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BitPrime Review - is it scam or safe?

BitPrime Review - Is bitprime.co.nz scam or good cryptocurrency exchange?

RATING: 3.7 / 9 REVIEWS BitPrime

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Minimum order Leverage Fee
Standard NZD 100 None Undisclosed

 

BitPrime offers an entry into the world of cryptocurrencies for New Zealanders. The company has limited its attention to the domestic market. This shouldn’t be viewed as a major downside, although it definitely is for foreigners. In case you live in another country, you can always check different exchanges, like Coinbase, CEX.IO or Bitstamp.

 

The company, security of funds

 

Company Country Regulation
BitPrime New Zealand N/A

 

BitPrime opened in 2017, which makes it one of the newest cryptocurrency exchange which we have covered. They are based in New Zealand and proudly put an emphasis on that. The company abides by the anti-money laundering and anti-terrorism funding policies applied in the country. For a brief explanation of the situation and a list of other exchanges based there, check out the link below.

 

>>Cryptocurrency exchanges in New Zealand<< 

 

BitPrime does not support in-house wallets of fiat currency sub-accounts. The service is very simple – you fill an order form on the website, you receive an e-mail with banking instructions, you make the payment and later receive your Bitcoin at the provided address.

 

The neat thing is that you would get a fixed rate for buying Bitcoin at the website and then have to send a bank transfer. As you may know, they can take several business days, even if sent from the same country. 

 

This leads to the obvious possibility of client fraud – sending a buying order, and waiting to see what the price action would dictate. If Bitcoin moves higher, the dishonest user sends the transfer, if it falls lower he doesn’t. There must be some mechanism preventing this, although we didn’t find much information on the topic, other than the fact, the transfer must be sent “within a reasonable period of time”. Of course, the easiest solution is to simply ban users who abuse the system.

 

There is a potential way for users to sell their coins at BitPrime for NZD, although this is not the website. In order to do so, one must verify an account and contact the company.

 

When it comes to security at BitPrime, everything seems fine at this point in time. That being said, this is a company which doesn’t offer wallets to its users, which limits the hacking targets drastically.

 

BitPrime also has a distribution partnership with Ledger Nano – a hardware wallet which guarantees top-tier security. However, at the time of writing of this review, they were out of stock.

 

There are a few user reviews about BitPrime, which is understandable given the young age of this service. The few comments appear to be positive.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

The number on coins available at BitPrime is rather limited. The current list includes Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple. This may not satisfy those of you who are willing to explore more altcoins, but keep in mind this is simply an entry level service.

 

Minimum order size 

The minimum order at BitPrime is $100. This is to done in order to limit the impact of network transactions and the company’s markup. If this level seems high for you, there are some exchanges accepting credit cards, who may be a better option (although the fees charged by them may be substantial).

 

 

Leverage

Trading on margin (as well as what most people will consider to be trading generally) is not available at BitPrime. This is not an issue, but to be expected, given the company’s profile.

 

>>Think Bitcoin is a bubble? Short CFDs<<

 

That being said, in case you think Bitcoin is a bubble and want to trade it to the downside, most crypto-exchanges will leave you disappointed. The easiest way to short cryptocurrencies is with a forex broker, which supports them. There you will be able trade CFDs, which are a financial instrument, following the price movements of a given asset. This is the way most people trade commodities like gold and oil, but there are a few specifics when it comes to cryptocurrencies.

 

 

Fees

The fees charged by BitPrime are included in the price you see when purchasing a coin. When comparing the price we saw, when testing the website, to the BTC/NZDT rate at Cryptopia, we saw a mark-up of around 1.75%. While we can’t confirm this is as an official percentage, it seems to be relatively fair level, given the volatility of cryptocurrencies and the low liquidity in New Zealand dollar markets.

 

 

Trading platform

 

Obviously, there isn’t an actual trading platform available at BitPrime. The website offers a simple order entry form. Here is a preview:

 

 

You can fill either the amount of Bitcoin you are willing to buy, or the NZD you wish to spend. As you can see, you have to provide the wallet you wish to use.

 

Methods of payment

 

If one wishes to buy cryptocurrencies from BitPrime, a New Zealand bank account is required. This vastly limits the potential client-base but, is by no mean a law of the company – it’s simply their preferred way of doing business.

