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.

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:

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.

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.

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.

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.

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.

The new PrimeBit WebTrader is a big update for the platform as it is now optimized to work perfectly on any device with no need to install any software. 

You can plan your trading strategy on your desktop device and execute those orders from anywhere in the world wirelessly with your smartphone.

The new Web Trader interface is clean and well organized giving you overview of open and pending orders, order book, your profit or loss (PNL) and your position in the auto deleveraging (ADL) queue .

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:

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.

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:

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:

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.

If you are not fond of Primebit, here is a list of potential crypto margin exchanges that can be good alternatives:

The post PrimeBit Review 2021 – New P2P Crypto Derivatives Platform with 200x Leverage appeared first on CaptainAltcoin.

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