It is by no means an easy task to stand out in todays world of cryptocurrency exchanges. In my PrimeBit review I attempted to find out whether its unique approach is good enough for traders like myself, who are looking to capitalize on the exciting world of Bitcoin. Yes, this cryptocurrency has seen its ups and downs over the last couple of years, but with the state of financial markets nowadays I am positive trading Bitcoin will soon be on everyone’s mind.
It’s important to note that PrimeBit is fairly new to the trading game. It was only founded in August 2019, and it is one of the youngest brokerages offering to trade Cryptocurrencies. The absence of a good reputation will probably be the first reason you will start wondering whether PrimeBit is scam. Another red alarm would be the fact that this brokerage isn’t regulated by any financial supervisory authorities, which is pretty standard for all cryptocurrency trading platforms. Now you might be wondering, why on earth would you want to trade with PrimeBit…There are a few unique features that made me give them a chance.
Platform and Execution SCORE: 60%
If you were, like me, expecting MetaTrader, I have to disappoint you. Even though this was a feature in the first few months, recently it has been changed from the ground up. PrimeBit now offers its own browser based WebTrader. The Platform was built from the ground up with its own trading engine and interface. The latter can be confusing at times. If you are used to MetaTrader, there is no doubt that you will spend plenty of time getting to know your way around. After a while you become accustomed to the layout, but I feel it was pointless to spend so many hours trying to find a solution for a problem that wasn’t there in the first place.
As far as tradable assets go, you need to be aware of what you are getting into. If you are looking for a brokerage that will offer you to trade cfd’s, commodities or indices you are in the wrong place. However, if Bitcoin is your game, there is a lot to like. Furthermore, you can trade ETH and LTC as well. PrimeBit is a different service provider compared to most other platforms- it is completely peer-to-peer. You also get to choose whether you want to trade against the USD or Tether.
Withdrawal Speed SCORE: 35%
Here is where my feelings get a little mixed. The only method for deposits is BTC. While the fact that there is no minimum deposit Is very commendable, it is an unnecessary hassle having to go outside of platform to purchase assets with which you are meant to trade with. The end solution must have been designed more eloquently with user comfort being set as a priority.
I also took offence with the fact that PrimeBit advertises fast withdrawal, while my experience was far from speedy. While opening my account and submitting my initial deposit was finished within 30 minutes, I was disappointed when I requested a withdrawal for the first time. After 5 hours my request was still pending, so I needed to contact their support. After spending another 3 hours going back and forth, I was finally able to see the funds transferred to my account. it was exhausting and has completely brough down my overall trading experience.
Support and Assistance SCORE: 15%
How difficult is it to offer quality support? Very difficult if you ask PrimeBit. Firstly, there is no live chat whatsoever. Instead, they offer a FAQ page that is laughably poorly written. It might seem substantial at first gaze, but upon further inspection there is very little to address the issues you are bound to run into at some point. Secondly, the speed at which you will receive responses to your emails is borderline comical. At one point I was sure the entire system was made up of one guy typing away at his computer, trying to communicate with hundreds of frustrated people like me. And lastly, there is only support on working days. Like me, a lot of you do your trading over the weekend and it is insulting to face an issue and then having to wait 2 more days for someone to look into it.
Education and Tools SCORE: 5%
It was naïve of me to believe that there would be anything on offer when it came to education. Sadly, PrimeBit offers no tools that you could use, no ebooks, no seminars or webinars. You are left completely on your own. Even though it is hard to conclude that PrimeBit is scam based solely on this, this kind of lack of regard for the users will detract any future potential for this brokerage.
The entire system feels like it was set up with little effort. With its P2P platform, it feels like PrimeBit had unlimited potential that got squandered thanks to puzzling business decisions. Cutting corners should never be acceptable especially when it’s on the expense of the users. More features should be added in quickly, as right now, it seems PrimeBit is selling a half-finished product. If you are to take anything from this PrimeBit review, it should be to stay away from it right now while there are plenty of other brokerages like YorkCG, that have infinitely more to offer.