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. The company has no KYC requirement, which is a nice 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. 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). Currently, it serves over 2 million users worldwide and has a daily volume of 16,162,547,804 USD.
Is it real?
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.
Users must generate a wallet address for depositing and withdrawing their funds. They can only withdraw a maximum of two BTC per day. This is a relatively low amount considering that it supports cryptocurrencies. There are also 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. 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. 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. 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.
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. The exchange is able to handle large orders due to its liquidity. However, Bybit does not allow 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 supports six major cryptocurrency, including bitcoin. It also allows for purchasing Bitcoin using credit, offers leveraged trades, and has an intuitive order book.
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 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. The Bybit fee calculator provides details about the various fees.