Review of the Bybit Cryptocurrency Exchange
ByBit is a 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. The app offers access to crypto spot trading pairs, fiat-crypto trading pairs, and crypto derivatives perpetual and futures contracts. Affiliates can earn BTC 5,600 when referring a new client to the platform. They simply need to fill out a simple application to receive a unique referral code.
For security, Bybit uses biometric and two-factor authentication. It also maintains 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 real?
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.
Users must generate a wallet address for depositing and withdrawing their funds. They can only withdraw a maximum of two BTC per day. It supports cryptocurrency, so this is quite a small amount. 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. 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. You will need to register using your email address or mobile phone in order to use the service. Then, you need to verify the code sent to your mobile. You should also know that you can’t register if you live in a country restricted under the FATCA laws. If you live in a country on the U.S. Treasury Department list of prohibited or regulated entities, you can register as a Taker and Maker. However, you will not be able sell or buy Bitcoins through this system.
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. For that reason, it is a good idea to make sure you’ll use a VPN to change your location and avoid KYC.
Although Bybit is a popular exchange, there are other options that offer more users. 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. The exchange is able to handle large orders due to its liquidity. However, Bybit does not allow futures trading.
StormGain is another Bybit alternative offering a similar trading experience. StormGain is a new exchange that was launched in 2019. It already offers many advanced functionalities and features 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 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 method to create liquidity. The fees are transparent for users.
The fees vary based on your position size, leverage, and initial margin. Higher leverage will result in higher fees. You can find details on the different types of fees by checking the Bybit fee calculator.