PrimeBit: An easy to use derivatives exchange with the highest leverage of all
PrimeBit is the first peer-to-peer (P2P) Bitcoin-based derivatives exchange, offering up to 200x leverage for perpetual contracts in BTC, Ethereum, and Litecoin.
Unlike other similar ones, the platform does not make money when its users lose money; it simply facilitates P2P transactions, rather than accumulating money in the insurance fund.
What makes this portal unique, with its leveraged commercial offer, are its P2P network, without expiration dates, fixed point value and total transparency.
PrimeBit, established in 2019, is located on the island of Saint Vincent and the Grenadines. As a relatively new player in the Bitcoin derivatives market, the exchange doesn’t have a long track record behind it. However, the overall response online about the service has been positive so far.
What does PrimeBit offer?
PrimeBit is a new, innovative and daring exchange that goes the extra mile to offer some of the best trading conditions on the market, including:
- 200x leverage , the highest on the market, to trade Bitcoin, Litecoin and Ethereum.
- P2P crypto derivatives platform , where you trade directly with other traders instead of using an exchange that acts as a market maker and broker so that none of your funds end up in the insurance fund.
- An app on the web and for the PC , integrating MetaTrader 5, which allows access to the platform, through a web browser, a desktop application and a mobile application. Very easy to use.
- No minimum deposit required , no contract expiration dates and forced KYC. In addition, registrations are made in minutes, with deposits in BTC, and perpetual contracts can be traded without profit limits.
- Fixed point value , which makes it very easy to understand and calculate potential returns. Alternatively, the exchange calculator can be used.
- Free demo account , where traders can improve their skills and test the platform before starting real operations.
- A lucrative referral program , which allows you to earn up to 20% of the income generated by your guests.
In addition, the PrimeBit platform is available in 12 languages: English, Polish, Spanish, Turkish, Portuguese, Japanese, German, Chinese, Russian, Vietnamese, Thai and Korean.
PrimeBit is quite a generous trading platform when it comes to its fees. It does not charge any deposit fees, while withdrawals will cost you 0.0005 BTC, which is 40% lower than the global industry average BTC withdrawal fee (0.0008 BTC). Other than that, derivatives trading revolves around commissions from market makers and takers .
The manufacturer fee is charged for placing offers in the order book (hence the term market making). Since manufacturers make up all the liquidity in the market, the platform pays you 0.025% for placing orders that are available.
The taker fee is charged to those users who draw liquidity from the market by placing orders that match the manufacturer’s selling price. On said portal, buyers pay a relatively small fee of 0.075%.
This is why PrimeBit is considered not only as the exchange that offers the highest crypto leverage trading, but also as one of the fairest.
Their contracts have no expiration date, the payouts are linear, and their spot ratios are calculated using the price of four major and trusted exchanges : Bitsamp, Coinbase, Kraken, and Gemini.
The most important thing is that the platform is not the counterpart in any of your operations. Therefore, unlike other contracts for difference (CFD) exchanges, your money is not needed when it reaches a certain settlement threshold if you have enough BTC to fund it.
Security at PrimeBit
PrimeBit takes security seriously and stores 99% of user deposits in a highly secure cold wallet system.
In the event of an attack, hackers would have great difficulty in recovering the private keys of all users without a complementary physical attack.
The PrimeBit trading platform is coded in the C ++ programming language and is hosted on Amazon Web Services (AWS) servers.
Many popular cryptocurrency exchanges and related services also run on AWS, and that is generally accepted as a safe practice.
How to use the PrimeBit?
To start using the platform, you have to register and that is very easy to do. The platform does not require any identity verification which is quite beneficial for those who want to bypass KYC and identity checks .
New users must provide a valid email address where they will receive a confirmation message. After that, they just need to confirm and set a password. No further action is required. From here, merchants must deposit.
Then the deposit must be made. Depositing with the exchange is not complicated. First things first, users need to access the Web Trader platform, which is done as soon as they log into PrimeBit. Then, in the upper right corner, there is a “Deposit” button.
Clicking on it opens a pop-up window where users have their BTC and USDT accounts on display. The creation of an account is done through the main panel.
PrimeBit only allows Bitcoin and USDT deposits, and other cryptocurrencies or fiat are not accepted.
From here, it’s pretty straightforward. All you need to do is click the “deposit” button, get the individual deposit address, and transfer the funds. Once this is done, you can start trading.
Before starting real money trading, users may want to test the waters and see how the software works before embarking on leveraged trading. That is why PrimeBit also offers Demo accounts available in the Account Dashboard.
In the upper right corner of the interface, there is a drop-down menu where users can navigate through their different accounts and select “Demo” if they want to test the platform without risking money.
As soon as the account is loaded, merchants can start placing orders. This is what Web Trader looks like on the desktop .
There is also a mobile version of Web Trader so that users can be present in the market even on the go.
Overall, the interface is simple and easy to use. It is intuitive and does not require any prior business knowledge to navigate. In the middle is the trading chart. On the left side, there are different charting tools, while on the right side, there is an order book and order types. This is where orders are placed.
PrimeBit has three different types of orders: Limit, Market and Stop.
The first is used when traders want to open a position at a different price than the current market price; the latter are the most common type, as they are immediately executed at market prices, hence the name. (Click the pic to enlarge); and the latter is used to determine an exit point in advance, which, when met, will see its closed position. They can be used to maximize profits (Take Profit) or to minimize losses (Stop Loss).
Once the position is active, it will be displayed just below the chart section. Here, traders can monitor the performance of their trades, including unrealized gains or losses. This is also where traders can see their liquidation price, the point at which their position will automatically close if it is reached.
On the far right is a cross. This is how you can close a position manually and instantly at current prices.
Conclusion on PrimeBit
PrimeBit offers a fairly intuitive and simple trading experience. The software is easy to use. The leverage is very high, perhaps even among the highest in the industry.
On the other hand, the variety of cryptocurrencies is very limited, which will not allow traders to capitalize on the altcoin seasons. The trading volume is relatively low, but that’s easy to understand given that PrimeBit is a fairly new exchange.
Do you want more information? Visit PrimeBit
Website : https://primebit.com/
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.
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