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. The platform is simple to use and soon will have a dark mode that improves your 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 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 legit?
Bybit has a multi-signature process for secure cryptocurrency transfers. Two sets of keys are used to sign transactions. This eliminates the possibility of one person controlling funds. Furthermore, Bybit’s website uses full SSL encryption to protect users from phishing attacks and online snooping.
Users must generate a wallet address for depositing and withdrawing their funds. Users can withdraw no more than two Bitcoin per day. It supports cryptocurrency, so this is quite a small amount. There are also different minimum withdrawal requirements. SOL and Bybit have 0.01 BTC minimum deposits.
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. While the mobile app offers the same features as its desktop counterpart, it is easier to use for those who are on the move.
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. 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. 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. 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. Bybit, however, does not support futures trading.
Another Bybit alternative that offers a similar trading experience is StormGain. StormGain is a new exchange that was launched in 2019. It already offers many advanced functionalities and features 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.
To determine trading fees, Bybit uses a market maker/taker approach. It charges a 0.075% taker fee for market orders and -0.025% for 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. Higher leverage will result in higher fees. The Bybit fee calculator provides details about the various fees.