Bybit Review

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Bybit Review - Best Cryptocurrency Exchange And Trading Platform

Bybit Review – Best Cryptocurrency Exchange And Trading Platform

Bybit, a British Virgin Island-based crypto exchange, is a name well known in the crypto industry. In fact, the company had 1.2 million users until January 13 2021.

Bybit is a platform where you can exchange different derivates of crypto and what’s more enticing is you can leverage your specific assets up to 100x. Not only this, but Bybit also allows trading the future quarterly contracts as well. The expiry date of these contracts will be based on the convergence to spot price and calendar cycle. Another impressive thing about this platform is you won’t have to pay any funding fee.

Allegedly, their matching engine has the capacity of 100,000 transactions per second. Now, this is an extremely impressive feature when we talk about leveraged trading. The word allegedly here means that there is no certain way of verifying this information.

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Bybit keeps on bettering the reliability and safety of the trading platform. They improved the platform speed on December 2, 2020, which made the order placement 50 per cent faster. This means that the trading platform will need 50 per cent less memory and CPU load. This also made connections to Latin America and EMEA 500 per cent faster.

Mobile Support

Apart from desktop availability, Bybit is also available for Apple and Android mobile users. Factually, 70 per cent of the crypto traders prefer conducting business on desktop. However, a lot of them also find it easier to use mobile apps. Bybit also provides this ease of trading on your mobile, and they have a native mobile application (unlike many other platforms).

Leveraged Trading

Bybit is a great platform for leveraged trading. That said, you can actually invest in a certain asset’s price to decrease or increase even without having the necessarily required assets. You can do this by borrowing from the platform and leverage your trading by 100x. Let’s take an example for better understanding.

Suppose, your trading account has 100USD, and you want to bet this amount on a specific asset believing that its value is going to increase. Now, if the price goes up by 10 per cent, you will earn 10 USD. But if you bet it with 100x leverage and the prices go up, the position of your 100 USD will shift to 10,000 USD. That way, you will earn 1,000 USD extra.

However, with the increase in leverage ratio, the liquidation price distance also shrinks. That said if you made a bet for prices to go up, but they go down, then even a slight decline may cost you all your investment. The more you stretch the leverage option, the risk of losing your investment will be greater too. That is why you need to maintain a balance between risk and rewards.

Bybit Review

Bybit Trading Review

Trading views are different for different exchanges, and no overview can be perfect for everyone. Therefore, as a user, you need to decide which trading view is suitable for you. The common elements in most trading views include showing order book or any of its part, order history, and price chart of a specific cryptocurrency. Generally, they have buy/sell boxes as well. Therefore, before choosing any exchange platform, do your own research and choose the most suitable option.

US Investors

If you are an investor from the US, you cannot trade on this platform due to regulatory reasons. There are restrictions imposed by the government on many companies related to the acceptance of funds from investors in the US. However, US investors have other options such as CEX.io, Kraken, KuCoin, etc.

Bybit Fees

Trading Fees

The fee for takers on Bybit is 0.075 per cent on each order. It is difficult to compare this trading fee with other exchanges around the world because different platforms allow trading of different assets/instruments. However, under general circumstances, 0.075 per cent per order is a pretty fair fee.

On the other hand, the fee for makers is -0.025 per cent on each order. What does that mean? Well, a maker is actually get paid for trading on this platform. Suppose you bought crypto for 2000 USD, but you won’t have to pay 2000USD, rather, you will pay an amount after a discount of 0.025 per cent, and that is 1999.5 USD. Now, that is a very attractive and rare feature.

(Note: The example in the original file was miscalculated because the rate applied on 1000 USD was 0.25 per cent rather than 0.025 per cent).

Withdrawal Fees

If you want to withdraw bitcoin from this platform, the fee for withdrawal is 0.005 Bitcoins. The average fee for similar withdrawals all over the world is 0.0008 Bitcoins. Bybit is very competitive in this section too.

Deposit Methods

You cannot deposit fiat currency at Bybit. That means it is not a platform for new investors, but you can look out for other platforms (that accept fiat currency) for buying your first crypto.

Pros

  • Good security system
  • Flexibility in withdrawals
  • Availability of Testnet
  • USDT and BTC settled contracts
  • Easy-to-use and fast mobile app for Apple and android users

Cons

  • Unregulated
  • Not much of a leverage on most pairs

Conclusion

You can be a member of this company the next minute. All you have to do is to sign up and send in some Bitcoins. Your profits start calculating the moment you successfully make a deposit.

Visit the Official Bybit website


FAQ

  • How do you buy Bitcoins on Bybit?

    – Sign up to Bybit
    – You can buy Bitcoin using cash: you can link your debit/credit card or bank account

  • Is Bybit safe?

    Bybit is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).

  • How can I withdraw money from Bybit?

    Binance supports multiple different payment methods. Select the fiat currency you’d like to withdraw and the payment method. Bybit supports credit cards, debit cards, bank transfer, or cash balance.

Visit the Official Bybit website

Bybit score
  • 9.7/10
    Cost - 9.7/10
  • 9.8/10
    Support - 9.8/10
  • 9.8/10
    Reliability - 9.8/10
9.8/10

Bybit Summary

Bybit, a British Virgin Island-based crypto exchange, is a name well known in the crypto industry. In fact, the company had 1.2 million users until January 13 2021.

Bybit is a platform where you can exchange different derivates of crypto and what’s more enticing is you can leverage your specific assets up to 100x. Not only this, but Bybit also allows trading the future quarterly contracts as well. The expiry date of these contracts will be based on the convergence to spot price and calendar cycle. Another impressive thing about this platform is you won’t have to pay any funding fee.

Allegedly, their matching engine has the capacity of 100,000 transactions per second. Now, this is an extremely impressive feature when we talk about leveraged trading. The word allegedly here means that there is no certain way of verifying this information.

Bybit keeps on bettering the reliability and safety of the trading platform. They improved the platform speed on December 2, 2020, which made the order placement 50 per cent faster. This means that the trading platform will need 50 per cent less memory and CPU load. This also made connections to Latin America and EMEA 500 per cent faster.


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Visit the Official Bybit website

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