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. 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 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?
Bybit has a multi-signature process for secure cryptocurrency transfers. 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 also different minimum withdrawal requirements. SOL and Bybit have 0.01 BTC minimum deposits.
Bybit offers traders a range of tools, including a position calculater. 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. 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. 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, 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.
StormGain is another Bybit alternative offering a similar trading experience. 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 are dependent on how much liquidity is provided to the market. Bybit charges 0.075% for position funding. Bybit uses this method to create liquidity. The fees are transparent for users.
The fees vary based on your position size, 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.