Review of the Bybit Cryptocurrency Exchange
ByBit is a new digital asset exchange. You can try it for free and there is an active blog to help you get started. The platform is simple to use and soon will have a dark mode that improves your 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. The app offers access to crypto spot trading pairs, fiat-crypto trading pairs, and crypto derivatives perpetual and futures contracts. Referring a client to the platform can earn affiliates BTC 5,600. 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 a registered Money Services Business (MSB) with the FINTRAC. 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 avoids the risk of a single individual controlling the funds. Bybit’s website also uses SSL encryption to protect users against phishing attacks as well as online snooping.
To deposit and withdraw funds, users must create a wallet address. Users can withdraw no more than two Bitcoin 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. While the mobile app offers the same features as its desktop counterpart, it is easier to use for those who are on the move.
Bybit is a crypto to-crypto exchange. To use the service, you need to register through your mobile phone or email address. 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. 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.
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. 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.
Although Bybit is a popular exchange, there are other options that offer more users. Bitmex, which has a daily volume of just a few billion dollars and an annual trade volume exceeding $1 trillion, is one of the most popular cryptocurrency derivatives platforms. With that kind of liquidity, the exchange can easily handle large orders. However, Bybit does not allow futures trading.
Another Bybit alternative that offers a similar trading experience is StormGain. 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.
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 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.