Review of the Bybit Cryptocurrency Exchange
ByBit is a new digital asset exchange. It offers a free demo mode and an active blog that helps people get started. The platform is simple to use and soon will have a dark mode that improves your eye-sight. It doesn’t require KYC, which is a great 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. Affiliates can earn BTC 5,600 when referring a new client to the platform. All they need to do is fill out an easy application and receive a unique referral link.
For security, Bybit uses biometric and two-factor authentication. It also maintains 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. Bybit’s website also uses SSL encryption to protect users against phishing attacks as well as online snooping.
Users must generate a wallet address for depositing and withdrawing their funds. 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 have 0.01 BTC minimum deposits.
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. 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.
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. It is important to ensure that you use a VPN to alter your location and avoid KYC.
While Bybit has a great user base, there are many other exchanges that can give it a run for its money. 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 also supports six major cryptocurrencies, including bitcoin. It allows you to buy Bitcoin with credit and offers leveraged trades.
Bybit uses a market maker/taker model to determine trading fees. It charges 0.075% as a taker fee for market orders, and -0.025% to limit orders. These fees vary depending on the amount of liquidity 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. The Bybit fee calculator provides details about the various fees.