Last Updated: November 29, 2022
Pros:
✅ A reasonable amount of cryptocurrencies
✅ Earning interest in crypto
✅ Borrow with your cryptocurrency
✅ Modern trading instruments
✅ Strict anti-money laundering (AML) and know-your-customer (KYC) procedures
✅ Excellent client service
Cons:
❌ Not accessible in the US
❌ Requirement of minimum investment
❌ Insufficient transparency
❌ Loans with high APRs
Even though there are many resemblances between the exchanges, Bybit has added some unique features that may make them more desirable.
a) With three contract alternatives, Bybit Exchange provides trading derivatives products, including Bitcoin and other cryptocurrencies- they are- USDT Perpetual, Inverse Perpetual, and Inverse Futures.
b) Full access to a variety of trading capabilities, such as cross-border and isolated margin trading, is provided. Bybit offers cross-margin trading at a fixed 100X leverage that is not flexible.
c) Limit orders, conditional orders (including limit orders with conditions), stop-loss orders, and advanced orders like Good Till Cancelled, Immediate or Cancel (IOC order), and Fill or Kill are all supported by Bybit. Advanced Order Forms can be accessed quickly and are simple to use.
d) To access data, such as price moving averages, moving average indicators, and monthly price ranges, it offers a variety of data analysis tools. Funding information, individual index prices, a rolling volatility chart, the daily realized volatility of BTC, market analysis, and the most recent news are all included.
e) It offers the cryptocurrency community a fantastic trading experience with a simple user interface.
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Verify that you have read and understood all of the T&Cs before continuing. Before you start your trading adventure with them with joy and satisfaction, make sure you are fully aware of all the terms.
a) Leverage for margin trading of up to 100x: Trade perpetual contracts for Bitcoin, Ethereum, EOS, and XRP with leverage of up to 50x, 100x, or less to strike the right balance between risk and reward.
b) Support for multiple currencies: You may deposit, withdraw, and open positions in BTC, ETH, EOS, XRP, and even USDT at ByBit (not available for trading, hedging only). Utilize the internal Asset Exchange function to quickly convert cryptocurrencies.
c) Low costs: ByBit provides some of the market’s lowest-margin trading fees.
d) Lack of KYC exchange: You are not required to provide any private or personal information on the platform.
e) Strong and attractive trading interface: ByBit provides a strong, effective, and well-designed platform that is simple to use but packed with cutting-edge features. Up to 100,000 deals per second can be handled by it.
f) A safe platform: There have never been any hacks, security lapses, or user data leaks on the exchange.
g) 24-hour client service: Support is provided by email and a desk-based live chat feature, both of which are available in many languages.
As a new user, you can get a VIP deposit bonus by using the referral link- https://partner.bybit.com/b/BestCryptoReferrals
a) No client service through telephone
b) For new traders, advanced features could be frightening.
c) No support for fiat
d) ByBit prohibits traders from the U. S. from using their platform due to regulatory difficulties. However, it also prohibits nationals and residents of the following countries- Quebec (Canada), Singapore, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, Sudan, and Apart from these nations, it’s services are accessible everywhere.
ByBit won’t require you to go through know-your-customer (KYC) processes, therefore you won’t be required to provide identification documents or any other kind of similar information in order to trade. This hardly suggests that the platform’s security has been neglected, though. The platform will provide to keep the customer’s tokens in a variety of offline (cold) wallets situated on a secure site, in addition to the two-factor verification (2FA) via email, SMS, and Google Authenticator.
Multi-signature addresses are used to control the transfer of stored cash. This requires the platform to sign transactions between wallets using a number of different keys. No one will therefore be given excessive authority when handling assets kept on the exchange. A part of the money required for urgent withdrawals is stored in virtual hot wallets.
The platform’s communication engine is also powered by SSL encryption, and the addresses and passwords required for transactions are entirely encrypted. Prior to being granted, each withdrawal request is subject to a number of security checks. The ByBit platform has not yet had a security breach, so it is still in good standing.
With 24/7 access to its support resources, ByBit does not stumble on its customer service features either. While phone assistance is currently unavailable, support is offered in various languages via email and a desk-based live chat feature.
Facebook, Instagram, Telegram, and Reddit are just a few of the social media platforms where the platform is well-established. Finally, customers can earn 10 USD equivalents in BTC through ByBit’s referral program for every new trader they introduce to the platform.
ByBit provides numerous incentives, including multiple deposit bonuses, sizable referral prizes, and crypto bonuses for taking actions like engaging in trading and following ByBit on social media.
Even while ByBit only currently supports a small number of cryptocurrencies, the exchange will undoubtedly add more over the next few years.
They truly appreciate that there are no KYC requirements for deposits or withdrawals. You are not required to provide them access to your personal papers. You can begin trading as soon as you open your account and deposit cryptocurrency. This is a significant advantage for those concerned with privacy.
ByBit provides traders with a clear, transparent environment where they may conduct safe, legal cryptocurrency trading. The website is user-friendly, but it also provides educational tools to help you learn how to trade, making it perfect for both beginners and seasoned traders.
The demo mode, which lets you test out the platform without putting any of your assets at risk, is one of the nicest features. They also offer a useful blog that gets frequent news and updates. The ByBit platform is user-friendly and appealing. The options are easily accessible at the top of the page, and everything is simple to browse. Registration with ByBit is very easy because they don’t require KYC. The website also states that they will be adopting a dark option to make the viewing screen easier on the eyes, which I think will be a nice feature. Only a phone number or email address is required.
Your email address or phone number will be validated for security reasons. You’ll receive more instructions via phone call, email, or even text message. ByBit is unrelated to fiat money. This implies that you will have to use cryptocurrency to fund your account. ByBit does, however, feature a fiat gateway where you may purchase cryptocurrency using fiat money like USD, AUD, JPY, USDT, and more. You won’t be charged a deposit fee by ByBit. You will simply be required to pay the transfer’s mining fees, which some people think are a bit excessive.
