BitPrime Review 2023
- What Is BitPrime?
- How Does BitPrime Work?
- Why Trade With BitPrime?
- Products & Services
- Pros and Cons
- Registration Process
- BitPrime Fees, Limits, & Pricing
- Accepted Payment Methods
- BitPrime Trading Condition
- Supported Cryptocurrencies
- Minimum Order Size
- BitPrime Fees
- BitPrime Security
- Customer Support
BitPrime is one of the top crypto exchanges developed in New Zealand. It is licensed and registered under New Zealand’s local regulations. The platform is suitable for beginners and high-volume traders, with extraordinary Over-the-Counter rates. BitPrime is known for its trading fees, which consist of all the costs, including foreign exchange fees, slippage, and bank charges. Although, further read our BitPrime review thoroughly and know all the services it provides to the users in detail.
|Supported Fiat Currencies||NZD|
|Supported Countries||New Zealand|
|Transaction Fees||Depends on type of currency|
|Customer Support||FAQs, Live Chat, and Mail Support|
What Is BitPrime?
BitPrime, a leading cryptocurrency retailer based in New Zealand, was developed in 2017. The platform follows the rules and regulations of anti-terrorism and anti-money laundering policies.
BitPrime does not have an in-house wallet to store its clients’ funds since it is a non-custodial platform. This means that BitPrime takes no control over the funds, which is why this cryptocurrency retailer is one of the safest crypto exchanges.
The traders have full control over their funds; hence, all the risks of losing crypto coins through the exchange are eliminated. Moreover, the platform is very easy to use, with above-par crypto and wallet security and excellent technical support.
In this BitPrime review, we will discuss the operation of the BitPrime platform, BitPrime features, pros and cons, its products and services offered, its trading view, fees, pricing and limits, and many more.
BitPrime Review – Platform Interface
How Does BitPrime Work?
BitPrime exchange platform uses cryptocurrency and blockchain technology to help its traders create smooth exchanges of digital assets. BitPrime has made it extremely easy for its investors to buy and sell more than 150 cryptocurrencies directly from their wallets. The BitPrime retail trading process includes four straightforward steps – Signup, Verify, Buy/Sell and Receive. All the users need to start trading is a New Zealand bank account and appropriate wallets on the platform. As soon as the account is verified and approved, traders can start purchasing or selling crypto coins on the BitPrime platform.
Being a non-custodial platform, BitPrime does not store any coins on the platform. Instead, it sends the crypto coins straight away to the wallets, unlike other exchanges or brokerages. So, clients’ funds can not be frozen, lost, or stolen from the BitPrime platform.
BitPrime Review – How Does BitPrime Work?
Why Trade With BitPrime?
Cryptocurrency trading on BitPrime is the best option for all kinds of traders for several reasons. The exchange offers an above-par security level, being a third-party custodian with world-class digital security. The processes are designed to protect the funds from collusion risks. The connected 3rd-party wallets are fully insured if there is theft, damage, destruction, or loss of the digital assets held on the exchange. Every withdrawal requires the signatures of the custodian as well as the customers, and only the pre-approved clients can withdraw from BitPrime.
Apart from the security features, the exchange executes a trade faster than any other international crypto exchange. It takes 3 hours to execute fiat to crypto deposits. Moreover, the exchange accepts deposit values ranging from $50k to $500k, and the trades can go up to $30 million without any deposit fees.
BitPrime Reviews – Why To Choose BitPrime?
BitPrime is known for its user-friendly features that are suitable for both beginners and high-volume experienced traders. A few of the BitPrime features are mentioned below:–
- BitPrime is a regulated and licensed cryptocurrency exchange based in New Zealand.
- It is a global cryptocurrency exchange available to New Zealand traders.
- Traders can trade, buy, and sell over 150 crypto coins.
- The trading platform supports multiple payment methods to deposit New Zealand dollars (NZD) – online banking transfers, POLi payments, credit cards, or debit cards.
- Traders can easily and instantly send cryptocurrencies directly to their best crypto hardware wallet.
