PrimeBit Review 2020 – New P2P Crypto Derivatives Platform with 200x Leverage

2020-1-23 02:13

Loyal to the original ethos of cryptocurrencies, Primebit is the new P2P derivatives exchange that requires no KYC and doesn’t act as a counterparty in your trades.

As you read this Primebit review, you will surely raise your eyebrows to some unique features this platform offers and, if you are an experienced trader with years of trading under your belt, you’re definitely going to like it.

Primebit offers an option to do a whopping 200x leverage trades, unrivalled margin in the industry, and has no barrier to entry – there is no minimum amount you need to deposit. It runs on a popular MT5 platform.

Visit PrimeBitSo what is PrimeBit?

As I said in the introduction part, this is a new crypto derivatives exchange that runs on an MT5 platform, requires no KYC at registering, offers 200x for three contracts it currently offers:

BTC/USDETH/USDLTC/USD

The company is young, established in 2019 and located on the exotic island of Saint Vincent and the Grenadines. Even though they are a new kid on the block, internet is full of overwhemingly positive reviews and feedback by their customers. For now, we can safely state that PrimeBit is a legit exchange.

Just like with other unregulated exchanges, PrimeBit is not available for traders from the United States due to the active US Securities Act of 1933. PrimeBit also does not support the following countries: Canada, Japan, Algeria, Afghanistan, the Bahamas, Botswana, Cambodia, Crime and Sevastopol, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Myanmar, North Korea, Pakistan, Serbia, Sri Lanka, South Sudan, Sudan, Syria, Tunisia, Trinidad and Tobago, and Yemen.

What does P2P mean?

It means that you don’t trade against the exchange, which is often a surface for manipulations (just check the complaints of traders against one of the most popular margin exchanges in crypto – BitMex), but directly with other traders.

This also eliminitaes the honey-pot for the hackers since the exchange holds no funds, it doesn’t act as a market maker or insurance fund. Thanks to this structure, unlike other Contract for Difference (CFD) exchanges, it doesn’t take your money when you hit a certain liquidation threshold if you have enough BTC to fund it.

But, how does PrimeBit earn money?

With this exchange, your counterpart is another, regular trader like you. He will create your profits or losses, and PrimeBit makes money via fees it charges for creating the trading structure.

Get used to PrimeBit via their free demo account

This is especially important for new traders – there is a full featured demo account where you can trade with imaginary money and test out all the options and functionalities the exchange offers.

PrimeBit major featuresleverage of up to 200x – the highest leverage in the crypto industryRuns on a popular MetaTrader 5 desktop and web applicationNo KYC, no minimum deposits – Register in minutes, deposit your coins, and trade perpetual contracts without any limits to your profits.Fair Price Marking – a mechanism to allow smooth trading on volatile assets even with high leverageNo expiry dates – trade perpetual contracts with no limits to your profitsFixed point value – easy to understand price model with linear returnsA lucrative affiliate program that offers up to 20% revenue share for the referring partnersPrimeBit Trade Calculator for easy computing of the basic parameters of an order you consider to make.Payouts are linear, and its spot indexes are calculated using the price of four major and trustworthy exchanges – Bitsamp, Coinbase, Kraken, and Gemini.user funds are held in cold storage You can use profits from existing trades to open new tradesHow to start – signing up on PrimeBit

Signing up on PrimeBit is a breeze since it requires no personal data, just your email that needs to be confirmed after you submit it.

Once you do that, you will land on the main dashboard screen where you can deposit BTC right away. In order to start trading, you’ll need to log in to the Meta Trader 5 app (you will need to download it first) or web trader platform using your funded account number and password, and you’re ready to place your first trade.

Btw. the whole process of starting with PrimeBit and generally, anything you would want to know about the platform is covered on their very detailed tutorials section of the website.

Please note that there is a demo account that you can take for a spin before depositing real money. This demo account (demo MT5) is a mirror of live account and you can open an unlimited amount of demo accounts to test the platform and your strategy.

PrimeBit review: Fees and contracts

As already explained above, PrimeBit earns its money from the maker fees, and doesn’t take any portion of the funding fees, which have to be paid every eight hours.

The well-known and established forex platform, MT5, has advanced charting tools that you can use to analyze the markets, and it also integrates seamlessly with a number of third-party applications.

