Most of us are already familiar with cryptocurrency exchanges, where we can trade these cryptocurrencies. There are so many cryptocurrency exchanges out there where you can trade cryptocurrencies. However, there aren’t many exchanges that allow its users to trade cryptocurrency derivatives.
Luckily, PrimeBit has stepped up to fill this void in space. While this might not be the first exchange that supports cryptocurrency derivatives, it is the very first exchange that supports the p2p trading of cryptocurrency derivatives. Let us now have a closer look at this exchange and understand how it is helping cryptocurrency traders around the world.
What is PrimeBit?
Most of us are used to trading cryptocurrencies on popular cryptocurrency exchanges such as Binance, Coinbase, Bittrex, etc. However, not many of us are used to trading cryptocurrency derivatives on an exchange.
That is exactly what you can do on the PrimeBit exchange. However, unlike the other cryptocurrency exchanges that do offer cryptocurrency derivatives for trading, PrimeBit acts as the platform where traders trade in a p2p manner.
With several interesting cryptocurrency trading tools as well as a simple p2p trading system that allows leveraged trades, PrimeBit exchange is a feature-packed exchange. Let us proceed further to understand how a p2p cryptocurrency derivatives platform like PrimeBit can benefit all of us.
PrimeBit Review 2021: Features
We have already said that PrimeBit is a feature-rich cryptocurrency derivatives exchange. Let us now have a look at some of the features that this exchange platform has to offer its users.
- Leverage option: PrimeBit is the only exchange out there that offers a huge leverage option. Users can get up to 200% leverage on this platform, which is the highest in the entire industry.
- No minimum deposits: To get started with a PrimeBit account, all you will need is an email address. Unlike other platforms that have a minimum deposit amount, PrimeBit allows its users to deposit any amount of funds.
- MetaTrader tool: Most of the exchanges usually do not offer a powerful trading tool that you can use on your Desktop and mobile devices. PrimeBit has you covered on this front. With a powerful MetaTrader 5 trading tool, you can have complete control of your trades on the platform.
- Contracts offered: At the time of writing, PrimeBit offers three different types of contracts to its users. BTC-USD, ETH-USD, and LTC-USD are the contracts that are currently available on the platform. However, we are likely to see more pairs being added to this list as the exchange platform gets bigger and older.
- Fair Price Marking: It is a feature that comes in very handy during times of high volatility. It ensures that all the trades are processed smoothly, even during times of very high volatility.
How to get started with PrimeBit?
Now that you are familiar with the features that PrimeBit has to offer its users let us understand how the Platform works. The traders who register on the platform form the core part of the exchange.
After you register on the exchange, you will need to fund your account wallet in order to get started. You can fund your wallet only using Bitcoin. Once you have funded your wallet, you can go ahead and buy any of the three types of perpetual contracts (BTC-USD, ETH-USD or LTC-USD) from the exchange.
Throughout the entire process, the exchange only receives transaction fees if a trade is executed on the platform. So, all the profit or the loss is endured by the traders.
What Makes PrimeBit Unique?
If you have traded cryptocurrency derivatives before, you might be familiar with the BitMex exchange. While both BitMex and PrimeBit facilitate users to trade cryptocurrency derivatives, the way this is done is entirely different.
On the BitMex exchange, all derivatives are represented in the form of tokens. That is not the case with PrimeBit. On this feature-packed exchange, traders can trade contracts that derive their value from cryptocurrencies such as BTC, ETH, and LTC.
With no minimum deposits, users can sign up on the platform and start trading cryptocurrency derivatives very easily. The exchange also provides its users with a fully-featured demo account.
It can be very helpful for someone new to leverage trading of cryptocurrency derivatives. After experimenting on the demo account, you can move on to trading on your real account. This ensures that you have some experience in leverage trading without having to lose any of your hard-earned money.
How is Peer-to-Peer Better?
In a peer-to-peer environment, the trading platform only acts as a facilitator of trade. With actual traders setting the price, there cannot be any manipulation in such an environment.
When the exchange acts as a market-maker as well as counterparty, there can exist a moment where the exchange might be manipulating the prices of the cryptocurrency derivatives for their benefit.
In a p2p environment, the exchange receives the fees only if a trade was made on the platform. The PrimeBit exchange platform gets paid only for providing the users with a powerful platform to trade on.
Some of the benefits of using PrimeBit as your cryptocurrency derivatives exchange are:
- Demo account: In the earlier days of the crypto world, one had to experiment using real money to understand how leveraged trading works. With PrimeBit, this is no longer the case. You can now use the demo account and get used to the platform as well as trading without having to lose your hard-earned money.
- No minimum deposit: All exchanges out there require its users to deposit a minimum amount of funds into their account to start trading on the platform. On PrimeBit, there is no restriction to the deposit amount.
- Lightning-fast deposits: Most of the exchanges out there wait for at least 5 node confirmations before the funds appear in your account. PrimeBit, on the other hand, requires just one. Thus, making deposits very fast.
PrimeBit is a feature-rich exchange platform that brings in the peer-to-peer environment into its trading structure. With the broker set to make money only when trades have been completed, you can be assured that there will not be any influence on the price.
Additionally, with powerful tools such as MetaTrader 5 tool and the demo account mode, you will be able to take complete control as well as understand cryptocurrency derivatives trading better. So, if you are new to the scene or even an experienced trader looking for a change, PrimeBit offers features that are worth having a look at.
Jacob is the master-mind behind BitCongress. Over the years he has dug into the world of bitcoin and cryptocurrency and really nerded down on all the products and services. Beyond sitting in front of the computer and absorbing information on crypto, he really likes to play Zelda.