BitPrime Review 2023: Is It A Worthwhile Exchange Option?
Published 26 Nov, 2021 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 What Is BitPrime?
- 3 Pros & Cons
- 4 Advantages & Limitations
- 5 Is BitPrime Trustworthy?
- 6 Top BitPrime Features You Should Know
- 7 Is BitPrime Legit?
- 8 Is BitPrime Safe To Use?
- 9 BitPrime Trading Fees
- 10 Getting Started
- 11 Customer Support & Reviews
- 12 Mobile App
- 13 BitPrime Alternatives
- 14 Our Verdict
BitPrime is one of the more well-known cryptocurrency platforms in New Zealand. The platform is wholly NZ-owned and operated and is aimed toward everyday crypto investors. In this review, we look at its features, fees, and how it compares to the best New Zealand cryptocurrency exchanges.
Promotion: None available at this time
Trading Fees: 2.9% cash, 5% credit card
Available Cryptos: 150+
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BitPrime is a secure and trustworthy cryptocurrency retailer that provides New Zealanders with an easy way to buy, swap, and sell over 150+ digital currencies. Key strengths include its beginner-friendly platform that is complemented by personalized customer support and knowledge tools.
|Core Services||Buy, swap, and sell crypto|
|Trading Fees||2.9% cash, 5% credit card|
What Is BitPrime?
BitPrime was established in March 2017 by Ross Carter-Brown and Monique Wright. The Christchurch-based cryptocurrency platform has become one of New Zealand’s longest-serving and has reached over 31,000 Kiwi investors.
Unlike a traditional cryptocurrency exchange, BitPrime provides its customers with a retail service that allows investors to easily buy, sell, or swap digital currencies. BitPrime does not hold or store any cryptocurrencies and purchased or swapped crypto is sent directly to the user’s wallet. BitPrime is known for its personalized customer service with a focus on education and support for New Zealand investors.
Pros & Cons
- Easy to understand trading process – suited for beginners
- Over 150+ digital assets supported
- Personalized customer service from the local support team
- 4.5/5 rating on TrustPilot
- Knowledge base, consultation services to help beginners
- Purchased or swapped crypto is sent directly to users wallet
- Relatively high and non-transparent trading fees
- Features typically offered by exchanges not offered (e.g. earn interest, staking)
Advantages & Limitations
Is BitPrime Trustworthy?
BitPrime is a legitimate and trustworthy cryptocurrency platform that is trusted by over 31,000 New Zealanders. The platform is licensed under the Financial Services Providers Register (FSP595609) to operate as a financial services provider. BitPrime complies with strict regulations set out by several government bodies including requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
Top BitPrime Features You Should Know
Easy Way To Buy, Swap & Sell Crypto
Before users can start buying or selling crypto, an external wallet will need to be set up as well as an NZ bank account. Once the ID verification process has been completed and approved, customers can start buying, swapping, or selling cryptocurrencies.
BitPrime has made it an easy process that beginners with no prior crypto experience will be able to follow along and complete transactions. BitPrime does not hold or store any cryptocurrencies and purchased or swapped crypto is sent directly to the user’s wallet. An order minimum of $100 is required for most coins, however, ERC20 tokens have an increased minimum amount of $1,000 to account for additional gas fees.
BitPrime explains the steps on how to place orders in the video below.
Personalized Support Program
BitPrime offers a unique personalized support service where customers can book a one-on-one consultation to further their knowledge. Sessions are tailor-made for the customer’s level of experience. Beginners will learn about the BitPrime platform and its features, how to set up wallets, wallet security, and making cryptocurrency transactions. More experienced users will receive a 60-minute session to learn about sourcing reliable market information to make informed investment decisions, and setting up password managers.
Is BitPrime Legit?
BitPrime is a legitimate cryptocurrency platform that is registered under the Financial Services Providers Register (FSP595609) and is licensed to operate as a financial services provider in New Zealand. The platform complies with strict regulations set out by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, as well as government bodies including the New Zealand Department of Internal Affairs and Financial Intelligence Unit.
Is BitPrime Safe To Use?
BitPrime is a safe and secure platform to buy, swap, and sell Bitcoin and other digital currencies. Based on our research, the platform has not experienced any security breaches that have resulted in the loss or damage of funds or assets. Crypto is sent directly to the user’s nominated wallet meaning that the risk of theft from third-party is greatly reduced.
