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PrimeBit Review

Last Updated on March 20, 2024

James Headshot
Written by
Adam Headshot
Edited by
PrimeBit logo
3.17
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
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The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

PrimeBit is a cryptocurrency trading platform with the goal of offering an optimal balance between advanced trading features and user accessibility. PrimeBit’s emphasis on perpetual contracts and leveraged trading makes it an attractive proposition for traders.

Although PrimeBit provides attractive leverage options and assets for trading, potential users should keep its lack of regulatory oversight in mind when considering it as a platform option. PrimeBit’s innovative trading approach, coupled with its outstanding security measures and support features make it standout among crypto exchanges.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Offers leverage up to 200x on cryptocurrency trades
  • Supports peer-to-peer trading
  • Provides a demo account for practice trading
  • No KYC required for account creation
  • Platform is accessible via web browser

Cons

  • Limited selection of cryptocurrencies available
  • Does not hold a regulatory license
  • Lacks a dedicated mobile app
  • Customer support may have slow response times
  • The user interface might be complex for beginners

Quick Summary

Headquarters Location Kingstown, Cumbria, UK
Fiat Currencies Supported (through third party apps) USD, AUD, GBP, CAD, EUR, NZD + 100 others
Total Supported Cryptocurrencies 50+
Trading Fees 0.02% - 0.05%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Apple Pay, Changelly
Support Facebook, Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Has no mobile app.

PrimeBit stands out as an exciting presence among cryptocurrency exchanges. Catering to an extensive range of traders, PrimeBit stands out for its unique approach to crypto trading – particularly through contract offerings.

PrimeBit homepage

This review offers insight into PrimeBit, providing insight into its features which shape user experiences.

PrimeBit’s entry into the digital currency sector represents a landmark step toward increasing traders and investors’ options in cryptocurrency trading and investment. Their unique trading platform emphasizes perpetual contracts as an alternative way for traders to navigate volatile cryptocurrency markets.

With services tailored specifically for different trading styles, the platform leverages direct peer-to-peer trading to streamline transaction processes and broaden its appeal beyond typical crypto exchange offerings.

About PrimeBit

PrimeBit Ltd, a cryptocurrency trading platform established in 2017, stands out by providing perpetual contracts on top digital assets like Bitcoin and Ethereum. Since its formation, PrimeBit Ltd. has successfully provided its services.

PrimeBit strives to offer users an open and flexible trading environment. Because PrimeBit does not fall under any regulatory oversight, users can utilize this information when weighing their options among various crypto exchanges.

PrimeBit features

Saint Vincent-based cryptocurrency trading platform CoinGecko has quickly grown in popularity among traders globally, yet certain countries – North Korea and Sri Lanka for instance – still impose certain restrictions.

PrimeBit’s evolution within the cryptocurrency space echoes its ever-evolving nature. At its launch, the platform appeared at an ideal time when traders needed more versatile instruments to capitalize on price movements of digital assets.

PrimeBit Ltd’s emphasis on perpetual contracts can be explained in part by wider market trends that have seen an upsurge in demand for such financial products. At PrimeBit Ltd., perpetual contracts represent one of our core areas of expertise.

Strategic positioning has allowed it to capitalize on this expanding market segment, capitalizing on consumers’ rising desire for leveraged products while managing regulatory landscape shifts and their associated opportunities and risks.

PrimeBit has a number of active social profiles including Facebook, Twitter, Reddit, Telegram and YouTube.

PrimeBit Supported Cryptocurrencies

PrimeBit supports trading on over 50 cryptocurrencies on their platform. This exchange currently supports 25 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Toncoin (TON)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Dai (DAI)
  • Polygon (MATIC)
  • Litecoin (LTC)
  • Uniswap (UNI)
  • Kaspa (KAS)
  • Internet Computer (ICP)
  • Pepe (PEPE)
  • Ethereum Classic (ETC)
  • Artificial Superintelligence Alliance (FET)
  • Aptos (APT)
  • Stellar (XLM)
  • Monero (XMR)

Download full list of cryptocurrencies PrimeBit supports

Trading Experience

PrimeBit strives to offer an engaging trading experience for novice and seasoned traders alike, featuring a user-friendly WebTrader that ensures efficient order execution processes.

PrimeBit attracts experienced traders with its advanced charting tools and various trading parameters that enable users to create and execute sophisticated trading strategies.

PrimeBit strives to offer traders of all experience levels an engaging trading experience that resonates with them. PrimeBit emphasizes flexibility and the variety of market analysis tools that are available.

Traders are equipped with an arsenal of analytical tools that enable thorough market analysis and decision-making. Utilizing cutting-edge trading technology like automated trading bots and calculators enables traders to plan and execute trades more accurately.

PrimeBit’s unique combination of technology and user-centric design epitomises its commitment to offering an engaging trading experience that can meet the ever-evolving requirements of cryptocurrency markets.

PrimeBit exchange marketing

PrimeBit Fees

PrimeBit strives to offer competitive trading fees by adopting a maker-taker fee model which impacts overall costs of trades. While specific rates aren’t discussed here, it is essential to remember that their fee system rewards market makers while simultaneously providing liquidity.

Funding fees may also apply on platforms offering leveraged trading, so traders should carefully assess how this fee might impact potential profits before engaging with any platform.

PrimeBit understands that trading costs can have a dramatic impact on profitability, so their fee structure aims to remain cost-competitive within their market. Their maker-taker model mirrors industry initiatives geared toward encouraging liquidity.