Below is a detailed overview of fees and other contract details:

BTC/USD ETH/USDLTC/USDContract typeSimplified perpetual contractQuanto perpetual contract Quanto perpetual contractMaker fee-0.0250%-0.0250% -0.0250%Taker fee0.0750%0.0750% 0.0750%PayoutLinearLinear Linear$1 price change value0.0001 BTC0.0001 BTC 0.0001 BTCSettlementNo expirationNo expiration No expirationMax leverage200x200x 200xReference priceBTC/USD spot indexETH/USD spot index LTC/USD spot indexSpot index weightingBitstamp,Coinbase,Kraken, GeminiBitstamp,Coinbase,Kraken, Gemini Bitstamp,Coinbase,Kraken, GeminiSpot index weightingEqual weightedEqual weighted Equal weightedFunding intervalEvery 8 hoursEvery 8 hours Every 8 hoursMinimum contract size0.0001 BTC0.005 BTC 0.01 BTCLiquidation referenceFair priceFair price Fair priceContract loss mechanismAuto-Deleveraging systemAuto-Deleveraging system Auto-Deleveraging systemPrimeBit review: The Contract

We mentioned that contracts offered on PrimeBit (currently offers 3 contracts) are perpetual. But what does that mean?

It means that they have no expiry date, can be held “forever” (as long as you can pay the funding fees every 8 hours).

By using this type of contract, PrimeBit removes time value from the pricing equation and makes it much easier for the contracts to track the price of the underlying tokens directly.

All contracts are priced in USD but settlement happens in BTC with fixed price of a contract and funding fees.

The funding fees for the contracts are determined by a premium/discount index that traders can view at any time.

PrimeBit security

It is a fairly new exchange, so it was never hacked. As mentioned above, 99% of user funds are kept in offline, cold wallets. This reduces hacking possibility to a minimum.

PrimeBit also implemented all best practices and security measures from the industry, like data encryption and 2FA authentication.

Additionally, the trading platform runs on a popular trading application MetaTrader 5, which comes with the following security measures:

Data encryption. All data sent between PrimeBit and the server is encrypted using 128-bit keys.Server and extended authentication. All clients and trade servers must confirm their authenticity to ensure that they are who they claim to be. Also, it is possible to enable extended authentication for additional protection against unauthorized access.Configuration files protection ensures that it is impossible to connect to the trade server using stolen Config files. All configuration files storing connection settings and accounts and encrypted.Password protection. All password entering fields are protected against being viewed via various hacking applications.Account and information database encryption. Meta Trader 5 protects all account and information databases from being used on other platforms using top-grade encryption.PrimeBit usability and design

PrimeBit didn’t develop its own trading platform but decided to use established and familiar trading platform MT5. MetaTrader 5 is very user-friendly with powerful features – combination that will please even the most demading users.

Here are some of the things that MT5 offers traders:

Custom Charts MT5 has advanced charting tools that traders find useful. You can adjust the timeframe and the kind of chart, which is a nice feature to have. There are also a number of indicators that are built into MT5, which is very handy for trading in any market.Order Types MT5 has loads of customizable order types as a standard feature. You will be able to set limit and trailing orders with MT5, which isn’t the case at many crypto exchanges. Trailing stop-loss orders ensure that you can lock in profits in a market that is moving quickly, and not have to live at your trading terminal.Layouts If you want to change how your trading interface is displayed, MT5 gives you loads of options. You can make the market that you trade the largest chart, and change how the symbols are displayed in the info box as well. There are loads of options, and MT5 makes it simple to view information the way you want.PrimeBit review: final words

PrimeBit is bringing new paradigm in the world of crypto derivatives trading. It is an innovative broker that introduces some new features, along with offering standard options on steroids (leverage of up to 200x).

Number of contracts is a bit low for now, but that will probably change in the future as the platform grows and expands to add more contracts.

High leverage, fair and fixed pricing, transparent fees, perpetual contracts and peer-to-peer trading make it one of a kind platform. Additionally, it is highly secure, user friendly and can be accessed on multiple devices.

Visit PrimeBit

The post PrimeBit Review 2020 – New P2P Crypto Derivatives Platform with 200x Leverage appeared first on CaptainAltcoin.

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