Bybit is a cryptocurrency futures trading platform founded in 2018 and based in the British Virgin Islands.
There are no other products on the market from this company! Aside from the four currencies they support, customers cannot purchase any cryptocurrencies using fiat money on Bybit’s site, but they may trade them.
They have experienced steady trade volume growth in recent years because of this limited concentration on perpetual swap futures. Other crypto derivatives platforms, such as FTX and Bitmex, are the primary competitors of Bybit. Continue reading for an in-depth analysis of the Bybit review:
The Bybit Pros
- Getting started with Bybit is a cinch because it requires no Know Your Customer (KYC) documentation.
- When you don’t have access to a computer, Bybit provides a mobile app that makes it easy to trade.
- For coins like XRP and EOS, Bybit is one of just a few exchanges that offer perpetual swap futures. For Bitcoin products, in particular, it allows traders to trade with exceptionally high leverage.
- In addition to a rebate for the market maker, there are low trading expenses.
- An insurance fund has been established to prevent losses from spreading across the Bybit ecosystem.
- Bybit is ideal for more experienced traders and investors due to the variety of order types available.
Cons of Bybit
- Only four cryptocurrencies may be traded on Bybit, and the exchange has not said it plans to add more.
- US nationals are not allowed to use Bybit.
- The volume figures by Bybit are challenging to verify; thus, it’s impossible to tell exactly how much trading is taking place on the platform. Bybit does not allow for the purchase of cryptocurrencies using fiat cash.
Is Bybit Legit?
Is Bybit legit? Let’s have a deep look The question of whether Bybit is secure is a common one among cryptocurrency traders who are unfamiliar with the platform. Yes, Bybit is a legitimate company. Bybit has never been hacked, and they take various measures to guarantee that their trading platform is as secure as possible.
For instance, according to this example, per company regulation, only three withdrawals of cryptocurrencies are allowed each day. As a result, hackers cannot immediately drain the funds from an account. Allowing withdrawals only a few times a day enables someone with access to a hacked account enough time to freeze it. Withdrawals from Bitmex are limited to one daily, although they have a comparable function.
In addition, Bybit takes great care in securing its coin. In the case of Bybit, a user’s crypto money is immediately transferred to a cold storage wallet. Because it is much more challenging to hack a “cold wallet,” it is better to use one. To steal from an exchange’s hot wallet a large percentage of the time is a good rule of thumb.
Is Bybit available to US citizens?
Unfortunately, Bybit is not available to the American people. As a result, there is a fear of being sued by a US regulator like the SEC, which has led to a lack of transparency in the US regulatory environment.
An IP address geo-ban is used to prohibit Americans. Any IP address from the United States is immediately barred from accessing the exchange. Ingenious people have discovered that a virtual private network (VPN) may be used to get around this restriction. Although this is technically possible, it carries a significant amount of danger. To prevent the trader from accessing their funds, Bybit may freeze American-based accounts using a VPN to access the exchange.
Bybit takes great pride in that its platform presently has more than 100,000 registered users worldwide. As a service to this global audience, Bybit is available in the following languages: English, Simplified Chinese, Simplified Korean, Traditional Chinese, and Japanese are all supported. For obvious reasons, the majority of Bybit’s customers hail from Asia. Unfortunately, Bybit is not accessible to anybody outside of the United States.
Traders will find leveraged trading to be an intriguing aspect of Bybit. The Bitcoin perpetual swap futures by Bybit have a maximum leverage of 100x.
With such a high degree of leverage, a trader may lose $100 in Bitcoin volatility by just $1. Fast money can be made, and fast money can be easily lost. Using 100x leverage, even the tiniest price movement can wipe out a trader’s absolute position. This much leverage, though, may be ideal for the more experienced trader.