Did you know that every day, there are $6 billion in transactions with Bitcoin alone? When you factor in all cryptocurrencies, there’s a huge chunk of change being exchanged daily.
Maybe you’re new to the crypto game, or maybe you’re looking for a better platform to use.
Whatever your reason, you’re in the right place to read about this topic. Here, we’ll give you a complete Bybit review so you know everything about this platform.
What Is Bybit?
Bybit is a cryptocurrency exchange platform that was first established in March 2018 by Ben Zhou, who has extensive experience in the fintech industry. It’s a relatively new company, but that doesn’t mean that it isn’t chockful of great features that make trading easier on you.
This platform is headquartered in Singapore, although it allows users from all over the world to trade crypto. It’s registered in the British Virgin Islands and has additional offices in both Taiwan and Hong Kong.
You can trust in this platform because its team consists of experts from the forex industry and investment banking. Not to mention, core team members include those who were early blockchain adopters. That’s how you know that Bybit truly understands how crypto works and what traders need.
Pros of Bybit
After learning a little bit about Bybit, you’re now probably curious about why you should use this crypto exchange platform. Here are just a few main reasons why.
You Can Trade All Over the World
As we mentioned before, Bybit is available to cryptocurrency traders around the world. This means that wherever you’re located, you can use their services with no issue.
Digital currencies you can use include BTC, ETH, XRP, EOS, and USDT. Do note that you cannot use fiat currencies.
We do have to tell you that there is a small minority that cannot use Bybit. These areas include the US, Quebec, Syria, Cuba, Sevastopol, Iran, Sudan, North Korea, and Singapore (despite being headquartered here).
There’s also support for multiple languages.
No Deposit/Withdrawal Fees
There are no Bybit trading fees when you deposit or withdraw your funds. The only fee you’ll have to pay is for the miner’s fee.
Incentives for Providing Liquidity
If you can increase the market depth of order book plus provide liquidity, Bybit will reward you with a negative trading fee. If you do the opposite of that, then you’ll get a positive trading fee.
It’s a Leveraged Exchange
Due to the fact that they’re a leveraged exchange, Bybit allows for crypto margin trades. While this is a riskier type of trade, it can really pay off in the end.
On Bybit, you can trade crypto up to 100x leverage. Do note that if you trade often and in large amounts, you might not be allowed to trade up to 100x leverage.
When dealing with such large sums of cash, you want to be sure that the platform you use is completely secure. Otherwise, you risk losing significant amounts of money.
The good news is, Bybit takes your security very seriously. They store both their crypto reserves and your funds in offline wallets. They only keep a small part of their own crypto reserves in hot wallets to serve you when you need to make withdrawals.
Should Bybit need more funds from their cold storage, it’s not easy to access either. They use a multi-signature scheme to access funds.
Other security measures taken by Bybit include:
- Full SSL encryption on their website
- Two factor authentication for logins and transactions
- Insurance fund for potential shortfalls
As you can see, this platform’s security is practically airtight.
Great Customer Service
Of course, you want to select a platform that usually has little to no issues. And Bybit is exactly that!
But nothing’s perfect, so you’re likely to run into problems at some point. In that case, you want to be confident that Bybit’s customer support is nothing short of excellent.
We’re happy to report that Bybit has a live chat function, which means you can get instant answers whenever you need them. Not only is it available 24 hours a day, but you can speak with agents in languages other than English too.
If live chat isn’t your thing, then you can also email in your questions and concerns.
When you’re trading crypto, you don’t want to be held up in the details, trying to figure things out when seconds matter. On Bybit, you won’t have to worry about this at all.
It’s a very easy to use and intuitive platform where you can switch between your multiple wallets with no trouble at all. The interface has everything laid out in a way where you can see exactly what you need.
This is because you can customize the modules you wish to see. Not only that, but you can also reposition and resize them to your liking. This truly makes Bybit a very user-friendly crypto exchange platform.
For those who trade on the go, you’ll be pleased to know you can get the app on both Android and iOS.
Use This Bybit Review to Make a Smarter Decision
Now that you’ve read this Bybit review, you have a clearer picture of this cryptocurrency platform. So if you’re thinking, “should I use Bybit,” it should be evident from this article that it really is worth a try.
With their exemplary security, fantastic customer service, and leveraged exchange, this is certainly a platform to test out if you’re planning on trading big with cryptocurrencies. Not to mention, you can truly personalize their interface so you can trade at max efficiency.
The only drawback is if you live in the US, you can’t use Bybit, so you might want to reconsider if you don’t have any plans in the near future to move.
Want to read more on crypto platforms? Then take a look at our article on Coinbase vs Robinhood.