Updated: Nov 5, 2019
PrimeBit exchange is a new legit P2P player that offers Bitcoin trading with up to x200 leverage on MT5 platform. In this review, we list all the features you can love or hate comparing to BitMEX. Ministry of Margin Trading spent 3 weeks testing PrimeBit live accounts with success and profits.
1. Free account, no KYC, 15 seconds to open and 10 minutes to trade.
2. We got an exclusive deal: (Ministry -20%) on PrimeBit fees (because we helped them to test the platform and we showed volume we trade on BitMEX). Feel free to use it for the first 2 months (and then -10% for the next 4 months).
When you trade $10000 you pay $6 instead of $7,5 or you get $2,5 when use limit order.
3. PrimeBit launched MT5 platform for leveraged Bitcoin! Finally! MT4 and MT5 is common forex platform but now it is peer to peer exchange for traders.
4. They offer up to x200 leverage, you can reduce it
5. Testnet (demo MT5) is a mirror of live account and you can open an unlimited amount of demo accounts to test the platform and your strategy.
6. No problem with execution even during high volatility.
7. For now, there are no OCO orders and there are no options (reduce-only and post-only).
When you close your trade, remember to get rid of all related orders manually.
8. You can use profits from existing trades to open new trades (NEW!)
9. There is no trailing stop for now.
10. Your stop loss is: buy/sell stop order (only) and it is always executed (when matches Fair Price) by Market Price. You can also close your trade using limit orders.
11. A chart is drawing by FairPrice (Bitstamp, Coinbase, Gemini and Kraken).
12. Liquidation activates when you go down under 50% of required deposit (FairPrice), all trades will be closed but you keep the second part of deposit! (there is no liquidation fund).
13. Easy to add automated strategies typical for Meta Quotes MT5 platform.
14. All users' funds are kept segregated in cold wallets.
15. Trading with size 0.035 means that your trade value is 0.035 BTC.
16. Trade on app, web-deskop or smartphone.
Open a free account now to get 20% fee discount and good luck!