BYBIT was founded in 2018 by Ben Zhou, It's headquarters is in Singapore and it's becoming a popular exchange that allows traders globally to engage in leveraged Margin, Spot and Derivatives trading. But with more focus on margin trading. It's a registered exchange, has over 2.3 million users and generates close to $1 Billion worth of daily trading. As a P2P(peer-2-peer) crypto to crypto trading platform, Traders from a large variety of countries have access to Bybit platforms, features and functions.
Bybit has tons of features that will make it a desirable platform for it's users. Despite being a relatively new platform, The founding team have a strong background in the forex industry, investment banking and blockchain technology. With this combined knowledge and more, They've provided a trusted platform for their users,
Here are some Pros of using this exchange:
Margin trading should only be considered by traders/investors who have a strong knowledge and understanding of the market, because of the high risks involved. 100x leverage simply means you could open a trade position of $20,000 with just a $200 dollar investment or deposit in your Bybit account. Experienced traders will have the opportunity to magnify their profits in Bybit but the risks still remains obvious because a small move against you can get your account liquidated.
You should not worry about overloads or slow transactions on Bybit because this exchange has a fast engine that's capable of 100 000 TPS (Transactions Per Second) which is a major achievement for a new exchange and there's still constant and ongoing improvement to increase and make their engines better.
Bybit have a platform called testnet where users, most especially beginners can test their trading strategies and techniques to learn how to use the Bybit platform step by step before trading with real money. testnet will help you adapt quickly and improve your confidence to use the tools and features in the trading environment.
There's no deposit fees when you're depositing cryptocurrencies to your Bybit account, But withdrawing will have some small charges depending on the crypto asset involved. Here's the withdrawal fees of some cryptocurrencies on Bybit as at the time of this writing. Also note that they do not support direct paper(fiat) money withdrawals.
BTC - 0.0005
ETH - 0.005
USDT(ERC-20) - 10
USDT(TRC-20) - 1
XRP - 0.25
Trading fees on Bybit are generally low and mostly depends on what assets or market you're trading.
Their platforms are user-friendly and compatible with the most advanced android and iOS system. the Bybit app has over 1 million downloads, Thousands of reviews and a rating of 4.9 stars. It has all necessary charts and tools for your trading.
Support is available in multiple languages and also live chat functions to solve customer problems. Unlike most popular exchanges that use robots to reply customers,. Bybit have live-real human agents ready to answer your needs.
So far, Bybit has no history of security breeches, Leaked customer information or Hacks. They spend about 20% of their annual budget on improving and ensuring the platforms security remains at a high level. Most other exchanges use hot wallets for storage, but they use a deterministic cold wallet system to store all of their clients funds, While small amounts are kept in hot wallets for customer withdrawals.
SSL encryption is used on the website to protect all user information, And users also use 2FA (2-factor authentication) before they can access their accounts. So you can be very assured of the safety of your money using Bybit exchange.
Other Pros of using Bybit are:
- Availability of Insurance funds to protect traders.
- Multi-currency support
- No KYC requirements.
Here are some features on Bybit you may find frustrating or basically, things that can be improved on.
Countries like the U.S and the U.K are known to have strict rules and regulations that have been put in place to control the activities of crypto exchanges, Bybit is not allowed to operate in a few other countries too, apart from the ones listed above. This may be a problem for people in this countries who are interested in using Bybit exchange. Going ahead to use a platform not licensed to operate in your country may result in your account being frozen or a total loss of your money. Be guided.
Paper money withdrawals and deposits are not allowed on Bybit. There are other exchanges and platforms that will allow you to deposit using fiat money, you can DYOR...
As at December 2021, you can only make deposits to Bybit with BTC, ETH,XRP and EOS And USDT. Although things could chance in the near future and other payment options could be included.
Leverage is a double edged sword and as a beginner, Being exposed to high leverage options in a volatile Cryptocurrency market could lead to you making trades that could lead to blowing your account, You must learn to adjust your position size to a balanced level measurable to your account size.
If you've decided to use Bybit exchange for your crypto activities, Then you won't be having any KYC(know your customer) requirements. Bybit will not ask you for your personal or private information unlike other exchanges where several personal details will be requested before you can sign up, You can be anonymous on Bybit. You will only need to provide either a phone number, an email or both. This is needed just for your 2FA security. You can also deposit funds in Bybit using third-party apps.
In-Summary, Bybit Exchange is the right choice to go for if:
Click Here To open a Bybit exchange account, And enjoy some rewards when you make some deposits. For more information or questions concerning the Bybit exchange you can send us a message, We will be glad to Assist.