 

Conclusion

 

BitPrime is an entry-level service to the world of cryptocurrencies for New Zealanders. The company is oriented only towards the domestic market. The service offered is basically buying Bitcoin via bank transfer (with a few more details, which we have covered above). While this is a fairly new company, which hasn’t stood the test of time, they appear to be operating well. Our biggest concern is the lack of transparency on the fees. With that in mind, here is a recap of this exchange:

 

Pros Cons
No major hacks Relatively new company 
A few altcoins available No transparency about the fees
Accepts NZ Bank Transfers Focus on NZ (a con, if you are not NZ)
Fixed rate if transfer is sent shortly Does not provide a wallet

 

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Traders` reviews for BitPrime

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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BitPrime - Huge markup on trades of 20%

I was looking at there site and my first quote was clearly %20 markup on the price of the coin I was looking at. I imagine this one of the ways they make money.

It appears all they do is take your money send it overseas, buy on behalf and send to to you, marking it all up in the process.

The excuse on the site is a weak one, low liquidity, time and effort. It dos not take much effort to buy some bitcoin from say one of the Aussie crypto exchange sites (which handle NZ dollars) and send it to say Bittrex and then back to yourself for a fraction of a price and time. I am sure they are good at what they do but your clearly paying for a middle man here taking a huge clip of the ticket

John 05/30/2018

Request to Sell - No Response

Not recommended to deal with Bitprime. I requested to sell my coin ETH thru their website then after 30 hours still no reply from them. So his is my fraustration to bitprime. They said that they working 7days aweek.

Concer To the people. 05/05/2018

Communication

Further to my earlier comment, I have since logged in to the BitPrime website and spent some time going through everything. They (like many others) have closed new applications until they clear the massive backlog. They have set up a 'ladder' that lets individuals know where they sit in the queue. They seem to be verifying about 100 applications a day so not so bad. They are still not responding to queries on how long the verification process will take but personally, I would rather they got on with that than respond to queries like mine!

Janice Bartram 01/11/2018

Incometent and Overly Intrusive

My experience with BitPrime is not a happy one.
Their team processing new accounts is overly intrusive and thoroughly unprofessional. After nearly two weeks they asked for One photo to be resubmitted. Then another two weeks and they decided to ask for all the photos to be resubmitted!
I can only conclude that they are completely incompetent and who wants to deal with people who incompetent?

Paul Faith 01/10/2018

Communication

I have been trying to open a BitPrime account since 19 December. I have suited all the documents required for ID Verification. They say heavy demand means this process takes about 12 days. Even with Christmas & New Year holidays,12 working days is up and STILL no word from them. I have sent emails (unanswered) and left voice messages (you can't talk to them direct, only via an answering service) ad still the don't reply. NOT IMPRESED

Janice Bartram 01/10/2018

Super Ridiculous Fees

I fomo'd into the market in August thinking I was going to miss the train. Blindly paid fee's amounting to about $900 for a $3,500 transaction, not really understanding where else to buy into crypto and what is a reasonable rate. Big mistake.

Don't let fear of missing out (fomo) deter you from getting verified on a proper exchange such as Bittrex or Bitstamp. It may take a couple of weeks for the whole process but the prices shoot up and come back down all the time... and there is still plenty of opportunities to make good money.

In the long run you'll save yourself a huge amount of money as Bittrex and the like only charge fractions of a percent .

Bitprime is simply taking advantage of peoples inexperience and impatience with crypto.

Do you're research, join a decent exchange, and use coinmarketcap.com to confirm the latest prices.

ScottY 12/24/2017

20% Fees

Just started with them
I just bought ETC and LITECOIN with NZD as per their quote
But when i converted it to USD on Google and compared it to the price of LITECOIN and ETC at the time, I was being charged between 10 and 20% above the current trading price in USD.
I expected fees of around 2% not 20%

I will be looking elsewhere to trade as a result!!!!

steve 12/23/2017

Bitprime not replying

Tried to open an account with Bitprime in NZ - they don't answer telephone calls, emails or messages from their answering service. Waiting now for almost 15 days for a trading account to be opened after sending them all the required documentation. Not a good sign.

Anton De Vrije 12/01/2017

joining BitPrime

I was really keen to join BitPrime to buy and sell. I wanted some ether and ripple. Filled out the form and did the verification. I received an email saying thankyou for verifiying your account but you have been declined. I was going to recommend to my friends but i guess we will look elsewhere.

Desna 11/26/2017
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