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?
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.
Bybit uses two-factor authentication and biometric authentication for security. It also has a 100% cold storage policy. It is a registered Money Services Business (MSB) with the FINTRAC. Currently, it serves over 2 million users worldwide and has a daily volume of 16,162,547,804 USD.
Is it real?
Secure cryptocurrency transfers can be made with Bybit’s multi-signature process. 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.
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 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. 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.
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, 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. 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 0.075% as a taker fee for market orders, and -0.025% to 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 model to create liquidity, and 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. The Bybit fee calculator provides details about the various fees.