A Reliable Trading Hub for Investors
Bybit Review
Bybit is a cryptocurrency exchange platform launched in 2018 and offers users access to a comprehensive assortment of cutting-edge investment products. This trading platform is licensed in the British Virgin Islands and has its main office in Singapore. It also has other headquarters in Taiwan and Hong Kong. This platform is also an exchange for derivatives, which sets it apart from others in its category. In addition to providing the typical trading functionality, it allows traders to purchase derivatives.
Bitcoin, Ripple, Ethereum, and EOS permanent contracts may all be traded on the exchange. Traders can use a leverage of up to 100:1. The exchange has built up an extensive client base (over 100,000 users), substantial liquidity (about $30M now), and actual daily traded volume (approximately $200M) in a relatively short time.
Trading Platform
The platform includes the following features:
- Numerous time frames
- Exceedingly customizable user interface
- Modern indicators for technical analysis
- Pre-execution trade breakdown
- Take a look at past transactions and final profit and loss figures
- Possibility to customize limit, conditional, and markets order parameters
- Indicators and tools for charts that can be customized RSI & Bollinger Bands
Mobile App
The Bybit exchange is mobile-friendly, with a dedicated app for iOS and Android. Both Apple and Google operating systems are compatible with the software. As of this writing, 700 users have given it a rating of 3.9 out of 5 stars in Apple’s App Store. 75,000 users have given it a positive review, giving it an average rating of 3.8 stars on the Play Store. The app for mobile devices is fully functional in the same way as the website.
Available Coins
Payment Methods
Fees
Trading and withdrawal fees on ByBIt are exceptionally low. All of their investments have a taker charge of.75% (paid when an order is removed from the book) and a rebate of -0.025% (paid when an order is added to the book). For instance, if you placed an order for $1,000, you only needed to pay $997.50. Such a pricing system is beneficial.
Spreads
The spread in trading is the ratio between the best offer price (the highest possible cost for a buyer) and the cheapest ask price (the lowest pricing for a seller) (ask price). The spread is considered a profit by the exchange.
ByBit’s spreads and trading fees are both quite reasonable. For crypto traders, this means that fees are low. But the spread is often big if you use Banxa to buy cryptocurrency with an e-Transfer through a third party.
Regulations
Bybit claims on its website that it is a BVI corporation that is not under the control of any national or international regulatory body. But the company follows BVI rules and laws and is committed to keeping things safe.
Top Perks
The following is a list of the most significant advantages provided by the platform:
- 24/7 Multilingual Service : Bybit provides customer service around the clock and in different languages. It has a support team for customers worldwide, and they can fix any questions or problems by answering the phone or using the live chat facility.
- Trading on the Margin : Bybit is widely considered one of the most excellent platforms for margin trading since it enables users to borrow additional cash to establish positions on the spot market that are bigger than the amount of money currently in their wallets. On Bybit, you can trade cryptocurrencies with up to 100x leverage, low trading fees, and market-maker rebates.
- Insurance Fund : As a way to reduce risk and make up for losses, the exchange offers a guarantee from a Bybit insurance program.
- High Bonuses and Reduced Service Fees : Bybit’s transaction costs are consistently around the bottom of the cryptocurrency industry. In addition to that, it provides traders with generous incentives.
- Superior Tools and Techniques : Bybit is capable of processing 100,000 transactions every second and is dedicated to preventing downtime for its servers. It provides charting tools that include additional features.
Security
With no hacks in its history, ByBit has proven to be a trustworthy platform for buying and selling cryptocurrencies. On the ByBit platform, security measures are in place to protect users’ privacy and safety as much as possible. The company has implemented many safeguards to stop hackers from entirely depleting a customer’s account, including limiting bitcoin withdrawals to three per day.
The security of cryptocurrencies held by ByBit is top-notch. Since it’s much harder to hack a cold wallet than a hot wallet, which is always connected to the internet and the crypto network, the exchange moves user deposits right away to cold wallets.
Bybit Pros and Cons
- Specifically, Bybit employs a powerful 100K TPS Match Engine
- The market data is updated every 20 milliseconds and delivered to its powerful API
- Compared to other markets, the volume of every contract is lower
- Unlike competing exchanges, Bybit lets you buy and sell EOS and Ripple futures
- Superior levels of assistance for customers
- Bybit is compatible with leading trading bot services
Cons
- It’s a relatively new Platform
- The quantity of available trades is low on this platform.
- People from the United States are prohibited from trading.
Registration
The procedure of registering an account on the ByBit Exchange is straightforward:
- Visit the homepage for ByBit.com
- Select between mobile registration or email registration
- Simply provide your email address or phone number
- Enter the verification code issued to whichever mode of registration you used; the code will only be valid for the next five minutes.
- Done! You are now able to make deposits in cryptocurrency and start trading.
Conclusion
Bybit is an open, reliable, and effective exchange medium. It employs cutting-edge technology to ensure the safety and efficiency of all transactions. Bybit provides 100x margin trading, and its insurance funds protect traders against losing investments. The system also allows for deposits in fiat currency and doesn’t demand your KYC information. Live chat is always available on Bybit, and the company’s top-notch customer service. Bybit allows you to automate your trading techniques using trading bots.