This Is Your Next Level Cryptocurrency Trading Platform!


Today’s post is a detailed review of the Bybit Exchange.

Bybit is a cryptocurrency exchange that strives to be the most reliable exchange for the emerging digital asset class.

The exchange aims to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance.

Well, as I take you through this review, we will get to uncover all the amazing features of this amazing exchange… Let’s get started!


Bybit Review Summary

Carefully, I have grouped this review under the following subheadings:

  1. Bybit Exchange Review
  2. Features Of Bybit Exchange 
  3. Services On Bybit
  4. Supported Countries, Listed Currencies And Supported Payment Methods
  5. Transaction Fees And Verification Requirements 
  6. Customer Support And Public Opinion
  7. FAQs
  8. Conclusion

Without hesitation, let’s get down to business.

Hope you’re ready?


1. Bybit Exchange Review

Bybit is a cryptocurrency derivatives exchange that was founded in March 2018.

The founder and CEO of Bybit- Ben Zhou has experience in the forex market for about 8 years.

The founding team of the exchange consists of pioneering professionals from the foreign exchange.

And investment banking industries, early blockchain adopters, and industry enthusiasts.

The Exchange was built on customer-centric values i.e. tradable security between parties based on the price of the asset at a particular time in the future.

They endeavor to provide professional, smart, intuitive, and innovative online trading and mining.

Additionally, there is staking experience for retail and institutional clients around the world.

The exchange trading site works as a subsidiary under Bybit Fintech Limited which is registered in the British Virgin Islands.

Want to find out more about the exchange, scroll down!


2. Features Of Bybit Exchange

The beautiful things about this exchange are as follows:

  • Blog
  • Launchpad
  • BybitLearn
  • Mobile App
  • ByFi Center
  • 24/7 multilingual support
  • 99.99% System Functionality
  • Margin trading up to 100x leverage
  • Bybit API
  • Affiliate program
  • Referral program

Next, we’ll see the services offered by the exchange.

Let’s get going!

Visit Site


3. Services On Bybit

The available services on Bybit are as follows:

  1. Spot Trading
  2. Derivatives
  3. Buy Crypto
  4. NFT
  5. Flexible Staking
  6. Dual Asset Mining
  7. Launchpool

1. Spot Trading

Bybit Spot trading is a newly added feature to complement its core derivatives offering.

It enables users to trade crypto with other cryptocurrencies when buying and selling assets at the current market rate.

Spot products currently offered on the Bybit platform are over 40.

2. Derivatives

Inverse Perpetual

Bybit Inverse Perpetual contracts use BTC, ETH, XRP, EOS, and DOT (which was recently included) as the base currency.

This feature shows the price, 24H change in percentage, and the 24H Volume in terms of USD which is the quoted currency as seen in the screenshot below. 

USDT Perpetual

Bybit USDT Perpetual contracts use over 30 base currencies such as BTC, ETH, SHIB10000, XRP, LTC, OMG, DOGE, ADA, LINK, ALGO, ATOM, MATIC, FIL, BCH, etc as collateral.

This feature shows the price, 24H change in percentage, and the 24H Turnover in terms of USDT which is the quoted token as seen in the screenshot above.

Inverse Futures

Bybit Inverse Futures Perpetual Contracts make use of only BTC and ETH as a base coin. 

This feature shows the price, 24H change in percentage and the 24H volume in terms of USD which is the quoted token as seen in the screenshot below.

3. Buy Crypto

Under this feature, there are basically two options to buy crypto which are;

Express

Currently, Buy Crypto Express partners include;

  •  Banxa,
  • XanPool,
  • MoonPay,
  • Mercuryo,
  • E-check,
  • Legend Trading,
  • Simplex,
  • Capitual.

Traders are required to perform KYC with third-party service providers.

Once successfully verified, service providers will perform an immediate transfer to credit the cryptocurrencies into traders’ Bybit accounts.

P2P Trading

This service enables users to buy and sell cryptocurrencies through peer-to-peer exchange.

A seller can advertise the price he/she is willing to sell and if a buyer is okay with the price, the transaction can take place at no cost at all.

This service makes it easier and simpler for buyers and sellers to connect, therefore trades can go on 24/7.

The fee structure of P2P trading corresponds to two different types:

The taker is the user who buys or sells coins by placing an order through existing advertisements on the P2P platform. 

The maker is the user who posts trade advertisements. 

P2P on Bybit offers zero transaction fees for takers and makers. 

The exchange has Fiat Gateway partners to provide easy funding and withdrawal from the platforms. They include;

  1. Simplex
  2. Moonpay
  3. Mercuryo
  4. Paxful
  5. Banxa
  6. XanPool
  7. E-check

4. NFT

This is a newly added feature that enables users to explore NFTs from creators worldwide.

