Review of the Bybit Cryptocurrency Exchange
ByBit is an exciting new digital asset exchange. It offers a free demo mode and an active blog that helps people get started. Its platform is easy to navigate and will soon have a dark mode for improved eye-sight. The company has no KYC requirement, which is a nice bonus.
What is Bybit?
The Bybit app makes it easy for users to buy cryptocurrencies without a hassle. Access to fiat-crypto trading pairs and crypto derivatives perpetual or futures contracts, as well as crypto spot trading pairs and trading pairs for crypto trading, are all available through the app. Referring a client to the platform can earn affiliates BTC 5,600. They simply need to fill out a simple application to receive a unique referral code.
For security, Bybit uses biometric and two-factor authentication. It also has a 100% cold storage policy. It is registered with FINTRAC as a Money Services Business (MSB). Currently, it serves over 2 million users worldwide and has a daily volume of 16,162,547,804 USD.
Is it legit?
Secure cryptocurrency transfers can be made with Bybit’s multi-signature process. Two sets of keys are used to sign transactions. This avoids the risk of a single individual controlling the 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. It supports cryptocurrency, so this is quite a small amount. There are different minimum withdrawal requirements. SOL and Bybit require 0.01 BTC as the minimum deposit.
The Bybit platform has a variety of tools for traders, including a position calculator. It also has a mobile application available on Android and iOS. 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. To use the service, you need to register through your mobile phone or email address. Next, verify the code that was sent to you by your mobile. It is important to note that registrations cannot be made if you are a resident of a country subject to the FATCA laws. You can also register as a Taker or a Maker, but you won’t be able to sell or buy Bitcoins through the system if you are a resident of a country that has been listed on the U.S. Treasury Department’s list of prohibited and regulated entities.
Although Bybit is based out of Asia, it’s a good idea not to be located in any country that the exchange doesn’t operate. The United States has strict regulations regarding the use of cryptocurrency derivatives and exchanges. 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. The exchange is able to handle large orders due to its liquidity. However, Bybit does not allow futures trading.
Another Bybit alternative that offers a similar trading experience is StormGain. This exchange launched in 2019 and already packs a lot of advanced features and functionalities for professional traders. It also supports six major cryptocurrencies, including bitcoin. It allows you to buy Bitcoin with credit and offers leveraged trades.
To determine trading fees, Bybit uses a market maker/taker approach. It charges a 0.075% taker fee for market orders and -0.025% for limit orders. These fees vary depending on the amount of liquidity provided to the market. Bybit also charges a position funding fee of 0.075%. Bybit uses this method to create liquidity. 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.