Cryptocurrency derivatives exchange offers many open-ended contracts on favorable terms and with high speed of execution.
ByBit is a young exchange that appeared in March 2018. The platform allows customers to trade perpetual derivative contracts on cryptocurrencies.
In our review, we will take a closer look at the opportunities the platform provides and find out whether ByBit is a scam and scammers or a reliable service for traders.
The ByBit exchange appeared on the Internet quite a long time ago. The company is engaged in serving both professional traders and individuals with one-time orders. The site of bybit.com has a multilingual interface, which shows the orientation of the organization towards the international market. The company’s headquarters is located in Singapore, from where the project is regulated. The service is registered in the British Virgin Islands.
The platform provides customers with favorable, and most importantly, comfortable conditions for the implementation of trade. The main product offered by the exchange, are open-ended futures. Futures trading is leveraged up to 1:100. Now there are four specific derivatives markets available on the site: BTC/USD, ETH/USD, EOS/USD and XRP/USD (how to make money on cryptocurrency?).
The exchange is similar to its competitors in many ways, but there are a few standout features. For example, the company offers one of the fastest order kernels, which can process up to 100,000 transactions in one second per contract, ensuring no overloads, as well as instant processing. One of the organization’s top priorities is the safety of user funds, which is why a system of hierarchical, deterministic offline wallets is used to store assets.
For novice traders, the platform will be especially useful, as there is a guide with detailed instructions for beginners, as well as a demo account where the client can try their hand at trading cryptocurrencies (cryptocurrency trading strategies). A separate section with the latest news and informative articles is also provided for users. The advantage is that the information is presented in Russian.
The platform has recently updated the interface, which has become even more convenient and faster. The new user interface contains many speed improvements:
- 50% faster order placement;
- 50% less CPU and memory load;
- 400% faster loading of the Bybit trading terminal;
- 500% faster connection for EMEA and Latin America.
The trading terminal has several blocks:
- A book that shows all currently active orders available to buy and sell.
- A currency rate chart that is updated in real time.
- Information on active and executed trades.
- A list of the most recently executed trades.
- Overview of assets.
- Creation of orders to buy and sell cryptocurrencies.
- Information about the current contract.
- Market activity on available assets.
Also, the broker allows customers to set take profit and stop loss for orders. Users can set partial TP/SL with different quantities and entry prices for their trades. This allows users to apply advanced trading strategies to protect and make more profitable trades. Once a position is opened, the trader can monitor and manage it in the corresponding window with charts. Four new USDT pairs have been included. Users can now trade ETH, LINK, LTC and XTZ on our exchange. Also note that Bybit has increased asset exchange limits for the five cryptocurrencies currently available for trading: BTC, ETH, EOS, XRP and USDT. The mutual insurance feature now includes a visual yield curve and instruction to help better understand how the tool works.
To allow users to trade 24/7, a mobile app has been created. Both Android and iOS versions are available. The app is great for traders who travel or don’t have constant access to a computer or laptop. The app has recently received an update and now users can get push notifications when an order is executed + a home screen widget. The main advantages of ByBit include:
- Multiple supported cryptocurrency perpetual contracts.
- Intuitive trading platform.
- The presence of a Russian-language interface.
- Low commission.
- High liquidity.
- Ability to set take profit and stop loss.
- Double price for protection against manipulations.
- Cold storage of cryptocurrency.
- Round-the-clock feedback.
- Availability of an insurance fund.
It is worth noting that the platform is regularly updated. Now Bybit representatives announce the soon introduction of quarterly futures, sub-accounts and integration with MetaTrader4, as well as new trading pairs (ADA/DOT/UNI/XRP for USDT). Bybit’s quarterly futures contract will allow speculation on the futures price of the underlying asset. Sab accounts will come with their own individual balances, permissions, and account statements.
How to exchange cryptocurrency on the Bybit platform?
Since the exchange cannot make an exchange for fiat money, the customer can use one of the following methods:
Transfer money from the cryptocurrency wallet to a bank card using third-party resources;
withdrawal through the exchanger.
Verification on bybit.com platform
Another feature of the exchange is the complete anonymity of users. That’s why traders are not required to be verified to trade. For privacy advocates who are worried about the risks of personal information disclosure, this aspect is especially important.
Depositing and Withdrawing Earnings
ByBit is solely a cryptocurrency exchange, so it is impossible to replenish your account with fiat currency. To deposit with cryptocurrency, a client needs to create a wallet address and make a transfer. To do this, go to the “Assets” section, which is located in the header of the profile. This section reflects wallet balances. To open wallet addresses for BTC, ETH, EOS or XRP, you need to click on the “Deposit” button. After receiving the address, the user is free to proceed with the transaction. It is worth keeping in mind that funds are not transferred instantly, because the transaction must first go through the network.
Withdrawal of funds
To order a payment, it is necessary to perform a few simple actions. First, in the selected asset you need to click on the “Withdrawal of funds” button, after which the system will require you to enter the wallet address and confirm the action with two-factor authentication. Next, the client receives information about the miner’s commission, which is charged on the operation. The company manually processes withdrawal requests three times a day – at 8:00, 16:00 and 00:00 UTC. There is no minimum deposit amount, but the service has set a minimum withdrawal amount for each of the coins:
- Bitcoin – 0.0005 BTC;
- Ethereum – 0.005 ETH;
- EOS – 0.1 EOS;
- Ripple – 0.25 XRP.
Cryptocurrency exchange commissions
The company operates on a “maker-taker” commission model. This means that the exchange charges traders a commission if liquidity decreases and refunds part of the funds if liquidity, on the contrary, increases. There is a 0.025% commission on each bet, which is paid each time. If the client is a regular trader and has no relation to market takers, the service charges a commission of 0.075% for each transaction. As a result, 0.05% commission is paid for each transaction.
Another type of commission, which can be found when carrying out a financing transaction. The essence is similar to the overnight rate and is a financing fee. Based on the fact that margin trading is based on “lending” positions, the user pays either for financing or receives a fee for it. However, unlike transaction fees, financing fees are paid by traders directly, without the involvement of ByBit. The rate depends on market conditions as well as interest rates, so it is not fixed and may change daily. You can find out the financing rate when you open a position. The value is shown in the “Position Information” column.
The advantage is that the exchange does not charge any commission for deposit and withdrawal. However, when withdrawing earnings from the user, a fee may be withheld from the miner or network for mining the blockchain.
The company has prepared bonuses and contests for its customers.
Bybit VIP program
Regular interesting events and discounts on the platform for customers who have registered for a VIP account.