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 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 legit?
Bybit has a multi-signature process for secure cryptocurrency transfers. It uses two separate sets of keys to sign transactions. This eliminates the possibility of one person controlling 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. 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. 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.
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.
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 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 also charges a position funding fee of 0.075%. Bybit uses this model to create liquidity, and 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. The Bybit fee calculator provides details about the various fees.