BitPrime crypto exchange – June 2019 review

BitPrime Cryptocurrency Retailer
BitPrime Cryptocurrency Retailer
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All about BitPrime, including how it works and whether it’s worth using.

BitPrime launched in March 2017 and is a full-service cryptocurrency retailer. Based in Christchurch, New Zealand, BitPrime trades over 50 of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and XRP.

You can use BitPrime if you have a NZ bank account and have verified your identity.

Product Name BitPrime Cryptocurrency Retailer
Fiat Currencies NZD
Cryptocurrencies BTC, BCH, BTG, ETH, ETC, XLM, XRP, SC, WAX, CENNZ, ONT, NCASH, LIF, POLY, BAT, ZRX, NANO, RHOC, AE, ARDR & 35+ more
Deposit Methods Bank transfer
Cryptocurrency
POLi
Trading Fee Fees vary
Deposit Fees N/A
Withdrawal Fees N/A

Pros

  • A simple system for buying and selling
  • Strong customer service
  • Uses a third-party escrow service to hold funds
  • Offers 50+ of the top cryptocurrencies and takes custom requests

Cons

  • Rates might be uncompetitive, and fees might be relatively high compared to buying on an exchange or using another brokerage service
  • Verification and transfers might be slow if it’s busy at the time
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

How to use BitPrime

If you have a New Zealand bank account, are over the age of 16, have a New Zealand bank statement from the last three months, and can complete the verification process, you can buy from BitPrime.

You begin by creating an account and verifying your identity.

Verification typically takes one to three days but might take a week or longer if BitPrime is especially busy at the time.

The following are the accepted payment methods:

  • New Zealand bank transfers: You use your bank account to send and receive NZD.
  • POLi pay: These orders process much faster than bank transfer orders.

To buy:

Just log in to your verified account and select the amount of cryptocurrency you want to buy or the amount you want to spend in NZD. You’ll be able to see how much it will cost and how much crypto you’ll get.

Once you transfer the NZD to the bank account provided, BitPrime will transfer the altcoins to the wallet address you’ve provided.

Bank transfers usually clear within two to three business hours (depending on the time of day), and altcoin transfers can usually be done within a few minutes. As long as you don’t order near closing time, you can typically make same-day transactions with verified accounts.

To sell:

If you have a verified account, you can request for a quote. You will need to provide details on the cryptocurrency you wish to sell as well as the amount. You’ll be offered a price and can choose whether to accept it or not.

If you accept, you transfer the cryptocurrency to BitPrime and BitPrime will transfer the NZD to your bank account.

What are the fees?

The fees and costs vary depending on whether you’re buying or selling, the cryptocurrencies you’re exchanging and whether you’re making any special requests.

The fees are included in the price shown before you commit to buying or selling.

What are the minimum and maximum orders?

The maximum order limit is $10,000 per day and $25,000 per 30 days. However BitPrime might be able to make special arrangements if you want more than that and apply for extended purchasing limits.

The minimum is $100 for all coins.

Can I trust BitPrime? Is it legitimate or a scam?

BitPrime uses a legitimate third-party escrow service to hold funds, so you can use its services with confidence.

It also aims to provide strong customer service and invites you to get in touch via email or live chat if you want to speak to a real person.

BitPrime also has all the other signs of being a legitimate service, including the following:

  • An active blog and social media presence
  • Multiple contact options, including email and live chat
  • A commitment to verify all accounts before you can buy or sell

Customer service and contact

You can contact BitPrime at hello@bitprime.co.nz. This is the email to use if you have any general inquiries.

You can also reach BitPrime by live chat on Twitter or on Facebook.

BitPrime security

There’s relatively little risk of security issues on BitPrime’s end. It doesn’t hold a lot of funds and won’t be a particularly rich target for hackers or other thieves. Instead, it simply acts as a middleman for those who want to buy and sell cryptocurrency.

But for your own security, you probably want to be as careful using the service as you would be with any online banking. You will definitely want to make sure your cryptocurrency wallet is secure.

Pros and cons of BitPrime

Pros

  • A simple system for buying and selling
  • Strong customer service
  • Uses a third-party escrow service to hold funds
  • Offers 50+ of the top cryptocurrencies and takes custom requests

Cons

  • Rates might be uncompetitive, and fees might be relatively high compared to buying on an exchange or using another brokerage service
  • Verification and transfers might be slow if it’s busy at the time

How to begin

The first step to using BitPrime is creating an account and getting it verified. This might take up to a week depending on how busy BitPrime is.

After that, you can simply place orders to buy or sell.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Image source: BitPrime

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