PrimeBit is a legally registered forex broker located in the Saint Vincent and the Grenadines, but not regulated by any government agency.
PrimeBit accepts clients from all over the world, excluding some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|20+ Currency Pairs||Based on major and minor world currencies.|
|5 Crypto Pairs||Based on Bitcoin, Polkadot, Ethereum, Litecoin, BNB.|
|11 Indice CFDs||Based on baskets of different blue-chip stocks and US Dollar Index.|
|2 Metal CFDs||Based on Gold and Silver.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|10+ Stock CFDs||Based on shares of US companies.|
PrimeBit is a crypto-focused forex broker that only accepts deposits and withdrawals in cryptocurrencies. The broker offers a decent selection of trading instruments, including both crypto and traditional financial assets, with leverage as high as 1:200.
Unique about PrimeBit is that trading happens on a pure peer-to-peer basis. This means that the order from one trader must be matched with the order from another trader. This differs from how most other forex brokers process orders, which usually involves passing them on to larger liquidity providers - a practice usually known as straight-through processing (STP).
PrimeBit has its own web-based trading platform, with an intuitive interface and charts provided by the popular charting platform TradingView. The platform also features a live orderbook with visible order depth for 10 price levels on both the buy and sell side. In many ways, the platform resembles the trading interface used by crypto exchanges rather than the platforms typically used by other forex brokers we have reviewed here on FX-List.
Unlike most other brokers, PrimeBit allows anyone access to look at the platform and see live prices and spreads without signing up as a customer. We see this as a great way for people to explore what the broker has to offer before taking the step to sign up and deposit money with it.
As an extra offer for clients who prefer to trade on the classic MetaTrader 4 (MT4) platform, PrimeBit has made sure that its platform can connect to MT4. This means that trades can be placed and positions managed through MetaTrader even though all orders are matched with those from other traders via PrimeBit’s matching engine.
To fund a trading account with PrimeBit, users need to transfer crypto in the form of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Tether (USDT) or a number of other supported digital assets to the broker. Interestingly, PrimeBit even says it is open to accept more coins if users prefer - all they need to do is to let the broker know which coin they would like to use.
It’s also worth noting that this broker accepts Bitcoin sent over the Lightning Network, which offers much faster and cheaper transactions than the main Bitcoin network. Lightning Network deposits and withdrawals are processed free of charge.
The minimum deposit amount to start trading with PrimeBit is denominated in bitcoin and currently stands at BTC 0.0001, which equals 10,000 Satoshi (or “sats”).
To reach PrimeBit’s support team, clients can use either a live chat option on the website, or reach out directly via Twitter, Facebook or Telegram. The broker has unfortunately not listed any phone numbers clients can use to contact it.
Additionally, the “Contact Us” page on the broker’s website did not work at the time of writing.
In conclusion, we think it’s important to point out that PrimeBit is an unregulated forex broker located in a typical offshore jurisdiction. As always with unregulated brokers, it’s important to make sure the broker can be fully trusted before depositing money with it. With that said, however, unregulated brokers also have more freedom to offer what traders want. Among these things is the ability to fund trading accounts with cryptocurrencies, and offer high trading leverage, which is just what PrimeBit has done.