If you trade Bitcoin, you’ve heard about the renowned Bitcoin futures exchange known as Bitmex leverage trading (or margin trading). But have you heard of BYBIT? What brought luck to the few and not to the many on Bitmex was the crazy option of 100x leverage, which allows you to borrow 100 times your stake for long or short trades.
In this comprehensive ByBit review we explain what ByBit is and all the features which it has.
What is ByBit?
ByBit is a derivative exchange of cryptocurrencies that released its services at the end of 2018.
The site provides traders with the ability to trade permanent contracts for up to 100:1 leverage for BTC, XRP, EOS and ETH.
The exchange has succeeded in building up substantial liquidity in their short time in operation.
ByBit is a futures exchange based in Singapore focused on P2P cryptocurrency.
Bybit constantly improves the trading platform’s safety and reliability. Such features, among other items, further reduce the risk of someone using the Bybit platform to engage in market manipulation.
The exchange is open to most traders around the world and the website has been translated into Chinese, Korean, and Japanese English, Simplified and Traditional. There are, however, some jurisdictions in which they do not operate, including the likes of the United States, Syria, and Quebec’s Canadian province.
Is ByBit safe?
This is one of the most important issues any trader of the exchange will have. This is especially true when it comes to a new exchange to which no record of security track has been created.
While exchange side defense is one thing, the greatest threat to the security of a trader is in most cases itself. Therefore, ByBit has included a number of tools to help protect your account with your username from a hacker.
Does ByBit require KYC?
Though ByBit does not require KYC, for regulatory reasons, the exchange does not allow US citizens to trade on its platform. This principle is applied by examining the device IP that a client uses to access the network.
It means that you will have to put up a margin of 1 percent of the original notional amount of trade if you have a leverage of 100x.
Example: So, if a 10BTC contract has a notional value of $40,000, you’ll have to put up $400 in the initial margin.
Bybit pays two types of payments based on one being a market maker or a market taker.
Market makers: 0.025% of your trade is charged here. Your order must be put on the order book waiting to be filled in to qualify as a market maker. When you decide to place a limit order, this is the case.
Market Takers: 0.075 percent of the fee here. If you’re a business buyer, your order will be completed
You will have to pay 0.0005 BTC if you withdraw BTC from the Bybit trading platform. This is 40% lower than the average BTC withdrawal fee for the global industry (0.0008 BTC) and therefore also a very reasonable withdrawal charge.
How to Trade on ByBit?
The software is one of the most important considerations for crypto-currency traders. If you are familiar with BitMEX trading, it will be seamless to make the switch to ByBit as the trading interface closely resembles BitMEX with many similarities. The trading interface is extremely well laid out and intuitive when you first login.
A limit order is a a direction given to a broker to buy or sell a security or product at or better than a specified price.
A market order is a buy or sell order to be executed immediately at the current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are used when certainty of execution is a priority over the price of execution. A market order is the simplest of the order types.
An order that includes one or more specified conditions is a conditional order. Conditional orders generally refer to more complex types of order used in advanced trading strategies.
Simple Trading Terminology
LONG means that you are buying an asset and that you are essentially betting that it is going to increase in value.
SHORT means you’re buying an asset and betting on it’s decreasing and depreciating price.
For more crypto trading terminology check out: Crypto Terminology Explained.
You can sign up for ByBit Testnet, which is basically a demo version of the platform, for traders who want to try ByBit without making a deposit.
At testnet.bybit.com, you can access the demo and click on ‘ Register ‘ in the top right corner of the page.
ByBit Customer Support
Bybit provides great support for margin transactions, which is uncommon. Bybit offers 24-hour chat service, which separates it from many of its rivals.
The queue lasted approximately 50 seconds when checked, and the help representative was kind enough to answer all our questions and provide all the information needed.
ByBit Trading Bonus
The ByBit offers offered to attract new users was a success for us. ByBit offers a Bitcoin $10 registration bonus. All you need to do to be registered is to register an account, follow it on twitter, and retweet the pinned post. ByBit can move $10 worth of BTC to your account for trading with once this is done.
Of course, with this incentive, there are “house rules.” You can’t withdraw these funds, for instance, and they can only be used in your account as a margin. For fact, you forfeit your bonus if you deduct these earnings.
First Bonus: $10 Signup Trading Bonus
The first reward is for Bitcoin worth $10 which they deposit directly into the account of a client.
New users are expected to complete registration, follow Bybit on Twitter, and re-tweet their post. Bybit credits your account with the reward after doing this.
Second Bonus: $60 Deposit Welcome Bonus
An extra $50 worth of BTC or ETH will be credited to your account if your initial deposit meets the criteria Deposit at least 0.2BTC or 6ETH.
The reward will be transferred directly to your account Trading profits can be deducted.
The Deposit Bonus is non-transferable and is intended only for trading purposes.
Pros and Cons of ByBit
- Up to x100 leverage
- Trading Bonus when you sign up and deposit more than 0.2 btc
- No kyc required
- No overloading of downtime or database
- Advanced risk-control order and early profit / stop loss
- Bybit is a very young exchange (since 2018)
- The network is (as of now) unregulated.
- ByBit testnet is a bit tricky to set up
Although we knew there were opportunities for change, these are relatively easy to implement. The exchange is still new and in their pipeline there are no doubt many improvements.
You should check out our Crypto Resource page where we have a number of other crypto offers and useful resources.
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