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. 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 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. 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 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. The platform also offers a mobile app for iOS and Android. The mobile app has the same features as the desktop version, but is more convenient for people on the go.
Bybit is a crypto to-crypto exchange. To use the service, you need to register through your mobile phone or email address. Next, verify the code that was sent to you by 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.
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. 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.
While Bybit has a great user base, there are many other exchanges that can give it a run for its money. 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.
Another Bybit alternative that offers a similar trading experience is StormGain. 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 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 are dependent on how much liquidity is 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.
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.