For this 2021 ByBit review I will look at the basics of what ByBit is it’s history, its team as well as the pros and cons of the platform and much more.
If you’re an institutional investor or a retail one, you do not wish to incur high costs or select the wrong platform for trading. Keep yourself informed on the most reliable trading platforms.
Do you need to consider ByBit? Are the charges acceptable for retail as well as professional investors?
Do you have to open an account right now?
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Important Takeaways
I know that you might not have time to read my entire ByBit review So here’s an actionable summary that can help you.
The pros of ByBit:
- Anonymous trading. No KYC required. KYC is required.
- Excellent customer service. Available 24/7, several contact methods
- The fees for withdrawal are low. Variable based on the currency of the withdrawal.
- Demo account. Learn the platform without losing your assets
Cons of ByBit
- Limited cryptocurrencies.
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Background
- Year of birth Year of birth: 2018.
- Headquarters: Singapore
- Licences British Virgin Islands
- Fiat currencies: 59 fiat currencies via Fiat Gateway
- The Cryptocurrency: Bitcoin (BTC), Eos (EOS), Ethereum (ETH), Tether (USDT)
- The type of services: derivatives exchange
Reputation and Security 9/10
ByBit is among the most rapidly growing crypto derivatives exchanges that has traders from all over the globe.
ByBit License and Insurance
Bybit’s legal company is located within Britain’s Virgin Islands of Britain, as are a number of other successful derivatives of exchange.
Exchange has sound legal structure that is in place to stop unexpected seizures or sudden interruptions by official officials from the government.
Security
ByBit was able to provide the standard SSL certificate as well as 2-factor authentication. They don’t need KYC Instead you confirm that your email is valid. ByBit also provides additional security options like SMS as well as Google authentication.
To protect your funds It is recommended that you use their cash system for cold wallets (Hierarchical Deterministic). Additionally, they process withdrawals by hand.
ByBit also offers a bug bounty program and a multi-signature cold-wallet to keep all the assets of traders that are deposited. Every withdrawal request is subject to rigorous process to carry out confirmations for withdrawals and all withdrawal requests are manually scrutinized at set intervals (0800 1, 1600, and 2400 UTC).
Complaints received
Although ByBit has many complaints, most of these are of ones of the “ByBit scam” type. I don’t take these reviews seriously since everyone is aware of these reviews and they’re usually because the user isn’t knowing the terms of service or other misunderstood issue.
The few legitimate issues will always be taken care of by ByBit as I’ve observed. If you ignore them, ByBit has an above-average reputation as a safe and legitimate exchange.
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Exchange Features
Liquidity
The platform’s liquidity was among the major traders’ worries following it was launched. However the ByBit team has done a fantastic job of tackling this issue. It has elevated the platform up to second place for liquidity the cryptocurrency derivatives platform within less than one year in the business.
Order Types of Products Available
Types of orders include:
- Limit Orders
- Market Orders
- Stop Limit
- Stop Market
- Post-Only
- Close on Trigger
- GoodTillCancelled
- ImmediateOrCancel
- FillOrKill
Trading Fees
Trading costs are .025 percent for Maker Orders and .075% subtracted from Taker Orders.
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User Experience
ByBit provides many rewards including multiple deposit bonus as well as large referral rewards and crypto bonus points for taking things like adhering to ByBit via social media or being a regular trader.
Although ByBit currently only accepts some cryptocurrency The exchange is likely to expand its offerings in the next few years.
I am really happy that you can make deposits and withdraw money without the typical KYC hassle. You don’t need to supply them with any personal documents. After you have opened your account and deposit your cryptocurrency you are able to trade immediately. For those who are concerned about security it is a great advantage.
Platform features and functionalities
ByBit is a clean, clear platform for Traders Union to participate in safe and safe cryptocurrency trading. The platform is simple and offers instructional resources to aid you in learning how trading, which makes it an ideal choice for those who are novices to trading, as and for those with many years of previous experience.
One of the most useful options is their demo feature, which lets you test and master the platform without placing any of your assets at risk. Additionally, they have a useful blog that is regularly updated with new information and updates.
Payments
ByBit is not linked to fiat currencies. This means you’ll be required to pay for your account using cryptocurrency.
But, ByBit does have a fiat-based gateway, which allows you to purchase crypto using fiat currencies like USD JPY, AUD USDT, USDT and more.
Methods for Deposit and Withdrawal
ByBit does not charge for deposits. The only cost you will have to pay is the mining costs to transfer the funds, fees that many feel may be a bit steep.
Deposits
The deposit methods that are available by ByBit are:
- BTC
- ETH
- EOS
- XRP
- USDT (ERC-20)
- USDT (TRC-20)
Withdrawals
The withdrawal options available by ByBit are:
- BTC
- ETH
- EOS
- XRP
- USDT (ERC-20)
- USDT (TRC-20)
