Launched in March 2018 in the British Virgin Island, ByBit is a derivative cryptocurrency exchange with over one million registered users. It is easy to use, offers numerous trading features, and handles about 100,000 transactions per second. In this article, we shall do a comprehensive review of ByBit for you.
HOW TO CREATE A BYBIT ACCOUNT?
ByBit is an anonymous exchange that does not require a KYC (Know Your Customer). In simple terms, you don’t have to verify your ID to create an account. In creating an account, visit the ByBit website and enter your email and password. Then, you will receive a verification code that is valid for five minutes in your registered email. Once you confirm the code, you have created an account.
ByBit allows users to trade with leverage. In other words, you can borrow from the exchange site to bet more on a crypto’s price increase or decrease. For ByBit, the leverage term is as much as 100x. To further simplify this, let’s say you have 200 USD in your account, and you bet that the Bitcoin amount will go long (increase in value). If the value eventually increases by 10% after using 100x leverage, your initial position of 200 USD will become 20,000 USD. Therefore, you will have earned an additional 2,000 USD.
Also, ByBit offers leverage of 25x for future contacts of crypto assets like Ripple and EOS. However, trading in large volumes and entering a sizable position could give you fewer leverages.
ByBit provides an advanced ordering system for its users. The orders available include the market order, limit order, and conventional order. The market order is placed at the current price option in the form of “bid” (sell) and “ask” (buy). Meanwhile, Limit Order is placed away from the market at a certain level. On the other hand, conditional order occurs when the certain level is reached to act as a market or limit order. Also, the following options allow users to control the duration of the order placed:
- Good Until Canceled
- Immediate Or Cancel
- Kill or Fill
Furthermore, interested users can set up a take profit or stop loss order with ease. All it requires is a click from the order confirmation window that makes it a cool feature. Meaning, users don’t have to manually enter orders for the “take profit” or “stop loss.” Instead, a window that prompts users for a trade target shows before it executes an order.
BYBIT TRADING FEES
When trading on a cryptocurrency exchange site, you are either a market maker or a taker. Depending on the order placed, a market maker makes limit orders to add to the order book and increase the market’s depth. Meanwhile, a market taker makes market orders that go to the order book and decrease the market’s depths.
For ByBit, the market’s maker and taker’s fees are 0.025% and 0.075% respectively.
Spot trading fee is above 0.2%, and the trading fees for future contacts vary.
DEPOSIT & WITHDRAWAL FEES
ByBit doesn’t charge fees for depositing funds. However, they charge a withdrawal fee which is a small amount. When withdrawing BTC, users have to pay 0.0005 BTC. However, it is important to note that they place limits on daily withdrawals. All accounts have withdrawal limits to ensure that there are funds in their Hot wallets.
IS BYBIT SAFE?
ByBit promotes security and features operational procedures to need clients’ funds safe and secured. Based on research, the site has never been hacked by third parties. ByBit also incorporates security measures such as offline cold wallets, multi-signature withdrawal process, and two-factor authentication to enhance its system. For instance, ByBit uses a multi-signature address to complete transactions. Simply put, it needs more than one address to prove a transaction. Also, the website uses SSL communication to prevent attacks from related cyber crimes.
This site is for users that want to test the website before actual trading. You can create a demo account to check things out. Also, you can perform “demo trade” on the site” with fake money called demo coins. To get started with Testnet, create an account here.
The ByBit App is available to both Android and IOS users. You can also scan the QR code on its website and download the app there. The app provides varieties of features for its users. With the app, you can set and receive price alerts and view advanced order forms. However, to have concise trading charts and monitor different positions, the website is more suitable for users.
BYBIT TRADING BOT
Through its partner, 3Commas, ByBit can buy and sell crypto assets automatically. With a programmatic setting, you can copy trading strategies from different portfolios. To get started, you just need to link your ByBit account with the 3Commas trading platform.
Although ByBit is a potential exchange site, it is not available to United States citizens due to some regulations.
ByBit offers lots of advantages to its potential users. Get started today and enjoy the best of it.