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. It doesn’t require KYC, which is a great bonus.
What is Bybit?
It is easy to buy cryptocurrency using the Bybit app. 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.
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). Currently, it serves over 2 million users worldwide and has a daily volume of 16,162,547,804 USD.
Is it legit?
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.
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. 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. 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. You should also know that you can’t register if you live in a country restricted under 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 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. 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.
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.
The fees vary based on your position size, 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.