition, the platform employs a number of security measures on its website, such as data encryption and two-factor authentication (2FA). Since there is little to no regulation, the broker doesn’t have strict know-your-customer (KYC) requirements for opening accounts. This could be good for investors who would love to trade without having to provide a lot of personal information.
PrimeBit trading assets cover a wide range of markets and provide traders with many opportunities to invest. Actually, you can say that the number and diversity of tradable assets are quite impressive. The platform offers a wide range of stocks, cryptocurrencies, indices, and commodities for investors to choose from. This enables traders to diversify their portfolio by trading multiple asset classes across different markets.
The fees on PrimeBit vary based on the asset being traded. Cryptocurrencies such as ETH/USD and LTC/USD have maker fees of 0.02% and taker fees of 0.05%. The PrimeBit Bitcoin commission is the same as that of Ethereum and Litecoin, making it easier for traders to calculate trading costs while trading these popular cryptocurrencies.
Commodities such as natural gas and oil have maker fees of $5 and taker fees of $5. It’s best to check out the broker’s fee page to learn how much you’d be charged for opening and closing your orders.
There are no deposit fees charged on PrimeBit; this makes it easy to move funds into your trading account without any extra charges. The withdrawal fees, however, vary depending on the withdrawal method utilized.
The spreads on the platform are quite competitive and minimal for most assets, making it attractive for traders looking to get the best prices for their trades.
PrimeBit offers a single account type for traders to trade on its platform. Opening an account is relatively straightforward and can be done in just a few steps:
The first step is to follow our link to the PrimeBit website and create an account. Once you log onto the platform, click on “Get $80 Bonus” on the top right, and you will be taken to a new page to input your email.
If you’d like to trade or analyze the charts without signing up, then scroll down and click on “Start Trading.”
This will take you to the platform’s web trader—which has multiple tools, assets, trading terminals—and continue the PrimeBit sign up process.
The next step is to input your email and click on “Sign Up.” Alternatively, you can sign up with Google or Facebook.
Once you’ve entered your email, a confirmation email will be sent to the address. Click on the link in the email, and you’ll be directed back to PrimeBit, where you can create your account password.
Once you’ve created your password, you can log into your PrimeBit account and start trading.
For those who are new to trading, the PrimeBit demo account can be of help by providing virtual funds for trading purposes.
PrimeBit offers a variety of payment methods for deposits and withdrawals. These include different cryptocurrencies such as BTC, USDT, and ETH. The minimum PrimeBit withdrawal amount varies across the different payment methods but withdrawals made via the Bitcoin lightning network, which have a maximum of 0.015 BTC.
Traders using PrimeBit withdraw without limits on the minimum and maximum deposit amounts. All deposits are credited instantly, and no fees are charged. Clients trading with PrimeBit deposit cryptocurrencies and use them as capital to trade other assets with leverage.
Depositing funds through cryptocurrency is quick and easy, with no fees charged by the broker. You can find multiple payment options such as cryptocurrencies—including Bitcoin, Ethereum, and Tether—as well as traditional payment methods such as bank wire transfers and credit cards. Bank wire transfers and credit card deposits may take longer to process. Overall, PrimeBit provides flexible and convenient deposit options. Here are some of the PrimeBit fees.
Traders can withdraw their funds using the same payment methods they used for deposits, including cryptocurrencies and bank wire transfers. Withdrawals through cryptocurrencies are usually processed within 24 hours, while bank wire transfers can take up to five business days. PrimeBit’s withdrawal process is straightforward and transparent, making it easy for traders to access their funds.
Since PrimeBit isn’t regulated, it is difficult to find information about how the broker handles the safety of funds. However, PrimeBit does use cold storage for its clients’ cryptocurrency deposits, which adds a layer of security to protect traders from any potential theft or hacking. Cold storage is an offline wallet that holds funds away from any hackers or malicious actors on the internet.
PrimeBit also has automatic position stop-outs when your account goes below 50% of the initial margin, which helps prevent further losses if you’re in a losing position.