Users creating a new account will need to verify their identity for BitPrime to meet its regulatory obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
BitPrime Trading Fees
BitPrime charges flat trading fees that start at 2.9% and decrease depending on the total transaction volume. For example, if the amount is less than NZD $50,000, then the trading fee is 2%. Transactions performed using a credit card will attract a hefty 5% fee. The high fee is likely due to order processing by a third party. The 5% fee is significant and efforts should be made to avoid credit card purchases where possible.
OTC trading starts when transaction amounts are greater than $50,000. Depending on the amount transacted OTC trading fees may range between 1% and 2%.
BitPrime trading fees are inclusive of all costs that go into the transaction. These may include bank fees, foreign exchange fees, and price slippage. Whilst compiling all costs into a single rate may seem easier, particularly to beginners, the trading fees are not transparent and do not allow for an understanding of what goes into the fee for any given transaction.
In comparison to other local cryptocurrency providers in New Zealand, BitPrime fees are relatively high. For example, Easy Crypto trading fees are cheaper and range between 0.5% and 1.6%.
Creating & Verifying Your Account
Creating a BitPrime account will require a valid email address and a strong password. ID verification is an essential step of the process to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. A document confirming the user’s identity will need to be submitted and may include an NZ driver’s license, a passport from any country, an NZ gun license, or an NZ 18+ card with a full NZ birth certificate.
Users should note that an NZ bank account is required to be set up before ID verification can be completed.
Customer Support & Reviews
Users who are experiencing technical difficulties or who have queries can seek guidance from the Frequently Asked Questions (FAQ) page. Whilst the list of FAQs isn’t overly exhaustive, BitPrime has done a good job addressing each topic with a well-written and detailed response.
Customers can get in touch with the customer support team by submitting a ticket or via email. A live chat function is available where a member of the support team will respond to queries during the hours of 10 am to 10 pm, Monday to Friday. This is a welcome feature as most crypto platforms do not have a local support team immediately available.
BitPrime’s focus on customer support has resulted in an overall rating of 4.5/5 on TrustPilot. The rating is based on over 800 reviews where an overwhelming 91% of feedback was categorized as great or excellent.
BitPrime currently does not support an iOS or Android mobile app to buy and sell cryptocurrencies. However, the website is optimized for use on a mobile device.
BitPrime is a top-rated crypto platform that offers an easy way for investors to buy, sell, and swap a range of digital currencies. New Zealand users who want to access more features and cheaper fees may find the following exchanges and platforms as suitable alternatives.
- Swyftx (best overall New Zealand exchange) – Swyftx is our best-rated cryptocurrency exchange that is available for New Zealand investors and traders. The platform has a wide variety of features including a well-designed user interface, deep liquidity, low spreads, DCA, and advanced trading tools. The platform also supports more than 270 digital assets which are significantly more than BitPrime.
- Digital Surge (best for beginners) – Digital Surge is a beginner-friendly platform that offers lower trading fees (0.5%), more digital assets (270+), and innovative features including in-built tax tools. Digital Surge supports New Zealand investors.
- Easy Crypto – Easy Crypto is a leading local crypto platform that supports NZ investors and traders. Their trading fees are lower and range between 0.5% and 1.6%.
- Independent Reserve – Independent Reserve is a trusted NZ exchange with a strong reputation for providing excellent OTC and SMSF services. Beginners can deposit and use NZD to buy 27 digital currencies on a simple and easy-to-use platform.
- Binance – Binance boasts several services and features that will appeal to a range of crypto users, whilst still maintaining a user-friendly trading experience. Binance’s strengths lie in its high liquidity for trading pairs, low trading fees, a wide range of services, and innovative features.
BitPrime has established itself as a cryptocurrency retail platform with a customer base of over 31,000 New Zealand investors. BitPrime has distinguished itself in the New Zealand crypto market by creating a beginner-friendly platform that is complimented with personalized and accessible support services.
Although the trading fees are all-inclusive of other related costs, they are still relatively high compared to other NZ-based crypto platforms. The flat trading fees are also not transparent to the customer. Customers may be discouraged if they do not fully understand the components of the fee or why they pay the quoted price.
Based on our review, BitPrime is best suited for New Zealand investors who have none or minimal cryptocurrency experience.
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