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. 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. 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. Two sets of keys are used 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. It supports cryptocurrency, so this is quite a small amount. There are also 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. 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. 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.
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 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. 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 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.
The fees vary based on your position size, 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.