BitPrime is a New Zealand-based company that promises to take all the hassle out of buying and selling bitcoins. Read our BitPrime review to find out how it works.
What is BitPrime?
BitPrime, found online at BitPrime.co.nz, is a bitcoin payment platform that promises to complete your transactions in a fast, secure, and convenient way. The platform is catered towards residents of New Zealand and claims to be the country’s “premier cryptocurrency exchange.” The platform is New Zealand owned and operated.
Like other bitcoin exchanges, BitPrime lets you buy and sell cryptocurrencies over their online trading platform. The main advantage of BitPrime is that you can trade the New Zealand Dollar (NZD) for bitcoin and other cryptocurrencies.
BitPrime launched three months ago. A recent press release showed that the platform has experienced “rapid growth”. In three months since launch, BitPrime has processed over $600,000 worth of transactions.
Identity and Verification Requirements
You can begin trading on BitPrime by signing up through the official website at BitPrime.co.nz.
You’ll need to verify your identity with the platform only if you’re depositing money through bank transfer. You can purchase bitcoin by cash deposit without submitting identity documents.
If you’re depositing money via bank transfer, then you’ll need to submit a considerable number of identifying documents, including:
- A photo of your New Zealand driver’s license or passport
- A photo holding your identification next to your face
- A photo of you holding a piece of paper with the date and time and “BitPrime” written on it
- A utility bill or letter from the last three months with your name and address on it
Once you’ve submitted all those documents, you can transfer money to BitPrime by bank deposit.
Alternatively, you can deposit money through cash deposits without the need for identity verification. You can also deposit via an in-person transaction in Christchurch.
Which Currencies Can You Trade?
BitPrime is one of the most popular cryptocurrency trading platforms in New Zealand. It allows customers to directly exchange bitcoin and other cryptocurrencies for fiat currency. The most popular trading pairs include bitcoin, Ethereum, and Ripple over the New Zealand dollar.
The exchange plans to introduce other cryptocurrencies as they continue to grow.
The core advertises features of BitPrime include:
- Fast: Transactions can be completed in as little as 5 minutes, or no longer than an hour at most.
- Secure: “We use a third party escrow service for your peace of mind” (BitPrime uses Local Bitcoins as its escrow partner)
- NZ Owned: BitPrime is 100% Kiwi owned and operated.
BitPrime was founded by Geoffrey Palmer. The company launched in early 2017.
You can contact the company by email at [email protected] There’s limited information about the company or the exchange available online. However, the first mentions of BitPrime occurred on March 28, when the company issued a press release announcing the launch.
In that press release, Founder and Owner Geoffrey Palmer described the company as “A cryptocurrency trading platform, committed to buying and selling bitcoin at the most competitive rates avialable today.”
The press release goes on to explain that the goal of the exchange is to make bitcoin “an accessible form of investment for everyday New Zealanders.”
BitPrime appears to be based in Christchurch.
BitPrime is a cryptocurrency exchange that’s 100% New Zealand owned and operated. It’s one of the few exchanges where you can trade the Kiwi dollar for popular cryptocurrencies like bitcoin, Ethereum, and Ripple. You can start trading today by visiting BitPrime.co.nz.