ByBit crypto exchange that was established in 2018, exhibits itself as the key market player in the digital currency derivative space. This is a Singapore-based platform that is led by its CEO Ben Zhou. This company has already gathered the global customers. In this article, we will have a quick look at the ByBit review.
ByBit Review: Feature, Fees, Trading Options, And Coins Supported
ByBit is a margin trading exchange that offers its users with 100x leverage. The user is required to lay out a margin of 1% as the basic national amount. The user can also adjust the leverage after initiating a position which other exchanges do not offer.
The first parameter of our ByBit review is its features. Let us have a look at the unique features of this digital currency exchange.
- Margin trading with up to 100x leverage: As mentioned before, ByBit leverages are great. Trade Ethereum, Bitcoin, EOS, and XRP perpetual contracts with up to 50x, 100x, or even lower leverage to find a good balance between profit and risk.
- Multi-currency support: At ByBit, the user will have the ability to withdraw, deposit, and open positions in ETH, BTC, EOS, XRP, and even USDT. Use the internal AE (Asset Exchange) factor to convert digital currencies with ease.
- Low fees: ByBit provides some of the most competitive trading fees on the market.
- No KYC exchange: The platform will never ask you for any private or personal information.
- Powerful and well-designed trading interface: ByBit offers a robust, powerful, and well equipped platform and is easy to use yet is packed with advanced options. It has the ability to handle up to 100,000 trades every second.
- 24/7 customer support: The customer support offered by ByBit is available in several languages and acts in the form of a desk-based live chat function as well as email.
In terms of ByBit fees, it is a generous exchange. This margin exchange charges 0.075% for the market takers and offers 0.025% for the market makers, which is a relatively competitive price in this sector.
Other than the fees for trading, ByBit users also need to pay a funding fee, which implies funding is exchanged between sellers and buyers. A positive funding rate implies that you did a payment to fund someone, while a negative funding rate implies that you are receiving the payment. However, ByBit does not receive or pay any of the funding fees. The services that are provided by ByBit are very inexpensive.
You can opt for a ByBit tesnet deposit. Now you may wonder what a ByBit testnet is. It is for those who wish to test the exchange before signing up. The user can make demo accounts and check how the orders function. They can get the demo cryptos from the testnet faucet.
This is the third and final parameter in our ByBit USA review. In the case of ByBit, there will be nothing like know-your-customer (KYC) procedures, which implies that the user will not be asked to submit ID documents or any same information for the purpose of trading. Yet, this hardly implies that the platform avails the security put on the back burner. Along with the two-factor authentication (2FA) through email, SMS, and Google Authenticator, the platform will provide the user to store the customer’s tokens in a range of offline (cold) wallets that is located on a secure site.
When it comes to coins offering, there is something that may upset the users. The array of coins offered by the ByBit platform is not much. It offers only a handful of cryptos which is very less if compared to other exchanges. But it offers all the important and popular coins so that users who are looking for common digital currencies do not face any problems. Here is a ByBit crypto list.
- Bitcoin (BTC)
- Binance Coin (BNB)
- Cardano Coin (ADA)
- Chainlink Coin (LINK)
- EOS Token (EOS)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Filecoin (FIL)
- Litecoin (LTC)
- Polkadot Coin (DOT)
- Polygon Token (MATIC)
- Ripple (XRP)
- Solana Coin (SOL)
- Tezos (XTZ)
- Uniswap Token (UNI)
After the ByBit review, it can be concluded that the exchange has managed to prove itself as a respectful channel for the derivatives that are based on crypto. The strong points of this margin trading exchange include a dynamic trading platform, great leverage trading aid, and advanced tools that are associated with smooth running, quality security options, and a great interface. But if we compare ByBit vs Binance, then Binance will be winning in terms of fees, coin support, and other features as well.
Frequently Asked question On ByBit Review
1. Is ByBit legit?
ByBit is a legitimate cryptocurrency trading exchange that is led by ByBit Fintech Limited. It is a Singapore-based company and is registered in the British Virgin Islands. This crypto exchange is presently not regulated in any nation and therefore users do not need KYC to trade on ByBit.
2. Is ByBit safe for the US?
Under normal scenarios, citizens of the US cannot use ByBit. The verdict to lock American traders out of ByBit was made by the platform itself. To ensure that Americans cannot use ByBit, the exchange is constantly monitoring user IP, and banning any that is from the US.
3. Is ByBit better than Binance?
The strong point of ByBit is the margin trading exchange that includes a dynamic trading platform, great leverage trading aid, and advanced tools for usage. But if we compare ByBit vs Binance, then Binance will be winning in terms of fees, coin support, and other features as well.