PrimeCrypto review

Website : PrimeCrypto.io
Established : 2016
Country : United Kingdom
U.S. Clients Allowed : No

Background

Primecrypto is a new cryptocurrency CFD trading platform, which has been active on the market recently. Primecrpypto offers more than 200 different cryptocurrencies to trade which traders can take advantage of with up to 4x margin above initial deposit requirements. There is not much information available on this new broker, but from what we have been able to observe while testing this broker is that Primecrypto is a good and transparent company, which tries to act in full compliance with regulatory requirements. The company offers a customizable trading platform with a decent set of indicators and overlays, which traders can add to enhance their user experience with the trading platform. Below, is our full Primecrypto review.

PrimeCrypto Account Verification

In terms of registration and verification, the process is easy here. There are 3 level of account verification on Primecrypto depending on the amount of funds you wish to invest.

Social verification
Basic verification
Full verification 

For deposits up to 1000$ traders are not required to submit any documents but instead can complete the process via social network, by simply synchronizing their social network profile with their trading account. This can be done through verification section of the website. Simply navigate to “Verification” and choose social verification. After that, choose the social networking profile and move forward with verification.

For investments between 1000$ and 5000$ traders are required to complete basic verification procedure and submit the following documents.

  1. Proof of Identity: Valid National ID, Passport or driver’s license acceptable
  2. Proof of Residence: General
  3. Proof of Payment: Card showing the last four digits on the front and back.

For full account verification traders are required to undergo generally the same procedure the only difference being the requirement to submit a “selfie” holding his/her identity document with his/her signature and date of signature on the white paper. As such, the list of required documents goes as follows:

  1. Proof of Identity: Valid National ID, Passport or driver’s license acceptable.
  2. Proof of Residence: Bank statement / Utility bill – not older than 6 months
  3. Proof of Payment: Card showing the last four digits on the front and back.

*White paper photograph – Client must take a photo “selfie” holding his/her identity document with his/her signature and date of signature on the white paper.

During our experience with the company, we have not encountered any issues with verification whatsoever. Documents can be easily uploaded via personal client area and should be generally processed and checked by the compliance department in a matter of hours.

PrimeCrypto Trading Platform

PrimeCrypto provides their clients with a cutting-edge trading platform. Is a completely web-based application and requires no additional downloads. What we have noticed while testing PrimeCrypto platform was extremely fast execution of trading orders which should give traders an edge in cryptocurrency markets, which are inherently volatile in their nature. The user interface of the trading platform is user-friendly and easy to understand. In addition, the platform is enhanced with useful trading tools including popular indicators like Bollinger bands and RSI.

In order to open a trading position on Primecrypto, all the trader needs to do is to fund his/her account using a preferred deposit method and complete basic verification. Once logged in to trading platform, the trader can choose from a variety of cryptocurrencies to trade on including Bitcoin, Ethereum, Ripple. More exotic options like Monero, ZCash and Firstblood are also available on the platform.

In addition, Primecrypto offers generous margin trading possibilities with up to 4:1 leverage for the majority of tradable instruments. And while margin requirements here are not as low as some forex brokers offer, the 4x margin reduction can strike a perfect balance for those who may lack the capital sufficient to trade without additional leverage.

Deposits and Withdrawals

We have to note here that Primecrypto is not a cryptocurrency exchange like Binance or Bittrex. The company does not offer services of direct cryptocurrency purchases in either peer-to-peer or centralized exchange environment. What traders can actually do on Primecrypto is buy cryptocurrency CFDS which where cryptocurrency acts as an underlying asset. This further simplifies the process for the trader, as in the case of Primecrypto you can fund your trading account with fiat money free of any hassles while most of the traditional cryptocurrency exchanges out there support crypto-to-crypto transactions only. At time of writing the review, the deposit methods supported by prime crypto are as follows:

  • Paypal
  • Visa/Mastercard
  • International bank wire transfer
  • Cryptocurrency wallet of your selection

Depositing funds with PrimeCrypto is easy and fast. Simply login to your trading account, click on the deposit button on the vertical menu to the right side of the screen and choose your preferred deposit method. Your funds should arrive instantly when depositing with CC and within up to 5 business days through Bank Wire Transfer.

The process of withdrawal can be initiated in a similar manner. Just click on the “Withdrawal” button located just below the “Deposit” one, select your withdrawal method, fill the form with indication of amount you wish to withdraw and submit your request.  PrimeCrypto’s banking department works 24/7 to handle customer’s requests in a timely manner.

Primecrypto customer support

Much in the same way as  the majority of cryptocurrency exchanges out there, PrimeCrypto customer support area is basically limited to ticket form, contact phone and contact email. We have submitted several requests using both ticket form and support email and both requests were handled in a timely manner. Our ticket was processed in 1 hour while support email provided us with prime response in a matter of minutes. Trying to adhere to internationally –recognized standards, Primecrypto has a responsive customer support department ready to assist you in any issue you may encounter.

Is PrimeCrypto safe?

Throughout our experience with the Platform we have not found anything which might put the company in negative light from the security standpoint. The company maintains strict verification requirements and has a responsive customer support. In addition, while scoping through different forums and user reviews we have not been able to find any unfavorable criticism directed towards the company. However, PrimeCrypto could have benefited by disclosing more information about company and its founders.

 

PrimeCrypto review

PrimeCrypto review
8.8

Easy to use

8.8 /10

Fees

8.8 /10

Support

8.8 /10

Payment

8.8 /10

Pros

  • Best-in-industry customer service
  • Excellent range of payment options
  • Institutional liquidity feed

Cons

  • Does not have 2fa
Ricardo Martinez

Ricardo Martinez

Ricardo Martinez has been active in the financial markets for around 10 years. In the early days in his career he was a trader and worked as market analyst in different online brokers advising clients on key decisions of trading instruments in foreign exchange and commodity markets. Ricardo is currently working as independent trader with diversified portfolio over different markets. His writing for LearnMarketonline is part of his commitment to share knowledge with traders.