- The trading fees include all the charges applicable.
- The platform offers quick, responsive, and local customer support that responds through emails.
- BitPrime’s official website contains several support articles and how-to guides for new traders.
- Deposits on the retail platform start from $100 plus in NZD, while the OTC exchange platform deposits start from $50 plus in NZD.
BitPrime Reviews – Features of BitPrime
Products & Services Offered by BitPrime
BitPrime products and services have allowed traders to trade crypto coins smoothly and instantly. Here are a few products and services that BitPrime offers:-
Buy Crypto With Internet Banking or Credit Card
Traders can buy Bitcoin and other popular cryptocurrencies on the BitPrime platform using their internet banking or credit cards. The process of buying cryptos is simple and straightforward and can be done only in four steps – sign up on BitPrime to create an account, verify the personal and banking details, and buy crypto that goes directly to their connected digital wallets.
Certain crypto coins can be automatically sold through the BitPrime website. Traders need to press the sell functions to start selling crypto. However, if the function is not available or visible, users need to fill a sell-orders form. The form can be filled only by those who have already been verified and approved by BitPrime.
BitPrime enables verified users to swap their cryptocurrencies in a few minutes. The platform allows easy conversion of money into different digital currencies and saves valuable time and fees. Their easy exchange tool is one of the cheapest ways of trading between ETH, BTC ERC-20 Token, and many more.
BitPrime’s over-the-counter trading desk is a crypto trading exchange that offers deep liquidity pools and world-class infrastructure for professional traders who trade in high volumes.
BitPrime Reviews – OTC Trading by BitPrime
BitPrime Review: Pros and Cons
|Strong customer support.||Relatively high fees.|
|Supports over 150 cryptocurrencies.||Slow crypto transfers and verification.|
|Accepts multiple payment methods.|
|All-inclusive trading fees.|
How to Sign Up with BitPrime?
To start using the excellent features and financial services on the BitPrime cryptocurrency exchange platform, traders need to follow a few simple steps mentioned below:-
- To begin with, a new BitPrime trader needs to go to the BitPrime login page and register there as a BitPrime user.
- Click on the BitPrime Verify or Sign-up tab on the top right corner.
- Enter personal details like name, email address, and password. Confirm the password, and BitPrime will ask for the user’s opinion about the biggest challenges faced while utilizing or accessing cryptocurrencies. Users must use a strong password for security reasons.
And that’s all! Creating a BitPrime account is that easy and straightforward. However, traders will not be able to buy or sell any crypto unless their IDs get verified and approved.
BitPrime Reviews – Registration Process
BitPrime Fees, Limits, & Pricing
In every exchange, there are two parties – the taker (who takes the order) and the maker (who makes the order on the order book before trading). The taker-maker model usually exists to encourage market liquidity and give the makers a fee discount. So, technically, there are fees for both makers and takers. However, the best thing about BitPrime is that they do not charge any taker or maker fees, but the users have to pay the spread that is the difference between the sell and buy prices quoted for a chosen cryptocurrency.
BitPrime charges a spread of 2.9% for trade values between USD 100 and USD 20,000. The lower spread of 2% is charged for trade values between USD 20,000 and USD 50,000. Here are the other target spreads at BitPrime. Coming to the deposit and withdrawal fees, BitPrime does not charge deposit or withdrawal fees for trading cryptocurrencies. To grab more details on BitPrime fees check here.
