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On its website, Prime bit omits to include corporate ownership or leadership details.

The website domain (“primebit.com”) for Prime bit was initially registered in 2005. On May 17, 2022, the private registration was last updated.

Primebit claims to be operated by “PrimeBit Ltd.” PrimeBit Ltd. is a fictitious business registered in St. Vincent and the Grenadines using a PO Box.

Always consider joining and/or giving any money to an MLM firm very carefully if it is not transparent about who owns or runs it.

Products from Prime bit

A trading platform is accessible through Prime bit.

The Prime bit platform may be accessed online or by connecting to MT5.

Trading costs for Prime bit are allegedly “among the lowest on the market.”

The Compensation Plan for Prime bit

The fees that Prime bit receives from users of its trading platform are used to fund its compensation scheme.

get a 5% commission rate and trading costs of $0 to $5.

get a 7% commission rate and trading costs ranging from $5.01 to $50.

get a 12% commission on trading costs of $50.01 to $500.

get a 15% commission on trading fees of $500 to $5000.

Get trade costs of $5000.01 or more and a 20% commission rate.

Affiliates that successfully negotiate “individually” with Prime bit get a 30% commission.

Over a rolling 30-day period, trading fee volume is monitored.

On level 2, or affiliates that you recruit who then recruit affiliates, 5% of trading volume is paid out.

Bonus for Registration

An “up to $80” signup incentive is described in the paperwork of Primebit’s compensation scheme.

Every user who registers using one of your referral links will receive a bonus of up to $80.

The incentive increases in proportion to your deposit.

This seems to be connected to the initial deposit made by new platform users.

Getting on Prime bit

It looks that joining Prime bit as an affiliate is free.

Prime bit Summary

Automated trading is the main issue with MLM organizations focused on trading platforms. This forces a corporation into the realm of securities offerings, which entails onerous regulatory procedures.

I don’t believe Prime bit provides any type of automatic trading, as far as I know.

The prime bit is less of an MLM firm and more of an exchange with an MLM pay structure.

Primebit’s flaw is that it gives the impression of being a shady exchange conducted by unidentified individuals.

In 2019, Prime bit began as a standard cryptocurrency trading platform:

Since then, they’ve added more services:

Prime bit still exclusively takes cryptocurrencies because of their cryptocurrency beginnings.

In addition to BTC, USDT, ETH, LTC, BNB, CAKE, BCH, LINK, XRP, ADA, TRX, ATOM, DASH, DOT, EOS, ONT, ZEC, DAI, XTZ, MATIC, BUSD, PAXG, USDC, and DOGE, PrimeBit also takes several other cryptocurrencies.

Since you cannot trade equities, foreign exchange, or commodities using cryptocurrencies, Prime bit is either engaging in questionable back-end activity or misrepresenting the nature of its service.

In the end, Prime bit is a dubious platform operated by unidentified individuals through a shell business in a tax haven nation.

The way Prime bit is set up makes it more conducive to money laundering and other criminal activities than it does to serve as a genuine trading platform.

Users of Prime bit may be assured that they won’t receive any consumer protection if the company that runs it shuts down.

I have no idea what has changed recently, but Primebit’s website visitors have significantly decreased:

It is disturbing that the US ranks as the second-largest source of visitors to Primebit’s website.

According to the website for Prime bit:

Residents and nationals of certain of the nations specified in our Terms of Services, including the United States, are not eligible to use PrimeBit’s services.

That is nonsense. Who knows what else Prime bit is lying about if they are lying about that?

There is nothing fundamentally wrong with Prime bit as an MLM business. You recruit traders and profit from their commissions.

But you should stay away from Prime bit as a trading platform. Countless platforms don’t function from PO Boxes on tax-haven islands in the year 2022.

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