Although PrimeBit does not disclose specific fees, its fee structures seem tailored towards active traders who contribute depth to the market. Being aware of its fee structures is key when making decisions on where to conduct trading activities.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 0%
Trading Fee 0.02% - 0.05%

PrimeBit supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, they don't charge anything above the standard Bitcoin network fee. Across all the crypto exchanges we've reviewed, the average Bitcoin transaction fee charged is 0.000401 BTC compared to the actual network fee of 0.000026 BTC. This means you are saving 93.42% on Bitcoin transactions by using PrimeBit instead of other exchanges.

Security - Is PrimeBit Safe?

PrimeBit recognizes security as an absolute priority for trading platforms and has taken proactive measures such as two-factor authentication and secure email communication to address it.

PrimeBit operates without formal regulation, prompting users to exercise additional care when using it. Though safety measures have been adopted by PrimeBit to safeguard user security, users must conduct their own due diligence as part of due diligence for themselves.

PrimeBit takes an approach to security that’s multifaceted in order to combat online trading’s ever-present threats, going beyond two-factor authentication and secure email practices by employing various security protocols designed to safeguard users’ funds and personal information. This includes two-factor authentication, secure email practices, as well as various safeguards designed to keep personal information private.

Encryption, regular security audits and adhering to best practices in cybersecurity all form part of their defensive arsenal. While these measures are admirable, without regulatory oversight it’s vital for traders to fully grasp all implications associated with trading on platforms that may not enforce traditional safeguards.

PrimeBit Customer Support

PrimeBit provides traders with an efficient customer support system that includes email assistance and chat support. Queries are usually responded to within business days for optimal user experiences.

The platform’s commitment to support is indicative of its understanding that effective communication plays a vital role in a trader’s journey.

PrimeBit recognizes the significance of providing traders with a comprehensive customer support framework in today’s complex and fast-paced trading environment, so they provide support channels beyond email or chat support to build trader confidence and maintain trader trust.

The exchange offers educational resources to help traders better comprehend the nuances of cryptocurrency trading and specific features of their platform. Their goal is clear: not only responding to immediate queries, but also expanding knowledge so as to make more informed decisions regarding trading activities.

PrimeBit support

PrimeBit Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on PrimeBit

  1. Create Account - Visit the PrimeBit website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you can deposit using the methods listed below. Note that this exchange only supports depositing fiat currencies through third party apps it supports.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Changelly

PrimeBit Alternatives

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Trading Fees
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Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

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Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
356+

Trading Fees
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Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

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Final Thoughts

PrimeBit has established itself as an innovative broker, particularly for traders interested in leveraged trades and crypto derivatives trading. While its contract details and trading fees may be attractive, traders must remain mindful of any associated risks due to lack of regulatory framework.

Cryptocurrency exchanges have never been more essential as digital assets continue to make an indelible mark in global finance. According to industry experts, trends such as an increase in leveraged trading and the introduction of crypto derivatives could dramatically alter how exchanges like PrimeBit operate.

PrimeBit and other exchanges will play an integral part in shaping digital finance through rapidly shifting economic conditions and technological innovations, shaping its trajectory while remaining secure trading environments. Their success will depend on their capacity for innovation while simultaneously offering safe trading environments.

PrimeBit FAQs

It’s essential to approach PrimeBit with caution, as its legitimacy is not clear-cut. While PrimeBit offers trading services, including perpetual contracts for popular cryptocurrencies like Bitcoin and Ethereum, it operates from Saint Vincent and the Grenadines, which does not have stringent financial regulatory oversight.

Additionally, while it aims to provide a platform for crypto traders and advanced traders, its status as an unregulated broker should be a significant consideration for potential users. The risks associated with trading on unregulated exchanges include the possibility of inadequate safety measures, which could affect the security of deposits and personal details.

Crypto traders should conduct thorough research and due diligence or consider CySec-licensed brokers that offer robust security measures. User testimonials and objective analysis, such as PrimeBit Profit Reviews, are also valuable for getting an impersonal analysis of the exchange.

To withdraw from PrimeBit, a cryptocurrency trading platform, you typically need to follow a systematic process. First, log in to your account on the trading platform, navigate to the withdrawal section, and select the asset you wish to withdraw.

Enter the amount and the wallet address to which you want to transfer your assets. You may need to complete authentication steps, such as 2-factor authentication, to ensure the safety of your funds.

After submitting your withdrawal request, it will be processed, which may take several business days, depending on the exchange’s policies and market conditions. Always review the trading conditions, potential fees, minimum deposits, and withdrawal limits that PrimeBit may have in place.

PrimeBit may have withdrawal limits in place, which can vary depending on the trader’s account level, verification status, and the specific assets for trading. Crypto exchanges often implement such limits as part of their risk management procedures and to comply with anti-money laundering regulations.

To find out the specific withdrawal limits for PrimeBit, users should consult the exchange’s terms of fees, review the contract details on the PrimeBit WebTrader or desktop application, or contact customer support directly through email or the available chat option. It’s crucial for users to be aware of these limits to adequately plan their trading activities and manage their expectations regarding potential profits and withdrawals.

PrimeBit is a crypto margin trading platform that offers traders the opportunity to engage in leveraged trading of digital assets. It provides trading interfaces like the PrimeBit WebTrader and a desktop application, allowing traders to execute trades on various crypto assets without expiry dates.

The platform is known for peer-to-peer trading with a maker-taker fee model, offering perpetual contracts for cryptocurrencies such as Bitcoin and Ethereum. PrimeBit Ltd.

is the company behind the platform, and it operates from Saint Vincent and the Grenadines, catering to a global user base, including advanced traders. However, PrimeBit is an unregulated broker, meaning it doesn’t have to adhere to the same regulatory standards as regulated brokers, which could affect the safety measures for user deposits and personal details.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: