PrimeBit Review 2020
PrimeBit is a peer-to-peer cryptocurrency exchange that provides traders with the advanced MetaTrader 5 trading platform and the intuitive PrimeBit WebTrader for trading multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Tether, and more, with a leverage of up to 1:200. Clients get access to a range of helpful trading tools and educational resources.
PrimeBit Review 2020, Pros & Cons
- Flexible & user-friendly trading platforms
- Range of cryptocurrencies
- A selection of educational resources
- Unregulated broker
- Limited account funding options
- Limited choice of trading instruments
- US clients are not accepted
- No online chat support
In this detailed PrimeBit review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
PrimeBit is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including PrimeBit.
PrimeBit Review: Summary
Operating from Saint Vincent and the Grenadines, PrimeBit is a P2P crypto trading platform that offers multiple cryptocurrencies for online trading via a range of sophisticated trading platforms, including the popular MetaTrader 5 trading platform. PrimeBit strives to make contract trading simple and accessible to everyone. There is also a selection of educational resources, which are available to help clients improve their trading skills and knowledge.
PrimeBit Review: Regulation
PrimeBit brand is operated by PrimeBit Limited, which is registered in Saint Vincent and the Grenadines or its relevant authorized affiliates. However, there is no regulatory information on the exchange’s website.
Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our best trading brokers for alternative regulated brokers.
PrimeBit Review: Countries
PrimeBit’s services are not available to residents of the United States and other countries whose jurisdiction requires prior registration of issue of securities or information obligations of the issuer, such as Canada and Japan; or where such services or the trading platform is prohibited or contrary to local law or regulation.
Some PrimeBit features and products mentioned within this PrimeBit review may not be available to traders from certain countries because of legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
PrimeBit Review: Trading Platforms
PrimeBit provides traders with the popular and highly advanced MetaTrader 5 trading platform. It has a range of useful features, such as risk management tools to limit trade losses and a user-friendly interface. The MetaTrader mobile trading app is designed for Android and iOS devices and can be downloaded from the respective app stores free of charge.
There is also the PrimeBit WebTrader, which runs directly on most modern web browsers and creates a unique and easy flow for cryptocurrency trading without the need to download or install any additional software. The PrimeBit platform gives traders access to trade linear perpetual contracts for Bitcoin, Ethereum, and Litecoin.
PrimeBit Review: Trading Tools
Clients also get access to a range of useful trading tools to aid their trading. They include the Trading API (REST API, and WebSocket), and the PrimeBit Trading Calculator that helps to determine the effects of any selected leverage on your account.
PrimeBit Review: Education
There is a wide selection of educational resources provided by PrimeBit. They include Video Tutorials, Trading articles, and an FAQ section.
PrimeBit Review: Trading Instruments
PrimeBit offers a unique way to trade multiple cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Tether, and more.
PrimeBit Review: Trading Accounts & Fees
The PrimeBit exchange offers traders a live trading account for trading multiple cryptos with real money. There is also a demo account for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this PrimeBit review. It is imperative to ensure that you check and understand all of the latest information before you open a PrimeBit broker account for online trading.
PrimeBit Review: Customer Service
The Exchange has a knowledgeable customer support team that can be reached via the Help Window on the website, and the team will respond via email. You can also reach them on social media.
PrimeBit Review: Deposit & Withdrawal
PrimeBit accepts Bitcoin and Tether deposits only. They do not charge any fees on deposits, while the withdrawals are instant.
PrimeBit Review: Account Opening
Opening a trading account is very easy: simply click on the ‘Register’ button and ensure you fill out the form accurately before clicking on the submit button.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
PrimeBit Review: Conclusion
In brief, PrimeBit is a cryptocurrency exchange that operates from Saint Vincent and the Grenadines, offering traders the opportunity to trade many cryptocurrencies via the MT5. They also provide traders with their proprietary WebTrader platforms, some helpful tools, and a selection of educational materials. However, PrimeBit is unregulated which may be a red flag for some potential clients. You may wish to view our best trading brokers for regulated alternatives.
Trading in the products and services of PrimeBit Limited, even if made in accordance with a recommendation with financial advisors, results in losses as well as profits. Particularly, trading in digital currencies can be very speculative and losses and profits may fluctuate both violently and rapidly.