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. 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. 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.
Bybit uses two-factor authentication and biometric authentication for security. 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?
Bybit has a multi-signature process for secure cryptocurrency transfers. 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. This is a relatively low amount considering that it supports cryptocurrencies. 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. 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. 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. 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.
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. 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. The exchange is able to handle large orders due to its liquidity. Bybit, however, does not support 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 supports six major cryptocurrency, 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 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 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. Higher leverage will result in higher fees. You can find details on the different types of fees by checking the Bybit fee calculator.