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. 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. 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 has a 100% cold storage policy. It is registered with FINTRAC as a Money Services Business (MSB). 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?
Secure cryptocurrency transfers can be made with Bybit’s multi-signature process. It uses two separate sets of keys 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. 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. 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. 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.
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. For that reason, it is a good idea to make sure you’ll use a VPN to change 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. 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. 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.
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 vary depending on the amount of liquidity 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. Higher leverage will result in higher fees. You can find details on the different types of fees by checking the Bybit fee calculator.