Review of the Bybit Cryptocurrency Exchange
ByBit is an exciting new digital asset exchange. You can try it for free and there is an active blog to help you get started. Its platform is easy to navigate and will soon have a dark mode for improved 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. 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 has 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 real?
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.
Users must generate a wallet address for depositing and withdrawing their funds. Users can withdraw no more than two Bitcoin per day. It supports cryptocurrency, so this is quite a small amount. 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. 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.
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. For that reason, it is a good idea to make sure you’ll use a VPN to change 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. 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 supports six major cryptocurrency, including bitcoin. It also allows for purchasing Bitcoin using credit, offers leveraged trades, and has an intuitive order book.
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.
Fees vary depending on the size of your position, 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.