In addition, the broker has 256-bit encryption, which is one of the highest levels of security in the industry and helps protect your personal data and funds. This, along with 2FA, helps create an extra layer of security for traders on the platform.
PrimeBit’s web trading platform is easy to navigate and provides traders with access to a variety of tools and assets. The platform can be used on any device, including mobile devices, and supports both automated and manual trading. Traders can also use the built-in charting software for technical analysis.
The interface is intuitive and user-friendly, offering features such as several order types and trade management settings. The platform shows the open, filled, and pending orders. The top left section of the screen shows several assets that can be accessed easily from the drop-down menu and analyzed on the trade screen.
PrimeBit’s web trader is quite similar to TradingView’s charting platform. The indicators can be added by clicking on the “f” symbol at the top left, while the tools can be added by choosing from the options on the left column.
In addition, PrimeBit’s web trading platform displays key account details, including the account balance, margin, and equity.
PrimeBit also offers a mobile version of its platform, which is available for iOS and Android devices. The MT5 app has all the features of the web-based platform, including access to multiple currencies, charting tools, and various order types.
The mobile platform is responsive and intuitive, making it easy to navigate even for beginner traders. Order types can be placed quickly with just a few taps, while the charts are easy to read and understand.
Overall, PrimeBit’s mobile trading platform provides an excellent user experience for anyone looking to trade on the go.
As far as performance goes, the app runs smoothly and efficiently with minimal delays or lags in loading times. The speed of execution is good enough for most trades, and there are no major issues with lag or connection drops.
Overall, PrimeBit’s mobile app provides an excellent user experience for anyone looking to trade on the go. The order types are easy to place, and the charts are clear and intuitive to read. The performance is great with minimal delays or lags in loading times, making it a good choice for mobile traders.
The app can be downloaded for free at app.PrimeBit.com and is available for both iOS and Android devices. Once you log onto the site, click on the hamburger menu icon by the left and select “Download MT5 App.”
Trading features at PrimeBit include stop losses and take profits, price alerts, P2P trading, and the MT5 platform.
PrimeBit’s customer support is available via email only, and they tend to respond in less than 24 hours. The team is friendly and knowledgeable and can help answer any questions or queries that customers may have about the platform. Additionally, tutorials and guides are available on the website, and these can guide users through any issues they may encounter while trading.
For PrimeBit account-related questions, contact [email protected].
PrimeBit is available in the following languages:
Besides trading, our PrimeBit review shows that the platform has a feature called “Earn and Trade,” which allows users to make money by staking. Staking is a way for users to earn more cryptocurrency by depositing their holdings into the PrimeBit platform. This can be done with any supported asset and offers incentives in the form of additional rewards on top of the profits earned from trading.
The amount received depends on the stake size and duration, and the staking rewards are added to your staking balance daily.
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No, PrimeBit is currently unregulated, and the trading platform hasn’t been licensed by any authority or financial watchdog. This also means the broker has minimal KYC requirements, which can make signing up and trading relatively simple.
No. Because of legal restrictions, U.S. citizens are not allowed to trade on PrimeBit. This is because of the regulations imposed by the Commodity Futures Trading Commission, which forbids brokers from accepting U.S. traders unless they are registered.
No. PrimeBit only offers crypto, indices, stocks, and commodities and does not offer any forex-based currency pairs.
PrimeBit’s leverage is up to 1:200, meaning that traders can open positions with a leverage of up to 200 times the amount they are trading. Leverage is generally used to increase potential profits but also increases the risk of losses, so caution should be taken when using high levels of leverage.
Yes, PrimeBit is a legitimate online broker that is regulated by the International Financial Market Relations Regulation Center (IFMRRC). You can count on its transparent trading environment.
PrimeBit is a great option for those looking to trade cryptocurrencies, indices, stocks, and commodities. This platform offers good security features and low fees as well as bonuses and promotions that can help offset losses on trades or increase potential profits. However, the lack of regulation raises some concerns, and traders should be aware of the risk associated with trading on an unregulated platform.
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