Review of the Bybit Cryptocurrency Exchange
ByBit is an exciting new digital asset exchange. You can try it for free and there is an active blog to help you get started. Its platform is easy to navigate and will soon have a dark mode for improved eye-sight. It doesn’t require KYC, which is a great bonus.
What is Bybit?
It is easy to buy cryptocurrency using the Bybit app. The app offers access to crypto spot trading pairs, fiat-crypto trading pairs, and crypto derivatives perpetual and futures contracts. Affiliates can earn BTC 5,600 when referring a new client to the platform. They simply need to fill out a simple application to receive a unique referral code.
Bybit uses two-factor authentication and biometric authentication for security. It also has a 100% cold storage policy. It is registered with FINTRAC as a Money Services Business (MSB). It currently serves more than 2 million users around the world and has a daily turnover of 16,162,547.804 USD.
Is it legit?
Secure cryptocurrency transfers can be made with Bybit’s multi-signature process. It uses two separate sets of keys to sign transactions. This eliminates the possibility of one person controlling funds. Furthermore, Bybit’s website uses full SSL encryption to protect users from phishing attacks and online snooping.
To deposit and withdraw funds, users must create a wallet address. They can only withdraw a maximum of two BTC per day. This is a relatively low amount considering that it supports cryptocurrencies. There are different minimum withdrawal requirements. SOL and Bybit require 0.01 BTC as the minimum deposit.
Bybit offers traders a range of tools, including a position calculater. The platform also offers a mobile app for iOS and Android. The mobile app has the same features as the desktop version, but is more convenient for people on the go.
Bybit is a crypto to-crypto exchange. You will need to register using your email address or mobile phone in order to use the service. Then, you need to verify the code sent to your mobile. You should also know that you can’t register if you live in a country restricted under the FATCA laws. If you live in a country on the U.S. Treasury Department list of prohibited or regulated entities, you can register as a Taker and Maker. However, you will not be able sell or buy Bitcoins through this system.
Despite the fact that Bybit is based in Asia, it is still a good idea to make sure you’re not located in a country where the exchange does not operate. There are strict regulations governing the use of cryptocurrency exchanges and derivatives in the United States. For that reason, it is a good idea to make sure you’ll use a VPN to change your location and avoid KYC.
Although Bybit is a popular exchange, there are other options that offer more users. Bitmex is one of the largest cryptocurrency derivatives platforms, with an annual trade volume of $1 trillion and daily volume of a few billion dollars. With that kind of liquidity, the exchange can easily handle large orders. Bybit, however, does not support futures trading.
StormGain is another Bybit alternative offering a similar trading experience. StormGain is a new exchange that was launched in 2019. It already offers many advanced functionalities and features for professional traders. It supports six major cryptocurrency, including bitcoin. It also allows for purchasing Bitcoin using credit, offers leveraged trades, and has an intuitive order book.
Bybit uses a market maker/taker model to determine trading fees. It charges a 0.075% taker fee for market orders and -0.025% for limit orders. These fees are dependent on how much liquidity is provided to the market. Bybit charges 0.075% for position funding. Bybit uses this model to create liquidity, and the fees are transparent for users.
Fees vary depending on the size of your position, leverage, and initial margin. The higher the leverage you use, the higher the fees. You can find details on the different types of fees by checking the Bybit fee calculator.