The Bybit NFT Marketplace is your one-stop destination for listing and trading NFTs.

The NFTs provided cover-

  • digital art,
  • collectibles,
  • GameFi,
  • the metaverse,
  • and more.

5. Flexible Staking

This is a competitive yield staking with very low risks.

Users can stake tokens to earn guaranteed yields with stable APYs.

And the staked tokens can be unstaked anytime.

Some of its features are listed below;

  • Low Risk
  • Stable APY
  • High Flexibility

6. Dual Asset Mining

This is a non-principal protected investment with floating returns.

This service allows users to stake their preferred asset and lock in an attractive yield via liquidity provision.

The earlier you start staking, the higher the APY.

7. Launchpool

Bybit Launchpool allows users to stake and earn tokens for free.

The tokens you’ve staked here can also be unstaked anytime.

In order to be eligible for Bybit Launchpool, you’ll need to complete KYC Level 1 verification first to stake BIT and/or the new token on the Bybit Launchpool.

Continue reading to find out more about Bybit!

Visit Site


This image has an empty alt attribute; its file name is ctmastery-image-for-post-book-cover-3-1024x688.jpg

P.S
If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.
Go to www.ctmastery.com to enroll
.


4. Supported Countries, Listed Currencies And Supported Payment Methods

Supported Countries

Bybit is open to most Users all over the world.

But there are some jurisdictions the exchange does not operate in and these include-

  • the USA,
  • the Canadian province of Quebec,
  • Syria,
  • and the U.K.

Therefore, to use its site, traders have to actively confirm they are not from these countries.

Listed Currencies

The following list includes the tokens and coins supported by Bybit for the time being:

  • BNB
  • BTC
  • ADA
  • LINK
  • DASH
  • EOS
  • ETC,
  • ETH
  • FIL
  • LTC
  • DOT
  • MATIC
  • XRP
  • SOL
  • XTZ
  • and UNI.

Currently, the 59 fiat currencies supported include;

  • AUD
  • BGN
  • BRL
  • CAD
  • CHF
  • COP
  • CZK
  • DKK
  • DOP
  • EGP
  • EUR
  • GBP
  • HKD
  • HRK
  • IDR
  • ILS
  • INR
  • JOD
  • JPY
  • KES
  • KRW
  • KWD
  • LKR
  • MAD
  • MXN
  • MYR
  • NGN
  • NOK
  • NZD
  • OMR
  • PEN
  • PHP
  • PKR
  • PLN
  • RON
  • RUB
  • SEK
  • SGD
  • AED
  • SAR
  • THB
  • TRY
  • TWD
  • UAH
  • USD
  • VND
  • ZAR
  • ARS
  • AZN
  • CLP
  • CRC
  • GEL
  • HUF
  • KZT
  • MDL
  • NAD
  • UYU
  • QAR
  • and UZS.

Supported Payment methods

Payment methods accepted are Electronic fund transfers, Visa/Mastercard credit, debit cards, and cash deposits (limited to a certain area).  

Bybit is a crypto to crypto exchange that is carried out by third-Party Service providers.

They include Simplex, Moonpay, Mercuryo, and  Paxful.

Here is what it looks like:

This image has an empty alt attribute; its file name is uTad_wiI315u_m6-vYOhqvv7UXECKRUo0PksiR_fMG8BNOBvpU0Iz4d-KDjD3tmEtdWLXwXwoBupz8Eh1zW6jKqQPh9lpilG2uz1IzmP2R42NSr-lY-QOFP0_bNAzWHhhscEKBlL

Next, we’ll look at the Transaction Fees and Verification Requirements.

Let’s dive in!


5. Transaction Fees, Limits, and Verification Requirements

Transaction Fees

Bybit has a cost-effective fee structure that’s friendly to traders.

There is a newly launched VIP program in which traders are only entitled to the benefits from the VIP or Bybit Loyalty program.

You can see in the screenshot below that the Taker and maker fee rate of Spot Trading and Perpetual & Futures Trading differs.

Bybit Derivatives Trading Maker & Taker Fees

For the Non-VIP Inverse Perpetual, the Maker fee is 0.01% while the Taker fee is 0.06%.

The same Fee rate applies to the non-VIP Inverse Futures.

P2P

P2P on Bybit offers zero transaction fees for takers and makers. 

Taker

P2P on Bybit offers zero transaction fees for both the buyer and seller.

However, traders may need to pay transaction fees to their payment provider based on the payment method selected. 

Maker

Currently, there are no fees charged to advertisers for posting ads.

Withdrawal Fees

There are various withdrawal fees that will be incurred for all withdrawals from Bybit. 

These withdrawal fees can also be called the network or miner fees but do not come at a flat rate. 

The charge of withdrawal fees solely depends on the cryptocurrencies that are being withdrawn.

