Bybit is a Singapore-based, rapidly growing cryptocurrency exchange platform that allows users to trade BTC/USDT, BTC/USD, ETH/USD, XRP/USD, and EOS/USD securely. In this Bybit review, you will learn what Bybit is and what its features are.
So with no delay, let’s start.
What is Bybit?
Bybit is a popular and emerging cryptocurrency derivatives trading platform established in March 2018 and registered in the BVI. The headquarter is in Singapore. They are providing services around the world, such as in North America, Europe, Russia, Japan, South Korea, and Southeast Asia. The products on the platform include BTC/USD, ETH/USD, XRP/USD, and EOS/USD perpetual contracts.
What can you trade on ByBit?
Currently, Bybit has limited trading pairs of coins. On Bybit, you can exchange or trade BTC/USD, ETH/USD, XRP/USD, and EOS/USD perpetual contracts.
What countries can use Bybit?
If you are located in or a resident of the United States of America or Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the services offered by Bybit are restricted, you also understand and acknowledge that you are prohibited from holding positions or entering into contracts at Bybit.
You understand and acknowledge that if it is determined that any Bybit trading participant has given false representations as to their location or place of residence, Bybit reserves the right to close any of their accounts immediately and to liquidate any open positions.
The Bybit business model and its service facilitate the buying, selling, and trading of perpetual contracts in an unregulated, international open payment system. The services they provide are currently unregulated within Australia, Canada, China, Germany, France, the United Kingdom, Hong Kong, Italy, Korea, Taiwan, Macau, Switzerland, and Japan.
Bybit Deposit Methods.
Bybit does not support any kind of deposit method except cryptocurrencies, which means users without crypto or fresh traders cannot use Bybit.
So before using Bybit, you have to buy cryptocurrencies such as Bitcoin, Ethereum, EOS, and XRP that are listed on the platform.
After that, you can easily trade with USD. If you don’t have Bitcoin or don’t know where to buy it, then check it out.
Bybit Trading Fee.
The fee is a very important part of the trading purpose. On the Bybit, the trading fee is different for makers and takers. For takers, it charges 0.075% per order of the amount, and it will be deducted from the main balance. And for makers, it charged -0.025% per order of the amount.
This means that each maker gets paid for every trade. For example, you make an order where you purchase cryptocurrency for USD 100. This means that instead of paying USD 100, you will only have to pay USD 97.50.
Bybit withdrawal fee.
The withdrawal fee is very comfortable and low. When you withdraw BTC from the Bybit trading platform, you will have to pay 0.0005 BTC. This is 40% lower than the global industry average BTC withdrawal fee (0.0008 BTC).
Bybit Trading View.
Like every trading platform, Bybit has the same features and tools, but you can customize and make it fit according to your needs. Here, you can see it.
Can US citizens use Bybit?
No, under U.S. law, Bybit does not accept any activity from the U.S. resident or operates in the U.S. (“U.S. Affiliate”)
Does Bybit have an app?
Yes, Bybit has an app for both Android and iPhone users, so download the app and trade your crypto from anywhere.
Is ByBit safe?
It has been running since 2018 and has over 100,000+ users. It is also listed on Coinmarket.com. App reviews and social media activity look okay. So you may say Bybit is safe for work.
|Coinmarket screen shot.