BitPrime Accepted Payment Methods
BitPrime traders can buy and sell cryptocurrencies using the following payment options:–
- NZ bank transfer or wire transfer
- POLi Pay
- Credit card or debit card
BitPrime Trading Condition
BitPrime offers one of the leading third-party custodians with best-in-class digital security, including impressive processes to protect their clients’ accounts from collusion risk. The trading platform also offers 100% air-gapped cold storage with highly protected vaults to protect the funds from cyber hacks, unauthorized access, and other vulnerabilities. However, apart from these features that make the exchange a conducive environment, here are some more of BitPrime’s trading conditions:–
BitPrime Supported Cryptocurrencies
BitPrime offers more than 150 cryptocurrencies, but this might be rather limited for those who want to explore more with other digital coins or altcoins. Some of the major cryptocurrencies are:–
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Tether USD (USDT)
- Power Ledger (POWR)
- Dai (DAI)
- ChainLink (LINK)
- Binance USD (BUSD)
- Aave (AAVE)
- 0x (ZRX)
- Ripple’s XRP (XRP)
- TRON (TRX)
- Stellar Lumens (XLM)
- Neo (NEO)
- Dogecoin (DOGE)
- Eos (EOS)
BitPrime Minimum Order Size
BitPrime’s minimum order is $100 for most crypto coins. For ERC-20 tokens, the minimum order is $1000 since the Gas fee is extremely high for this network. The order size is limited for most cryptocurrencies to restrict the impact of the company’s markup and the network transactions.
BitPrime does not offer trading on margin, but this does not create an issue, given the platform’s profile. It is important to note that the simplest way of shorting cryptocurrencies is with a forex broker that supports them. This will enable traders to trade CFD, a financial instrument that follows the price movements of a particular asset. Essentially, this is how traders trade commodities such as oil and gold, but there are certain specific conditions for digital currencies.
Trading views vary from one exchange to another. And there is nothing called the best trading view since it is subjective. It depends on the traders as to which trading view suits them the best. Typically, a trading view shows the order book, order history, and price chart of selected cryptocurrencies. It usually has sales and buy-boxes. At the BitPrime exchange, there is an order box and a search function. The interface is easy to understand for new investors. However, it lacks some important features for more experienced traders.
BitPrime charges an all-inclusive fee while purchasing a crypto coin, which varies depending on the cryptocurrency. All fees are shown to the traders before they commit to crypto trading.
There is very little or no risk of fraud or hacks on BitPrime. Being a non-custodial cryptocurrency exchange, it does not store any funds, and hence, it is not a great target for thieves or hackers. It simply functions as a middleman for traders who are willing to buy and sell cryptocurrencies.
BitPrime Customer Support
The BitPrime customer support team is particularly passionate and dedicated to their clients, and they are always ready to offer personalized service. The team focuses greatly on the support and education of their clients on crypto-related matters. BitPrime traders can get in touch with them in the following ways:–
- BitPrime customer service provides a form for the clients to express their grievances or issues with the crypto platform.
- Traders can leave them a message through BitPrime’s Get Help option on the Customer Support page.
- They can also email the team at [email protected]
- There are two separate email IDs for media inquiries and fraud investigations.
Media Enquiries -> [email protected]
Fraud Investigations -> [email protected]
BitPrime Review: Conclusion
Based on our Review, BitPrime is the largest crypto exchange for New Zealand cryptocurrency traders. It is suitable for both entry-level investors as well as high-volume professional traders. The exchange offers several payment methods, including POLi payments, payments through debit or credit cards, wire transfers, and bank transfers. However, the fees may seem to be on the higher end compared to the global industry average. There is also a lack of transparency on the trading fees.
Is BitPrime Safe?
When a trader buys crypto coins, it goes directly into the connected wallet address. This makes BitPrime one of the safest methods for purchasing digital currencies. Additionally, since the exchange does not have an in-built BitPrime wallet, it does not store its client’s funds or crypto coins.
Is BitPrime NZ Legit?
BitPrime is one of the leading New Zealand-based digital currency exchange platforms. It is licensed and registered under local registrations as a financial service provider.
Do I Need a Wallet to Use BitPrime?
BitPrime does not function as a wallet. So, yes, you will need to connect your crypto wallet to the platform to be able to hold the digital assets you buy and sell. BitPrime supports almost all kinds of wallets, including Ledger Nano X, Ledger Nano S, Trezor T, and Trezor One wallet.
Note: BitPrime Reviews are not to be considered an endorsement or investment advice of any kind. Investors are requested to seek independent advice from a financial advisor and carry out their own research before trading on crypto exchanges.