They are listed in the table below;

Coin Withdrawal Fees
ADA 2
BTC 0.0005
DOGE 5
ETH 0.005
KLAY 0.01
LINK 0.512
OMG 2.01
SAND 17
SOL 0.01
USDC 25
USDT (ERC-20) 10
WAVE 0.002

Read to learn more about this here.

Deposit Fees

There are no deposit fees when trading crypto on Bybit.

Verification Requirements

In Bybit, KYC is necessary to improve security compliance for all traders. 

Users will need to have their official identity document issued by their country of origin (e.g. passport, identity card) on hand to complete the verification process.

Users will need to complete their KYC verification if they want to withdraw more than 2 BTC a day.

Find information on the limits below.

Limits

The table below shows the withdrawal limits for each KYC level.

KYC Level Daily Withdrawal Limit
Lv. 0 (No verification required) 2 BTC
Lv. 1 50 BTC
Lv. 2 100 BTC

Furthermore, there are various minimum withdrawal amounts.

Refer to the table below for more information on that.

Coin Minimum Withdrawal Coin Minimum Withdrawal
BTC 0.001BTC ZRX 54
ETH 0.02ETH AGLD 13
BIT 8 BIT BAT 76
EOS 0.2EOS OMG 4.02
XRP 20XRP TRIBE 86
USDT(ERC-20) 20 USDT USDC 50
USDT(TRC-20) 10 USDT QNT 0.2
DOGE 25 DOGE GRT 78
DOT 1.5 DOT SRM 7.06
LTC 0.1 LTC SOL 0.21
XLM 8 XLM FIL 0.1
UNI 2.02 CRV 20
SUSHI 4.6 ANKR 636
YFI 0.0016 PERP 6.42
LINK 1.12 KLAY 0.01
AAVE 0.32 XTZ 1
COMP 0.14 BCH 0.01
MKR 0.016 KSM 0.21
DYDX 15 ICP 0.006
MANA 126 ADA 2
AXS 0.78 CHZ 160

All coins have no minimum deposit requirements except for SOL with 0.01.

The next subheading is a review of Bybit Customer Support and public opinion. Read on!

Visit Site


6. Customer Support And Public Opinion

Customer Support

You can reach Bybit through the following channels;

Furthermore, Bybit has a detailed knowledge platform called BybitLearn.

Here, one can learn more about Cryptocurrency and Trading.

Public Opinion

Regarding public opinion,  Bybit has an average review on Trustpilot with a 3.4-star rating. Users laid emphasis on excellent support and how wonderful the platform is.

It is also considered safe to use on WebOfTrust with four reviews.

Below, I listed out some of the commonly asked questions about Bybit. Read on!


7.  FAQs

1. How do I make a deposit?

Use Bybit Fiat Gateway to convert fiat to cryptocurrency (only support BTC, ETH, and USDT).
This service is wholly provided by the respective third-party service providers listed earlier.

2. Why is my account restricted from performing a withdrawal?

For account and asset security purposes, the following actions will lead to withdrawal restrictions for 24 hours:
1. Change or reset of account password
2. Change of registered mobile number

3. Is Bybit Legit?

Bybit is a legitimate cryptocurrency trading exchange based in Singapore and registered in the British Virgin Islands.
The founder Ben Zhou is well known for his experience in the forex market for about 8 years.
Also, there has been no news of a hack on their exchange platform.
In addition, they include more service options from time to time which mean that they have hope of maintaining and keeping the exchange running.

4. When will I receive the cryptocurrency I purchased?

The cryptocurrency is usually deposited into your Bybit account between 2 – 30 minutes after purchase. 
Sometimes it takes longer, depending on blockchain network conditions and the service level of the particular service provider. 
For new users, cryptocurrency deposits may take up to one day.

Visit Site


8. Conclusion

Bybit offers the best-in-class market depth and each trade is executed with minimal price impact.

Traders that have reviewed the exchange are assured they won’t encounter unfair liquidations with its dual-price mechanism.

This is where I will wrap up the post for today.

Now tell me, do you think the Exchange is worth a trial?

Are you going to open an account with Bybit?

Or you already have… what’s your review?

If you are in love with this post you can share by clicking the buttons below.


Also Read:

Bybit

Bybit

Pros

  • HD Cold Wallet
  • 99.99% System Functionality
  • Risk-free test environment to learn
  • Margin trading with up to 100x leverage

Cons

  • Not available in the U.S
  • Only crypto withdrawals supported





Source link

Add a Comment

Your email address will not be published.

Join Our Premium Crypto Telegram Channel And Receive Signals For FREE! We Will Give Signals On Coins To Buy And Make Over $10,000 Profit Under 2 Weeks! You Will Also Gain Access To Premium Airdrops For FREE!

X