PrimeBit: review of the exchange with 200x leverage
PrimeBit: review of the exchange with 200x leverage
Exchange

PrimeBit: review of the exchange with 200x leverage

By Marco Cavicchioli - 22 Jun 2020

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PrimeBit is an exchange which allows trading with bitcoin and altcoins using up to 200x leverage

The exchange features a complete trading layout but at the same time a relatively easy to use interface. 

It currently offers trading with USD and USDT for BTC, ETH and LTC, namely these six pairs: BTC/USD, ETH/USD, LTC/USD, BTC/USDT, ETH/USDT and LTC/USDT. 

Despite being a recently launched platform, it already supports twelve different languages, since in addition to the English version there are also the Polish, Russian, Spanish, Portuguese, Turkish, German, Japanese, Chinese, Korean, Vietnamese and Thai versions. 

Another feature that may be of interest to many users is that registration to the platform does not require any identity verification, in other words, it does not require KYC. However, in the absence of identity verification, there are some trading restrictions which require the completion of the KYC procedure in order to be removed. 

Demo account

After registration, it is possible to use a Demo account, available in the account dashboard by clicking on the top right of the interface, in order to try using the platform without putting real funds at risk

This allows users to not only test the functioning of the various instruments but also to test their skills as a trader before making risky leverage transactions. 

It should be noted that while leverage increases the possibility of profit, it also increases the risk of loss, hence it should only be used in a conscious way, and by people who are well aware of the risks. The Demo account can help those who do not yet completely understand how leverage trading works, allowing them to acquire the experience necessary to minimize the risks resulting from inexperience.

Intuitive interface

primebit interface

The interface is intuitive, simple to use, and requires no experience in trading to begin with. This could encourage less experienced users to start trading straight away, risking real capital, while the Demo account can certainly help a lot to avoid improvised strategies. 

In particular, the new PrimeBit WebTrader has just been launched, which is faster and offers an even better user interface in a single screen. 

The interface features the trading chart in the middle, while on the left side there are the tools for creating charts, and on the right side, there is the order book and the various types of orders (limit, market and stop). 

Even in the mobile version the interface and the operation are almost identical, allowing to operate virtually in the same way. 

The exchange accepts deposits and withdrawals in BTC and USDT, with no minimum deposit. Deposits are credited after reaching 1 confirmation on the blockchain, while withdrawals are immediate.

primebit deposit

Perpetual Contracts

primebit contract

PrimeBit’s perpetual contracts do not have an expiration date, so they can be held as long as the fees can be paid.
In addition, the exchange does not liquidate positions at the liquidation price unless a negative balance is reached because, in contrast to common practice, it does not rely on an insurance fund. 

Another peculiarity is that the value of the contracts is a fixed point, i.e. when the price of BTC in USD rises or falls by $1, the contract value changes by 0.1 mBTC. This makes it much easier for traders to estimate the value of the contracts they are buying. 

Fees

Trading fees are -0.0250% for Maker and 0.0750% for Taker, and there are limitations on leverage trading. 

These limitations depend both on the cryptocurrency traded and the amount of leverage itself.
For example, when trading BTC without leverage (1x) the maximum position is 20,000, while when trading BTC with maximum leverage (200x) the maximum position is 100. 

primebit fees

Customer service

PrimeBit also relies a lot on its own customer service. In general, they respond within 15 minutes, which is very helpful particularly for less experienced users who want to quickly learn how to use leverage, for example. 

Affiliate programme

primebit affiliate program

The platform also offers its users an affiliate programme, thanks to which, when sharing their referral link, they can obtain perpetual participation in the income from each transaction carried out by the invited users.

Users can earn up to 20% of the commission generated by users who have registered using their referral link. It is a multi-level program. 

For more information PrimeBit has also activated a specific Telegram chat for questions related to the affiliate programme: https://t.me/PrimeBitAffiliates.

Video tutorial

To illustrate the use of the platform, two video tutorials have been published on YouTube. 

The first is for the desktop version: 

https://www.youtube.com/watch?v=8BVccLGMKCM 

The second is for the mobile version: 

https://www.youtube.com/watch?v=SD1h_PZ5A2c   

Limitations

Its main limitation is the still relatively low trading volumes, as the platform is new. In the last 24 hours, for example, the bitcoin trading volume has been slightly higher than 850 BTC, while for Ether it has been just over 5,000 ETH. 

Another restriction is that it does not allow trading to users residing in the United States, or to citizens and residents of Canada, Japan, Algeria, Afghanistan, Bahamas, Botswana, Cambodia, Crime and Sevastopol, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Myanmar, North Korea, Pakistan, Serbia, Sri Lanka, South Sudan, Syria, Tunisia, Trinidad and Tobago and Yemen.

Conclusions

It is a relatively young, easy to use exchange and one of the few to offer leverage up to 200x. 

It differs from other exchanges for some of the features in the offered contracts. It also focuses a lot on being easy to use and on good customer service. 

The only real limitation at the moment is liquidity.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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