Fortunately, PrimeBeat has come to fill that gap in the space. While it is not the first exchange to support derivatives of cryptocurrencies, it is the first exchange to support p2p trading of derivatives of cryptocurrencies. Now let’s take a look at this exchange and understand how it helps crypto currency traders around the world.
What is PrimeBit?
Most of us are used to trading cryptocurrencies on popular cryptocurrency exchanges like Binance, Coinbase, Bittrex, etc. However, not many of us are used to trading derivatives of cryptocurrencies on exchanges.
That is exactly what you can do on the PrimeBit market. However, unlike other cryptocurrency exchanges that offer cryptocurrency derivatives for trading, PrimeBit acts as a platform where traders trade p2p.
With several interesting crypto currency trading tools and a simple p2p trading system that allows leveraged trades, PrimeBit is a feature-packed exchange. Let’s see how a crypto currency derived p2p platform like PrimeBit can benefit us all.
START WITH THE FIRST PART!
PrimeBit Review 2021: Characteristics
We already mentioned that PrimeBit is a crypto-currency derivatives exchange with many features. Let’s take a look at some of the features that this sharing platform has to offer its users.
- Stool option: PrimeBit is the only exchange that offers significant leverage. Users can get up to 200% leverage on this platform, which is the highest in the industry.
- No minimum deposit: You only need an email address to use your PrimeBit account. Unlike other platforms that have a minimum deposit amount, PrimeBit allows its users to deposit any amount.
- MetaTrader Tools: Most exchanges generally do not offer a powerful trading tool that can be used on desktop and mobile devices. PrimeBit has your back in this regard. With the powerful MetaTrader 5 trading tool, you have full control over your trades on the platform.
- Proposed contracts: 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 currently available on the platform. However, it is likely that more pairs will be added to this list as the trading platform develops.
- Fair price: This feature is very useful in times of high volatility. It guarantees a smooth execution of all transactions, even in case of very high volatility.
How do I get started with PrimeBit?
Now that you are familiar with the features PrimeBit offers its users, let’s understand how the platform works. Traders who register on the platform form the core of the exchange.
After you register for the exchange, you will need to deposit money into your account to start working. You can only top up your wallet with bitcoins. After you have funded your portfolio, you can buy one of three types of perpetual contracts (BTC-USD, ETH-USD or LTC-USD) on the exchange.
Throughout the process, the exchange only charges transaction fees when the transaction is executed on the platform. All profits or losses are therefore the responsibility of the traders.
What makes PrimeBit unique?
If you’ve ever traded derivatives of crypto-currencies, you may be familiar with the BitMex exchange. While both BitMex and PrimeBit allow users to easily trade derivatives of cryptocurrencies, the way they do so is quite different.
On the BitMex exchange, all derivatives are displayed as tokens. That’s not how it works with PrimeBit. On this feature-rich exchange, traders can trade contracts that derive their value from cryptocurrencies such as BTC, ETH and LTC.
With no minimum deposit, users can register on the platform and easily start trading crypto-currency derivatives. The exchange also offers its users a fully functional demo account.
For a beginner, trading derivatives of crypto currency can be very useful. After experimenting on the demo account, you can move on to trading on the real account. This way you can gain experience with leveraged trading without having to lose your hard earned money.
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How is peer-to-peer better?
In a peer-to-peer environment, the trading platform merely acts as an intermediary for the trade. In an environment where prices are set by real traders, there can be no manipulation.
When an exchange acts as both a market maker and a counterparty, there may come a time when it can manipulate the prices of cryptocurrency derivatives to its advantage.
In a p2p environment, an exchange only receives a fee when the transaction is completed on the platform. The PrimeBit trading platform only pays to provide users with a powerful trading platform.
Some of the benefits of using PrimeBit when trading crypto currency derivatives:
- demo account: In the early days of the crypto world, you had to experiment with real money to understand how leveraged trading works. This is no longer the case with PrimeBit. You can use a demo account now to get used to the platform and trade without losing your hard earned money.
- No minimum deposit: All exchanges require a minimum deposit from their users to start trading on the platform. There is no limit to the deposit amount at PrimeBit.
- Lightning Interludes: Most exchanges expect a minimum of 5 node confirmations before any money appears in your account. PrimeBeat, on the other hand, requires only one thing. So make deposits very quickly.
PrimeBit is a versatile exchange platform that brings a peer-to-peer environment into its exchange structure. Since the broker is only supposed to make money when the transactions are completed, you can be sure that there will be no impact on the price.
Moreover, with powerful tools like MetaTrader 5 and demo account mode, you can take full control and better understand trading crypto currency derivatives. So, if you are a beginner or even an experienced trader looking for a change of pace, PrimeBit has a number of features to look forward to.
Jacob is the mastermind behind BitCongress. He has been interested in the world of bitcoin and cryptocurrencies for years, looking at all the products and services. Besides sitting at his computer absorbing information about cryptography, he likes to play Zelda.
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