Making substantial gains in the crypto investment business doesn’t necessarily depend on whether you’ve been trading for years or it’s your first trade. Choosing a credible crypto exchange platform and being connected to a source of information that gives you timely updates on what is trending in the crypto investment world keeps you ahead of the flock.
PrimeBit is one of those fast-rising P2P crypto exchange companies that gives users a platform to trade perpetual contracts. Having been launched in 2019, the exchange is gaining popularity rapidly thanks to these unique features:
- It’s a beginner-friendly platform
- Metatrader 5 integrated
- Fixed point value
- Low transparent fees
PrimeBit sign-up process
PrimeBit allows almost everyone to access and trade on their platform. The website also hosts an easy to use user-interface that is convenient for both new and experienced users. Creating an account is easy and fast. Here are the main steps to follow.
Despite integrating complex programs that help the website run effectively, the interface is one of the most user-friendly you’ll ever come across. A single click on the “sign up/login” link directs you to a menu where your details like full name, phone number, email, and password will be requested.
Fill in your referral code if you have one, and then wait for signing up the activation email that will be sent to you. This will only take a few minutes.
Check and click on the activation email sent to you. A six-digit password will be sent to you. You’ll be required to change this and set your password that is easy to remember but difficult for anyone to replicate.
Now, your PrimeBit account is all set. But before you plunge into the world of crypto trading, here are a few things that might interest you about PrimeBit that other competitors in the industry are yet to achieve.
- Metatrader 5
- Affiliate program
- High leverage of up to 200x
- Professional charts
- Favorable charges
Updated Web Trader and New Tether Accounts
In case you missed it, PrimeBit has a freshly designed Web Trader app launched last March. You can confirm this by visiting app.primebit.com and logging to your account using existing details.
That said, the new platform is a safer, faster and more equipped with advanced trading features. Some of the new tools are:
- Customizable chart layout with a screenshot feature
- A preview feature for checking market depth
- Latest trades
- An order book for all your trades
- A comprehensive access area for all features on PrimeBit
After giving its WebTrader a new look, PrimeBit also added Tether to its list of supported altcoins. What’s more, you can deposit and withdraw your funds using Tether to gain these benefits:
- To protect your funds from volatile markets
- For convenience
- Fast payments using Omni and ERC-20 Tether protocols
So far, PrimeBit has three trading pairs for Tether: BTC, ETH and LTC. It will keep updating the list with time. But in the meantime, these are pairs to use.
PrimeBit Leveraging Trading
Apart from the features above, PrimeBit offers the most lucrative leveraged trading of up to 200x. This means traders can buy contracts that are worth up to 200x more than one’s fund. This simply means that with PrimeBit, you are assured of higher exposure to various cryptocurrency’s increase or decrease in price without necessarily having the required assets.
The crypto investment business is highly sensitive to security issues due to the risks involved. PrimeBit offers a safe and convenient platform that has so far maintained a long and clean trading history since its launch.
PrimeBit uses one of the most innovative security systems available in the market today. For instance, 99% of the users’ deposits are stored in a cold wallet that today’s safest and secure method of securing funds from unauthorized access. The cold wallet has proven to be hack-proof unless the online hack is complemented with a physical attack, which is near to impossible.
In addition to this, PrimeBit integrates a 2-factor authentication which adds an extra layer of security. In some instances, PrimeBit traders change their primary devices maybe from android to iPhone devices. 2-factor authentication ensures that the trader’s account remains secure and no one can access the account without the two verification details.
PrimeBit fees and contracts
PrimeBit is considered rather generous with its fees. Deposits on the website are completely free while withdrawals are charged a standard cost of 0.0001 BTC. Besides that, trade on derivatives involves market taker and market maker fees.
The maker fee– the trader placing an order on the order book is referred to as the market maker. Since makers contribute to all the liquidity, PrimeBit pays makers 0.025% for placing orders that are availed to takers.
The taker fee– takers are traders who take liquidity placed by makers out of the market by placing orders matching the asking price indicated by the maker.
Away from the fees, PrimeBit’s contracts have no set expiration timeline which means traders are at liberty to hold contracts for as long as they want as long as they can pay the funding fee.
PrimeBit affiliate program
The company has a lucrative affiliate program that is primarily intended to reward its clients with a 20% revenue share on every referral. Here is a breakdown of how the program works.
1. Get a referral link
Every trader on PrimeBit has access to a referral link that they can share with friends or on their social networking platforms to attract new traders.
2. Build a network
For a trader to benefit from the program, one needs to create a good network of new traders that one has initiated into PrimeBit website. What’s interesting is that you can earn indirectly from affiliates that your affiliates have initiated into PrimeBit. The reward that you earn is 20% of the affiliate fee. This means the more your affiliates generate, the more income you get.
The platform is continuously adding more crypto to the list of the cryptocurrencies accepted on the platform. Currently, the platform accepts Bitcoin as the only payment option which puts the website as an exclusive crypto derivatives trading platform. However, trading can be conducted in BTC/USD, LTC/USD and ETH/USD which are traded as perpetual contracts.
Metatrader 5 (MT5)
PrimeBit integrates the innovative MT5 technology which is commonly used in forex trading. MT5 provides an easy to use platform which standardizes the platform to a world-class level. Some of the specs that the MT5 platform provides to PrimeBit traders include;
- Custom charts-platform provides useful tools that provide advanced charting. What’s more interesting is that you can customize the timeframe and chart type to fit the user’s preference. This is definitely a useful application for crypto traders.
- Layouts- for traders who might want to adjust the outlook of their interface, MTF5 has loads of options. For instance, one can adjust the charts for the market that they trade in to be bigger than the others. The information box symbols can also be adjusted to fit the outlook that the user desires.
- Order types- with the MT5 platform, you can customize your order type. For starters, you can set trailing orders and set limits. The advantage with trailing is that it stop-loss orders which allows traders to make profits in a quick moving market.
The platform offers around the clock customer care services. You can reach out to them via email, twitter or Facebook platform. Reach out to PrimeBit’s customer support agents for any queries. You can also go through the FAQ section on the platform to get answers to any questions that you might have.
PrimeBit offers essential indicators that prove useful for technical analysis. Such indicators include moving averages, Bollinger bands, and Ichimoku. Additionally, the platform offers risk management tools that come in handy when it comes to limiting trade losses. Such tools include taking profit orders and stopping losses. Whether you are a novice or expert trader, such tools caution PrimeBit traders from making extreme losses.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.