ByBit is a cryptocurrency trading platform that I have been personally using for the past few months. There are many reasons why it is one of the best around today. It includes many useful functions that allow the trader to withdraw the capital at any time. One of the most important features is that it can work without an Internet connection, which makes it perfect for traders who live in countries with unstable Internet connections.
For a long time, cryptocurrency has been a bit of a wild west. The exchanges have been lacking regulation and oversight, so it’s difficult to trust any of them with your money. ByBit is one of the few legitimate, regulated exchanges available today. Their professionalism, security protocols, and ease of use make it the best crypto trading platform around. Hopefully, this bybit review will help you to start with this platform.
Bybit is a trading platform that provides trading services for various trading pairs. Bybit was created to help people easily trade fiat currency, Forex, cryptocurrency, stocks, ETFs, and commodities. Bybit has recently announced that users can now deposit funds on the platform via bank transfer. It also announced that new users will be exempt from trading fees for the first six months.
ByBit Account Types
The Bybit exchange has two main types of accounts: personal and institutional accounts. Personal accounts are for retail investors who would like to grow their asset value by shorting Bitcoin or other cryptocurrencies on the exchange. Institutional accounts are reserved for high-quality investors who are eager to participate in the exchange’s leveraged futures contracts with Bitcoin or other cryptocurrencies. Users must use their real name, government identification card number, and national tax ID number as well as provide their bank account details and social security number to open an account.
Bybit allows its users to trade cryptocurrency pairs such as ETH/USDT, BTC/USDT, and EOS/USDT against 1:200 leverage on both perpetual and inverse futures contracts. Registered users can access the platform without having to identify themselves because they should already have a Bybit account through the initial registration process when they first create an account at the exchange website
The trading platform is intuitive and allows you to place orders quickly, without having to make any kind of coding or programming. All the functions are available in the browser version without any errors or crashes. The interface is very simple and allows you to make quick orders, to execute them with minimal costs (the order size can be up to 100 BTC).
What makes ByBit the best exchange for trading cryptocurrencies?
First and foremost, it is important to understand what makes ByBit different from other exchanges in the market. At its core, it is a crypto-to-crypto (C2C) exchange that allows you to trade between cryptocurrencies with no fiat currency involved. This means that by placing orders on the exchange, you do not have to worry about paying with fiat currencies like USD or EUR. As such, you can trade cryptocurrencies without any withdrawal fees or other charges that might be associated with a fiat-based exchange. Moreover, ByBit has a unique fee structure that aims to reduce trading costs for its users while keeping a high level of security and transparency in place. In this review, we will look at some of these unique qualities and why they make ByBit stand out from other exchanges.
To start off, let us look at how fees work on ByBit: By default, all orders placed on the platform are executed in real-time at market prices. This means that there are no fees associated with placing orders on this trading platform. However, if you wish to place a limit order or a stop loss order then there will be a fee associated with this action. For example: if you want to place a limit order for a specified price and then cancel it immediately before execution without buying or selling anything else, then there will be a 0% fee applied.
Main Features of ByBit
ByBit is a crypto trading platform that allows users to trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Anyone who is interested in investing in cryptocurrencies can make a deposit of crypto or fiat money on the trading platform’s website and then trade the deposited cryptocurrency via a trading terminal.
The trading platform offers a number of features, including:
- Trade against Bitcoin’s price trend.
- The ability to choose between real-time and delayed price data updates.
- Customizable trade history charts.
- An advanced statistics tool for investors to track their assets’ performance.
- An automatic account balance checker.
- Real-time price feed for 24/7 access to market data
- Advanced charting tool
- Built-in arbitrage engine
- High liquidity for trading pairs
Is ByBit Secure?
Bybit also provides users with a high level of security by implementing different measures. The exchange uses cold storage, which is the safest way to keep your assets safe. It also implements multi-factor authentication, which gives users an even higher level of security. There are no personal data leakages or attacks on its platform. Bybit has strong operational processes because it is regulated by the Financial Conduct Authority (FCA).
The ByBit exchange is a fresh and modern platform for trade in digital assets. BYBIT is one of the founders of the crypto-currency market and has proven itself as a reliable and trustworthy partner for cryptocurrency exchanges and users.
The main advantages of Bybit are the following:
- The ability to trade in the blockchain market. Bybit is a platform that allows you to trade different assets like coins (the most popular and one of the largest ones – bitcoin), stocks (ETFs and shares of major companies), indices (EURO STOXX 50, S&P 500), commodities (oil and gold), Forex (the main currency pair – USD/CNY).
- A wide range of supported assets. The list of assets on the platform includes such as BTC, ETH, LTC, XRP, MXR, DASH, GAS, NEO, etc.
- The opportunity to use leverage for trading. It is possible to increase the size of your investment by using leverage – this technique allows traders to increase their capital with minimal risk and at a relatively low cost. By using leverage you can even double your investment!
- Withdrawal of funds is available 24/7/365 – there is no need to wait for the settlement period of one day or more; you can immediately withdraw your funds from your account any time you want!
- The exchange has an integrated wallet – it means that even if you lose your password or phone you will not lose access to your funds; they will be available on your personal wallets on all platforms where you stored them earlier. By doing this it will not only provide a safe environment for users but also allow them to save a considerable sum of money by avoiding unnecessary risks.
- Users can also use the interface to monitor their positions and see real-time charts of the market. By enabling them to view this information on their phones, traders can always be fully aware of what is happening in their markets, wherever they are.